EX-12.1 2 q32017exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
 
MANPOWERGROUP INC.
 
(in millions)


 
9 Months Ended
 
 
September 30, 2017
 
 
 
 
Earnings:
 
 
Earnings before income taxes
$
513.3

 
Fixed charges
71.3

 
 
$
584.6

 
 
 

 
Fixed charges:
 

 
Interest (expensed or capitalized)
$
28.1

 
Estimated interest portion of rent expense
43.2

 
 
$
71.3

 
 
 

 
 
 

 
Ratio of earnings to fixed charges
8.2

 


 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
701.3

 
$
660.7

 
$
681.6

 
$
475.5

 
$
368.4

Fixed charges
93.0

 
118.4

 
133.6

 
159.7

 
165.1

 
$
794.3

 
$
779.1

 
$
815.2

 
$
635.2

 
$
533.5

Fixed charges:
 

 
 

 
 

 
 

 
 

Interest (expensed or capitalized)
$
38.1

 
$
38.6

 
$
35.1

 
$
43.2

 
$
42.5

Estimated interest portion of rent expense
54.9

 
79.8

 
98.5

 
116.5

 
122.6

 
$
93.0

 
$
118.4

 
$
133.6

 
$
159.7

 
$
165.1

Ratio of earnings to fixed charges
8.5

 
6.6

 
6.1

 
4.0

 
3.2


Note:    The calculation of ratio of earnings to fixed charges set forth above is in accordance with Regulation S-K, Item 601(b)(12). This calculation is different than the fixed charge ratio that is required by our various borrowing facilities.