EX-12.1 5 ads-20171231ex121d4ba3b.htm EX-12.1 ads_Ex12_1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratios of earnings to fixed charges for the periods indicated. Earnings consist of income before provisions for income taxes plus fixed charges. Fixed charges include interest expense, amortization of debt issuance costs and the portion of rental expense we believe is representative of the interest component of rent expense.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

(In millions, except per share amounts)

 

Income before income taxes 

 

$
1,081.1

 

$
837.0

 

$
931.6

 

$
837.9

 

$
793.4

 

Plus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 
633.6

 

 
473.0

 

 
369.6

 

 
294.8

 

 
335.6

 

Total

 

$
1,714.7

 

$
1,310.0

 

$
1,301.2

 

$
1,132.7

 

$
1,129.0

 

 

 

 

 

Earnings to fixed charges ratio

 

 
2.7

 

 
2.8

 

 
3.5

 

 
3.8

 

 
3.4

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including the amortization of debt issuance costs

 

$
597.6

 

$
439.3

 

$
336.4

 

$
265.4

 

$
309.6

 

Estimate of interest component of rent expense (1)

 

 
36.0

 

 
33.7

 

 
33.2

 

 
29.4

 

 
26.0

 

Total fixed charges

 

$
633.6

 

$
473.0

 

$
369.6

 

$
294.8

 

$
335.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Estimated at 1/3 of total rent expense.