EX-12 6 navex12103111.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES NAV EX 12 10.31.11


EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
The computation of Ratio of Earnings to Fixed Charges as shown on this Exhibit 12 is provided pursuant to Items 503(d) and 601(12) of Regulation S-K.
 
2011
 
2010
 
2009
 
2008
 
2007
(in millions)
 
 
 
 
 
 
 
 
 
Income (loss) before income tax benefit (expense)(A)
$
388

 
$
340

 
$
313

 
$
120

 
$
(147
)
Less: Net income attributable to non-controlling interests
(55
)
 
(44
)
 
(25
)
 
—

 
—

Dividends from non-consolidated affiliates
4

 
5

 
59

 
85

 
111

Interest expense(B)
203

 
215

 
235

 
456

 
493

Debt amortization expense
44

 
38

 
16

 
13

 
9

Interest portion of rent expense(C)
18

 
19

 
18

 
17

 
17

Total earnings
602

 
573

 
616

 
691

 
483

 
 
 
 
 
 
 
 
 
 
Capitalized interest
18

 
4

 
1

 
5

 
7

Interest expense(B)
221

 
234

 
253

 
473

 
510

Debt amortization expense
44

 
38

 
16

 
13

 
9

Total fixed charges
283

 
276

 
270

 
491

 
526

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.13

 
2.08

 
2.28

 
1.41

 
—

Earnings shortfall
—

 
—

 
—

 
—

 
(43
)
________________
(A)    Excludes equity in income (loss) of non-consolidated affiliates.
(B)
Excludes interest expense on income tax contingencies.
(C)
Represents an estimated amount of rental expense (33%) that is deemed to be representative of the interest factor.



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