EX-12.1 7 c48696exv12w1.htm EX-12.1 EX-12.1
EXHIBIT 12.1
ANIXTER INTERNATIONAL INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (a)
(In Millions)
                                         
    Fiscal Year Ended  
    December 31,     December 30,     December 29,     December 28,     January 02,  
    2004     2005     2006     2007     2009  
Earnings
                                        
Income from continuing operations
   $ 77.7     $ 90.0     $ 209.3     $ 253.5     $ 195.7  
Adjustment for minority interest
     —       —       (0.5 )     —       —  
Undistributed income of equity investee (b)
     (12.3 )     —       —       —       —  
Income tax provision
     47.0       67.4       93.7       144.0       122.4  
 
                              
Subtotal
     112.4       157.4       302.5       397.5       318.1  
 
                                        
Fixed charges
                                        
Interest expense (c)
     13.8       27.2       38.8       45.2       48.0  
Interest component of rent expense
     14.5       15.4       16.8       18.7       20.5  
Interest on FIN 48 liabilities (d)
     —       —       —       0.6       0.6  
 
                              
Total fixed charges
     28.3       42.6       55.6       64.5       69.1  
 
                                        
 
                              
Earnings, as adjusted
   $ 140.7     $ 200.0     $ 358.1     $ 462.0     $ 387.2  
 
                              
 
                                        
Ratio of earnings to fixed charges
     4.97       4.70       6.44       7.17       5.60  
 
                              
 
(a)   The ratio of earnings to fixed charges should be read in conjunction with the Company’s Year End Report on Form 10-K for the year ended January 02, 2009.
 
(b)   Adjustment related to the equity investment income relating to Anixter Receivables Corporation prior to the consolidation at the end of the third quarter of 2004.
 
(c)   Includes interest on all indebtedness (including capital leases), amortization of debt discount, and deferred financing fees.
 
(d)   The Company adopted Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes, in the fiscal year 2007.