Attached files
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Fiscal Years Ended June 30, | ||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||
($ in millions) | ||||||||||||||||||
Earnings: |
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Add: |
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Earnings from continuing operations before income taxes |
$ | 342.1 | $ | 346.0 | $ | 319.7 | $ | 325.9 | $ | 315.5 | ||||||||
Fixed charges |
24.1 | 26.8 | 44.0 | 24.5 | 23.1 | |||||||||||||
Amortization of capitalized interest |
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Distributed income from equity investees |
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Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges |
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Less: |
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Interest capitalized |
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Preference security dividend requirements of consolidated subsidiaries |
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The minority interest in the pre-tax income/(loss) of subsidiaries that have not incurred fixed charges(2) |
1.0 | 2.5 | (0.2 | ) | (1.0 | ) | (1.2 | ) | ||||||||||
Total |
$ | 365.2 | $ | 370.3 | $ | 363.9 | $ | 351.4 | $ | 339.8 | ||||||||
Fixed charges: |
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Interest expense |
$ | 9.8 | $ | 14.3 | $ | 31.3 | $ | 12.4 | $ | 1.7 | ||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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Estimate of the interest within rental expense(1) |
14.3 | 12.5 | 12.7 | 12.1 | 21.4 | |||||||||||||
Preference security dividend requirements of consolidated subsidiaries |
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Total |
$ | 24.1 | $ | 26.8 | $ | 44.0 | $ | 24.5 | $ | 23.1 | ||||||||
Ratio of Earnings to Fixed Charges |
15.2 | 13.8 | 8.3 | 14.3 | 14.7 |
(1) | One-third of rental expense under operating leases is assumed to be the equivalent of interest. |
(2) | Represents the Companys share of gains/(losses) from its joint venture with the Tokyo Stock Exchange. |