Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(in millions except ratios) | |||||||||||||||||||
Income from operations before income taxes and interest in earnings of associates | $ | 489 | $ | 340 | $ | 340 | $ | 518 | $ | 499 | |||||||||
Add back fixed charges: | |||||||||||||||||||
Total fixed charges | 279 | 275 | 183 | 175 | 168 | ||||||||||||||
Dividends from associates | 1 | 3 | 4 | 3 | 3 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | — | — | — | — | — | ||||||||||||||
Income as adjusted | $ | 769 | $ | 618 | $ | 527 | $ | 696 | $ | 670 | |||||||||
Fixed charges | |||||||||||||||||||
Interest expense | $ | 188 | $ | 184 | $ | 142 | $ | 135 | $ | 126 | |||||||||
Portions of rents representative of interest factor | 91 | 91 | 43 | 40 | 42 | ||||||||||||||
Total fixed charges | $ | 279 | $ | 275 | $ | 185 | $ | 175 | $ | 168 | |||||||||
Ratio of earnings to fixed charges | 2.8 | 2.2 | 2.8 | 4.0 | 4.0 |
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(in millions except ratios) | |||||||||||||||||||
Income from operations before income taxes and interest in earnings of associates | $ | 489 | $ | 340 | $ | 340 | $ | 518 | $ | 499 | |||||||||
Add back fixed charges: | |||||||||||||||||||
Total fixed charges | 279 | 275 | 183 | 175 | 168 | ||||||||||||||
Dividends from associates | 1 | 3 | 4 | 3 | 3 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | — | — | — | — | — | ||||||||||||||
Income as adjusted | $ | 769 | $ | 618 | $ | 527 | $ | 696 | $ | 670 | |||||||||
Fixed charges and preferred stock dividends | |||||||||||||||||||
Interest expense | $ | 188 | $ | 184 | $ | 142 | $ | 135 | $ | 126 | |||||||||
Portions of rents representative of interest factor | 91 | 91 | $ | 43 | $ | 40 | $ | 42 | |||||||||||
Total fixed charges | 279 | 275 | $ | 185 | $ | 175 | $ | 168 | |||||||||||
Preferred stock dividends | — | — | $ | — | $ | — | $ | — | |||||||||||
Total fixed charges and preferred stock dividends | $ | 279 | $ | 275 | $ | 185 | $ | 175 | $ | 168 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 2.8 | 2.2 | 2.8 | 4.0 | 4.0 |