EX-12.1 3 d486591dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

 

            Year Ended December 31,  
Amounts in millions, except ratios    Sept YTD
2017		      2016      2015      2014      2013      2012  

Ratio of Earnings to Fixed Charges

      7.1 x        6.5 x        6.7 x        6.1 x        6.4 x        4.0 x  

Details of the specific calculations are set forth below

 

           Year Ended December 31,  
     Sept YTD
2017		     2016     2015     2014     2013     2012  

Earnings

             

Income before taxes

    $ 604.6     $ 688.5     $ 664.5     $ 614.3     $ 423.6     $ 244.8  

Add: Fixed charges

      99.2       123.7       116.8       119.7       78.7       80.2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

      703.8       812.2       781.3       734.0       502.3       325.0  

Less: Capitalized interest

      (1.8 )      (2.5 )      (2.0 )      (2.8 )      (1.7 )      (0.8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 702.0     $ 809.7     $ 779.3     $ 731.2     $ 500.6     $ 324.2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

             

Interest expense

    $ 74.6     $ 91.8     $ 85.5     $ 88.4     $ 58.3     $ 62.9  

Capitalized interest

      1.8       2.5       2.0       2.8       1.7       0.8  

Interest portion of rent expense (1)

      22.8       29.4       29.3       28.5       18.7       16.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 99.2     $ 123.7     $ 116.8     $ 119.7     $ 78.7     $ 80.2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      7.1 x       6.5 x       6.7 x       6.1 x       6.4 x       4.0 x  

 

(1)  The interest portion of rent expense represents the estimated interest component of such rental payments

Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.