EXHIBIT 12
STATEMENT RE COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratios of earnings to fixed charges of
the Company for the periods indicated. For purposes of computation of the ratio
of earnings to fixed charges, earnings consist of income before income taxes and
cumulative effects of changes in accounting principles plus the amount of fixed
charges. Fixed charges consist of interest expense and that portion of rental
expense deemed to represent interest.
---------------------------------------------------------------------- NINE MONTHS
YEAR ENDED SEPTEMBER 30, ENDED
---------------------------------------------------------------------- JUNE 30,
993 (a) 1994 (a) 1995 (a) 1996 (a) 1997 (a) 1998 (a)
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(Dollars in Millions, Except Ratios)
Earnings:
Income before income taxes and
cumulative effects of changes
in accounting principles...... $ 1,108.8 $1,423.4 (b) $1,457.2 (b) $ 1,611.3 $1,821.7 $ 1,492.3
Fixed charges.................. 171.9 141.8 168.4 182.2 176.5 159.4
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Earnings, as defined........ $1,280.7 $1,565.2 $1,625.6 $ 1,793.5 $1,998.2 $ 1,651.7
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Fixed Charges:
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Interest expense............... $ 133.5 $ 101.9 $ 123.0 $ 132.3 $ 124.2 $ 120.2
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One-third of all rents......... 38.4 39.9 45.4 49.9 52.3 39.2
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Total fixed charges......... $ 171.9 $ 141.8 $ 168.4 $ 182.2 $ 176.5 $ 159.4
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Ratio of Earnings to Fixed
Charges.......................... 7.5x 11.0x 9.7x 9.8x 11.3x 10.4x
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.....
(a)Includes proportionate share of earnings and fixed charges of 50%-owned
equity investees, the distributed earnings of less-than-50%-owned equity
investees, and minority interest in the income of subsidiaries with fixed
charges.
(b)Includes non-recurring items of $192.0 million and $34.3 million in 1994 and
1995, respectively. Excluding these items, the ratio of earnings to fixed
charges would have been 9.7x and 9.4x in 1994 and 1995, respectively.