EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,  
     2008     2007     2006     2005     2004  
     (in millions)  

Income before income taxes

   $ 901     $ 660     $ 377     $ 428     $ 355  

Plus fixed charges:

          

Interest expense including amortization of debt issuance costs

     71       77       78       92       107  

Assumed interest element included in rent expense

     21       17       16       5       4  
                                        
     92       94       94       97       111  
                                        

Adjusted earnings

     993       754       471       525       466  

Fixed charges

     (92 )     (94 )     (94 )     (97 )     (111 )
                                        

Excess of earnings to cover fixed charges

   $ 901     $ 660     $ 377     $ 428     $ 355  
                                        

Ratio of earnings to fixed charges (1)

     10.84       8.02       5.01       5.41       4.20  

 

(1) The ratio of earnings to fixed charges is computed by dividing (i) income before income taxes and losses from equity interests, plus fixed charges by (ii) fixed charges.