EX-12 2 a2013q2exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES 2013 Q2 Exhibit 12


EXHIBIT 12


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

 
 
For the Six Months Ended June 30, 2013
 
 
 
 
 
 
 Earnings:
 
 
 Income before income taxes
 
$813.1
 Add: Dividends from affiliates
 
6.9

           Fixed charges
 
166.0

 
 
 
 
 
 
 Total earnings
 
$986.0
 
 
 
 
 
 
 Fixed charges:
 
 
 Interest expense (a)
 
$98.2
 Rent expense interest factor (b)
 
67.8

 
 
 
 
 
 
 Total fixed charges
 
$166.0
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
5.94x


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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.