EX-12.1 2 wltw-ex121_20161231.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
(millions except ratios)
Income/(loss) from continuing operations before income taxes and interest in earnings of associates
$
340

 
$
340

 
$
518

 
$
499

 
$
(337
)
Add back fixed charges:
 
 
 
 
 
 
 
 
 
Total fixed charges
275

 
183

 
175

 
168

 
169

Dividends from associates
3

 
4

 
3

 
3

 
3

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest
—

 
—

 
—

 
—

 
—

Income/(loss) as adjusted
$
618

 
$
527

 
$
696

 
$
670

 
$
(165
)
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense
$
184

 
$
142

 
$
135

 
$
126

 
$
128

Portions of rents representative of interest factor
91

 
43

 
40

 
42

 
41

Total fixed charges
$
275

 
$
185

 
$
175

 
$
168

 
$
169

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.2

 
2.8

 
4.0

 
4.0

 
(1.0
)

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
Year ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
(millions except ratios)
Income/(loss) from continuing operations before income taxes and interest in earnings of associates
$
340

 
$
340

 
$
518

 
$
499

 
$
(337
)
Add back fixed charges:
 
 
 
 
 
 
 
 
 
Total fixed charges
275

 
183

 
175

 
168

 
169

Dividends from associates
3

 
4

 
3

 
3

 
3

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest
—

 
—

 
—

 
—

 
—

Income/(loss) as adjusted
$
618

 
$
527

 
$
696

 
$
670

 
$
(165
)
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
 
 
 
 
 
 
 
 
 
Interest expense
$
184

 
$
142

 
$
135

 
$
126

 
$
128

Portions of rents representative of interest factor
91

 
43

 
$
40

 
$
42

 
$
41

Total fixed charges
275

 
185

 
$
175

 
$
168

 
$
169

Preferred stock dividends
—

 
—

 
$
—

 
$
—

 
$
—

Total fixed charges and preferred stock dividends
$
275

 
$
185

 
$
175

 
$
168

 
$
169

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
2.2

 
2.8

 
4.0

 
4.0

 
(1.0
)