EX-12 4 a2181461zex-12.htm EXHIBIT 12
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Exhibit 12


McCormick & Company, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in millions)

 
   
  Year ended November 30th
 
 
  August 31,
2007

 
 
  2006
  2005
  2004
  2003
  2002
 
Net income from consolidated operations   127.8   158.3   199.0   204.8   186.6   154.5  
  Income tax expense   55.9   64.7   96.7   89.0   83.4   69.4  
   
 
 
 
 
 
 
Income from consolidated operations before income taxes   183.7   223.0   295.7   293.8   270.0   223.9  

Plus fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense   44.9   53.7   48.2   41.0   38.6   39.2  
  Capitalized interest       2.1   2.7   2.7   3.3  
  Interest included in rent expense   6.2   8.5   8.2   7.8   7.7   6.0  
   
 
 
 
 
 
 
Total fixed charges   51.1   62.2   58.5   51.5   49.0   48.5  

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 
  Amortization of capitalized interest   1.2   1.1   0.8   0.9   0.5   0.1  
  Dividends from unconsolidated subsidiaries   9.7   18.4   29.2   9.6   20.6   19.1  
   
 
 
 
 
 
 
    10.9   19.5   30.0   10.5   21.1   19.2  

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 
  Capitalized interest       (2.1 ) (2.7 ) (2.7 ) (3.3 )
   
 
 
 
 
 
 
Adjusted earnings   245.7   304.7   382.1   353.1   337.4   288.3  
   
 
 
 
 
 
 

Ratio of earnings to fixed charges

 

4.81

 

4.90

 

6.53

 

6.86

 

6.89

 

5.94

 



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McCormick & Company, Inc. Computation of Ratio of Earnings to Fixed Charges (in millions)