EXHIBIT 12
JOHNSON CONTROLS, INC.
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(Dollars in millions)
| |
|
For the Three
Months
Ended December 31, 1999
|
| Net income |
|
$ 99.0 |
|
| Provision for income
taxes |
|
72.6 |
|
| Undistributed earnings of
partially-owned affiliates |
|
(5.1 |
) |
| Minority interests in net
earnings of subsidiaries |
|
11.7 |
|
| Amortization of previously
capitalized interest |
|
0.6 |
|
| |
|
|
|
| |
|
178.8 |
|
| |
|
|
|
| Fixed charges: |
|
|
|
|
Interest incurred and amortization of
debt expense |
|
36.2 |
|
|
Estimated portion of rent
expense |
|
12.9 |
|
| |
|
|
|
| Fixed charges |
|
49.1 |
|
| Less: Interest capitalized
during the period |
|
(1.9 |
) |
| |
|
|
|
| |
|
47.2 |
|
| |
|
|
|
| Earnings |
|
$226.0 |
|
| |
|
|
|
| Ratio of earnings to fixed
charges |
|
4.6 |
|
| |
|
|
|
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.
