EXHIBIT 12.3
TWE
RATIO OF EARNINGS TO FIXED CHARGES
HISTORICAL
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PRO FORMA
---------------------------- THREE MONTHS
THREE MONTHS YEAR ENDED YEARS ENDED DECEMBER 31,
ENDED ENDED MARCH 31, --------------------------------
MARCH 31, DECEMBER 31, --------------- RESTATED
1995 1994 1995 1994 1994 1993 1992 1992
------------ ------------ ---- ---- ---- ---- -------- ----
(IN MILLIONS, EXCEPT RATIOS)
Earnings:
Net income (loss) before income taxes
and extraordinary item.............. $ 49 $242 $ 15 $ 52 $201 272 $210 $210
Interest expense...................... 127 499 150 135 563 573 486 436
Amortization of capitalized
interest............................ 7 25 7 6 25 19 18 18
Position of rents representative of an
interest factor..................... 13 47 13 10 47 39 36 33
Adjustment for partially owned
subsidiaries and 50% owned
companies........................... 32 115 7 5 24 22 27 80
Undistributed losses of less than 50%
owned companies..................... 8 89 8 5 58 14 40 40
----- ----- ---- ---- ---- ---- -------- ----
Total earnings.................... $236 $998 $200 $213 $918 $939 $817 $817
----- ----- ---- ---- ---- ---- -------- ----
----- ----- ---- ---- ---- ---- -------- ----
Fixed Charges:
Interest expense...................... $127 $499 $150 $135 $563 $573 $486 $436
Capitalized interest.................. 7 25 7 6 25 20 15 15
Portion of rents representative of an
interest factor..................... 13 47 13 10 47 39 36 33
Adjustment for partially owned
subsidiaries and 50% owned
companies........................... 5 17 7 5 24 22 27 80
----- ----- ---- ---- ---- ---- -------- ----
Total fixed charges............... $152 $588 $177 $156 $659 $654 $564 $564
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Ratio of earnings to fixed charges
(deficiency in the coverage of fixed
charges by earnings before fixed
charges)................................ 1.6x 1.7x 1.1x 1.4x 1.4x 1.4x 1.4x 1.4x
----- ----- ---- ---- ---- ---- -------- ----
----- ----- ---- ---- ---- ---- -------- ----
1991 1990
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Earnings:
Net income (loss) before income taxes
and extraordinary item.............. $132 $(159)
Interest expense...................... 479 639
Amortization of capitalized
interest............................ 22 22
Position of rents representative of an
interest factor..................... 27 30
Adjustment for partially owned
subsidiaries and 50% owned
companies........................... 30 31
Undistributed losses of less than 50%
owned companies..................... 58 19
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Total earnings.................... $748 $ 582
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Fixed Charges:
Interest expense...................... $479 $ 639
Capitalized interest.................. 17 19
Portion of rents representative of an
interest factor..................... 27 30
Adjustment for partially owned
subsidiaries and 50% owned
companies........................... 31 32
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Total fixed charges............... $554 $ 720
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---- -----
Ratio of earnings to fixed charges
(deficiency in the coverage of fixed
charges by earnings before fixed
charges)................................ 1.4x $(138)
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