EX-12.1 2 ex12.htm COMPUTATION RATIO COMPUTATION RATIO EX 12.1


Exhibit 12.1

Statement re: Computation of Ratios

The computation of the ratio of earnings to fixed charges for the years 2007 through 2011 are as follows:

 
Years Ended December 31,
(Millions)
2011

2010

2009

2008

2007

Income from continuing operations before income taxes
$
3,077.8

$
2,644.2

$
1,901.2

$
2,174.2

$
2,796.4

Add back fixed charges
293.6

307.7

302.9

297.9

234.3

Income as adjusted ("earnings")
$
3,371.4

$
2,951.9

$
2,204.1

$
2,472.1

$
3,030.7

 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense
$
246.9

$
254.6

$
243.4

$
236.4

$
180.6

Portion of rents representative of interest factor
46.7

53.1

59.5

61.5

53.7

Total fixed charges
$
293.6

$
307.7

$
302.9

$
297.9

$
234.3

Ratio of earnings to fixed charges
11.48

9.59

7.28

8.30

12.94