EX-12 9 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

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.

 

     2010     2009     2008      2007     2006  
(in millions)                                

Income (loss) before income tax (expense) benefit(A)

    $     340      $     313      $     120       $     (147)      $     296   

Less: Net income attributable to non-controlling interests

      (44 )      (25 )      —           —          —     

Dividends from non-consolidated affiliates

      5        59        85         111        83   

Interest expense(B)

      215        235        456         493        418   

Debt amortization expense

      38        16        13         9        13   

Interest portion of rent expense(C)

      19        18        17         17        15   
                                         

Total earnings

      573        616        691         483        825   

Capitalized interest

      4        1        5         7        6   

Interest expense(B)

      234        253        473         510        433   

Debt amortization expense

      38        16        13         9        13   
                                         

Total fixed charges

      276        270        491         526        452   
                                         

Ratio of earnings to fixed charges

      2.08        2.28        1.41         —          1.83   

Earnings shortfall

      —          —          —           (43 )      —     

 

(A) Excludes equity in (loss) income 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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