EX-12.1 2 lw-20180527ex1215265fa.htm EX-12.1 lw_Ex12_1

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Fiscal Years Ended May

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes and equity method investment earnings

$

471.3

 

$

457.1

 

$

367.4

 

$

375.3

 

$

358.4

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

133.9

 

 

87.4

 

 

31.7

 

 

30.2

 

 

36.0

 

Distributed income of equity method investees

 

48.5

 

 

31.0

 

 

37.9

 

 

12.0

 

 

45.8

 

Capitalized interest

 

(4.2)

 

 

(5.2)

 

 

(2.7)

 

 

(1.6)

 

 

(6.0)

 

Earnings available for fixed charges (a)

$

649.5

 

$

570.3

 

$

434.3

 

$

415.9

 

$

434.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

108.8

 

$

61.2

 

$

5.9

 

$

6.1

 

$

5.3

 

Capitalized interest

 

4.2

 

 

5.2

 

 

2.7

 

 

1.6

 

 

6.0

 

Interest portion of rent expense (1)

 

20.9

 

 

21.0

 

 

23.1

 

 

22.5

 

 

24.7

 

Total fixed charges (b)

$

133.9

 

$

87.4

 

$

31.7

 

$

30.2

 

$

36.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a/b)

 

4.9

x

 

6.5

x

 

13.7

x

 

13.8

x

 

12.1

x


(1) The interest portion of rent expense represents the estimated interest component of such rent payments.