EX-12.1 16 k75733exv12w1.txt COMPUTATIONS OF RATIO OF COMBINED FIXED CHARGES EXHIBIT 12.1 to S-3 DELPHI CORPORATION COMPUTATIONS OF RATIO OF COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS TO EARNINGS
YEAR ENDED DECEMBER 31, ------------------------------------------------------- 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- (DOLLARS IN MILLIONS) Income (loss) before taxes ........................................... $ 531 $ (528) $ 1,667 $ 1,721 $ (266) Earnings of non-consolidated affiliates .............................. (64) (54) (87) (44) (55) Cash dividends received from non-consolidated affiliates ............. 28 21 13 21 1 Portion of rentals deemed to be interest ............................. 57 54 47 44 37 Interest and related charges on debt ................................. 191 222 183 132 277 ------- ------- ------- ------- ------- Earnings available for fixed charges and preferred dividends .. $ 743 $ (285) $ 1,823 $ 1,874 $ (6) ------- ------- ------- ------- ------- Fixed charges: Portion of rentals deemed to be interest ........................... $ 57 $ 54 $ 47 $ 44 $ 37 Interest and related charges on debt ............................... 191 222 183 132 277 ------- ------- ------- ------- ------- Total fixed charges ........................................... $ 248 $ 276 $ 230 $ 176 $ 314 ------- ------- ------- ------- ------- Preferred Dividends: Preferred dividend ................................................. $ -- $ -- $ -- $ -- $ -- Divided by 1 minus the effective tax rate .......................... 65% 70% 64% 63% 35% Preferred dividend requirement ................................ $ -- $ -- $ -- $ -- $ -- Total fixed charges and preferred dividends .......................... $ 248 $ 276 $ 230 $ 176 $ 314 ======= ======= ======= ======= ======= Ratio of earnings to combined fixed charges and preferred dividends .. 3.0 N/A 7.9 10.6 N/A ======= ======= ======= ======= =======
Fixed charges and preferred dividends exceeded earnings by $561 million and $320 million for the years ended December 31, 2001 and 1998, respectively, resulting in a ratio of less than one.