EX-12.1 5 e41307ex12_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,
   
    2010     2009     2008     2007     2006
   
 
 
 
 
Earnings as defined:                            
Income before income taxes $ 1,350.4   $ 1,274.2   $ 1,615.1   $ 1,585.1   $ 1,381.7
Add: Dividends from affiliates   26.3     21.6     27.3     28.4     14.3
  Fixed charges   269.0     269.7     288.2     271.9     290.3
   
 
 
 
 
Total earnings $ 1,645.7   $ 1,565.5   $ 1,930.6   $ 1,885.4   $ 1,686.3
 
 
 
 
 
 
Fixed charges as defined:                            
Interest expense (a) $ 134.7   $ 122.2   $ 124.6   $ 106.9     135.1
Rent expense interest factor (b)   134.3     147.5     163.6     165.0     155.2
 
 
 
 
 
Total fixed charges $ 269.0   $ 269.7   $ 288.2   $ 271.9     290.3
   
 
 
 
 
 
Ratio of earnings to fixed charges   6.12x     5.80x     6.70x     6.93x     5.81x

(a)      Interest expense includes interest on third-party indebtedness.
(b)      The rent expense interest factor reflects an appropriate portion (one-third) of rent expense representative of interest.