EX-12.1 8 g67125ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES / DEFICIENCY IN THE COVERAGE OF FIXED CHARGES BY EARNINGS BEFORE FIXED CHARGES (DOLLARS IN MILLIONS)
FOR THE YEARS ENDED DECEMBER 31, ----------------------------------- 2000 1999 1998 1997 1996 ---- ---- ----- ---- ------ Earnings before fixed charges: Income (loss) from continuing operations before income taxes.................................................... $748 $510 $(679) $204 $ 563 Interest and debt expense.................................. 168 268 426 433 462 Interest portion of rental expense......................... 15 15 16 16 14 ---- ---- ----- ---- ------ Earnings (loss) before fixed charges....................... $931 $793 $(237) $653 $1,039 ==== ==== ===== ==== ====== Fixed charges: Interest and debt expense.................................. $168 $268 $ 426 $433 $ 462 Interest portion of rental expense......................... 15 15 16 16 14 ---- ---- ----- ---- ------ Total fixed charges................................... $183 $283 $ 442 $449 $ 476 ==== ==== ===== ==== ====== Ratio of earnings to fixed charges......................... 5.1 2.8 -- 1.5 2.2 ==== ==== ===== ==== ====== Deficiency in the coverage of fixed charges by earnings before fixed charges..................................... -- -- $(679) -- -- ==== ==== ===== ==== ======