EX-12 5 navex1210312012.htm EXHIBIT NAV EX 12 10.31.2012


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.
(in millions)
2012
 
2011
 
2010
 
2009
 
2008
Income (loss) before income tax benefit (expense)(A)
$
(1,153
)
 
$
391

 
$
340

 
$
313

 
$
120

Less: Net income attributable to non-controlling interests
(48
)
 
(55
)
 
(44
)
 
(25
)
 
—

Dividends from non-consolidated affiliates
7

 
4

 
5

 
59

 
85

Interest expense(B)
213

 
203

 
215

 
235

 
456

Debt amortization expense
46

 
44

 
38

 
16

 
13

Interest portion of rent expense(C)
21

 
18

 
19

 
18

 
17

Total earnings (loss)
$
(914
)
 
$
605

 
$
573

 
$
616

 
$
691

 
 
 
 
 
 
 
 
 
 
Capitalized interest
$
9

 
$
18

 
$
4

 
$
1

 
$
5

Interest expense(B)
234

 
221

 
234

 
253

 
473

Debt amortization expense
46

 
44

 
38

 
16

 
13

Total fixed charges
$
289

 
$
283

 
$
276

 
$
270

 
$
491

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

 
2.14

 
2.08

 
2.28

 
1.41

Earnings shortfall
$
(1,203
)
 
$
—

 
$
—

 
$
—

 
$
—

________________
(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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