EX-12.1 4 exhibit121.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Fiscal 2015
 
Fiscal 2014
 
Fiscal 2013
 
Fiscal 2012
 
Fiscal 2011
 
Fiscal 2010
 
Fiscal 2014
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Proforma
 
Income before income taxes
$
540.6

 
$
566.5

 
$
556.9

 
$
502.1

 
$
300.4

 
$
230.5

 
$
555.2

 
 Fixed charges
190.3

 
111.9

 
108.9

 
109.2

 
176.3

 
138.3

 
214.8

 
Amortization of capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
0.5

 
Capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
(0.3
)
 
Total earnings
$
730.9

 
$
678.4

 
$
665.8

 
$
611.3

 
$
476.7

 
$
368.8

 
$
770.2

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
$
28.6

 
$
3.6

 
$
3.2

 
$
3.4

 
$
68.6

 
$
33.1

 
$
41.9

 
Capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
0.3

 
Amortization of debt discount and issuance costs
7.4

 
0.4

 
0.4

 
1.9

 
3.5

 
0.9

 
3.4

(1) 
Estimate of interest within rental expense(2)
154.3

 
107.9

 
105.3

 
103.9

 
104.2

 
104.3

 
169.2

 
Total fixed charges
$
190.3

 
$
111.9

 
$
108.9

 
$
109.2

 
$
176.3

 
$
138.3

 
$
214.8

 
Ratio of earnings to fixed charges
3.84

 
6.06

 
6.11

 
5.60

 
2.70

 
2.67

 
3.59

 
(1)
Primarily includes amortization costs associated with the issuance of new debt and amortization associated with our current credit facility amendment fees.
(2)
Interest within rental expense is estimated to be one-third of rental expense.