For the Fiscal Years Ended | |||||||||||||||||||
February 28, 2018 | February 28, 2017 | February 29, 2016 | February 28, 2015 | February 28, 2014 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 2,342.7 | $ | 2,093.4 | $ | 1,501.2 | $ | 1,179.6 | $ | 2,202.3 | |||||||||
Plus fixed charges | 356.8 | 356.7 | 332.3 | 352.3 | 337.5 | ||||||||||||||
Less interest capitalized | (17.5 | ) | (16.6 | ) | (12.7 | ) | (8.2 | ) | (0.9 | ) | |||||||||
Earnings, as adjusted | $ | 2,682.0 | $ | 2,433.5 | $ | 1,820.8 | $ | 1,523.7 | $ | 2,538.9 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest on debt and capitalized leases, amortization of debt issuance costs, and amortization of discount on debt (b) | $ | 352.1 | $ | 352.0 | $ | 327.8 | $ | 347.6 | $ | 332.2 | |||||||||
Interest element of rentals | 4.7 | 4.7 | 4.5 | 4.7 | 5.3 | ||||||||||||||
Total fixed charges | $ | 356.8 | $ | 356.7 | $ | 332.3 | $ | 352.3 | $ | 337.5 | |||||||||
Ratio of Earnings to Fixed Charges | 7.5x | 6.8x | 5.5x | 4.3x | 7.5x | ||||||||||||||
(a) | For the purpose of calculating the ratio of earnings to fixed charges, “earnings” represent income before income taxes (adjusted, as appropriate, for equity in earnings of equity method investees) plus fixed charges less interest capitalized. “Fixed charges” consist of interest expensed and capitalized, amortization of debt issuance costs, amortization of discount on debt, and the portion of rental expense which management believes is representative of the interest component of lease expense. |
(b) | The Company’s policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges. |