EX-12.1 4 exhibit121-20171231for10xk.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(Dollars in millions)
 
2017
 
2016
 
2015
 
2014 1
 
2013 1
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax expense
$
3,963.8

 
$
4,555.4

 
$
4,631.0

 
$
4,368.1

 
$
3,840.2

Fixed charges
 
807.2

 
792.2

 
724.0

 
664.9

 
664.7

Total earnings available for fixed charges
 
$
4,771.0

 
$
5,347.6

 
$
5,355.0

 
$
5,033.0

 
$
4,504.9

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
739.0

 
$
723.0

 
$
653.0

 
$
600.7

 
$
602.7

Estimated interest portion of of rental expense
 
68.2

 
69.2

 
71.0

 
64.2

 
62.0

Total fixed charges
 
$
807.2

 
$
792.2

 
$
724.0

 
$
664.9

 
$
664.7

 
 
 
 

 

 

 

Ratio of earnings to fixed charges
 
5.91x

 
6.75x

 
7.40x

 
7.57x

 
6.78x


1.
The operating results of 1-800 CONTACTS, Inc. are reported as discontinued operations at December 31, 2014 and 2013 as a result of the divestiture completed on January 31, 2014.