Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions, Except Ratios)
Nine Months Years Ended December 31
Ended ------------------------------------------------------
September 30, 2003 2002 2001 2000 1999 1998
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Earnings:
Net earnings $300.4 $366.7 (a) $273.6 (b) $285.4 (c) $318.5 $243.0
Provision for income taxes 105.6 128.9 44.2 111.0 140.4 122.4
Amortization of capitalized interest 0.5 0.5 0.6 0.5 0.3 0.2
Fixed charges excluding interest capitalized 16.0 22.5 26.3 24.2 21.3 19.3
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Total $422.5 $518.6 $344.7 $421.1 $480.5 $384.9
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Fixed Charges:
Interest expense (gross of interest income) $ 8.5 $ 12.6 $ 16.5 $ 15.0 $ 13.0 $ 12.6
Amortization of deferred financing expense 0.6 0.7 0.3 0.3 0.3 0.5
Interest capitalized 0.4 0.6 0.3 0.8 1.0 0.6
Interest component of rental expense 6.9 9.2 9.5 8.9 8.0 6.2
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Total $ 16.4 $ 23.1 $ 26.6 $ 25.0 $ 22.3 $ 19.9
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Ratio of Earnings to Fixed Charges 25.8 22.5 13.0 16.8 21.5 19.3
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(a) Amounts include the benefit of a $5.9 million ($4.4 million, net of
tax) reversal of restructuring charges in 2002.
(b) Amounts include the impact of restructuring and other charges in 2001
of $87.7 million ($64.5 million, net of tax).
(c) Amounts include the impact of restructuring and related charges in
2000 of $41.3 million ($29.7 million, net of tax).
In the computation of the company's ratio of earnings to fixed charges, earnings
consist of earnings before income taxes, plus fixed charges, less capitalized
interest, plus amortization of capitalized interest. Fixed charges consist of
interest expense excluding the benefit of capitalized interest and including a
reasonable approximation of the interest component included in rental expense.