EX-12.1 2 e26283ex12-1.htm 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,
2006
2005
2004
2003
2002
Earnings as defined:                      
    Income before income taxes, as reported   $1,391.9   $1,280.6   $1,178.8   $1,049.1   $   954.4  
    Add: Dividends from affiliates   14.3   16.2   13.9   15.9   17.2  
         Interest expense   124.9   78.0   51.1   57.9   45.5  
         Interest factor (re: rentals)(a)   155.2   157.6   161.0   162.6   154.4  
   
 
 
 
 
 
    Total earnings   $1,686.3   $1,532.4   $1,404.8   $1,285.5   $1,171.5  
   
 
 
 
 
 
   
Fixed charges as defined:  
    Interest expense   $   124.9   $     78.0   $     51.1   $     57.9   $     45.5  
    Interest factor (re: rentals)(a)   155.2   157.6   161.0   162.6   154.5  
   
 
 
 
 
 
Total fixed charges   $   280.1   $   235.6   $   212.1   $   220.5   $   200.0  
   
 
 
 
 
 
Ratio of earnings to fixed charges   6.02x   6.50x   6.62x   5.83x   5.86x  

(a)  The interest factor related to rentals reflects the appropriate portion of rental expense representative of an interest factor.