EX-12.1 2 exhibit1212013.htm EXHIBIT EXHIBIT 12.1 2013

 
 
 
 
 
 
 
 
EXHIBIT 12.1
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES1
(dollars in millions, except ratio information)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Years Ended December 31,
 
 
2009
 
2010
 
2011
 
2012
 
2013
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax
 
$
884.6

 
$
915.6

 
$
866.1

 
$
944.2

 
$
915.6

Equity in the income of investees
 
(15.2
)
 
(11.7
)
 
(10.4
)
 
(21.4
)
 
(18.6
)
Cash distributions received from equity investees
 
17.4

 
18.0

 
11.8

 
21.0

 
14.4

 
 
886.8

 
921.9

 
867.5

 
943.8

 
911.4

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest on long-term and
 
 
 
 
 
 
 
 
 
 
short-term debt including
 
 
 
 
 
 
 
 
 
 
amortization of debt expense
 
62.9

 
70.0

 
87.5

 
94.5

 
103.7

 
 
 
 
 
 
 
 
 
 
 
Portion of rental expense as can be
 
 
 
 
 
 
 
 
 
 
demonstrated to be representative
 
 
 
 
 
 
 
 
 
 
of the interest factor
 
61.0

 
67.4

 
73.4

 
75.3

 
78.6

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
123.9

 
137.4

 
160.9

 
169.8

 
182.3

 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and
 
 
 
 
 
 
 
 
 
 
fixed charges
 
$
1,010.7

 
$
1,059.3

 
$
1,028.4

 
$
1,113.6

 
$
1,093.7

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.16

 
7.71

 
6.39

 
6.56

 
6.00

 
 
 
 
 
 
 
 
 
 
 
1 Prior years have been revised to reflect the net cash impact of equity investments.  The impact of this revision is not material to previously reported amounts.