EXHIBIT 12
WARNER-LAMBERT COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
YEARS ENDED DECEMBER 31,
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1999 1998 1997 1996 1995
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Earnings before income taxes and accounting
changes (less minority interests).......... $2,441.2 $1,791.0 $1,188.8 $1,069.1 $1,004.1
Add:
Interest on indebtedness -- excluding
amount capitalized..................... 140.3 114.3 167.5 145.9 122.7
Amortization of debt expense............. .6 .8 .4 .5 .4
Interest factor in rent expense(a)....... 45.8 39.4 32.1 28.5 27.7
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Adjusted earnings.................... $2,627.9 $1,945.5 $1,388.8 $1,244.0 $1,154.9
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Fixed Charges:
Interest on indebtedness................. $ 140.3 $ 114.3 $ 167.5 $ 145.9 $ 122.7
Capitalized interest..................... 27.1 19.2 8.3 9.6 10.1
Amortization of debt expense............. .6 .8 .4 .5 .4
Interest factor in rent expense(a)....... 45.8 39.4 32.1 28.5 27.7
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Total fixed charges.................. $ 213.8 $ 173.7 $ 208.3 $ 184.5 $ 160.9
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Ratio of earnings to fixed charges........... 12.3 11.2 6.7 6.7 7.2
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(a) Represents one third of rental expense, which the Company believes is a
reasonable approximation.