EX-12 4 e66207ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12

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

     

For the Years Ended December 31,

   For the Nine Months Ended September 30, 2015 

2014

 

2013

 

2012

 

2011

 

2010

Earnings:                              
Income before income taxes  $1,239.9   $1,810.0   $1,660.9   $1,659.6   $1,549.0   $1,350.4 
Add: Dividends from affiliates           9.1    12.6    17.2    13.4    19.4    26.3 
Fixed charges   

224.3

    307.1    331.3    318.3    294.9    269.0 
Total earnings  $1,473.3   $2,129.7   $2,009.4   $1,991.3   $1,863.3   $1,645.7 
Fixed charges:                              
Interest expense (a)  $134.0   $177.2   $197.2   $179.7   $158.1   $134.7 
Rent expense interest factor (b)   90.3    129.9    134.1    138.6    136.8    134.3 
Total fixed charges  $224.3   $307.1   $331.3   $318.3   $294.9   $269.0 
Ratio of earnings to fixed charges   6.57x   6.93x   6.07x   6.26x   6.32x   6.12x

___________________

(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.