EX-12.1 2 exhibit121q22014.htm EXHIBIT Exhibit 12.1 Q2 2014


 
 
 
 
 
 
 
 
 
 
EXHIBIT 12.1
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in millions, except ratio information)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended December 31,
 
Six Months Ended
 
 
2009
 
2010
 
2011
 
2012
 
2013 (a)
 
June 30, 2014
Income from continuing operations before income tax
 
$
884.6

 
$
915.6

 
$
866.1

 
$
944.2

 
$
915.6

 
$
420.2

Equity in the income of investees
 
(15.2
)
 
(11.7
)
 
(10.4
)
 
(21.4
)
 
(18.6
)
 
(6.8
)
Cash distributions received from equity investees
 
17.4

 
18.0

 
11.8

 
21.0

 
14.4

 
3.6

 
 
886.8

 
921.9

 
867.5

 
943.8

 
911.4

 
417.0

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term and short-term debt
 
 
 
 
 
 
 
 
 
 
 
 
including amortization of debt expense
 
62.9

 
70.0

 
87.5

 
94.5

 
96.5

 
51.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Portion of rental expense as can be
 
 
 
 
 
 
 
 
 
 
 
 
demonstrated to be representative
 
 
 
 
 
 
 
 
 
 
 
 
of the interest factor
 
61.0

 
67.4

 
73.4

 
75.3

 
78.6

 
39.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
123.9

 
137.4

 
160.9

 
169.8

 
175.1

 
90.7

 
 

 

 

 

 

 
 
Earnings before income taxes and
 

 

 

 

 

 

fixed charges
 
$
1,010.7

 
$
1,059.3

 
$
1,028.4

 
$
1,113.6

 
$
1,086.5

 
$
507.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.16

 
7.71

 
6.39

 
6.56

 
6.21

 
5.60

 
 


 


 


 


 


 

(a) Prior year has been revised to reflect actual interest on long-term and short-term debt including amortization of debt expense.  The impact of this revision is not material to previously reported amounts.