Exhibit 12.1
Ratio of Earnings to Fixed Charges
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For the Fiscal Years Ended May |
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2018 |
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2017 |
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2016 |
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2015 |
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2014 |
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Earnings: |
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Income from continuing operations before income taxes and equity method investment earnings |
$ |
471.3 |
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$ |
457.1 |
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$ |
367.4 |
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$ |
375.3 |
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$ |
358.4 |
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Add (deduct): |
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Fixed charges |
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133.9 |
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87.4 |
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31.7 |
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30.2 |
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36.0 |
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Distributed income of equity method investees |
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48.5 |
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31.0 |
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37.9 |
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12.0 |
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45.8 |
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Capitalized interest |
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(4.2) |
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(5.2) |
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(2.7) |
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(1.6) |
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(6.0) |
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Earnings available for fixed charges (a) |
$ |
649.5 |
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$ |
570.3 |
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$ |
434.3 |
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$ |
415.9 |
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$ |
434.2 |
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Fixed charges: |
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Interest expense |
$ |
108.8 |
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$ |
61.2 |
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$ |
5.9 |
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$ |
6.1 |
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$ |
5.3 |
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Capitalized interest |
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4.2 |
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5.2 |
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2.7 |
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1.6 |
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6.0 |
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Interest portion of rent expense (1) |
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20.9 |
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21.0 |
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23.1 |
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22.5 |
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24.7 |
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Total fixed charges (b) |
$ |
133.9 |
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$ |
87.4 |
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$ |
31.7 |
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$ |
30.2 |
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$ |
36.0 |
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Ratio of earnings to fixed charges (a/b) |
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4.9 |
x |
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6.5 |
x |
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13.7 |
x |
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13.8 |
x |
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12.1 |
x |
(1) The interest portion of rent expense represents the estimated interest component of such rent payments.