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EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(thousands of dollars except ratio amounts)
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Nine Months Ending 9/30/99 |
1998 |
1997 |
1996 |
1995 |
1994 |
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Earnings before taxes |
$125,200 |
$464,400 |
$104,900 |
$102,700 |
$123,500 |
$104,100 |
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Add (deduct) |
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Fixed charges |
17,900 |
31,400 |
38,200 |
33,500 |
31,500 |
23,200 |
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Undistributed earnings of less than 50% owned companies carried at equity |
(1,700) |
(800) |
(500) |
(700) |
(800) |
(400) |
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Interest capitalized |
0 |
0 |
0 |
0 |
0 |
(200 ) |
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Earnings available for fixed charges |
$141,400 |
$495,000 |
$142,600 |
$135,500 |
$154,200 |
$126,700 |
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Fixed charges: |
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Interest, including amounts capitalized |
$ 14,100 |
$ 26,400 |
$ 32,900 |
$ 26,400 |
$ 24,200 |
$ 16,500 |
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Proportion of rent expense deemed to represent interest factor |
3,800 |
5,000 |
5,300 |
7,100 |
7,300 |
6,700 |
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Fixed charges |
$ 17,900 |
$ 31,400 |
$ 38,200 |
$ 33,500 |
$ 31,500 |
$ 23,200 |
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Ratio of earnings to fixed charges |
7.9 |
15.76 |
3.73 |
4.04 |
4.89 |
5.46 |
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