EX-12.1 2 e20546ex12-1.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges 2004 - 2000 (in millions, except ratios)
Year Ended December 31, ------------------------------------------------------------ 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- Earnings as defined: Profit before tax as reported..................... $1,178.8 $1,049.0 $ 954.4 $ 816.3 $ 873.0 Add: Dividends from affiliates.................... 13.9 15.9 17.2 28.4 39.2 Interest expense............................. 51.1 57.9 45.5 90.9 116.7 Interest factor (re: rentals)(a)............. 161.0 162.6 154.4 150.9 131.6 -------- -------- -------- -------- -------- Total earnings....................................... $1,404.8 $1,285.4 $1,171.5 5$1,086.5 $1,160.5 ======== ======== ======== ======== ======== Fixed charges as defined: Interest expense.................................. $ 51.1 $ 57.9 $ 45.5 $ 90.9 $ 116.7 Interest factor (re: rentals)(a).................. 161.0 162.6 154.5 150.9 131.6 -------- -------- -------- -------- -------- Total fixed charges.................................. $ 212.1 $ 220.5 $ 200.0 $ 241.8 $ 248.3 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges................... 6.62x 5.83x 5.86x 4.49x 4.67x
---------- (a) The interest factor related to rentals reflects the appropriate portion of rental expense representative of an interest factor.