FMC CORPORATION EXHIBIT 12
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COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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(Amounts in Millions)
Years Ended December 31,
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1996 1995 1994 1993 1992
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Earnings:
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Income from continuing operations
before income taxes and
extraordinary items $322.6 $253.2 $261.7 $80.5 $246.8
Minority interests 56.9 58.7 61.3 0.5 0.6
Undistributed (earnings) losses of
affiliates (10.5) 2.0 4.1 (0.4) (6.8)
Interest expense and amortization
of debt discount, fees and
expenses 103.1 84.0 64.1 70.4 92.2
Amortization of capitalized interest 7.5 7.7 7.5 7.4 7.3
Interest included in rental expense 19.5 21.0 20.8 19.5 19.4
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Total earnings $499.1 $426.6 $419.5 $177.9 $359.5
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Fixed charges:
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Interest expense and amortization
of debt discount, fees and
expenses $103.1 $ 84.0 $ 64.1 $70.4 $ 92.2
Interest capitalized as part of
fixed assets 15.5 10.2 2.7 0.6 2.1
Interest included in rental expense 19.5 21.0 20.8 19.5 19.4
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Total fixed charges $138.1 $115.2 $ 87.6 $90.5 $113.7
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Ratio of earnings to fixed charges 3.6 3.7 4.8 2.0 3.2
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(A) (B)
(A) The ratio of earnings to fixed charges for the year ended December 31, 1995
before the gain on sale of FMC Wyoming stock, restructuring and other
charges and write-off of acquired in-process research and development was
4.1x.
(B) The ratio of earnings to fixed charges for the year ended December 31, 1993
before restructuring and other charges was 3.3x.