Brunswick Corporation
Computation of Ratio of Earnings to Fixed Charges(A)  
(in millions)

 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings as Adjusted
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
$
187.3

 
$
272.6

 
$
230.9

 
$
195.5

 
$
779.0

Add:
Income tax provision (benefit)
156.0

 
116.4

 
83.9

 
93.5

 
(546.8
)
 
Interest and other financial charges included in expense
26.4

 
27.2

 
27.7

 
29.6

 
41.6

 
Interest portion of rent expense
12.2

 
12.0

 
10.4

 
8.8

 
14.3

 
Dividends received from 50%-or-less-owned affiliates
0.4

 
—

 
—

 
—

 
0.3

Subtract:
Impairment of equity method investment
—

 
—

 
—

 
(20.2
)
 
—

 
Earnings (loss) from 50%-or-less-owned affiliates
6.1

 
4.3

 
3.7

 
1.8

 
(2.1
)
 
 
$
376.2

 
$
423.9

 
$
349.2

 
$
345.8

 
$
290.5

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest and other financial charges
$
26.4

 
$
27.2

 
$
27.7

 
$
29.6

 
$
41.6

 
Interest portion of rent expense
12.2

 
12.0

 
10.4

 
8.8

 
14.3

 
Capitalized interest
4.6

 
2.6

 
0.7

 
1.2

 
1.8

 
 
$
43.2

 
$
41.8

 
$
38.8

 
$
39.6

 
$
57.7

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
8.7
x
 
10.1
x
 
9.0
x
 
8.7
x
 
5.0
x

(A) For computation of the ratio of earnings to fixed charges, earnings has been calculated by adding fixed charges, excluding capitalized interest, to earnings from continuing operations before income taxes and dividends received from equity affiliates, then deducting the impairment of equity method investment and undistributed earnings (loss) of affiliates. Fixed charges consist of interest expense, estimated interest portion of rent expense and capitalized interest.