Exhibit 12.1
Ratio of Earnings to Fixed Charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Fiscal Years Ended May |
| |||||||||||||
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes and equity method investment earnings | $ | 471.3 |
| $ | 457.1 |
| $ | 367.4 |
| $ | 375.3 |
| $ | 358.4 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 133.9 |
|
| 87.4 |
|
| 31.7 |
|
| 30.2 |
|
| 36.0 |
|
Distributed income of equity method investees |
| 48.5 |
|
| 31.0 |
|
| 37.9 |
|
| 12.0 |
|
| 45.8 |
|
Capitalized interest |
| (4.2) |
|
| (5.2) |
|
| (2.7) |
|
| (1.6) |
|
| (6.0) |
|
Earnings available for fixed charges (a) | $ | 649.5 |
| $ | 570.3 |
| $ | 434.3 |
| $ | 415.9 |
| $ | 434.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense | $ | 108.8 |
| $ | 61.2 |
| $ | 5.9 |
| $ | 6.1 |
| $ | 5.3 |
|
Capitalized interest |
| 4.2 |
|
| 5.2 |
|
| 2.7 |
|
| 1.6 |
|
| 6.0 |
|
Interest portion of rent expense (1) |
| 20.9 |
|
| 21.0 |
|
| 23.1 |
|
| 22.5 |
|
| 24.7 |
|
Total fixed charges (b) | $ | 133.9 |
| $ | 87.4 |
| $ | 31.7 |
| $ | 30.2 |
| $ | 36.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges (a/b) |
| 4.9 | x |
| 6.5 | x |
| 13.7 | x |
| 13.8 | x |
| 12.1 | x |
(1) The interest portion of rent expense represents the estimated interest component of such rent payments.