EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
For the Nine Months Ended September 30, 2012 | For the Years Ended December 31, | ||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||
Earnings: | |||||||||||
Income before income taxes | $1,151.9 | $1,549.0 | $1,350.4 | $1,274.2 | $1,615.1 | $1,585.1 | |||||
Add: Dividends from affiliates | 10.3 | 19.4 | 26.3 | 21.6 | 27.3 | 28.4 | |||||
Fixed charges | 234.1 | 294.9 | 269.0 | 269.7 | 288.2 | 271.9 | |||||
Total earnings | $1,396.3 | $1,863.3 | $1,645.7 | $1,565.5 | $1,930.6 | $1,885.4 | |||||
Fixed charges: | |||||||||||
Interest expense(a) | $130.3 | $158.1 | $134.7 | $122.2 | $124.6 | $106.9 | |||||
Rent expense interest factor(b) | 103.8 | 136.8 | 134.3 | 147.5 | 163.6 | 165.0 | |||||
Total fixed charges | $234.1 | $294.9 | $269.0 | $269.7 | $288.2 | $271.9 | |||||
Ratio of earnings to fixed charges | 5.96x | 6.32x | 6.12x | 5.80x | 6.70x | 6.93x |
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(a) | Interest expense includes interest on third-party indebtedness. |
(b) | The rent expense interest factor reflects an appropriate portion (one-third) of rent expense representative of interest. |