EX-12.1 6 a201710-kxexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($'s in millions except Ratio of Earnings to Fixed Charges)

 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Income Before Provision for Income Taxes and Equity in Net Income of Affiliates
 
$
322.7

 
$
203.6

 
$
280.0

 
$
340.2

 
$
386.3

Add Back: Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
59.7

 
53.1

 
51.0

 
43.3

 
40.7

Interest Component of Rental Expense1
 
11.0

 
10.8

 
9.1

 
8.5

 
8.7

Earnings As Adjusted
 
$
393.4

 
$
267.5

 
$
340.1

 
$
392.0

 
$
435.7

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest Expense
 
$
59.7

 
$
53.1

 
$
51.0

 
$
43.3

 
$
40.7

Interest Component of Rental Expense
 
11.0

 
10.8

 
9.1

 
8.5

 
8.7

Total Fixed Charges
 
$
70.7

 
$
63.9

 
$
60.1

 
$
51.8

 
$
49.4

Ratio of Earnings to Fixed Charges
 
5.6

 
4.2

 
5.7

 
7.6

 
8.8

1 Represents a reasonable approximation of the interest cost component of rental expense incurred by the Company. The purpose is to estimate the amount of interest paid due to operating the majority of our facilities under operating leases.
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Ratio of Earnings to Fixed Charges
 
5.6x
 
4.2x
 
5.7x
 
7.6x
 
8.8x
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
Rent Expense Under Operating Leases
 
33.1

 
32.4

 
27.4

 
25.5

 
26.1

@ 33.33%
 
11.0

 
10.8

 
9.1

 
8.5

 
8.7