EX-12 2 a2016q1exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12


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

 
 
For the Three Months Ended March 31, 2016
 Earnings:
 
 
 Income before income taxes
 
$
352.0

 Add: Dividends from equity method investments
 
1.2

           Fixed charges
 
83.4

 Total earnings
 
$
436.6

 
 
 
 Fixed charges:
 
 
 Interest expense (a)
 
$
50.3

 Rent expense interest factor (b)
 
33.1

 Total fixed charges
 
$
83.4

 
 
 
 Ratio of earnings to fixed charges
 
5.24x


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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.