EXHIBIT 12.1
ANIXTER INTERNATIONAL INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (a)
(In Millions)
Fiscal Year Ended | ||||||||||||||||||||
December 31, | December 30, | December 29, | December 28, | January 02, | ||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2009 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations | $ | 77.7 | $ | 90.0 | $ | 209.3 | $ | 253.5 | $ | 195.7 | ||||||||||
Adjustment for minority interest | — | — | (0.5 | ) | — | — | ||||||||||||||
Undistributed income of equity investee (b) | (12.3 | ) | — | — | — | — | ||||||||||||||
Income tax provision | 47.0 | 67.4 | 93.7 | 144.0 | 122.4 | |||||||||||||||
Subtotal | 112.4 | 157.4 | 302.5 | 397.5 | 318.1 | |||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense (c) | 13.8 | 27.2 | 38.8 | 45.2 | 48.0 | |||||||||||||||
Interest component of rent expense | 14.5 | 15.4 | 16.8 | 18.7 | 20.5 | |||||||||||||||
Interest on FIN 48 liabilities (d) | — | — | — | 0.6 | 0.6 | |||||||||||||||
Total fixed charges | 28.3 | 42.6 | 55.6 | 64.5 | 69.1 | |||||||||||||||
Earnings, as adjusted | $ | 140.7 | $ | 200.0 | $ | 358.1 | $ | 462.0 | $ | 387.2 | ||||||||||
Ratio of earnings to fixed charges | 4.97 | 4.70 | 6.44 | 7.17 | 5.60 | |||||||||||||||
(a) | The ratio of earnings to fixed charges should be read in conjunction with the Company’s Year End Report on Form 10-K for the year ended January 02, 2009. | |
(b) | Adjustment related to the equity investment income relating to Anixter Receivables Corporation prior to the consolidation at the end of the third quarter of 2004. | |
(c) | Includes interest on all indebtedness (including capital leases), amortization of debt discount, and deferred financing fees. | |
(d) | The Company adopted Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”),Accounting for Uncertainty in Income Taxes, in the fiscal year 2007. |