EX-12 2 a2016q3exhibit12.htm RATIO Exhibit


EXHIBIT 12


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

 
 
For the Nine Months Ended September 30, 2016
 Earnings:
 
 
 Income before income taxes
 
$
1,280.0

 Add: Dividends from equity method investments
 
6.4

           Fixed charges
 
250.3

 Total earnings
 
$
1,536.7

 
 
 
 Fixed charges:
 
 
 Interest expense (a)
 
$
157.6

 Rent expense interest factor (b)
 
92.7

 Total fixed charges
 
$
250.3

 
 
 
 Ratio of earnings to fixed charges
 
6.14x


___________________
(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.