EX-12.01 3 0003.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Praxair, Inc. and Subsidiaries -------------------------------------------------------------------------------- EXHIBIT 12.01 PRAXAIR, INC. AND SUBSIDIARIES Ratio of Earnings to Fixed Charges (Millions of dollars, except ratios) Years Ended December 31, ------------------------ 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- EARNINGS Income of consolidated companies before provision for income taxes $483 $627 $596 $622 $452 Capitalized interest (24) (30) (36) (32) (25) Depreciation of capitalized interest 10 9 7 7 9 Dividends from less than 50%-owned companies carried at equity 3 1 2 1 1 Praxair share of income (loss) before provision for income taxes of 50%-owned companies carried at equity 4 5 1 3 16 Total earnings, net of fixed charges $476 $612 $570 $601 $453 FIXED CHARGES Interest on long-term and short-term debt $224 $204 $260 $216 $195 Capitalized interest 24 30 36 32 25 Rental expenses representative of an interest factor 34 32 27 23 23 Praxair share of fixed charges of 50%-owned companies carried at equity 4 2 2 1 3 Total fixed charges $286 $268 $325 $272 $246 Total adjusted earnings available for payment of fixed charges $762 $880 $895 $873 $699 Preferred stock dividend requirements $ 4 $ 8 $ 8 $ 8 8 RATIO OF EARNINGS TO FIXED CHARGES 2.7 3.3 2.8 3.2 2.8 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 2.6 3.2 2.7 3.1 2.7