EX-12.1 9 tif-exhibit121x1312017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Years ended January 31,
(dollars in millions)
2017
2016
2015
2014
2013
 
 
 
 
 
 
Earnings from continuing operations before income taxes
$
676.6

$
709.9

$
737.5

$
254.9

$
643.6

Fixed charges, less
capitalized interest
126.7

125.1

134.8

133.3

120.1

Total earnings as defined
$
803.3

$
835.0

$
872.3

$
388.2

$
763.7

 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
Interest expense before capitalization of interest a
$
43.9

$
45.7

$
58.9

$
59.6

$
55.1

Estimated interest portion
of rent expense
84.7

80.6

76.9

74.5

65.5

Total fixed charges b
$
128.6

$
126.3

$
135.8

$
134.1

$
120.6

 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
6.2
x
6.6
x
6.4
x
2.9
x
6.3
x

a 
Interest expense does not include interest related to uncertain tax positions and other non-third party indebtedness.

b 
Fixed charges represent interest expense (before interest is capitalized), amortization of deferred financing costs and an appropriate interest factor on operating leases.