EXHIBIT 12.1
to S-3
DELPHI CORPORATION
COMPUTATIONS OF RATIO OF COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
TO EARNINGS
YEAR ENDED DECEMBER 31,
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2002 2001 2000 1999 1998
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(DOLLARS IN MILLIONS)
Income (loss) before taxes ........................................... $ 531 $ (528) $ 1,667 $ 1,721 $ (266)
Earnings of non-consolidated affiliates .............................. (64) (54) (87) (44) (55)
Cash dividends received from non-consolidated affiliates ............. 28 21 13 21 1
Portion of rentals deemed to be interest ............................. 57 54 47 44 37
Interest and related charges on debt ................................. 191 222 183 132 277
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Earnings available for fixed charges and preferred dividends .. $ 743 $ (285) $ 1,823 $ 1,874 $ (6)
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Fixed charges:
Portion of rentals deemed to be interest ........................... $ 57 $ 54 $ 47 $ 44 $ 37
Interest and related charges on debt ............................... 191 222 183 132 277
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Total fixed charges ........................................... $ 248 $ 276 $ 230 $ 176 $ 314
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Preferred Dividends:
Preferred dividend ................................................. $ -- $ -- $ -- $ -- $ --
Divided by 1 minus the effective tax rate .......................... 65% 70% 64% 63% 35%
Preferred dividend requirement ................................ $ -- $ -- $ -- $ -- $ --
Total fixed charges and preferred dividends .......................... $ 248 $ 276 $ 230 $ 176 $ 314
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Ratio of earnings to combined fixed charges and preferred dividends .. 3.0 N/A 7.9 10.6 N/A
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Fixed charges and preferred dividends exceeded earnings by $561 million and
$320 million for the years ended December 31, 2001 and 1998, respectively,
resulting in a ratio of less than one.