Exhibit 12.1
ARROW ELECTRONICS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)
Six Months | ||||||||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||||||||
July 4, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Reconciliation of earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 73,668 | $ | (596,913 | ) | $ | 592,183 | $ | 518,277 | $ | 385,561 | $ | 304,983 | |||||||||||
Less: | ||||||||||||||||||||||||
Equity in earnings of affiliated companies | 1,350 | 6,549 | 6,906 | 5,221 | 4,492 | 4,106 | ||||||||||||||||||
Capitalized interest | 4,192 | 7,332 | 2,261 | 77 | — | — | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Fixed charges | 54,519 | 129,640 | 123,947 | 108,904 | 109,923 | 125,182 | ||||||||||||||||||
Distributed income of equity investees | 215 | 2,663 | 1,906 | 503 | 710 | 812 | ||||||||||||||||||
Total earnings (deficit) | $ | 122,860 | $ | (478,491 | ) | $ | 708,869 | $ | 622,386 | $ | 491,702 | $ | 426,871 | |||||||||||
Calculation of fixed charges: | ||||||||||||||||||||||||
Interest and other financing expense, net | $ | 40,117 | $ | 99,863 | $ | 101,628 | $ | 90,564 | $ | 91,828 | $ | 103,201 | ||||||||||||
Capitalized interest | 4,192 | 7,332 | 2,261 | 77 | — | — | ||||||||||||||||||
Interest component of rent expense | 10,210 | 22,445 | 20,058 | 18,263 | 18,095 | 21,981 | ||||||||||||||||||
Total fixed charges | $ | 54,519 | $ | 129,640 | $ | 123,947 | $ | 108,904 | $ | 109,923 | $ | 125,182 | ||||||||||||
Ratio of earnings to fixed charges | 2.25 | — | a | 5.72 | 5.71 | 4.47 | 3.41 |
(a) | Earnings for 2008 were inadequate to cover fixed charges by $608.1 million due to a noncash impairment charge associated with goodwill of $1.02 billion, restructuring and integration charges of $70.1 million, and a charge related to a preference claim from 2001 of $10.9 million. |