EX-12.1 4 dp94352_ex1201.htm EXHIBIT 12.1

 

Exhibit 12.1

 

Automatic Data Processing, Inc.

 

Computation of Ratio of Earnings to Fixed Charges

 

   Year Ended
   June 30, 2018  June 30, 2017  June 30, 2016  June 30, 2015  June 30, 2014
(In millions, except ratios)               
Earnings               
Earnings from continuing operations before income taxes  $2,171.1   $2,531.1   $2,234.7   $2,070.7   $1,879.2 
Add: Fixed charges   181.0    158.2    123.4    73.8    81.9 
Total Earnings as defined  $2,352.1   $2,689.3   $2,358.1   $2,144.5   $1,961.1 
Fixed Charges                         
Interest expense (a)  $102.7   $80.0   $56.2   $6.5   $6.1 
Interest component of rental expense (b)   78.3    78.2    67.2    67.3    75.8 
Total Fixed Charges  $181.0   $158.2   $123.4   $73.8   $81.9 
Ratio of Earnings to Fixed Charges   13.0    17.0    19.1    29.1    23.9 

 

 

(a)Interest expense does not include interest expense/(benefit) related to uncertain tax positions of $3.2 for 2018, $3.0 for 2017, $1.1 for 2016, ($2.7) for 2015, ($3.4) for 2014.

(b)Fixed charges include one-third of rental expense, which management believes is a reasonable approximation of the interest component.