EXHIBIT 12.1
BROWN-FORMAN CORPORATION
Computation of Ratios of Earnings to Fixed Charges
(Dollars in millions)
Year Ended April 30 | For the Nine Months Ended January 31, | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
Earnings available for fixed charges | $ | 907.4 | $ | 981.8 | $ | 1,037.0 | $ | 1,541.5 | $ | 999.8 | $ | 904.2 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest incurred | $ | 36.1 | $ | 28.6 | $ | 29.2 | $ | $45.9 | $ | 60.2 | $ | 51.0 | ||||||||||||
Portion of rent expense deemed to represent interest factor | 7.3 | 7.8 | 7.7 | 7.7 | 7.5 | 6.4 | ||||||||||||||||||
Fixed charges | $ | 43.4 | $ | 36.4 | $ | 36.9 | $ | 53.6 | $ | 67.7 | $ | 57.4 | ||||||||||||
Ratio of earnings to fixed charges | 20.9 | x | 26.9 | x | 28.1 | x | 28.8 | x | 14.8 | x | 15.7 | x |