Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WILLIS TOWERS WATSON PLC | y90367e8vk.htm |
| EX-5.1 - EX-5.1 - WILLIS TOWERS WATSON PLC | y90367exv5w1.htm |
| EX-4.2 - EX-4.2 - WILLIS TOWERS WATSON PLC | y90367exv4w2.htm |
| EX-4.1 - EX-4.1 - WILLIS TOWERS WATSON PLC | y90367exv4w1.htm |
| EX-1.1 - EX-1.1 - WILLIS TOWERS WATSON PLC | y90367exv1w1.htm |
| EX-99.1 - EX-99.1 - WILLIS TOWERS WATSON PLC | y90367exv99w1.htm |
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year ended | ||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||
| 2010 Pro | ||||||||||||||||||||||||
| Forma(1) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| (millions except ratios) | ||||||||||||||||||||||||
Income before income taxes,
equity in net income of
associates and noncontrolling
interest |
$ | 626 | $ | 587 | $ | 522 | $ | 399 | $ | 554 | $ | 514 | ||||||||||||
Add back fixed charges: |
||||||||||||||||||||||||
Total fixed charges |
166 | 205 | 220 | 150 | 106 | 66 | ||||||||||||||||||
Dividends from associates |
5 | 5 | 12 | 9 | 6 | 5 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Capitalized interest |
(1 | ) | (1 | ) | — | (1 | ) | (2 | ) | — | ||||||||||||||
Income as adjusted |
$ | 796 | $ | 796 | $ | 754 | $ | 557 | $ | 664 | $ | 585 | ||||||||||||
Fixed charges |
||||||||||||||||||||||||
Interest expense |
$ | 127 | $ | 166 | $ | 174 | $ | 105 | $ | 66 | $ | 38 | ||||||||||||
Portions of rents representative
of interest factor |
39 | 39 | 46 | 45 | 40 | 28 | ||||||||||||||||||
Total fixed charges |
$ | 166 | $ | 205 | $ | 220 | $ | 150 | $ | 106 | $ | 66 | ||||||||||||
Ratio of earnings to fixed charges |
4.8 | 3.9 | 3.4 | 3.7 | 6.3 | 8.9 | ||||||||||||||||||
| (1) | Pro forma ratio of earnings to fixed charges is calculated as if the $500m March 2009 12.875% senior notes due 2016 and drawings under our Revolving Credit Facility were replaced for the year ended December 31, 2010 with proceeds from the March 2011 4.175% Notes due 2016 and March 2011 5.750% Notes due 2021. |
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Year ended | ||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||
| 2010 Pro | 2010 Pro | |||||||||||||||||||||||
| Forma(1) | 2009 | 2008 | 2007 | 2006 | Forma(1) | |||||||||||||||||||
| (millions except ratios) | ||||||||||||||||||||||||
Income before income taxes,
equity in net income of
associates and noncontrolling
interest |
$ | 626 | $ | 587 | $ | 522 | $ | 399 | $ | 554 | $ | 514 | ||||||||||||
Add back fixed charges: |
||||||||||||||||||||||||
Total fixed charges |
166 | 205 | 220 | 150 | 106 | 66 | ||||||||||||||||||
Dividends from associates |
5 | 5 | 12 | 9 | 6 | 5 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Capitalized interest |
(1 | ) | (1 | ) | — | (1 | ) | (2 | ) | — | ||||||||||||||
Income as adjusted |
$ | 796 | $ | 796 | $ | 754 | $ | 557 | $ | 664 | $ | 585 | ||||||||||||
Fixed charges |
||||||||||||||||||||||||
Interest expense |
$ | 127 | $ | 166 | $ | 174 | $ | 105 | $ | 66 | $ | 38 | ||||||||||||
Portions of rents representative
of interest factor |
39 | 39 | 46 | 45 | 40 | 28 | ||||||||||||||||||
Total fixed charges |
$ | 166 | $ | 205 | $ | 220 | $ | 150 | $ | 106 | $ | 66 | ||||||||||||
Preferred stock dividends |
— | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred
stock dividends |
$ | 166 | $ | 205 | $ | 220 | $ | 150 | $ | 106 | $ | 66 | ||||||||||||
Ratio of earnings to fixed charges |
4.8 | 3.9 | 3.4 | 3.7 | 6.3 | 8.9 | ||||||||||||||||||
| (1) | Pro forma ratio of earnings to fixed charges is calculated as if the $500m March 2009 12.875% senior notes due 2016 and drawings under our Revolving Credit Facility were replaced for the year ended December 31, 2010 with proceeds from the March 2011 4.175% Notes due 2016 and March 2011 5.750% Notes due 2021. |