EX-12.1 3 ex-12110xkq42016.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
EDWARDS LIFESCIENCES CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


 
Years Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
(Dollars in millions)
Earnings:
 
 
 
 
 
 
 
 
 
   Income before provision for income taxes
$
737.9

 
$
622.4

 
$
1,144.0

 
$
511.2

 
$
388.2

   Add:
 
 
 
 
 
 
 
 
 
        Fixed charges
26.8

 
24.7

 
24.8

 
18.4

 
12.4

 Distributed income of equity investees
1.4

 
2.2

 
2.1

 
—

 
0.3

   Earnings, as adjusted
$
766.1

 
$
649.3

 
$
1,170.9

 
$
529.6

 
$
400.9

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
17.5

 
$
15.5

 
$
15.5

 
$
8.9

 
$
3.9

Amortized premiums, discounts and capitalized expenses related to indebtedness
1.7

 
1.7

 
1.7

 
0.9

 
0.5

Interest portion of rental expense (a)
7.6

 
7.5

 
7.6

 
8.6

 
8.0

   Fixed charges
$
26.8

 
$
24.7

 
$
24.8

 
$
18.4

 
$
12.4

Ratio of earnings to fixed charges
28.6

 
26.3

 
47.1

 
28.7

 
32.4

_______________________________________________________________________________
(a)
One-third of all rental expense is deemed to be interest, which we believe to be a conservative estimate of an interest factor in our leases.