EX-12.1 2 fy16q410kexhibit121.htm SIG2016013010KEX12_1 Exhibit
Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Fiscal 2016
 
Fiscal 2015
 
Fiscal 2014
 
Fiscal 2013
 
Fiscal 2012
 
Fiscal 2011
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
657.8

 
$
540.6

 
$
566.5

 
$
556.9

 
$
502.1

 
$
300.4

 
 Fixed charges
221.1

 
190.3

 
111.9

 
108.9

 
109.2

 
176.3

 
Amortization of capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
Capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
Total earnings
$
878.9

 
$
730.9

 
$
678.4

 
$
665.8

 
$
611.3

 
$
476.7

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
$
42.3

 
$
28.6

 
$
3.6

 
$
3.2

 
$
3.4

 
$
68.6

 
Capitalized interest
—

 
—

 
—

 
—

 
—

 
—

 
Amortization of debt discount and issuance costs
3.6

 
7.4

 
0.4

 
0.4

 
1.9

 
3.5

 
Estimate of interest within rental expense(1)
175.2

 
154.3

 
107.9

 
105.3

 
103.9

 
104.2

 
Total fixed charges
$
221.1

 
$
190.3

 
$
111.9

 
$
108.9

 
$
109.2

 
$
176.3

 
Ratio of earnings to fixed charges
3.98

 
3.84

 
6.06

 
6.11

 
5.60

 
2.70

 
(1) 
Interest within rental expense is estimated to be one-third of rental expense.