EX-12.1 2 e30407ex12_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,
2007
2006
2005
2004
2003
Earnings as defined:          
    Income before income taxes, as reported $1,585.1   $1,391.9   $1,280.6   $1,178.8   $1,049.1  
    Add: Dividends from affiliates 28.4   14.3   16.2   13.9   15.9  
              Interest expense(a) 106.9   124.9   78.0   51.1   57.9  
              Interest factor (re: rentals)(b) 165.0   155.2   157.6   161.0   162.6  





    Total earnings $1,885.4   $1,686.3   $1,532.4   $1,404.8   $1,285.5  





Fixed charges as defined:
    Interest expense(a) $   106.9   $   124.9   $     78.0   $   51.1   $     57.9  
    Interest factor (re: rentals)(b) 165.0   155.2   157.6   161.0   162.6  





Total fixed charges $   271.9   $   280.1   $   235.6   $   212.1   $   220.5  





Ratio of earnings to fixed charges 6.93x   6.02x   6.50x   6.62x   5.83x  

(a) Interest expense includes interest on third-party indebtedness.
(b) The interest factor related to rentals reflects the appropriate portion (one-third) of rental expense representative of an interest factor.