EXHIBIT 12
EMERSON ELECTRIC CO. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
YEAR ENDED SEPTEMBER 30,
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1995 1996 1997 1998 1999
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Earnings:
Income before income taxes $ 1,457.2 1,611.3 1,821.7 2,002.3 2,064.0
Fixed charges 168.4 182.2 176.5 218.2 258.1
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Earnings, as defined $ 1,625.6 1,793.5 1,998.2 2,220.5 2,322.1
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Fixed charges:
Interest expense $ 123.0 132.3 124.2 161.4 199.0
One-third of all rents 45.4 49.9 52.3 56.8 59.1
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Total fixed charges $ 168.4 182.2 176.5 218.2 258.1
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Ratio of Earnings to Fixed Charges 9.7x 9.8x 11.3x 10.2x 9.0x
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Represents income before income taxes, cumulative effects of changes in accounting principles, and minority
interests in the income of consolidated subsidiaries with fixed charges.
Includes non-recurring items of $34.3 million in 1995. Excluding these items, the ratio of earnings to fixed
charges would have been 9.4x in 1995.