1
Exhibit 99
TRW Inc. and Subsidiaries
Computation of Ratio of Earnings
to Fixed Charges - Unaudited
(In millions except ratio data)
Years Ended December 31
Three Months Ended -------------------------------------------------------------------------------
March 31, 1999 1998 1997 1996 1995 1994
------------------ ------------ -------------- ------------- ------------- -----------
Earnings from continuing
operations before income
taxes $7.0(A) $746.1 $239.7(B) $302.2(C) $625.5 $435.5
Unconsolidated affiliates (29.8) 1.0 (8.0) 1.4 1.3 (0.6)
Minority earnings 3.7 10.5 20.2 11.5 10.8 7.7
Fixed charges excluding
capitalized interest 57.6 174.3 123.9 129.0 137.2 145.3
---- ----- ----- ----- ----- -----
Earnings $38.5 $931.9 $375.8 $444.1 $774.8 $587.9
----- ------ ------ ------ ------ ------
Fixed Charges:
Interest expense $42.6 $114.4 $75.4 $84.2 $94.7 $104.7
Capitalized interest 0.8 4.7 4.5 3.5 5.1 6.6
Portion of rents representa-
tive of interest factor 15.0 59.9 48.5 43.2 41.4 39.2
Interest expense of uncon-
solidated affiliates 0.0 0.0 0.0 1.6 1.1 1.4
--- --- --- --- --- ---
Total fixed charges $58.4 $179.0 $128.4 $132.5 $142.3 $151.9
----- ------ ----- ----- ------ ------
Ratio of earnings to fixed
charges 0.7x 5.2x 2.9x 3.4x 5.4x 3.9x
---- ---- ---- ---- ---- ----
(A) Earnings from continuing operations before income taxes for the three
months ended March 31, 1999 of $7.0 million includes an $85.3 million
earnings charge for purchased in-process research and development. See
"Acquisitions" footnote in the Notes to Financial Statements.
(B) 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.
(C) 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 "Special
Charges and Divestiture" footnote in the Notes to Financial Statements of
the Company's 1996 Annual Report to Shareholders.