EX-12.1 2 ex12_1.htm EXHIBIT 12.01 Exhibit 12.01

RATIO OF EARNINGS TO FIXED CHARGES


Praxair, Inc. and Subsidiaries
Exhibit 12.01


 
      
(Dollar amounts in millions, except ratios)
  
 
Quarter Ended
March 31,
  
 
 
Years Ended December 31,
  
   
2005
  
2004
  
2003
  
2002
  
2001
  
2000
  
                           
Pre-tax income from continuing operations before
                         
   adjustment for minority interests in consolidated
                          
   subsidiaries or income or loss from equity
                          
   investees
  
$
267
  
$
948
  
$
771
  
$
717
  
$
576
  
$
483
  
      Capitalized interest
    
(2
)
  
(7
)
  
(9
)
  
(9
)
  
(17
)
  
(24
)
      Depreciation of capitalized interest
    
3
   
13
   
12
   
12
   
11
   
10
 
      Dividends from less than 50%-owned
                                     
          companies carried at equity
    
2
   
11
   
19
   
9
   
5
   
3
 
Adjusted pre-tax income from continuing
                                     
  operations before adjustment for minority
                                     
  interests in consolidated subsidiaries or income
                                     
  or loss from equity investees
  
$
270
  
$
965
  
$
793
  
$
729
  
$
575
  
$
472
  
                                       
Fixed charges:
                                      
   Interest on long-term and short-term debt
  
$
42
  
$
155
  
$
151
  
$
206
  
$
224
  
$
224
  
   Capitalized interest
    
2
   
7
   
9
   
9
   
17
   
24
 
   Rental expenses representative
                                     
      of an interest factor
    
9
   
29
   
31
   
32
   
37
   
34
 
   Preferred stock dividend requirements of
                                     
      consolidated subsidiaries
    
-
   
1
   
-
   
1
   
2
   
4
 
Total fixed charges
    
53
   
192
   
191
   
248
   
280
   
286
 
   Less: preferred stock dividend requirements of
                                     
      consolidated subsidiaries
    
-
   
(1
)
  
-
   
(1
)
  
(2
)
  
(4
)
Total fixed charges less preferred stock dividends
  
$
53
  
$
191
  
$
191
  
$
247
  
$
278
  
$
282
  
                                       
Pre-tax income from continuing operations before
                                     
   adjustment for minority interests in consolidated
                                      
   subsidiaries or income or loss from equity
                                      
   investees plus fixed charges and preferred stock
                                     
   dividend requirements of consolidated
                                      
   subsidiaries
  
$
323
  
$
1,157
  
$
984
  
$
977
  
$
855
  
$
758
  
Less: preferred stock dividend requirements of
                                      
    consolidated subsidiaries
    -    
(1
)
  
-
   
(1
)
  
(2
)
  
(4
)
   
$
323
  
$
1,156
  
$
984
  
$
976
  
$
853
  
$
754
  
                                       
RATIO OF EARNINGS TO FIXED CHARGES
                                      
  AND PREFERRED STOCK DIVIDENDS
    
6.1
   
6.0
   
5.2
   
3.9
   
3.1
   
2.6
 
                                       
RATIO OF EARNINGS TO FIXED CHARGES
    
6.1
   
6.1
   
5.2
   
3.9
   
3.1
   
2.7