EX-12.1 4 d445844dex121.htm EX-12.1 EX-12.1

Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges

 

(dollars in millions)    2012     2011     2010     2009     2008  

Earnings from operations before taxes

    $ 732.4      $ 510.8      $ 717.7      $ 671.5      $ 552.7   

Add (Deduct):

           

Fixed charges

      46.1        42.7        18.4        17.5        17.4   

Undistributed earnings of equity investments

      (9.6 )      (3.8 )      (3.6 )      (2.3 )      (1.9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges

    $ 768.9      $ 549.7      $ 732.5      $ 686.7      $ 568.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest, including amounts capitalized(1)

    $ 39.6      $ 36.4      $ 12.7      $ 11.8      $ 12.1   

Proportion of rent expense deemed to represent interest factor

      6.5        6.3        5.7        5.7        5.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

    $ 46.1      $ 42.7      $ 18.4      $ 17.5      $ 17.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      16.68        12.87        39.81        39.24        32.66   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Interest related to unrecognized tax benefits is included as income tax expense and not included in fixed charges.

 

Exhibit 12.1