SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
April 7, 1999
UNION CARBIDE CORPORATION
(Exact name of registrant as specified in its charter)
New York 1-1463 13-1421730
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
39 Old Ridgebury Rd, Danbury, CT 06817-0001
(Address of principal executive offices) (Zip code)
Registrant's telephone number,
including area code 203-794-2000
Total number of sequentially numbered pages in this filing,
including exhibits thereto: 5
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Item 5. OTHER EVENTS.
(a) See Union Carbide Corporation's Computation of Ratio of
Earnings to Fixed Charges for the year ended December 31,
1998 accompanying this report as Exhibit 12.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
12. Computation of Ratio of Earnings to Fixed Charges
for the year ended December 31, 1998.
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<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 7, 1999
UNION CARBIDE CORPORATION
By /s/ J. Macdonald
J. Macdonald
Assistant Secretary
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<PAGE>
EXHIBIT INDEX
Exhibit
12. Computation of Ratio of Earnings to Fixed Charges for the year ended
December 31, 1998.
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<PAGE>
Exhibit 12
<TABLE>
<CAPTION>
Union Carbide Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars, except ratios)
For the Year Ended December 31, 1998
<S> <C>
Fixed Charges:
Interest expensed 114
Interest capitalized 43
Amortized premiums/discounts related to indebtedness -
Amortized capitalized expenses related to indebtedness -
Estimate of the interest within rental expense 19
Preference security dividend requirements of
consolidated subsidiaries -
Charges arising from guarantees of equity investees 67
Total Fixed Charges 243
Earnings
Pretax income from continuing operations 689
Less:
Partnership income 33
Sub-total 656
Add:
Fixed charges 243
Amortization of capitalized interest 17
Distributed income of equity investees 123
UCC's share of pre-tax losses of equity investees
for which charges arising from guarantees are
included in fixed charges (62)
Less:
Interest capitalized 43
Preference security dividend requirements of
consolidated subsidiaries -
Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges -
Total Earnings 934
Ratio of Earnings to Fixed Charges 3.8
<FN>
For the purpose of calculating the ratio of earnings to fixed charges,
earnings consist of pre-tax income of consolidated companies from
continuing operations before adjustment for minority interests in
consolidated subsidiaries or income or loss from equity investees plus (a)
fixed charges, (b) amortization of capitalized interest, (c) distributed
income of equity investees and (d) the Company's share of pre-tax losses
of equity investees for which charges arising from guarantees are included
in fixed charges less (a) interest capitalized, (b) preference security
dividend requirements of consolidated subsidiaries and (c) the minority
interest in pre-tax income of subsidiaries that have not incurred fixed
charges. Fixed charges means the sum of (a) interest expensed and
capitalized, (b) amortized premiums, discounts and capitalized expenses
related to indebtedness, (c) an estimate of the interest within rental
expense and (d) preference security dividend requirements of consolidated
subsidiaries. The Company has a 45 percent equity investment in Equate
Petrochemical Company (Equate). During 1998, the Company severally
guaranteed 45 percent of Equate's long-term debt and working capital
financing needs. Interest charges associated with guarantees of
outstanding borrowings totaled $67 million for the year ended December 31,
1998, and have been included, along with the Company's equity in Equate's
pre-tax loss for the same period, in the calculation of the ratio of
earnings to fixed charges.
</FN>
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