EX-12.1 4 dex121.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12-1 RATIO OF EARNINGS TO FIXED CHARGES
Actual ------------------------------------------------------------------- Nine months ended September 30, Year ended December 31, ----------------- ---------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ ------ ------ Income from continuing operations before income taxes and accounting change: $ 485 $ 756 $ 975 $ 747 $ 309 $ 512 $ 478 ------ ------ ------ ------ ------ ------ ------ Plus Fixed Charges: Interest on all Indebtedness. 269 135 175 224 232 257 270 Amortization of debt expense: 22 9 13 13 14 15 24 Portion of rental expenses on operating leases deemed to be representative of the interest factor: 41 31 41 32 32 33 25 Preferred stock dividend requirements of consolidated subsidiaries:* 20 - - - - - - ------ ------ ------ ------ ------ ------ ------ Total Fixed Charges: 352 175 229 269 278 305 319 ------ ------ ------ ------ ------ ------ ------ Less Preferred stock dividend: (20) - - - - - - Earnings: $ 817 $ 931 $1,204 $1,016 $ 587 $ 817 $ 797 ------ ------ ------ ------ ------ ------ ------ Fixed Charges Ratio: 2.32 5.32 5.26 3.78 2.11 2.68 2.50 ------ ------ ------ ------ ------ ------ ------
------------------------------- * Required preferred stock dividend divided by 1 minus the statutory tax rate of 35%. See instructions to Item 503(d) of Regulation S-K. The ratios of earnings to fixed charges should be read in conjunction with the Northrop Grumman Corporation financial statements and other financial data included or incorporated by reference in this registration statement.