EX-12.1 4 a10k2017exhibit121.htm EXHIBIT 12.1 Exhibit


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



 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
$
737.3

 
$
701.3

 
$
660.7

 
$
681.6

 
$
475.5

Fixed charges
 
95.6

 
93.0

 
118.4

 
133.6

 
159.7

 
 
$
832.9

 
$
794.3

 
$
779.1

 
$
815.2

 
$
635.2

Fixed charges:
 
 

 
 

 
 

 
 

 
 

Interest (expensed or capitalized)
 
$
38.5

 
$
38.1

 
$
38.6

 
$
35.1

 
$
43.2

Estimated interest portion of rent expense
 
57.1

 
54.9

 
79.8

 
98.5

 
116.5

 
 
$
95.6

 
$
93.0

 
$
118.4

 
$
133.6

 
$
159.7

Ratio of earnings to fixed charges
 
8.7

 
8.5

 
6.6

 
6.1

 
4.0


 
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.