Exhibit 12.1
Autoliv, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions) | Year Ended December 31, | |||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 62.5 | $ | 72.9 | $ | 68.2 | $ | 66.6 | $ | 68.2 | ||||||||||
Interest portion of rental expense (1) | 8.7 | 10.2 | 9.3 | 9.7 | 12.0 | |||||||||||||||
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Total | $ | 71.2 | $ | 83.1 | $ | 77.5 | $ | 76.3 | $ | 80.2 | ||||||||||
Earnings | ||||||||||||||||||||
Income before income taxes | $ | 446.2 | $ | 248.7 | $ | 5.5 | $ | 805.5 | $ | 828.3 | ||||||||||
Earnings in Affiliates | -6.4 | -3.9 | -3.8 | -5.5 | -6.8 | |||||||||||||||
Fixed charges + | 71.2 | 83.1 | 77.5 | 76.3 | 80.2 | |||||||||||||||
Cash from Affiliates + | 1.1 | 2.2 | 9.2 | 9.2 | 6.4 | |||||||||||||||
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Total | $ | 512.1 | $ | 330.1 | $ | 88.4 | $ | 885.5 | $ | 908.1 | ||||||||||
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Ratios of Earnings to Fixed Charges | 7 | x | 4 | x | 1 | x | 12 | x | 11 | x |
(1) | One-third of all rental expense is deemed to be interest. |
For the purpose of computing these ratios, (i) “earnings” consists of the sum of pre-tax income from continuing operations before adjustment for minority interests in our consolidated subsidiaries or income or loss from equity investees; fixed charges; amortization of capitalized interest; and distributed income of equity investees; and (ii) “fixed charges” consists of the sum of interest expense (which includes amortization of premiums, discounts, and capitalized expenses related to debt issue costs, when applicable); capitalized interest; and one-third of rental expense which we believe to be a reasonable estimate of an interest factor in our leases.