EX-12.1 2 ex12.htm COMPUTATION RATIO ex12.htm  

 
 
Exhibit 12.1

 
Computation of Ratio of Earnings to Fixed Charges

The computation of the ratio of earnings to fixed charges for the years 2006 through 2010 are as follows:
 
 
Years Ended December 31,
 
(Millions)
2010
 
2009
 
2008
 
2007
 
2006
 
Income from continuing operations before income taxes
 $     2,644.2
 
 $ 1,901.2
 
 $ 2,174.2
 
 $   2,796.4
 
 $   2,586.6
 
Add back fixed charges
           307.7
 
       302.9
 
       297.9
 
         234.3
 
         199.5
 
Income as adjusted ("earnings")
 $     2,951.9
 
 $ 2,204.1
 
 $ 2,472.1
 
 $   3,030.7
 
 $   2,786.1
 
                     
Fixed charges:
                   
Interest expense
 $        254.6
 
 $    243.4
 
 $    236.4
 
 $      180.6
 
 $      148.3
 
Portion of rents representative of interest factor
             53.1
 
         59.5
 
         61.5
 
           53.7
 
           51.2
 
Total fixed charges
 $        307.7
 
 $    302.9
 
 $    297.9
 
 $      234.3
 
 $      199.5
 
                     
Ratio of earnings to fixed charges
             9.59
 
         7.28
 
         8.30
 
         12.94
 
         13.97