EXHIBIT 12
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
YEAR ENDED DECEMBER 31,
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1995 1994 1993 1992 1991
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Income (loss) from continuing operations before income tax expense
(benefit) $ 524 $ 559 $ (74) $ 510 $ 431
Add:
Interest costs 117 120 109 100 110
Estimated interest in rentals(1) 29 31 31 29 24
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Fixed charges as defined: 146 151 140 129 134
Interest costs capitalized (3) (2) (5) (5) (4)
Losses of less than majority owned affiliates, net of dividends 10 18 27 34 32
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Income as adjusted $ 677 $ 726 $ 88 $ 668 $ 593
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Ratio of earnings to fixed charges 4.64 4.80 0.63 5.18 4.42
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(1) Represents the estimated interest portion of rents.
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