EXHIBIT 12.1
EMERSON ELECTRIC CO. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
NINE MONTHS
ENDED
YEAR ENDED SEPTEMBER 30, JUNE 30,
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1994 1995 1996 1997 1998 1999
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Earnings:
Income before income taxes (a) $ 1,423.4 (b) 1,457.2 (b) 1,611.3 1,821.7 2,002.3 1,544.6
Fixed charges 141.8 168.4 182.2 176.5 218.2 188.3
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Earnings, as defined $ 1,565.2 1,625.6 1,793.5 1,998.2 2,220.5 1,732.9
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Fixed Charges:
Interest expense $ 101.9 123.0 132.3 124.2 161.4 145.7
One-third of all rents 39.9 45.4 49.9 52.3 56.8 42.6
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Total fixed charges $ 141.8 168.4 182.2 176.5 218.2 188.3
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Ratio of Earnings to Fixed Charges 11.0 x 9.7 x 9.8 x 11.3 x 10.2 x 9.2 x
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(a) Represents income before income taxes, cumulative effects of changes in
accounting principles, and minority interests in the income of
consolidated subsidiaries with fixed charges.
(b) Includes non-recurring items of $192.0 million and $34.3 million in 1994
and 1995, respectively. Excluding these items, the ratio of earnings to
fixed charges would have been 9.7x and 9.4x in 1994 and 1995,
respectively.