EX-12.1 4 ex12-1.htm COMPUTATION OF RATIO ex12-1.htm

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The computation of the ratio of earnings to fixed charges for the years ended December 31, 2007, 2006, 2005, 2004 and 2003 are as follows:


                       
   
Years Ended December 31,
(Millions)
  
2007
  
2006
  
2005
  
2004
  
2003
  
Pretax income from continuing operations
  
 $   2,796.4
  
 $ 2,586.6
  
 $ 2,453.3
  
 $   1,760.0
  
 $   1,378.7
  
Add back fixed charges
  
         234.3
  
       199.5
  
       177.5
  
         165.5
  
         161.1
  
Income as adjusted
  
 $   3,030.7
  
 $ 2,786.1
  
 $ 2,630.8
  
 $   1,925.5
  
 $   1,539.8
  
                       
Fixed charges:
                      
Interest on indebtedness
  
 $      180.6
  
 $    148.3
  
 $    122.8
  
 $      104.7
  
 $      102.9
  
Portion of rents representative of interest factor
  
           53.7
  
         51.2
  
         54.7
  
           60.8
  
           58.2
  
Total fixed charges
  
 $      234.3
  
 $    199.5
  
 $    177.5
  
 $      165.5
  
 $      161.1
  
                       
Ratio of earnings to fixed charges
  
         12.94
  
       13.97
  
       14.82
  
         11.63
  
           9.56