EX-12.1 19 a2193440zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

March
31,

 

Year ended
December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

(millions except ratios)

 

Income before income taxes, equity in net income of associates and noncontrolling interest

 

$

236

 

$

399

 

$

554

 

$

514

 

$

421

 

$

591

 

Add back fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

46

 

150

 

106

 

66

 

53

 

48

 

Dividends from associates

 

 

9

 

6

 

5

 

5

 

7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(1

)

(2

)

 

 

 

Income as adjusted

 

$

282

 

$

557

 

$

664

 

$

585

 

$

479

 

$

646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

38

 

$

105

 

$

66

 

$

38

 

$

30

 

$

22

 

Portions of rents representative of interest factor

 

8

 

45

 

40

 

28

 

23

 

26

 

Total fixed charges

 

$

46

 

$

150

 

$

106

 

$

66

 

$

53

 

$

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

6.1

 

3.7

 

6.3

 

8.9

 

9.0

 

13.5

 

 

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

 

 

 

March
31,

 

Year ended
December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

(millions except ratios)

 

Income before income taxes, equity in net income of associates and noncontrolling interest

 

$

236

 

$

399

 

$

554

 

$

514

 

$

421

 

$

591

 

Add back fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

46

 

150

 

106

 

66

 

53

 

48

 

Dividends from associates

 

 

9

 

6

 

5

 

5

 

7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(1

)

(2

)

 

 

 

Income as adjusted

 

$

282

 

$

557

 

$

664

 

$

585

 

$

479

 

$

646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges and preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

38

 

$

105

 

$

66

 

$

38

 

$

30

 

$

22

 

Portions of rents representative of interest factor

 

8

 

45

 

40

 

28

 

23

 

26

 

Total fixed charges

 

$

46

 

$

150

 

$

106

 

$

66

 

$

53

 

$

48

 

Preferred stock dividends

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividends

 

$

46

 

$

150

 

$

106

 

$

66

 

$

53

 

$

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

6.1

 

3.7

 

6.3

 

8.9

 

9.0

 

13.5