EX-12.1 4 e76607ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios) 

 

   For the   For the Years Ended December 31, 
   Nine                     
   Months                     
   Ended                      
   September                     
   30, 2017   2016   2015   2014   2013   2012 
Earnings:                        
Income before income taxes  $1,308.4   $1,841.8   $1,778.6   $1,810.0   $1,660.9   $1,659.6 
Add: Dividends from affiliates   3.2    10.4    10.8    12.6    17.2    13.4 
Fixed charges   257.8    328.1    299.1    307.1    331.3    318.3 
Total earnings  $1,569.4   $2,180.3   $2,088.5   $2,129.7   $2,009.4   $1,991.3 
Fixed charges:                              
Interest expense (a)  $169.2   $209.7   $181.1   $177.2   $197.2   $179.7 
Rent expense interest factor (b)   88.6    118.4    118.0    129.9    134.1    138.6 
Total fixed charges  $257.8   $328.1   $299.1   $307.1   $331.3   $318.3 
Ratio of earnings to fixed charges   6.09x   6.65x   6.98x   6.93x   6.07x   6.26x

 

 

(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.