Tiffany & Co (TIF) 10-K2017 FY Annual report

Filed: 16 Mar 18, 12:00am

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Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



	Years ended January 31,
(dollars in millions)	2018			2017			2016			2015			2014

Earnings from continuing operations before income taxes	$	760.5		$	676.6		$	709.9		$	737.5		$	254.9
Fixed charges, less capitalized interest	127.5			126.7			125.1			134.8			133.3
Total earnings as defined	$	888.0		$	803.3		$	835.0		$	872.3		$	388.2

Fixed Charges:
Interest expense before capitalization of interest ^a	$	38.8		$	43.9		$	45.7		$	58.9		$	59.6
Estimated interest portion of rent expense	89.5			84.7			80.6			76.9			74.5
Total fixed charges ^b	$	128.3		$	128.6		$	126.3		$	135.8		$	134.1

Ratio of Earnings to Fixed Charges	6.9		x	6.2		x	6.6		x	6.4		x	2.9		x


^a	Interest expense does not include interest related to uncertain tax positions and other non-third party indebtedness.


^b	Fixed charges represent interest expense (before interest is capitalized), amortization of deferred financing costs and an appropriate interest factor on operating leases.