EXHIBIT 12.1
HALLIBURTON COMPANY
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(Millions of dollars, except ratios)
Nine months ended September | Year Ended December 31 | |||||||||||||||||||||||
30, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income from continuing operations | ||||||||||||||||||||||||
before income taxes and minority interest | $ | 2,070 | $ | 3,460 | $ | 3,199 | $ | 1,997 | $ | 990 | $ | 639 | ||||||||||||
Add: | ||||||||||||||||||||||||
Distributed earnings from equity in | ||||||||||||||||||||||||
unconsolidated affiliates | 22 | 43 | 28 | 34 | 30 | 10 | ||||||||||||||||||
Fixed charges | 154 | 208 | 224 | 248 | 266 | 173 | ||||||||||||||||||
Subtotal | 2,246 | 3,711 | 3,451 | 2,279 | 1,286 | 822 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Equity in earnings (losses) of | ||||||||||||||||||||||||
unconsolidated affiliates | 42 | 57 | 65 | 42 | 47 | (3 | ) | |||||||||||||||||
Total earnings available for fixed charges | $ | 2,204 | $ | 3,654 | $ | 3,386 | $ | 2,237 | $ | 1,239 | $ | 825 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 112 | $ | 154 | $ | 165 | $ | 196 | $ | 220 | $ | 131 | ||||||||||||
Rental expense representative of interest | 42 | 54 | 59 | 52 | 46 | 42 | ||||||||||||||||||
Total fixed charges | $ | 154 | $ | 208 | $ | 224 | $ | 248 | $ | 266 | $ | 173 | ||||||||||||
Ratio of earnings to fixed charges | 14.3 | 17.6 | 15.1 | 9.0 | 4.7 | 4.8 |
All periods presented reflect the reclassification of KBR, Inc. to discontinued operations.