EX-12.1 8 exhibit121-ratiosofearnings.htm EXHIBIT 12.1 Exhibit




Exhibit 12.1


Valvoline Inc.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)


 
For the Years Ended September 30,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Net earnings
$
304

 
$
273

 
$
196

 
$
173

 
$
246

Provision for income taxes
186

 
148

 
101

 
91

 
135

Equity income
(12
)
 
(12
)
 
(12
)
 
(10
)
 
(13
)
Distributed income of equity investees
8

 
16

 
18

 
8

 
8

Fixed charges
45

 
14

 
4

 
2

 
2

Total Adjusted Earnings
$
531

 
$
439

 
$
307

 
$
264

 
$
378

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense (gross of interest income)
$
37

 
$
5

 
$
—

 
$
—

 
$
—

Amortization of deferred financing expense
3

 
4

 
—

 
—

 
—

Interest component of rental expense
5

 
5

 
4

 
2

 
2

Total
$
45


$
14


$
4


$
2


$
2

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
11.8

 
31.4

 
76.8

 
132.0

 
189.0