EX-12 2 a2017q1exhibit12.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, 2017
 Earnings:
 
 Income before income taxes
$
370.3

 Add: Dividends from equity method investments
0.5

           Fixed charges
82.2

 Total earnings
$
453.0

 
 
 Fixed charges:
 
 Interest expense (a)
$
53.5

 Rent expense interest factor (b)
28.7

 Total fixed charges
$
82.2

 
 
 Ratio of earnings to fixed charges
5.51x


___________________
(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.