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Exhibit 12.1
FISCAL YEAR ENDED
DECEMBER 31,
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2004 2003 2002 2001 2000
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CONSOLIDATED
EARNINGS:
ADD:
Pretax income (loss) from continuing operations
before adjustment for minority interests in
consolidated subsidiaries or income (loss) from
equity investees........................... $159 $(218) $(126) $(424) $(530)
Fixed charges................................. 502 490 565 738 805
Amortization of capitalized interest.......... 4 4 4 4 3
Distributed income of equity investees........ 30 29 29 9 --
LESS:
Interest capitalized.......................... 6 6 8 8 9
Minority interest in pretax income of
subsidiaries that have not incurred fixed charges 23 7 8 5 10
-------- -------- -------- -------- --------
Earnings...................................... $ 666 $ 292 $ 456 $ 314 $ 259
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FIXED CHARGES:
Interest expense inclusive of amortized premiums,
discounts and capitalized expenses related to
indebtedness.................................. $ 492 $ 481 $ 554 $ 726 $ 793
Interest capitalized.......................... 6 6 8 8 9
Estimate of the interest component of rental
expense.................................. 4 3 3 4 3
-------- -------- -------- -------- --------
Fixed charges................................. $ 502 $ 490 $ 565 $ 738 $ 805
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RATIO OF EARNINGS TO FIXED CHARGES (1)................. 1.3 -- -- -- --
======== ======== ======== ======== ========
____________
(1) Earnings were insufficient to cover fixed charges by approximately $198
million, $109 million, $424 million and $546 million in the years ended
December 31, 2003, 2002, 2001 and 2000, respectively. For purposes of
determining the ratio of earnings to fixed charges, earnings are
defined as the sum of (i) pretax income (loss) from continuing
operations before adjustment for minority interests in consolidated
subsidiaries or income (loss) from equity investees, (ii) fixed
charges, (iii) amortization of capitalized interest and (iv)
distributed income of equity investees, less (x) interest capitalized
and (y) minority interest in pretax income of subsidiaries that have
not incurred fixed charges. Fixed charges consist of (i) interest
expense, including amortization of premiums, discounts and capitalized
expenses related to indebtedness, (ii) interest capitalized and (iii)
an estimate of the interest component of rental expense.