EX-12.1 2 e23435ex12_1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges (Dollars in millions, except ratios)
For the Years Ended December 31, ------------------------------------------------------------ 2005 2004 2003 2002 2001 ---- ---- ---- ---- ---- Earnings as defined: Income before income taxes, as reported ............... $1,280.6 $1,178.8 $1,049.1 $ 954.4 $ 816.3 Add: Dividends from affiliates......................... 16.2 13.9 15.9 17.2 28.4 Interest expense ................................. 78.0 51.1 57.9 45.5 90.9 Interest factor (re: rentals)(a) ................ 157.6 161.0 162.6 154.4 150.9 -------- -------- -------- -------- -------- Total earnings ........................................ $1,532.4 $1,404.8 $1,285.5 $1,171.5 $1,086.5 ======== ======== ======== ======== ======== Fixed charges as defined: Interest expense ...................................... $ 78.0 $ 51.1 $ 57.9 $ 45.5 $ 90.9 Interest factor (re: rentals)(a) ...................... 157.6 161.0 162.6 154.5 150.9 -------- -------- -------- -------- -------- Total fixed charges ...................................... $ 235.6 $ 212.1 $ 220.5 $ 200.0 $ 241.8 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges ....................... 6.50x 6.62x 5.83x 5.86x 4.49x
---------- (a) The interest factor related to rentals reflects the appropriate portion of rental expense representative of an interest factor.