EX-12.1 2 exhibit121ratioofearningst.htm EXHIBIT 12.1 Exhibit 12.1 Ratio of Earnings to Fixed Charges 2014


Exhibit 12.1

NCR Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)

 
Year ended December 31, 2014
 
Year ended December 31, 2013
 
Year ended December 31, 2012
 
Year ended December 31, 2011
 
Year ended December 31, 2010
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes, non-controlling interest, discontinued operations
$
137

 
$
554

 
$
698

 
$
(164
)
 
$
285

Fixed charges
224

 
142

 
76

 
46

 
31

Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges
(4
)
 
(4
)
 
(2
)
 
—

 
(3
)
Earnings
$
357

 
$
692

 
$
772

 
$
(118
)
 
$
313

Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
181

 
$
103

 
$
42

 
$
13

 
$
2

Portion of rental expense representative of the interest factor (1)
43

 
39

 
34

 
33

 
29

Fixed Charges
$
224

 
$
142

 
$
76

 
$
46

 
$
31

Ratio of earnings to fixed charges *
1.59

 
4.87

 
10.16

 
N/A

 
10.10


*
For the year ended December 31, 2011, fixed charges exceeded earnings by $164 million, resulting in a ratio of less than one.

(1) Interest portion of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.