1
Exhibit 99
TRW Inc. and Subsidiaries
Computation of Ratio of Earnings
to Fixed Charges - Unaudited
(In millions except ratio data)
Three Months Years Ended December 31
ended ---------------------------------------------------------------
March 31, 1995 1994 1993 1992 1991 1990
-------------- ------ ------ ------ ------ ------
Earnings(loss) before income
taxes $189.5 $534.5 $359.1 $347.6 $(129.4)(A) $343.1
Unconsolidated affiliates 0.9 (0.6) 0.7 (0.9) (1.0) (13.2)
Minority earnings 2.7 5.2 5.7 2.6 (7.8) (0.5)
Fixed charges excluding
capitalized interest 38.8 160.9 194.0 227.1 254.3 252.0
------ ------ ------ ------ ------- ------
Earnings $231.9 $700.0 $559.5 $576.4 $ 116.1 $581.4
------ ------ ------ ------ ------- ------
Fixed Charges:
Interest expense $ 24.0 $104.8 $137.8 $162.9 $ 189.6 $186.9
Capitalized interest 1.0 6.6 7.9 12.7 10.1 7.6
Portion of rents representa-
tive of interest factor 14.6 54.7 54.0 64.0 64.4 64.6
Interest expense of uncon-
solidated affiliates 0.2 1.4 2.2 0.2 0.3 0.5
------ ------ ------ ------ ------- ------
Total fixed charges $ 39.8 $167.5 $201.9 $239.8 $ 264.4 $259.6
------ ------ ------ ------ ------- ------
Ratio of earnings to fixed
charges 5.8x 4.2x 2.8x 2.4x 0.4x(A) 2.2x
--- ------ --- --- ------- ------
(A) The 1991 loss before income taxes of $129.4 million includes a
charge of $343 million to cover costs associated with divestment and
restructuring activities. Excluding this charge, the ratio of earnings
to fixed charges would have been 1.7x.