EXHIBIT 12.1
BRUNSWICK CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
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1996 1995 1995 1994 1993 1992 1991
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EARNINGS AS ADJUSTED
Earnings from continuing operations
before extraordinary item and
cumulative effect of accounting
changes . . . . . . . . . . . . . 116.2 77.3 134.2 129.0 54.5 39.7 (35.0)
Income tax provision . . . . . . . . 69.7 44.4 73.9 69.4 32.0 22.3 (5.5)
Interest expense . . . . . . . . . . 16.0 15.9 32.5 28.5 27.2 29.9 32.0
Interest portion of rent expense . . 3.6 3.6 7.2 7.1 7.5 7.5 8.0
Equity in earnings of less-than 50%
owned affiliates . . . . . . . . . 0.0 0.0 0.1 0.0 0.2 0.2 0.1
Dividends received from less-than
50% owned affiliates . . . . . . . 0.0 0.0 0.0 0.0 0.0 0.0 0.0
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205.5 141.2 247.9 234.0 121.4 99.6 (0.4)
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FIXED CHARGES
Interest expense . . . . . . . . . . 16.0 15.9 32.5 28.5 27.2 29.9 32.0
Interest portion of rent expense . . 3.6 3.6 7.2 7.1 7.5 7.5 8.0
Capitalized interest . . . . . . . . 0.0 0.0 0.0 0.0 0.4 0.8 0.0
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19.6 19.5 39.7 35.6 35.1 38.2 40.0
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RATIO OF EARNINGS TO FIXED CHARGES 10.5 7.2 6.2 6.6 3.5 2.6 0.0
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INADEQUACY OF COVERAGE(a) 0.0 0.0 0.0 0.0 0.0 0.0 40.4
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(a) The Company's 1991 loss from continuing operations includes litigation
charges of $38.0 million ($23.6 million after-tax).