EX-12.1 3 exhibit121q12015.htm EXHIBIT 12.1 Exhibit 12.1 Q1 2015


 
 
 
 
 
 
 
 
 
 
EXHIBIT 12.1
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollars in millions, except ratio information)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended December 31,
 
Three Months Ended
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
March 31, 2015
Income from continuing operations before income tax
 
$
915.6

 
$
866.1

 
$
944.2

 
$
915.6

 
$
826.7

 
$
30.3

Equity in the income of investees
 
(11.7
)
 
(10.4
)
 
(21.4
)
 
(18.6
)
 
(14.6
)
 
(2.7
)
Cash distributions received from equity investees
 
18.0

 
11.8

 
21.0

 
14.4

 
8.8

 
1.5

 
 
921.9

 
867.5

 
943.8

 
911.4

 
820.9

 
29.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term and short-term debt
 
 
 
 
 
 
 
 
 
 
 
 
including amortization of debt expense
 
70.0

 
87.5

 
94.5

 
96.5

 
109.5

 
104.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Portion of rental expense as can be
 
 
 
 
 
 
 
 
 
 
 
 
demonstrated to be representative
 
 
 
 
 
 
 
 
 

 
 
of the interest factor
 
67.4

 
73.4

 
75.3

 
78.6

 
79.7

 
22.1

 
 
 
 
 
 
 
 
 
 

 
 
Total fixed charges
 
137.4

 
160.9

 
169.8

 
175.1

 
189.2

 
126.4

 
 

 

 

 

 

 
 
Earnings before income taxes and
 

 

 

 

 

 

fixed charges
 
$
1,059.3

 
$
1,028.4

 
$
1,113.6

 
$
1,086.5

 
$
1,010.1

 
$
155.5

 
 
 
 
 
 
 
 
 
 

 
 
Ratio of earnings to fixed charges
 
7.71

 
6.39

 
6.56

 
6.21

 
5.34

 
1.23