EX-12.(A) 3 dex12a.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

 

Exhibit 12(a)

XEROX CREDIT CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 (In Millions)

 

 

Nine Months Ended
Sept 30,

 

Year Ended December 31,

 

 

 

 

 

 

 

2002

 

2001

 

2001

 

2000*

 

1999

 

1998

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

118

 

$

83

 

$

91

 

$

137

 

$

180

 

$

137

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xerox debt

 

 

—  

 

 

12

 

 

—  

 

 

13

 

 

32

 

 

23

 

 

Other debt

 

 

96

 

 

212

 

 

298

 

 

279

 

 

211

 

 

217

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

96

 

 

224

 

 

298

 

 

292

 

 

243

 

 

240

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

214

 

$

307

 

$

389

 

$

429

 

$

423

 

$

377

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

 

2.23

 

 

1.37

 

 

1.31

 

 

1.47

 

 

1.74

 

 

1.57

 

(1)      The ratio of earnings to fixed charges has been computed by dividing total earnings available for fixed charges by total fixed charges.