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EXHIBIT 12.3
TENNECO INC. AND CONSOLIDATED SUBSIDIARIES
COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31,
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1998 1997 1996 1995 1994
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(DOLLARS IN MILLIONS)
Income from continuing operations........................... $116 $234 $ 82 $ 90 $145
Add:
Interest.................................................. 69 58 60 44 33
Portion of rentals representative of interest factor...... 10 10 12 11 11
Preferred stock dividend requirements of majority-owned
subsidiaries........................................... 27 21 21 23 --
Income tax expense and other taxes on income.............. 13 80 79 91 52
Amortization of interest capitalized...................... -- -- -- -- --
Undistributed (earnings) losses of affiliated companies in
which less than a 50% voting interest is owned......... -- -- -- -- --
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Earnings as defined.................................. $235 $403 $254 $259 $241
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Interest.................................................... $ 69 $ 58 $ 60 $ 44 $ 33
Interest capitalized........................................ -- -- -- -- 1
Portion of rentals representative of interest factor........ 10 10 12 11 11
Preferred stock dividend requirements of majority-owned
subsidiaries on a pre-tax basis........................... 30 16 37 44 --
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Fixed charges as defined............................. $109 $ 84 $109 $ 99 $ 45
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Ratio of earnings to fixed charges.......................... 2.16 4.80 2.33 2.62 5.36
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