Exhibit 12.1
McCormick & Company, Inc
Computation of Ratio of Earnings to Fixed Charges
(in millions)
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| Q1 |
| Year ended November 30th |
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| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
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Net income from consolidated operations |
| 35.9 |
| 186.6 |
| 154.5 |
| 118.0 |
| 106.4 |
| 74.7 |
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Income tax expense |
| 16.1 |
| 83.4 |
| 69.4 |
| 57.0 |
| 58.6 |
| 50.6 |
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Income from consolidated operations before income taxes |
| 52.0 |
| 270.0 |
| 223.9 |
| 175.0 |
| 165.0 |
| 125.3 |
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Plus fixed charges: |
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Interest expense |
| 9.6 |
| 38.6 |
| 39.2 |
| 46.7 |
| 36.2 |
| 28.5 |
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Capitalized interest |
| 0.9 |
| 2.7 |
| 3.3 |
| 1.3 |
| — |
| — |
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Interest included in rent expense |
| 1.9 |
| 7.7 |
| 6.0 |
| 5.7 |
| 6.0 |
| 5.8 |
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Total fixed charges |
| 12.4 |
| 49.0 |
| 48.5 |
| 53.7 |
| 42.2 |
| 34.3 |
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Plus: |
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Amortization of capitalized interest |
| 0.1 |
| 0.5 |
| 0.1 |
| — |
| — |
| — |
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Dividends from unconsolidated subsidiaries |
| — |
| 20.6 |
| 19.1 |
| 18.4 |
| 10.7 |
| 8.0 |
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| 0.1 |
| 21.1 |
| 19.2 |
| 18.4 |
| 10.7 |
| 8.0 |
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Less: |
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Capitalized interest |
| (0.9 | ) | (2.7 | ) | (3.3 | ) | (1.3 | ) | — |
| — |
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Adjusted earnings |
| 63.6 |
| 337.4 |
| 288.3 |
| 245.8 |
| 217.9 |
| 167.6 |
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Ratio of earnings to fixed charges |
| 5.13 |
| 6.89 |
| 5.94 |
| 4.58 |
| 5.16 |
| 4.89 |
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For the purpose of this ratio, “earnings” consist of income from consolidated operations before income taxes, plus fixed charges (net of capitalized interest), amortization of capitalized interest and dividends from unconsolidated subsidiaries. Fixed charges consist of interest expense before reduction for capitalized interest and one-third of rental expense, which is considered to be representative of an interest factor.