Exhibit 12.1
McCormick & Company, Inc
Computation of Ratio of Earnings to Fixed Charges
(in millions)
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| Aug. 31 |
| Year ended November 30th |
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| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Net income from consolidated operations |
| 116.4 |
| 204.8 |
| 186.6 |
| 154.5 |
| 118.0 |
| 106.4 |
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Income tax expense |
| 56.5 |
| 89.0 |
| 83.4 |
| 69.4 |
| 57.0 |
| 58.6 |
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Income from consolidated operations before income taxes |
| 172.9 |
| 293.8 |
| 270.0 |
| 223.9 |
| 175.0 |
| 165.0 |
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Plus fixed charges: |
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Interest expense |
| 35.6 |
| 41.0 |
| 38.6 |
| 39.2 |
| 46.7 |
| 36.2 |
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Capitalized interest |
| 1.6 |
| 2.7 |
| 2.7 |
| 3.3 |
| 1.3 |
| — |
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Interest included in rent expense |
| 5.9 |
| 7.8 |
| 7.7 |
| 6.0 |
| 5.7 |
| 6.0 |
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Total fixed charges |
| 43.1 |
| 51.5 |
| 49.0 |
| 48.5 |
| 53.7 |
| 42.2 |
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Plus: |
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Amortization of capitalized interest |
| 0.6 |
| 0.9 |
| 0.5 |
| 0.1 |
| — |
| — |
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Dividends from unconsolidated subsidiaries |
| 10.5 |
| 9.6 |
| 20.6 |
| 19.1 |
| 18.4 |
| 10.7 |
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| 11.1 |
| 10.5 |
| 21.1 |
| 19.2 |
| 18.4 |
| 10.7 |
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Less: |
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Capitalized interest |
| (1.6 | ) | (2.7 | ) | (2.7 | ) | (3.3 | ) | (1.3 | ) | — |
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Adjusted earnings |
| 225.5 |
| 353.1 |
| 337.4 |
| 288.3 |
| 245.8 |
| 217.9 |
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Ratio of earnings to fixed charges |
| 5.23 |
| 6.85 |
| 6.89 |
| 5.94 |
| 4.58 |
| 5.17 |
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