EX-12.1 6 h12437exv12w1.txt STATEMENT OF COMPUTATION OF RATIO OF EARNINGS . . . Halliburton Company EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges (in millions of dollars, except for ratios) (Unaudited)
FOR THE NINE YEAR ENDED DECEMBER 31, MONTHS ENDED ------------------------------------------------- SEPTEMBER 2003 2002 2001 2000 1999 1998 -------------- ---- ---- ---- ---- ---- Earnings available for fixed charges: Income (loss) from continuing operations before income taxes, minority interests, and cumulative effects of accounting changes, net: $ 352 $(228) $ 954 $ 335 $ 307 $ 55 Add: Distributed Earnings from equity in unconsolidated affiliates 70 19 25 27 57 93 Fixed charges 127 168 209 203 194 195 ----- ----- ------ ---- ---- ---- Subtotal $ 549 $ (41) $1,188 $565 $558 $343 Less: Undistributed equity in earnings and losses of unconsolidated affiliates 13 74 107 88 99 154 ----- ----- ------ ---- ---- ---- Total $ 536 $(115) $1,081 $477 $459 $189 Fixed Charges: Interest expense $ 85 $ 113 $ 147 $146 $141 $134 Rental expense representative of interest 42 55 62 57 53 61 ----- ----- ------ ---- ---- ---- Total $ 127 $ 168 $ 209 $203 $194 $195 ===== ===== ====== ==== ==== ==== Ratio of Earnings to Fixed Charges 4.2 (a) 5.2 2.3 2.4 (a)
(a) For the years ended December 31, 2002 and 1998, earnings were inadequate to cover fixed charges by $283 million and $6 million, respectively.