<PAGE> 1
EXHIBIT 12
COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
2000 1999
FOR THE SIX MONTHS ENDED JUNE 30 ---- ----
(DOLLARS IN MILLIONS)
<S> <C> <C>
Income from continuing operations........................... $ 68 $ 52
Add
Interest.................................................. 67 68
Portion of rentals representative of interest factor...... 8 8
Income tax expense and other taxes on income.............. 50 24
---- ----
Earnings as defined.................................. $193 $152
==== ====
Interest.................................................... $ 67 $ 68
Interest capitalized........................................ 3 --
Portion of rentals representative of interest factor........ 8 8
---- ----
Fixed charges as defined............................. $ 78 $ 76
==== ====
Ratio of earnings to fixed charges.......................... 2.47 2.00
==== ====
</TABLE>
