EX-12 3 a10-kexhibit12.htm 10-K Exhibit 12


EXHIBIT 12


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)

 
For the Years Ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
 Earnings:
 
 
 
 
 
 
 
 
 
 Income before income taxes
$1,549.0
 
$1,350.4
 
$1,274.2
 
$1,615.1
 
$1,585.1
 Add: Dividends from affiliates
19.4

 
26.3

 
21.6

 
27.3

 
28.4

           Fixed charges
294.9

 
269.0

 
269.7

 
288.2

 
271.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total earnings
$1,863.3
 
$1,645.7
 
$1,565.5
 
$1,930.6
 
$1,885.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 Interest expense (a)
$158.1
 
$134.7
 
$122.2
 
$124.6
 
$106.9
 Rent expense interest factor (b)
136.8

 
134.3

 
147.5

 
163.6

 
165.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total fixed charges
$294.9
 
$269.0
 
$269.7
 
$288.2
 
$271.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
6.32x

 
6.12x

 
5.80x

 
6.70x

 
6.93x


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(a)
Interest expense includes interest on third-party indebtedness.
(b)
The rent expense interest factor reflects an appropriate portion (one-third) of rent expense representative of interest.