EX-12.1 6 a06-16019_1ex12d1.htm EX-12

Exhibit 12.1

 

McCormick & Company, Inc

Computation of Ratio of Earnings to Fixed Charges

(in millions)

 

 

 

May 31

 

Year ended November 30th

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from consolidated operations

 

56.7

 

199.0

 

204.8

 

186.6

 

154.5

 

118.0

 

Income tax expense

 

17.1

 

96.7

 

89.0

 

83.4

 

69.4

 

57.0

 

Income from consolidated operations before income taxes

 

73.8

 

295.7

 

293.8

 

270.0

 

223.9

 

175.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

25.2

 

48.2

 

41.0

 

38.6

 

39.2

 

46.7

 

Capitalized interest

 

 

2.1

 

2.7

 

2.7

 

3.3

 

1.3

 

Interest included in rent expense

 

3.8

 

8.2

 

7.8

 

7.7

 

6.0

 

5.7

 

Total fixed charges

 

29.0

 

58.5

 

51.5

 

49.0

 

48.5

 

53.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

0.5

 

0.8

 

0.9

 

0.5

 

0.1

 

 

Dividends from unconsolidated subsidiaries

 

9.1

 

29.2

 

9.6

 

20.6

 

19.1

 

18.4

 

 

 

9.6

 

30.0

 

10.5

 

21.1

 

19.2

 

18.4

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(2.1

)

(2.7

)

(2.7

)

(3.3

)

(1.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings

 

112.4

 

382.1

 

353.1

 

337.4

 

288.3

 

245.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.88

 

6.53

 

6.86

 

6.89

 

5.94

 

4.58