EX-12.1 2 d269317dex121.htm RATIO OF EARNINGS TO FIXED CHARGES RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,  
     2011     2010     2009     2008     2007  
           (in millions)              

Income before income taxes

    $ 934      $ 1,497      $ 1,161      $ 901      $ 660   

Plus fixed charges:

           

Interest expense including amortization of
debt issuance costs

      65        39        34        71        77   

Assumed interest element included in rent
expense

      43        27        21        21        17   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     108        66        55        92        94   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted earnings

      1,042        1,563        1,216        993        754   

Fixed charges

      (108 )      (66 )      (55 )      (92 )      (94 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Excess of earnings to cover fixed
charges

    $ 934      $ 1,497      $ 1,161      $ 901      $ 660   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (1)

      9.61        23.68        22.29        10.84        8.02   

 

(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.