1
Exhibit 99
TRW INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES - UNAUDITED
(In millions except ratio data)
Six Months Years Ended December 31
ended --------------------------------------------------------------
June 30, 1998 1997 1996 1995 1994 1993
------------- ------ ------ ------ ------ ------
Earnings from continuing
operations before income
taxes $402.0 $239.7(A) $302.2(B) $625.5 $435.5 $289.2
Unconsolidated affiliates (0.5) (8.0) 1.4 1.3 (0.6) 0.7
Minority earnings 5.8 20.2 11.5 10.8 7.7 1.4
Fixed charges excluding
capitalized interest 106.8 123.9 129.0 137.2 145.3 177.5
------ ------ ------ ------ ------ ------
Earnings $514.1 $375.8 $444.1 $774.8 $587.9 $468.8
------ ------ ------ ------ ------ ------
Fixed Charges:
Interest expense $ 76.3 $ 75.4 $ 84.2 $ 94.7 $104.7 $137.4
Capitalized interest 1.9 4.5 3.5 5.1 6.6 7.9
Portion of rents
representative of
interest factor 30.5 48.5 43.2 41.4 39.2 37.9
Interest expense of
unconsolidated affiliates 0.0 0.0 1.6 1.1 1.4 2.2
------ ------ ------ ------ ------ ------
Total fixed charges $108.7 $128.4 $132.5 $142.3 $151.9 $185.4
------ ------ ------ ------ ------ ------
Ratio of earnings to fixed
charges 4.7x 2.9x 3.4x 5.4x 3.9x 2.5x
------ ------ ------ ------ ------ ------
(A) The 1997 earnings from continuing operations before income taxes of $239.7
million includes a $548 million earnings charge for purchased in-process
research and development. See "Acquisitions" footnote in the Notes to
Financial Statements of the Company's 1997 Annual Report to Shareholders.
(B) The 1996 earnings from continuing operations before income taxes of $302.2
million includes a charge of $384.8 million as a result of actions taken in
the automotive and space and defense businesses. See "Divestiture and
special charges" footnote in the Notes to Financial Statements of the
Company's 1996 Annual Report to Shareholders.