EX-12 2 a2013q410-kexhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES 2013 Q4 10-K Exhibit 12


EXHIBIT 12


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

 
For the Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 Earnings:
 
 
 
 
 
 
 
 
 
 Income before income taxes
$
1,660.9

 
$
1,659.6

 
$
1,549.0

 
$
1,350.4

 
$
1,274.2

 Add: Dividends from equity method investments
17.2

 
13.4

 
19.4

 
26.3

 
21.6

           Fixed charges
331.3

 
318.3

 
294.9

 
269.0

 
269.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total earnings
$
2,009.4

 
$
1,991.3

 
$
1,863.3

 
$
1,645.7

 
$
1,565.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:

 

 

 

 

 Interest expense (a)
$
197.2

 
$
179.7

 
$
158.1

 
$
134.7

 
$
122.2

 Rent expense interest factor (b)
134.1

 
138.6

 
136.8

 
134.3

 
147.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total fixed charges
$
331.3

 
$
318.3

 
$
294.9

 
$
269.0

 
$
269.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
6.07x

 
6.26x

 
6.32x

 
6.12x

 
5.80x


__________
(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.