<PAGE>
EXHIBIT 12 - RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, 1995, 1996, 1997, 1998 and 1999 and
six months ended July 2, 2000
(IN MILLIONS, EXCEPT RATIOS)
<TABLE>
<CAPTION>
SIX
MONTHS
ENDED
YEAR ENDED DECEMBER 31, JULY 2,
1995 1996 1997 1998 1999 2000
------------ ----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Earnings/(loss):
Earnings/(loss) before income tax
expense/(benefit) per consolidated
statement of earnings $(201.4) $ 31.2 $(191.9) $(38.9) $ 13.4 $38.9
Add:
Interest expense 52.1 47.4 47.8 57.6 77.4 41.2
Portion of rent representative of an
interest factor 11.7 9.3 10.7 10.5 10.2 5.1
------------ ----------- ----------- ------------ ----------- -----------
Adjusted earnings/(loss) before income
tax benefit/ (expense) $(137.6) $ 87.9 $(133.4) $ 29.2 $101.0 $85.2
============ =========== =========== ============ =========== ===========
Fixed charges:
Interest expense $ 52.1 $ 47.4 $ 47.8 $ 57.6 $ 77.4 $41.2
Portion of rent representative of an
interest factor 11.7 9.3 10.7 10.5 10.2 5.1
Capitalized interest 4.8 5.1 2.6 2.2 3.0 1.2
------------ ----------- ----------- ------------ ----------- -----------
Total fixed charges $ 68.6 $ 61.8 $ 61.1 $ 70.3 $ 90.6 $47.5
============ =========== =========== ============ =========== ===========
Ratio of earnings to fixed charges N/A(a) 1.4(b) N/A(c) .4(d) 1.1 1.8
============ =========== =========== ============ =========== ===========
</TABLE>
(a) Earnings were insufficient to cover fixed charges by $206.2 million after
giving effect to the pre-tax expense for restructuring and other charges of
$247.0 million. Excluding the pre-tax restructuring and other charges, the
ratio of earnings to fixed charges was 1.6.
(b) In 1996, the Company recorded a pre-tax expense for restructuring and other
special charges of $150.0 million ($7.0 million of which was recorded in
cost of goods sold). Excluding the pre-tax restructuring and other special
charges, the ratio of earnings to fixed charges was 3.8.
(c) Earnings were insufficient to cover fixed charges by $194.5 million after
giving effect to the pre-tax expense for restructuring and other charges of
$340.0 million ($16.5 million was recorded in cost of goods sold).
Excluding the pre-tax restructuring and other charges, the ratio of
earnings to fixed charges was 3.4.
(d) Earnings were insufficient to cover fixed charges by $41.1 million after
giving effect to the pre-tax expense for restructuring and other charges of
$50.0 million. Excluding the pre-tax restructuring and other charges, the
ratio of earnings to fixed charges was 1.1.
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