EX-12.1 3 e35745ex12-1.htm COMPUTATION OF RATIO OF EARNINGS IN FIXED CHARGES

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions, except ratios)

  For the Years Ended December 31,  
 
 
  2008   2007   2006   2005   2004  
 
 
 
 
 
 
Earnings as defined:                              
     Income before income taxes, as reported $ 1,615.1   $ 1,585.1   $ 1,381.7   $ 1,247.2   $ 1,174.9  
     Add: Dividends from affiliates   27.3     28.4     14.3     16.2     13.9  
                       Interest expense(a)   124.6     106.9     135.1     111.4     55.0  
                       Interest factor (re: rentals)(b)   163.6     165.0     155.2     157.6     161.0  
 

 

 

 

 

 
     Total earnings $ 1,930.6   $ 1,885.4   $ 1,686.3   $ 1,532.4   $ 1,404.8  
 

 

 

 
 

 
 
Fixed charges as defined:                              
     Interest expense(a) $ 124.6   $ 106.9     135.1   $ 111.4   $ 55.0  
     Interest factor (re: rentals)(b)   163.6     165.0     155.2     157.6     161.0  
 

 

 

 

 

 
Total fixed charges $ 288.2   $ 271.9     290.3   $ 269.0   $ 216.0  
 

 

 

 

 

 
Ratio of earnings to fixed charges   6.70 x   6.93 x   5.81 x   5.70 x   6.50 x


(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.