EX-12.1 4 k69232ex12-1.txt STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12.1 Visteon Corporation and Subsidiaries CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (in millions)
First Three For the Years Ended December 31, Months ---------------------------------------------------------------------- 2002 2001 2000 1999 1998 1997 ----------- ------- ------- ------- ------- ------- Earnings -------- Income/(loss) before income taxes $ (107) $ (169) $ 439 $ 1,172 $ 1,116 $ 815 Equity in net (income)/loss of affiliates plus dividends from affiliates (1) (12) (39) (23) (9) (13) Adjusted fixed charges a/ 35 172 212 172 104 98 ------- ------- ------- ------- ------- ------- Earnings $ (73) $ (9) $ 612 $ 1,321 $ 1,211 $ 900 ======= ======= ======= ======= ======= ======= Fixed Charges ------------- Interest expense b/ $ 30 $ 139 $ 176 $ 149 $ 86 $ 94 Interest portion of rental expense c/ 5 35 39 24 17 12 ------- ------- ------- ------- ------- ------- Fixed charges $ 35 $ 174 $ 215 $ 173 $ 103 $ 106 ======= ======= ======= ======= ======= ======= Ratios ------ Ratios of earnings to fixed charges d/ N/A N/A 2.8 7.6 11.8 8.5
------------ a/ Fixed charges, as shown below, adjusted to exclude the amount of interest capitalized during the period. b/ Includes interest, whether expensed or capitalized, and amortization of debt issuance expense and discount or premium relating to any indebtedness. c/ One-third of all rental expense is deemed to be interest. d/ For the three months ended March 31, 2002 and the year ended December 31, 2001, fixed charges exceeded earnings by $108 million and $183 million, respectively, resulting in a ratio of less than one.