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Exhibit 12.1
Valvoline Inc.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
For the Years Ended September 30, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Net earnings | $ | 304 | $ | 273 | $ | 196 | $ | 173 | $ | 246 | |||||||||
Provision for income taxes | 186 | 148 | 101 | 91 | 135 | ||||||||||||||
Equity income | (12 | ) | (12 | ) | (12 | ) | (10 | ) | (13 | ) | |||||||||
Distributed income of equity investees | 8 | 16 | 18 | 8 | 8 | ||||||||||||||
Fixed charges | 45 | 14 | 4 | 2 | 2 | ||||||||||||||
Total Adjusted Earnings | $ | 531 | $ | 439 | $ | 307 | $ | 264 | $ | 378 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense (gross of interest income) | $ | 37 | $ | 5 | $ | — | $ | — | $ | — | |||||||||
Amortization of deferred financing expense | 3 | 4 | — | — | — | ||||||||||||||
Interest component of rental expense | 5 | 5 | 4 | 2 | 2 | ||||||||||||||
Total | $ | 45 | $ | 14 | $ | 4 | $ | 2 | $ | 2 | |||||||||
Ratio of Earnings to Fixed Charges | 11.8 | 31.4 | 76.8 | 132.0 | 189.0 |