Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PENTAIR plc | d37333d8k.htm |
Exhibit 12.1
| Year ended December 31 | Six months ended June 27, |
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| Dollars in millions |
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||
| Earnings: |
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| Income (loss) from continuing operations before income taxes, noncontrolling interest and equity income of unconsolidated subsidiaries |
$ | 279 | $ | 41 | $ | (148 | ) | $ | 693 | $ | 783 | $ | 352 | |||||||||||
| Fixed charges |
48 | 73 | 85 | 101 | 99 | 50 | ||||||||||||||||||
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| Total earnings available for fixed charges |
$ | 327 | $ | 114 | $ | (63 | ) | $ | 794 | $ | 882 | $ | 402 | |||||||||||
| Fixed Charges: |
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| Interest expense, including amortization of debt issuance costs |
$ | 37 | $ | 60 | $ | 70 | $ | 75 | $ | 72 | $ | 39 | ||||||||||||
| Assumed interest element included in rental expense |
11 | 13 | 15 | 26 | 27 | 11 | ||||||||||||||||||
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| Total fixed charges |
$ | 48 | $ | 73 | $ | 85 | $ | 101 | $ | 99 | $ | 50 | ||||||||||||
| Ratio of earnings to fixed charges |
6.8x | 1.6x | — | (1) | 7.9x | 8.9x | 8.0x | |||||||||||||||||
For purposes of determining the ratios of earnings to fixed charges, earnings consist of income (loss) from continuing operations before income taxes (excluding undistributed equity earnings) and noncontrolling interest, fixed charges and amortization of capitalized interest. Fixed charges consist of interest expense (before interest is capitalized), amortization of debt premiums and discounts, capitalized expenses related to indebtedness and one-third of rent expense, which represents an appropriate interest factor on operating leases. Fixed charges represent amounts relating to continuing operations.
| (1) | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. Additional earnings of $148 million would have been needed to bring the ratio of earnings to fixed charges to 1.0. |