Northrop Grumman (NOC) 10-Q2009 Q2 Quarterly report

Filed: 23 Jul 09, 12:00am

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Removed: acted, aged, amounted, appellate, begin, bidder, capitalization, certification, certified, Cobra, commencement, comparable, cover, delayed, developed, EDSRA, electrical, electronically, EnterpriseExtended, gained, improvement, incorporate, jamming, Judy, losing, lot, measurement, offensive, post, predict, protested, Quantity, relationship, replacement, scanned, scheduled, step, testing, traffic, turbine

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Exhibit 12(a)

NORTHROP GRUMMAN CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES


												Six Months Ended
	Year Ended December 31											June 30
$ in millions	2008⁽¹⁾			2007		2006		2005		2004		2009		2008

Earnings:
(Loss) earnings from continuing operations before income taxes	$	(368	)	$	2,698	$	2,316	$	2,092	$	1,596	$	1,186	$	1,148


Fixed Charges:
Interest expense, including amortization of debt premium		295			336		347		388		431		143		149
Portion of rental expenses on operating leases deemed to be representative of the interest factor:		195			195		183		170		151		95		100


Earnings from continuing operations before income taxes and fixed charges		122			3,229		2,846		2,650		2,178		1,424		1,397
Fixed Charges:		490			531		530		558		582		238		249


Ratio of earnings to fixed charges⁽¹⁾		--			6.1		5.4		4.7		3.7		6.0		5.6


⁽¹⁾		For the year ended December 31, 2008, the company’s earnings were insufficient to cover fixed charges by $368 million. This loss was entirely due to the non-cash goodwill impairment charge of $3.1 billion recorded during the fourth quarter at Shipbuilding and Aerospace Systems.