EX-12.1 2 exhibit121-jll201810kq4.htm EXHIBIT 12.1
EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31,
($ in millions) | 2018 | 2017 (2) | 2016 (2) | 2015 | 2014
Earnings: |  |  |  |  |
Net income attributable to the Company | $ | 484.5 |  | 276.4 |  | 345.6 |  | 438.7 |  | 386.1 |
Provision for income taxes | 214.3 |  | 256.3 |  | 117.9 |  | 132.8 |  | 97.6 |
Equity earnings from real estate ventures | 18.9 |  | (16.3 | ) | (17.2 | ) | (56.4 | ) | (41.1 | )
Operating distributions from real estate ventures | 59.5 |  | 30.3 |  | 30.9 |  | 51.2 |  | 19.5 |
Fixed charges | 119.1 |  | 123.6 |  | 102.4 |  | 78.5 |  | 77.9 |
Total Earnings | $ | 896.3 |  | 670.3 |  | 579.6 |  | 644.8 |  | 540.0 |
Fixed Charges: |  |  |  |  |
Interest expense | $ | 49.3 |  | 52.9 |  | 40.1 |  | 27.4 |  | 27.3 |
Amortization of debt issuance costs | 4.6 |  | 5.0 |  | 5.6 |  | 4.1 |  | 3.6 |
Applicable portion of rent expense (1) | 65.2 |  | 65.7 |  | 56.7 |  | 47.0 |  | 47 |
Total Fixed Charges | $ | 119.1 |  | 123.6 |  | 102.4 |  | 78.5 |  | 77.9 |
Ratio of Earnings to Fixed Charges | 7.53 |  | 5.42 |  | 5.66 |  | 8.21 |  | 6.93 |

(1) Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.
(2) Amounts for the years ended December 31, 2017, and 2016, have been re-stated in accordance with the ASC Topic 606, Revenue from Contracts with Customers, to coincide with the periods re-stated on Consolidated Statements of Comprehensive Income.