EX-12.1 2 a09-28694_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Tyco International Ltd.

Computation of Ratio of Earnings to Fixed Charges(1)

(dollars in millions)

 

 

 

For The Nine Months
Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 26,

 

June 27,

 

Fiscal

 

 

 

2009

 

2008

 

2008

 

2007

 

2006

 

2005

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes, minority interest and cumulative effect of accounting changes

 

(1,983

)

1,083

 

1,431

 

(2,196

)

1,122

 

596

 

415

 

Add: Fixed Charges

 

324

 

425

 

536

 

451

 

410

 

456

 

518

 

Less: Capitalized interest

 

1

 

1

 

1

 

3

 

1

 

1

 

 

 

 

(1,660

)

1,507

 

1,966

 

(1,748

)

1,531

 

1,051

 

933

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense before capitalized interest

 

226

 

323

 

397

 

313

 

280

 

322

 

377

 

Capitalized interest

 

1

 

1

 

1

 

3

 

1

 

1

 

 

Rentals (one-third rent)

 

97

 

101

 

138

 

135

 

129

 

133

 

141

 

Total fixed charges

 

324

 

425

 

536

 

451

 

410

 

456

 

518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

(2)

3.55

 

3.67

 

(3)

3.73

 

2.30

 

1.80

 

 


(1)

The ratio of earnings to fixed charges is computed by dividing the sum of earnings before income taxes, minority interest and cumulative effect of accounting changes and fixed charges by fixed charges. Fixed charges represent interest expense (before interest is capitalized), amortization of debt premiums and discounts, capitalized expenses related to indebtedness and an appropriate interest factor on operating leases. Fixed charges represent amounts relating to continuing operations.

 

 

(2)

For the nine months ended June 26, 2009, fixed charges exceeded earnings by $1,984 million.

 

 

(3)

In fiscal 2007, fixed charges exceeded earnings by $2,199 million.