EXHIBIT 12
JOHNSON CONTROLS, INC.
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(Dollars in millions)
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For the Year
Ended September 30, 1999
|
| Net income |
|
$419.6 |
| Provision for income taxes |
|
311.7 |
| Undistributed earnings of partially-owned affiliates |
|
(11.6) |
| Minority interests in net earnings of subsidiaries |
|
38.6 |
| Amortization of previously capitalized
interest |
|
2.9 |
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|
|
| |
|
761.2 |
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|
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|
|
| Fixed charges: |
|
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| Interest incurred and
amortization of debt expense |
|
166.6 |
| Estimated portion of
rent expense |
|
47.0 |
| |
|
|
| Fixed charges |
|
213.6 |
| Less: Interest capitalized during the period |
|
(7.2) |
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|
|
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|
206.4 |
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|
|
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|
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| Earnings |
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$967.6 |
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|
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|
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| Ratio of earnings to fixed charges (1) |
|
4.5 |
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For the purpose of computing this ratio, "earnings" consist
of (a) income from continuing operations before income taxes (adjusted for
undistributed earnings or recognized losses of partially-owned affiliates,
minority interest in earnings or losses of consolidated subsidiaries, and
amortization of previously capitalized interest), plus (b) fixed charges,
minus (c) interest capitalized during the period. "Fixed charges" consist of
(a) interest incurred and amortization of debt expense plus (b) the portion
of rent expense representative of the interest factor.
| (1) |
|
Included in earnings is a $54.6 million
pre-tax net gain on sale of businesses, as disclosed in Note 2 to the
Company's consolidated financial statements. Excluding this gain, the
ratio of earnings to fixed charges would be 4.3.
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