Exhibit 12
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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FOR THE YEAR ENDED DECEMBER 31
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(in millions, except ratios)
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2000 1999 1998 1997 1996
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Earnings:
Income before taxes on income and
before accounting change $ 2,812 $ 1,849 $ 1,605 $ 1,602 $ 1,082
Minority interests' share of earnings of
majority-owned subsidiaries
without fixed charges 1 -- (2) 3 4
Less equity earnings (115) (55) (50) (42) (30)
Fixed charges added to net income 470 232 245 182 171
Distributed income of less than 50%
owned persons 9 9 -- -- --
Amortization of capitalized interest:
Consolidated 15 15 20 20 22
Proportionate share of 50% owned persons -- -- -- 1 1
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Total earnings $ 3,192 $ 2,050 $ 1,818 $ 1,766 $ 1,250
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Fixed Charges:
Interest expense:
Consolidated $ 427 $ 195 $ 198 $ 141 $ 134
Proportionate share of 50% owned persons 6 4 3 3 5
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433 199 201 144 139
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Amount representative of the interest
factor in rents:
Consolidated 35 32 43 37 32
Proportionate share of 50% owned persons 2 1 1 1 --
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37 33 44 38 32
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Fixed charges added to earnings 470 232 245 182 171
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Interest capitalized:
Consolidated 20 21 13 9 5
Proportionate share of 50% owned persons -- -- -- -- --
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20 21 13 9 5
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Preferred stock dividend requirements
of majority-owned subsidiaries -- -- -- -- --
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Total fixed charges $ 490 $ 253 $ 258 $ 191 $ 176
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Ratio of earnings to fixed charges 6.5 8.1 7.0 9.2 7.1
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