EX-12.1 14 a2171271zex-12_1.htm EX-12.1
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Exhibit 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  Three months ended March 31,
   
   
   
   
   
 
  Years ended December 31,
(millions except ratios)

  2006
  2005
  2005
  2004
  2003
  2002
  2001
Income before income taxes, equity in net income of associates and minority interest   $ 195   $ 81   $ 421   $ 591   $ 540   $ 420   $ 240
Add back fixed charges:                                          
    Total fixed charges     14     12     53     48     74     86     101
Dividends from associates             5     7     6     3     4
   
 
 
 
 
 
 
    Income as adjusted   $ 209   $ 93   $ 479   $ 646   $ 620   $ 509   $ 345
   
 
 
 
 
 
 
Fixed Charges                                          
  Interest expense   $ 9   $ 6   $ 30   $ 22   $ 53   $ 65   $ 82
  Portion of rents representative of interest factor     5     6     23     26     21     21     19
   
 
 
 
 
 
 
    Total fixed charges   $ 14   $ 12   $ 53   $ 48   $ 74   $ 86   $ 101
   
 
 
 
 
 
 
Ratio of earnings to fixed charges     14.9     7.8     9.0     13.5     8.4     5.9     3.4
   
 
 
 
 
 
 


COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS

 
  Three months ended March 31,
   
   
   
   
   
 
  Years ended December 31,
(millions except ratios)

  2006
  2005
  2005
  2004
  2003
  2002
  2001
Income before income taxes, equity in net income of associates and minority interest   $ 195   $ 81   $ 421   $ 591   $ 540   $ 420   $ 240
Add back fixed charges:                                          
    Total fixed charges     14     12     53     48     74     86     101
Dividends from associates             5     7     6     3     4
   
 
 
 
 
 
 
    Income as adjusted   $ 209   $ 93   $ 479   $ 646   $ 620   $ 509   $ 345
   
 
 
 
 
 
 
Fixed Charges and preferred stock dividends                                          
  Interest expense   $ 9   $ 6   $ 30   $ 22   $ 53   $ 65   $ 82
  Portion of rents representative of interest factor     5     6     23     26     21     21     19
   
 
 
 
 
 
 
    Total fixed charges   $ 14   $ 12   $ 53   $ 48   $ 74   $ 86   $ 101
   
 
 
 
 
 
 
  Preferred stock dividends                             19
   
 
 
 
 
 
 
    Total fixed charges and preferred stock dividends   $ 14   $ 12   $ 53   $ 48   $ 74   $ 86   $ 120
   
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends     14.9     7.8     9.0     13.5     8.4     5.9     2.9
   
 
 
 
 
 
 



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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS