VALVOLINE INC - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - November 17, 2017

Attached files

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EX-32 - EXHIBIT 32 - VALVOLINE INCexhibit32-certificationofs.htm
EX-31.2 - EXHIBIT 31.2 - VALVOLINE INCexhibit312-certificationof.htm
EX-31.1 - EXHIBIT 31.1 - VALVOLINE INCexhibit311-certificationof.htm
EX-24 - EXHIBIT 24 - VALVOLINE INCexhibit24-powerofattorney9.htm
EX-23.1 - EXHIBIT 23.1 - VALVOLINE INCexhibit231-consentofernsty.htm
EX-21 - EXHIBIT 21 - VALVOLINE INCexhibit21-listofsubsidiari.htm
EX-10.17 - EXHIBIT 10.17 - VALVOLINE INCexhibit1017-amendmenttoser.htm
EX-10.16 - EXHIBIT 10.16 - VALVOLINE INCexhibit1016-amendmenttoser.htm
EX-10.15 - EXHIBIT 10.15 - VALVOLINE INCexhibit1015-valvolinesuppl.htm
EX-10.12 - EXHIBIT 10.12 - VALVOLINE INCexhibit1012-valvolinenonqu.htm
EX-10.7 - EXHIBIT 10.7 - VALVOLINE INCexhibit107-restrictedstock.htm
EX-3.1 - EXHIBIT 3.1 - VALVOLINE INCexhibit31-amendedandrestat.htm
10-K - 10-K - VALVOLINE INCvalvoline10-k9302017.htm




Exhibit 12.1


Valvoline Inc.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)


 
For the Years Ended September 30,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Net earnings
$
304

 
$
273

 
$
196

 
$
173

 
$
246

Provision for income taxes
186

 
148

 
101

 
91

 
135

Equity income
(12
)
 
(12
)
 
(12
)
 
(10
)
 
(13
)
Distributed income of equity investees
8

 
16

 
18

 
8

 
8

Fixed charges
45

 
14

 
4

 
2

 
2

Total Adjusted Earnings
$
531

 
$
439

 
$
307

 
$
264

 
$
378

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense (gross of interest income)
$
37

 
$
5

 
$
—

 
$
—

 
$
—

Amortization of deferred financing expense
3

 
4

 
—

 
—

 
—

Interest component of rental expense
5

 
5

 
4

 
2

 
2

Total
$
45


$
14


$
4


$
2


$
2

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
11.8

 
31.4

 
76.8

 
132.0

 
189.0




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