EX-12 17 ex12.htm COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12

Exhibit 12

 

 

Computation of the Ratio of Earnings to Fixed Charges

 

Three

Months

Years Ended June 30

Ended

(In millions, except ratios)

9/30/04

FY 2004

FY 2003

FY2002

FY2001

FY2000

Earnings from continuing operations

before income taxes

       189

        840

        802

        561

       479

       619

Additions:

   Amortization of capitalized interest

           -

            2

            2

           2

          2

           1

   Dividends from investees

           4

            9

            5

           6

          6

           6

Deductions:

   Capitalized interest

            -

          (1)

          (1)

         (1)

         (1)

          -

   Undistributed income of equity investees

         (3)

        (12)

          (5)

       (12)

       (12)

       (14)

Subtotal

        190

        838

        803

       556

       474

       612

Interest expense

           8

          30

          28

         38

        88

         98

Capitalized interest

            -

             1

            1

           1

          1

           -

Portion of rental expense attributable to interest

           1

            5

            4

           5

          4

           4

Total Fixed Charges

           9

          36

          33

         44

        93

        102

Total Earnings

       199

        874

        836

       600

       567

        714

Ratio of earnings to fixed charges

          22

          24

          25

        14

          6

           7