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Exhibit 99
TRW Inc. and Subsidiaries
Computation of Ratio of Earnings
to Fixed Charges - Unaudited
(In millions except ratio data)
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<CAPTION>
Nine Months Ended Years Ended December 31
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September 30, 2000 1999 1998 1997 1996 1995
-------------------- ------------- ------------ ------------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Earnings from continuing
operations before income
taxes $ 706.3(A) $ 787.3(B) $746.1 $239.7(C) $302.2(D) $625.5
Unconsolidated affiliates (0.7) (37.1) 1.0 (8.0) 1.4 1.3
Minority earnings 11.9 22.8 10.5 20.2 11.5 10.8
Fixed charges excluding
capitalized interest 449.9 552.1 174.3 123.9 129.0 137.2
-------- -------- ------ ------ ------ ------
Earnings $1,167.4 $1,325.1 $931.9 $375.8 $444.1 $774.8
-------- -------- ------ ------ ------ ------
Fixed Charges:
Interest expense $ 392.7 $ 476.7 $114.4 $ 75.4 $ 84.2 $ 94.7
Capitalized interest 3.5 4.7 4.7 4.5 3.5 5.1
Portion of rents representa-
tive of interest factor 57.2 75.3 59.9 48.5 43.2 41.4
Interest expense of uncon-
solidated affiliates 0.0 0.0 0.0 0.0 1.6 1.1
-------- -------- ------ ------ ------ ------
Total fixed charges $ 453.4 $ 556.7 $179.0 $128.4 $132.5 $142.3
-------- -------- ------ ------ ------ ------
Ratio of earnings to fixed
charges 2.6x 2.4x 5.2x 2.9x 3.4x 5.4x
-------- -------- ------ ------ ------ ------
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(A) Earnings from continuing operations before income taxes for the nine months
ended September 30, 2000 of $706.3 million, includes an $11.7 million
earnings charge, $6.2 million after the effect of minority interest, for
purchased in-process research and development. See "Acquisitions" footnote
in the Notes to Financial Statements.
(B) The 1999 earnings from continuing operations before income taxes of $787.3
million, includes an $85.3 million earnings charge for purchased in-process
research and development. See "Acquisitions" note in the Notes to Financial
Statements.
(C) 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" note in the Notes to Financial
Statements of the Company's 1997 Annual Report to Shareholders.
(D) 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" note in the Notes to Financial Statements of the Company's
1996 Annual Report to Shareholders.
