Attached files
| file | filename |
|---|---|
| 8-K - 8-K - WORTHINGTON INDUSTRIES INC | d412120d8k.htm |
| EX-99.2 - EX-99.2 - WORTHINGTON INDUSTRIES INC | d412120dex992.htm |
| EX-99.1 - EX-99.1 - WORTHINGTON INDUSTRIES INC | d412120dex991.htm |
| EX-5.1 - EX-5.1 - WORTHINGTON INDUSTRIES INC | d412120dex51.htm |
| EX-4.2 - EX-4.2 - WORTHINGTON INDUSTRIES INC | d412120dex42.htm |
| EX-1.1 - EX-1.1 - WORTHINGTON INDUSTRIES INC | d412120dex11.htm |
Exhibit 12.1
Worthington Industries, Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
| Fiscal Year Ended | ||||||||||||||||||||||||
| (in millions, except for ratios) |
Proforma | May 31, | ||||||||||||||||||||||
| 2017 (2) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
| Earnings (loss) (3): |
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| Add: |
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| Earnings before income taxes less net earnings attributable to non-controlling interest |
$ | 275.2 | $ | 283.7 | $ | 202.7 | $ | 102.6 | $ | 208.6 | $ | 200.9 | ||||||||||||
| Distributions from unconsolidated affiliates |
102.0 | 102.0 | 86.5 | 78.3 | 85.3 | 84.5 | ||||||||||||||||||
| Capitalized interest amortization |
0.2 | 0.2 | 0.4 | 0.4 | 0.5 | 0.6 | ||||||||||||||||||
| Fixed charges (4) |
38.6 | 30.1 | 31.9 | 36.0 | 26.9 | 24.1 | ||||||||||||||||||
| Deduct: |
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| Equity in net income of unconsolidated affiliates |
(110.0 | ) | (110.0 | ) | (115.0 | ) | (87.5 | ) | (91.5 | ) | (94.6 | ) | ||||||||||||
| Capitalized interest |
(0.2 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | 0.0 | |||||||||||||
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| Earnings |
$ | 305.8 | $ | 305.8 | $ | 206.4 | $ | 129.7 | $ | 229.7 | $ | 215.5 | ||||||||||||
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| Fixed charges (4): |
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| Interest expense |
$ | 38.3 | $ | 29.8 | $ | 31.7 | $ | 35.8 | $ | 26.7 | $ | 23.9 | ||||||||||||
| Capitalized interest |
0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.0 | ||||||||||||||||||
| Interest portion of rent expense |
0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
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| Fixed charges |
$ | 38.6 | $ | 30.1 | $ | 31.9 | $ | 36.0 | $ | 26.9 | $ | 24.0 | ||||||||||||
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| Ratio of earnings to fixed charges |
7.9 | 10.2 | 6.5 | 3.6 | 8.5 | 9.0 | ||||||||||||||||||
| (1) | The ratio of earnings to fixed charges is computed by dividing the fixed charges of Worthington Industries, Inc. and our consolidated subsidiaries into earnings. |
| (2) | As adjusted for the issuance by Worthington Industries, Inc. of $200,000,000 aggregate principal amount of our 4.30% Notes due 2032 and the application of the net proceeds of such issuance to repay our borrowings under our revolving credit facility and to repay amounts outstanding under our revolving trade accounts receivable securitization facility. |
| (3) | Earnings consists of earnings before income taxes less net earnings attributable to non-controlling interest (a) plus (i) distributions from unconsolidated affiliates, (ii) capitalized interest amortization and (iii) fixed charges and (b) less (i) equity in net income of unconsolidated affiliates and (ii) capitalized interest. |
| (4) | Fixed charges include interest expense (which includes the amortization of debt offering costs and fees related to our trade accounts receivable securitization facility), capitalized interest, and the portion of rent expense which is deemed to be representative of the interest factor. |