EX-12.1 2 exhibit121q12016.htm EXHIBIT 12.1 Exhibit


 
 
 
 
 
 
 
 
 
 
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
 
 
2011
 
2012
 
2013
 
2014
 
2015
 
March 31, 2016
Income from continuing operations before income tax
 
$
866.1

 
$
944.2

 
$
915.6

 
$
826.7

 
$
732.1

 
$
256.0

Equity in the income of investees
 
(10.4
)
 
(21.4
)
 
(18.6
)
 
(14.6
)
 
(10.6
)
 
(1.6
)
Cash distributions received from equity investees
 
11.8

 
21.0

 
14.4

 
8.8

 
10.7

 
1.9

 
 
867.5

 
943.8

 
911.4

 
820.9

 
732.2

 
256.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term and short-term debt
 
 
 
 
 
 
 
 
 
 
 
 
including amortization of debt expense
 
87.5

 
94.5

 
96.5

 
109.5

 
274.9

 
54.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Portion of rental expense as can be
 
 
 
 
 
 
 
 
 
 
 
 
demonstrated to be representative
 
 
 
 
 
 
 
 
 

 
 
of the interest factor (a)
 
73.4

 
75.3

 
78.6

 
79.7

 
95.7

 
24.7

 
 
 
 
 
 
 
 
 
 

 
 
Total fixed charges
 
160.9

 
169.8

 
175.1

 
189.2

 
370.6

 
79.2

 
 

 

 

 

 

 
 
Earnings before income taxes and
 

 

 

 

 

 

fixed charges
 
$
1,028.4

 
$
1,113.6

 
$
1,086.5

 
$
1,010.1

 
$
1,102.8

 
$
335.5

 
 
 
 
 
 
 
 
 
 

 
 
Ratio of earnings to fixed charges
 
6.39

 
6.56

 
6.21

 
5.34

 
2.98

 
4.24

 
 


 


 


 


 
 
 


(a) The portion of rental expense as can be demonstrated to be representative of the interest factor for the year ended December 31, 2015 has been revised. The impact of this revision is not material to previously reported amounts.