Tiffany & Co (TIF) 10-Q2018 Q1 Quarterly report

Filed: 23 May 18, 6:51am

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Removed: add, arrangement, aspect, behalf, behavior, clarified, classify, combined, composition, conclusion, creditor, dependent, discrete, exploration, fashion, fine, grant, improvement, Koidu, largest, Laurelton, LIBOR, listed, loan, mainland, met, mine, minimal, mining, noted, obtain, output, prospective, reclassifying, recovered, rose, rounding, software, solder, solitaire, testing, timeframe, valuation, wedding, withheld

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Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



	Three Months Ended April 30,
(dollars in millions)	2018			2017

Earnings from operations before income taxes	$	190.5		$	136.1
Fixed charges, less capitalized interest	32.7			31.0
Total earnings as defined	$	223.2		$	167.1

Fixed Charges:
Interest expense before capitalization of interest ^a	$	9.1		$	9.9
Estimated interest portion of rent expense	23.8			21.2
Total fixed charges ^b	$	32.9		$	31.1

Ratio of Earnings to Fixed Charges	6.8		x	5.4		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.