EX-12.1 4 ex12_1.htm

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(dollars in millions, except ratio information)

 

     Fiscal Years Ended December 31,

  

Three Months
Ended March 31,

2009


     Adjusted (b)
2004


   2005

   2006

   2007

   Adjusted (a)
2008


  

Income from continuing

                             

operations before income taxes

   530.5    640.7    720.9    802.3    785.7    226.2
    
  
  
  
  
  

Fixed Charges:

                             

Interest on long-term and short-term debt including amortization of debt expense

   120.9    34.4    47.8    56.6    72.0    17.0

Portion of rental expense as can be demonstrated to be representative of the interest factor

   35.5    39.9    43.6    53.0    58.4    15.3
    
  
  
  
  
  

Total fixed charges

   156.4    74.3    91.4    109.6    130.4    32.3
    
  
  
  
  
  

Earnings before income taxes plus fixed charges

   686.9    715.0    812.3    911.9    916.1    258.5
    
  
  
  
  
  

Ratio of earnings to fixed charges

   4.39    9.62    8.89    8.32    7.03    8.00
    
  
  
  
  
  

(a)  In accordance with SFAS No. 160 (a new accounting standard that became effective January 1, 2009), the amounts
reported for 2008 have been retrospectively adjusted. Retrospective adoption was required as discussed in Note 9, "New
Accounting Pronouncements," in Notes to Unaudited Condensed Consolidated Financial Statements.

(b)  In accordance with Staff Position No. APB 14-1 (a new staff position that became effective January 1, 2009), the amounts
reported for 2004 have been retrospectively adjusted. Retrospective adoption was required as discussed in Note 9, "New
Accounting Pronouncements," in Notes to Unaudited Condensed Consolidated Financial Statements.