EX-12.1 3 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,  
     2009     2008     2007     2006     2005  
     (in millions)  

Income before income taxes

   $ 1,161      $ 901      $ 660      $ 377      $ 428   

Plus fixed charges:

          

Interest expense including amortization of debt issuance costs

     34        71        77        78        92   

Assumed interest element included in rent expense

     21        21        17        16        5   
                                        
     55        92        94        94        97   
                                        

Adjusted earnings

     1,216        993        754        471        525   

Fixed charges

     (55     (92     (94     (94     (97
                                        

Excess of earnings to cover fixed charges

   $ 1,161      $ 901      $ 660      $ 377      $ 428   
                                        

Ratio of earnings to fixed charges (1)

     22.29        10.84        8.02        5.01        5.41   

 

(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.