EX-12.1 9 c30912_ex12-1.txt Marsh & McLennan Companies, Inc. and Subsidiaries Exhibit 12.1 Ratio of Earnings to Fixed Charges (In millions, except ratios)
Years Ended December 31, -------------------------------------------------------------------- 2003 2002 2001 2000 1999 -------------------------------------------------------------------- EARNINGS Income before income taxes and minority interest* $ 2,335 $ 2,133 $ 1,590 $ 1,955 $ 1,255 Interest expense 185 160 196 247 233 Portion of rents representative of the interest factor 156 132 122 120 121 Amortization of capitalized interest -- -- -- -- 1 -------------------------------------------------------------------- $ 2,676 $ 2,425 $ 1,908 $ 2,322 $ 1,610 ==================================================================== FIXED CHARGES Interest expense $ 185 $ 160 $ 196 $ 247 $ 233 Portion of rents representative of the interest factor 156 132 122 120 121 -------------------------------------------------------------------- $ 341 $ 292 $ 318 $ 367 $ 354 ==================================================================== Ratio of Earnings to Fixed Charges 7.8 8.3 6.0 6.3 4.5
* Minority interest has been reclassified in 1999 to conform to the current year presentation.