EX-12.1 5 d518544dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(in millions)

 

     2017     2016     2015     2014     2013  

Earnings from continuing operations before income taxes (public data)

   $ 2,063     $ 1,921     $ 1,735     $ 1,160     $ 1,212  

Plus fixed charges:

          

Interest expense (1)

     246.6       227.6       107.7       113.0       83.7  

Rental interest factor

     38.3       36.3       38.0       34.3       33.3  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges:

     284.9       263.9       145.7       147.3       117.0  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from continuing operations before income taxes and fixed charges

   $ 2,347.9     $ 2,184.9     $ 1,880.7     $ 1,307.3     $ 1,329.0  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     8.2       8.3       12.9       8.9       11.4  

Total rental expense

     125.4       111.8       100.8       103.0       100.0  

Interest factor

     30.5     32.5     38.0     34.3     33.3

(1) Interest costs consist of interest on indebtedness, amortization of fees and debt prepayment fees, forward points on interest rate hedges. Interest on uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes has been excluded.

          

Interest Expense on debt & credit facilities

     244.3       225.4       105.1       108.9       83.0  

Plus: Amortization of fees

     2.1       2.0       1.3       1.2       0.7  

Hedging forward points

     0.2       0.2       1.3       2.9       —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     246.6       227.6       107.7       113.0       83.7