EXHIBIT 12
INGERSOLL-RAND COMPANY
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollar Amounts in Millions)
<TABLE> Nine Months
Ended September Years Ended December 31,
<S> <S> <S> <S> <S> <S>
Fixed charges: 2000 1999 1998 1997 1996 1995
Interest expense........................... $215.6 $204.5 $225.9 $137.5 $120.9 $ 88.3
Amortization of debt discount and expense.. 4.6 6.7 7.0 2.0 1.5 0.8
Rentals (one-third of rentals)............. 23.7 23.9 23.8 23.3 20.3 19.5
Capitalized interest....................... 3.0 4.0 4.0 3.2 4.6 3.5
Equity-linked security charges............ 19.1 25.6 19.7 0.0 0.0 0.0
Total fixed charges.......................... $266.0 $264.7 $280.4 $166.0 $147.3 $112.1
Net earnings from continuing operations $440.1 $563.1 $481.6 $367.6 $342.3 $265.7
Add: Minority income of majority-
owned subsidiaries.................. 30.2 29.1 23.5 3.6 1.5 1.8
Taxes on income from continuing
operations.......................... 223.0 299.9 250.7 219.8 190.7 143.2
Fixed charges......................... 266.0 264.7 280.4 166.0 147.3 112.1
Less: Capitalized interest.................. 3.0 4.0 4.0 3.2 4.6 3.5
Undistributed earnings (losses) from
less than 50% owned affiliates...... 9.5 19.9 26.9 16.2 (29.1) 33.1
Earnings available for fixed charges ........ $946.8 1,132.9 $1,005.3 $737.6 $706.3 $486.2
Ratio of earnings to fixed charges .......... 3.56 4.28 3.59 4.44 4.79 4.34
Undistributed earnings (losses) from less
than 50% owned affiliates:
Equity in earnings (losses)............ $ 11.5 $ 22.1 $ 30.1 $ 18.3 $ 29.7 $ 35.2
Less: Amounts distributed............... 2.0 2.2 3.2 2.1 58.8 2.1
Undistributed earnings (losses) from
less-than 50% owned affiliates........... $ 9.5 $ 19.9 $ 26.9 $ 16.2 $(29.1) $ 33.1
All amounts have been restated to reflect a reclassification of a portion of
discontinued operations to continuing operations for Dresser-Rand Company.
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