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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1996 1995 1994 1993 1992
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Income (loss) from continuing operations
before income tax
expense (benefit) $793 $524 $559 $ (74) $510
Add:
Interest Costs 133 117 120 109 100
Estimated interest in rentals (1) 27 29 31 31 29
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Fixed charges as defined: 160 146 151 140 129
Interest costs capitalized (3) (3) (2) (5) (5)
Losses of less than majority owned
affiliates, net of dividends 8 10 18 27 34
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Income as adjusted $958 $677 $726 $ 88 $668
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Ratio of earnings to fixed charges 5.99 4.64 4.80 0.63 5.18
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(1) Represents the estimated interest portion of rents.
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