EX-12.1 3 c27353exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                     
      Fiscal Year  
In Millions, Except Ratios     2008     2007   2006   2005   2004  
Earnings before income taxes and after-tax earnings from joint ventures
    $ 1,806.1     $ 1,631.3   $ 1,559.4   $ 1,807.6   $ 1,502.3  
Distributed income of equity investees
      108.7       45.2     77.4     83.0     60.0  
Plus: Fixed charges(1)
      494.6       496.8     462.8     524.1     569.0  
Plus: amortization of capitalized interest, net of interest capitalized
      (2.0 )     –     1.7     0.9     (4.6 )
Earnings available to cover fixed charges
    $ 2,407.4     $ 2,173.3   $ 2,101.3   $ 2,415.6   $ 2,126.7  
Ratio of earnings to fixed charges
      4.87       4.37     4.54     4.61     3.74  
 
 
(1) Fixed charges:
                                   
Interest and minority interest expense
    $ 454.0     $ 460.4   $ 427.5   $ 488.3   $ 537.0  
Rentals (1/3)
      40.6       36.4     35.3     35.8     32.0  
Total fixed charges
    $ 494.6     $ 496.8   $ 462.8   $ 524.1   $ 569.0  
 
 
 
For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes and after-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense (excluding interest on taxes) and subsidiary preferred distributions to minority interest holders, plus one-third (the proportion deemed representative of the interest factor) of rent expense.