EX-12.1 3 d578162dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratios of Earnings to Fixed Charges

 

          Ratio of Earnings to Fixed Charges  
(Amounts in thousands except Ratio of Earnings to Fixed Charges)   Three months ended     Fiscal Year  
    March 31, 2018     2017     2016     2015     2014     2013  

Earnings:

            

Add:

            

Income before taxes

   $ 158,837     $ 537,045     $ 523,717     $ 539,101     $ 549,061     $ 485,210  

Fixed charges

     21,066       82,133       68,838       63,158       63,098       64,194  

Amortization of capitalized interest

     1,294       5,000       4,723       4,198       3,734       3,087  

Less:

            

Capitalized interest

     (1,322 )      (4,176 )      (4,035 )      (5,893 )      (5,572 )      (6,629 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings available for fixed charges

   $ 179,875     $ 620,002     $ 593,243     $ 600,564     $ 610,321     $ 545,862  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

            

Interest expense

   $ 16,595     $ 65,363     $ 52,989     $ 46,062     $ 46,067     $ 46,767  

Capitalized interest

     1,322       4,176       4,035       5,893       5,572       6,629  

Portion of rental expense which represents interest factor1

     3,149       12,594       11,814       11,203       11,459       10,798  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed charges

   $ 21,066     $ 82,133     $ 68,838     $ 63,158     $ 63,098     $ 64,194  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

     8.54       7.55       8.62       9.51       9.67       8.50  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Represents one-third of rental expense, which we deem to be a reasonable estimate of the portion of our rental expense that is attributable to interest.