EX-12.1 5 e50233ex12_1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


EXHIBIT 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)

   
  For the Nine Months Ended September 30, 2012   For the Years Ended December 31,
  2011   2010   2009   2008   2007
 Earnings:                      
 Income before income taxes $1,151.9   $1,549.0   $1,350.4   $1,274.2   $1,615.1   $1,585.1
 Add: Dividends from affiliates 10.3   19.4   26.3   21.6   27.3   28.4
           Fixed charges 234.1   294.9   269.0   269.7   288.2   271.9
                       
 Total earnings $1,396.3   $1,863.3   $1,645.7   $1,565.5   $1,930.6   $1,885.4
                       
 Fixed charges:                      
 Interest expense (a) $130.3   $158.1   $134.7   $122.2   $124.6   $106.9
 Rent expense interest factor (b) 103.8   136.8   134.3   147.5   163.6   165.0
                       
 Total fixed charges $234.1   $294.9   $269.0   $269.7   $288.2   $271.9
                       
 Ratio of earnings to fixed charges 5.96x   6.32x   6.12x   5.80x   6.70x   6.93x

___________________
(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.