EXHIBIT 12 -- COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES)
<Table>
<Caption>
2001 2000 1999 1998 1997
FOR THE YEARS ENDED DECEMBER 31 ---- ----- ----- ---- ----
(In millions)
Income (loss) from continuing operations............ $165 $ 113 $(112) $ 82 $106
Add
Interest.......................................... 107 134 146 133 124
Portion of rentals representative of interest
factor......................................... 14 15 18 12 12
Preferred stock dividend requirements of
majority-owned subsidiaries.................... -- -- -- 1 --
Income expense (benefit) and other taxes on
income......................................... 118 91 (47) 67 75
Amortization of interest capitalized.............. 1 -- -- -- --
---- ----- ----- ---- ----
Earnings as defined............................... $405 $ 353 $ 5 $295 $317
==== ===== ===== ==== ====
Interest............................................ $107 $ 134 $ 146 $133 $124
Interest capitalized................................ 4 5 -- 1 1
Portion of rentals representative of interest
factor............................................ 14 15 18 12 12
Preferred stock dividend requirements of
majority-owned subsidiaries on a pretax basis..... -- -- -- 2 --
---- ----- ----- ---- ----
Fixed charges as defined............................ $125 $ 154 $ 164 $148 $137
==== ===== ===== ==== ====
Ratio of earnings to fixed charges.................. 3.24 2.29 (a) 1.99 2.31
==== ===== ===== ==== ====
</Table>
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(a) In 1999, earnings were inadequate to cover fixed charges by $159 million.