EX-12.1 5 d15066exv12w1.htm COMPUTATION OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1

Ratio of Earnings to Fixed Charges
Total enterprise (with financial services reflected on the equity method)

                 
    Nine Months Ended
    December 31,
    2003
   2002
Fixed Charges
                
(A) Interest Expensed and Capitalized
     116,372       104,997  
Interest on JV with guaranteed debt
     —       628  
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness
   included in (A)   included in (A)
(C) An estimate of the interest within rental expense
     5,400       6,075  
(D) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A  
 
    
 		      
 		  
Total Fixed Charges
     121,772       111,700  
 
    
 		      
 		  
Earnings
                
ADD:
                
(A) Pre-tax earnings
     803,290       510,724  
Losses on JV’s with guaranteed debt
     —       (107 )
Add back: minority interest in consolidated subsidiaries
     27,441       25,448  
Adjust for income or loss from equity investees
                
Subtract: Financial Services earnings (pre-tax)
     (185,752 )     (111,066 )
Subtract : CDC earnings (add back losses)
     (29,083 )     (17,973 )
Subtract : JV earnings if earnings exceed distributions (add back all losses)
     779       (2,275 )
 
    
 		      
 		  
 
     616,675       404,751  
(B) Add back: fixed charges
     121,772       111,700  
(C) Add back: Amortization of capitalized interest
     56,397       31,341  
(D) Add back: distributed income of equity investee
     N/A       N/A  
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
     N/A       N/A  
 
    
 		      
 		  
 
     794,844       547,792  
Subtract
                
(A) Capitalized Interest
     (77,856 )     (52,157 )
(B) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A  
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     N/A       N/A  
 
    
 		      
 		  
 
     (77,856 )     (52,157 )
 
    
 		      
 		  
Total Earnings
   $ 716,988     $ 495,635  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     5.89       4.44  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                         
    Fiscal Years Ended March 31,
    2003
   2002
   2001
   2000
   1999
Fixed Charges
                                        
(A) Interest Expensed and Capitalized
     143,682       128,483       105,107       66,844       41,581  
Interest on JV with guaranteed debt
     858       —       —       —       —  
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness
   included in (A)   included in (A)   included in (A)   included in (A)   included in (A)
(C) An estimate of the interest within rental expense
     7,200       11,043       9,645       7,950       6,262  
(D) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A       N/A       N/A       N/A  
 
    
 		      
 		      
 		      
 		      
 		  
Total Fixed Charges
     151,740       139,526       114,752       74,794       47,843  
 
    
 		      
 		      
 		      
 		      
 		  
Earnings
                                        
ADD:
                                        
(A) Pre-tax earnings
     794,851       618,765       436,331       416,861       373,294  
Losses on JV’s with guaranteed debt
     (194 )     —       —       —       —  
Add back: minority interest in consolidated subsidiaries
     30,373       20,776       32,415       64,772       53,613  
Adjust for income or loss from equity investees
                                        
Subtract: Financial Services earnings (pre-tax)
     (161,825 )     (114,733 )     (19,667 )     (32,688 )     (92,512 )
Subtract : CDC earnings (add back losses)
     (12,534 )     (18,739 )     (4,616 )     (456 )     (430 )
Subtract : JV earnings if earnings exceed distributions (add back all losses)
     (1,519 )     (4,267 )     786       101       418  
 
    
 		      
 		      
 		      
 		      
 		  
 
     649,152       501,802       445,249       448,590       334,383  
(B) Add back: fixed charges
     151,740       139,526       114,752       74,794       47,843  
(C) Add back: Amortization of capitalized interest
     49,450       40,851       35,115       —       —  
(D) Add back: distributed income of equity investee
     N/A       N/A       N/A       N/A       N/A  
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
     N/A       N/A       N/A       N/A       N/A  
 
    
 		      
 		      
 		      
 		      
 		  
 
     850,342       682,179       595,116       523,384       382,226  
Subtract
                                        
(A) Capitalized Interest
     (73,602 )     (53,568 )     (41,153 )     —       —  
(B) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A       N/A       N/A       N/A  
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     N/A       N/A       N/A       N/A       N/A  
 
    
 		      
 		      
 		      
 		      
 		  
 
     (73,602 )     (53,568 )     (41,153 )     —       —  
 
    
 		      
 		      
 		      
 		      
 		  
Total Earnings
   $ 776,740     $ 628,611     $ 553,963     $ 523,384     $ 382,226  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     5.12       4.51       4.83       7.00       7.99  

 

 

Ratio of Earnings to Fixed Charges
Total Enterprise

                 
    Nine Months Ended
    December 31,
    2003
   2002
Fixed Charges
                
(A) Interest Expensed and Capitalized
     283,064       241,344  
Interest on JV with guaranteed debt
     —       628  
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness
   included in (A)   included in (A)
(C) An estimate of the interest within rental expense
     6,975       7,950  
(D) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A  
 
    
 		      
 		  
Total Fixed Charges
   $ 290,039     $ 249,922  
 
    
 		      
 		  
Earnings
                
ADD:
                
(A) Pre-tax earnings
     803,290       510,724  
Losses on JV’s with guaranteed debt
     —       (107 )
Add back: minority interest in consolidated subsidiaries
     27,441       25,448  
Adjust for income or loss from equity investees
                
Subtract : CDC earnings (add back losses)
     (29,083 )     (17,973 )
Subtract : JV earnings if earnings exceed distributions (add back all losses)
     779       (2,275 )
 
    
 		      
 		  
 
     802,427       515,817  
(B) Add back: fixed charges
     290,039       249,922  
(C) Add back: Amortization of capitalized interest
     56,397       31,341  
(D) Add back: distributed income of equity investee
     N/A       N/A  
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
     N/A       N/A  
 
    
 		      
 		  
 
     1,148,863       797,080  
Subtract
                
(A) Capitalized Interest
     (77,856 )     (52,157 )
(B) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A  
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     N/A       N/A  
 
    
 		      
 		  
 
     (77,856 )     (52,157 )
 
    
 		      
 		  
Net Earnings
   $ 1,071,007     $ 744,923  
 
    
 		      
 		  
Ratio of earnings to fixed charges
     3.69       2.98  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                         
    Fiscal Years Ended March 31,
    2003
   2002
   2001
   2000
   1999
Fixed Charges
                                        
(A) Interest Expensed and Capitalized
     328,133       287,628       197,679       128,520       118,451  
Interest on JV with guaranteed debt
     858       —       —       —       —  
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness
   included in (A)   included in (A)   included in (A)   included in (A)   included in (A)
(C) An estimate of the interest within rental expense
     9,300       11,043       12,839       8,357       10,457  
(D) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A       N/A       N/A       N/A  
 
    
 		      
 		      
 		      
 		      
 		  
Total Fixed Charges
   $ 338,291     $ 298,671     $ 210,518     $ 136,877     $ 128,908  
 
    
 		      
 		      
 		      
 		      
 		  
Earnings
                                        
ADD:
                                        
(A) Pre-tax earnings
     794,851       618,765       436,331       416,861       373,294  
Losses on JV’s with guaranteed debt
     (194 )     —       —       —       —  
Add back: minority interest in consolidated subsidiaries
     30,373       20,776       32,415       64,772       53,613  
Adjust for income or loss from equity investees
                                        
Subtract : CDC earnings (add back losses)
     (12,534 )     (18,739 )     (4,616 )     (456 )     (430 )
Subtract : JV earnings if earnings exceed distributions (add back all losses)
     (1,519 )     (4,267 )     786       101       418  
 
    
 		      
 		      
 		      
 		      
 		  
 
     810,977       616,535       464,916       481,278       426,895  
(B) Add back: fixed charges
     338,291       298,671       210,518       136,877       128,908  
(C) Add back: Amortization of capitalized interest
     49,450       40,851       35,115       —       —  
(D) Add back: distributed income of equity investee
     N/A       N/A       N/A       N/A       N/A  
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
     N/A       N/A       N/A       N/A       N/A  
 
    
 		      
 		      
 		      
 		      
 		  
 
     1,198,718       956,057       710,549       618,155       555,803  
Subtract
                                        
(A) Capitalized Interest
     (73,602 )     (53,568 )     (41,153 )     —       —  
(B) Preference security dividend requirements of consolidated subsidiaries
     N/A       N/A       N/A       N/A       N/A  
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     N/A       N/A       N/A       N/A       N/A  
 
    
 		      
 		      
 		      
 		      
 		  
 
     (73,602 )     (53,568 )     (41,153 )     —       —  
 
    
 		      
 		      
 		      
 		      
 		  
Net Earnings
   $ 1,125,116     $ 902,489     $ 669,396     $ 618,155     $ 555,803  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     3.33       3.02       3.18       4.52       4.31