EX-12.1 2 alv-ex121_14.htm EX-12.1 alv-ex121_14.htm

Exhibit 12.1

Autoliv, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Year ended December 31,

 

(Dollars in Millions)

 

2012

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

 

2017

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

41.7

 

 

$

32.9

 

 

$

63.4

 

 

$

65.1

 

 

$

62.4

 

 

$

61.2

 

Interest portion of rental expense1)

 

 

11.7

 

 

 

15.1

 

 

 

14.7

 

 

 

13.5

 

 

 

15.5

 

 

 

17.4

 

Total

 

$

53.4

 

 

$

48.0

 

 

$

78.1

 

 

$

78.6

 

 

$

77.9

 

 

$

78.6

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

668.6

 

 

$

734.0

 

 

$

667.0

 

 

$

675.7

 

 

$

803.8

 

 

$

506.5

2)

Earnings in Affiliates -

 

 

(8.1

)

 

 

(7.3

)

 

 

(6.9

)

 

 

(4.7

)

 

 

(2.6

)

 

 

29.0

 

Fixed charges +

 

 

53.4

 

 

 

48.0

 

 

 

78.1

 

 

 

78.6

 

 

 

77.9

 

 

 

78.6

 

Cash from Affiliates +

 

 

4.8

 

 

 

4.6

 

 

 

5.9

 

 

 

4.3

 

 

 

3.6

 

 

 

9.2

 

Total

 

$

718.7

 

 

$

779.3

 

 

$

744.1

 

 

$

753.9

 

 

$

882.7

 

 

$

623.3

 

Ratios of Earnings to Fixed Charges

 

 

13x

 

 

 

16x

 

 

 

10x

 

 

 

10x

 

 

 

11x

 

 

 

8x

 

 

1) One-third of all rental expense is deemed to be interest.

2) After goodwill impairment charge of $243.2 million.

For the purpose of computing these ratios, (i) “earnings” consists of the sum of pre-tax income from continuing operations before adjustment for non-controlling interests in our consolidated subsidiaries or income or loss from equity investees; fixed charges; amortization of capitalized interest; and distributed income of equity investees; and (ii) “fixed charges” consists of the sum of interest expense (which includes amortization of premiums, discounts, and capitalized expenses related to debt issue costs and loss on extinguishment of debt, when applicable); capitalized interest; and one-third of rental expense which we believe to be a reasonable estimate of an interest factor in our leases.