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<PAGE>
EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
FISCAL YEAR ENDED JUNE 30,
----------------------------------------------------
2000 1999 1998 1997 1996
IN MILLIONS -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Earnings before income taxes and cumulative effect of change
in accounting principle................................... $622 $430 $556 $499 $479
Additions:
Amortization of capitalized interest...................... 1 1 2 2 1
Deductions:
Capitalized interest...................................... -- (4) (2) (2) (2)
Undistributed income of equity investees.................. (10) (13) (4) (5) (4)
---- ---- ---- ---- ----
613 414 552 494 474
---- ---- ---- ---- ----
Interest expense............................................ 98 97 104 80 60
Capitalized interest........................................ -- 4 2 2 2
Portion of rental expense attributable to interest.......... 4 3 3 3 3
---- ---- ---- ---- ----
Total Fixed Charges......................................... 102 104 109 85 65
---- ---- ---- ---- ----
Total Earnings.............................................. $715 $518 $661 $579 $539
==== ==== ==== ==== ====
Ratio of Earnings to fixed charges.......................... 7.0 5.0 6.1 6.8 8.3
==== ==== ==== ==== ====
</TABLE>
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