EXHIBIT 12
FMC CORPORATION
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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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1997 1996 1995 1994 1993
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Earnings:
Income (loss) from continuing
operations before income
taxes, extraordinary items and
cumulative effect of a
change in accounting principle $ (59.7) $ 235.8 $ 152.7 $ 150.9 $ (79.9)
Minority interests 8.9 9.6 5.1 1.6 0.5
Undistributed (earnings) loss
of affiliates (2.0) (6.7) 1.9 4.0 0.3
Interest expense and amortization
of debt discount, fees and
expenses 118.3 103.0 84.0 64.1 70.4
Amortization of capitalized interest 7.0 7.5 7.7 7.5 7.4
Interest included in rental expense 16.6 15.2 16.7 17.8 18.0
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Total earnings $ 89.1 $ 364.4 $ 268.1 $ 245.9 $ 16.7
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Fixed charges:
Interest expense and amortization
of debt discount, fees and
expenses $ 118.3 $ 103.0 $ 84.0 $ 64.1 $ 70.4
Interest capitalized as part of
fixed assets 6.6 15.5 10.2 2.7 0.6
Interest included in rental expense 16.6 15.2 16.7 17.8 18.0
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Total fixed charges $ 141.5 $ 133.7 $ 110.9 $ 84.6 $ 89.0
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Ratio of earnings to fixed charges 0.6 2.7 2.4 2.9 0.2
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(A) (B) (C)
(A) The ratio of earnings to fixed charges for the year ended December 31, 1997
before asset impairments and restructuring and other charges was 2.5x.
(B) The ratio of earnings to fixed charges for the year ended December 31, 1995
before the gain on the sale of FMC Wyoming stock, asset impairments,
restructuring and other charges, and write-off of acquired in-process
research and development costs was 2.9x.
(C) The ratio of earnings to fixed charges for the year ended December 31, 1993
before asset impairments and restructuring and other charges was 1.6x