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Previous: AIR PRODUCTS & CHEMICALS INC /DE/, 10-K405, EX-11, 2000-12-18 |
Next: AIR PRODUCTS & CHEMICALS INC /DE/, 10-K405, EX-13, 2000-12-18 |
Exhibit 12
AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)
<TABLE>
<CAPTION>
Year Ended 30 September
---------------------------------------------------------------
1996 1997 1998 1999 2000
------ ------ ------ ------ -------
(Millions of dollars)
<S> <C> <C> <C> <C> <C>
Earnings:
Income before extraordinary item and
the cumulative effect of accounting
changes: $416.4 $429.3 $546.8 $450.5 $124.2
Add (deduct):
Provision for income taxes 195.5 203.4 280.9 209.5 (7.5)
Fixed charges, excluding capitalized
interest 184.0 233.0 202.8 194.4 232.6
Capitalized interest amortized during
the period 9.4 8.3 7.4 6.1 6.6
Undistributed earnings of less-than-
fifty-percent-owned affiliates (40.6) (31.1) (25.3) (44.5) (32.1)
-------- -------- ---------- -------- --------
Earnings, as adjusted $764.7 $842.9 $1,012.6 $816.0 $323.8
======== ======== ========== ======== ========
Fixed Charges:
Interest on indebtedness, including
capital lease obligations $171.7 $217.8 $186.7 $175.4 $210.3
Capitalized interest 20.0 20.9 18.4 24.7 19.7
Amortization of debt discount premium
and expense 1.5 1.8 1.9 1.3 3.1
Portion of rents under operating leases
representative of the interest factor 10.8 13.4 14.2 17.7 19.3
-------- -------- ---------- -------- --------
Fixed charges $204.0 $253.9 $221.2 $219.1 $252.4
======== ======== ========== ======== ========
Ratio of Earnings to Fixed Charges: 3.7 3.3 4.6 3.7 1.3
======== ======== ========== ======== ========
</TABLE>
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