EX-12.1 3 a17q1_10qx93016xexhibit121.htm EXHIBIT 12.1 Exhibit
 
 
Exhibit 12.1


Computation of Ratio of Earnings to Fixed Charges
 
 
 
Fiscal Year Ended June 30
 
 
(in millions, except ratios) 
2012
 
2013
 
2014
 
2015
 
2016
 
Three Months Ended September 30, 2016
Earnings from continuing operations before income taxes
$
1,698.1

 
$
888.3

 
$
1,798.3

 
$
1,967.3

 
$
2,275.6

 
$
490.5

 
 
 


 


 


 


 


Plus fixed charges:
 

 


 


 


 


 


Interest expense
92.3

 
119.2

 
129.4

 
137.0

 
178.2

 
43.9

Capitalized interest
$
6.0

 
$
1.7

 
$
1.2

 
$
1.8

 
$
5.6

 
$
2.2

Amortization of debt offering costs
2.8

 
3.5

 
3.6

 
7.6

 
5.6

 
1.4

Interest portion of rent expense
$
7.8

 
$
8.3

 
$
9.8

 
$
9.6

 
$
11.5

 
$
3.3

Fixed charges
108.9

 
132.7

 
144.0

 
156.0

 
200.9

 
50.8

Plus: amortization of capitalized interest
$
3.2

 
$
3.4

 
$
2.9

 
$
2.4

 
$
2.5

 
$
0.7

Less: capitalized interest
(6.0
)
 
(1.7
)
 
(1.2
)
 
(1.8
)
 
(5.6
)
 
(2.2
)
Earnings
$
1,804.2

 
$
1,022.7

 
$
1,944.0

 
$
2,123.9

 
$
2,473.4

 
$
539.8

 
 

 
 

 


 


 


 


Ratio of earnings to fixed charges (1)
$
16.6

 
$
7.7

 
$
13.5

 
$
13.6

 
$
12.3

 
$
10.6

(1)
The ratio of earnings to fixed charges is computed by dividing fixed charges into earnings from continuing operations before income taxes plus fixed charges and capitalized interest. Fixed charges include interest expense, amortization of debt offering costs and the portion of rent expense that is deemed to be representative of the interest factor. Interest expense recorded on tax exposures has been recorded in income tax expense and has therefore been excluded from the calculation.