EX-12 6 legex12q42015.htm COMPUTATION OF EARNINGS TO FIXED CHARGES Exhibit


 
 
 
 
 
 
 
Exhibit 12
 
 
 
 
 
 
 
 
 
 
 
Leggett & Platt, Incorporated and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Amounts in millions of dollars)
 
 
 
Twelve Months Ended
 
December 31,
 
2015

 
2014

 
2013

 
2012

 
2011

Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations including equity-method investment earnings (a)
$449.8
 
$295.5
 
$237.6
 
$287.5
 
$234.4
Add:
 
 
 
 
 
 
 
 
 
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness (including amount capitalized)
41.8

 
42.3

 
45.2

 
44.0

 
38.8

Portion of rental expense under operating leases representative of an interest factor (b)
17.3

 
17.0

 
16.5

 
16.0

 
14.6

Amortization of capitalized interest
1.0

 
1.0

 
.9

 
.9

 
1.0

Less:
 
 
 
 
 
 
 
 
 
Equity-method investment (earnings) loss
(.4
)
 
(.3
)
 
(.5
)
 
(.6
)
 
(.4
)
Interest capitalized
(.7
)
 
(.5
)
 
(.5
)
 
(.6
)
 
(.7
)
Total Earnings (c)
$
508.8

 
$
355.0

 
$
299.2

 
$
347.2

 
$
287.7

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense and amortization of interest rate swaps and debt discount and premium on all indebtedness
$41.1
 
$41.8
 
$44.7
 
$43.4
 
$38.1
Interest capitalized
.7

 
.5

 
.5

 
.6

 
.7

Portion of rental expense under operating leases representative of an interest factor (b)
17.3

 
17.0

 
16.5

 
16.0

 
14.6

Total Fixed Charges
$
59.1

 
$
59.3

 
$
61.7

 
$
60.0

 
$
53.4

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
8.6
 
6.0
 
4.8
 
5.8
 
5.4


(a)
2011 - 2013 amounts have been retrospectively adjusted to reflect the reclassification of certain operations to discontinued operations.
 
 
(b)
Estimated portion of rent expense representing interest.
 
 
(c)
Earnings consist principally of income from continuing operations before income taxes, plus fixed charges less capitalized interest. Fixed charges consist principally of interest costs.