McCormick & Company, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in millions)
| | | Year ended November 30th | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | August 31, 2007 | |||||||||||||
| | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||
| Net income from consolidated operations | 127.8 | 158.3 | 199.0 | 204.8 | 186.6 | 154.5 | ||||||||
| Income tax expense | 55.9 | 64.7 | 96.7 | 89.0 | 83.4 | 69.4 | ||||||||
| Income from consolidated operations before income taxes | 183.7 | 223.0 | 295.7 | 293.8 | 270.0 | 223.9 | ||||||||
Plus fixed charges: | ||||||||||||||
| Interest expense | 44.9 | 53.7 | 48.2 | 41.0 | 38.6 | 39.2 | ||||||||
| Capitalized interest | — | — | 2.1 | 2.7 | 2.7 | 3.3 | ||||||||
| Interest included in rent expense | 6.2 | 8.5 | 8.2 | 7.8 | 7.7 | 6.0 | ||||||||
| Total fixed charges | 51.1 | 62.2 | 58.5 | 51.5 | 49.0 | 48.5 | ||||||||
Plus: | ||||||||||||||
| Amortization of capitalized interest | 1.2 | 1.1 | 0.8 | 0.9 | 0.5 | 0.1 | ||||||||
| Dividends from unconsolidated subsidiaries | 9.7 | 18.4 | 29.2 | 9.6 | 20.6 | 19.1 | ||||||||
| 10.9 | 19.5 | 30.0 | 10.5 | 21.1 | 19.2 | |||||||||
Less: | ||||||||||||||
| Capitalized interest | — | — | (2.1 | ) | (2.7 | ) | (2.7 | ) | (3.3 | ) | ||||
| Adjusted earnings | 245.7 | 304.7 | 382.1 | 353.1 | 337.4 | 288.3 | ||||||||
Ratio of earnings to fixed charges | 4.81 | 4.90 | 6.53 | 6.86 | 6.89 | 5.94 | ||||||||
