EX-12.1 5 exhibit121q32017.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,
 
Nine Months Ended
 
 
2012
 
2013
 
2014
 
2015 (b)
 
2016
 
September 30, 2017
Income from continuing operations before income tax (a)
 
$
936.7

 
$
908.0

 
$
820.6

 
$
726.0

 
$
1,105.5

 
$
845.9

Equity in the income of investees
 
(21.4
)
 
(18.6
)
 
(14.6
)
 
(10.6
)
 
(8.3
)
 
(7.7
)
Cash distributions received from equity investees
 
21.0

 
14.4

 
8.8

 
10.7

 
9.5

 
7.4

 
 
936.3

 
903.8

 
814.8

 
726.1

 
1,106.7

 
845.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on long-term and short-term debt
 
 
 
 
 
 
 
 
 
 
 
 
including amortization of debt expense
 
94.5

 
96.5

 
109.5

 
274.9

 
219.1

 
166.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Portion of rental expense as can be
 
 
 
 
 
 
 
 
 
 
 
 
demonstrated to be representative
 
 
 
 
 
 
 
 
 

 
 
of the interest factor (b)
 
75.3

 
78.6

 
79.7

 
95.7

 
97.1

 
76.9

 
 
 
 
 
 
 
 
 
 

 
 
Total fixed charges
 
169.8

 
175.1

 
189.2

 
370.6

 
316.2

 
243.1

 
 

 

 

 

 

 
 
Earnings before income taxes and
 

 

 

 

 

 

fixed charges
 
$
1,106.1

 
$
1,078.9

 
$
1,004.0

 
$
1,096.7

 
$
1,422.9

 
$
1,088.7

 
 
 
 
 
 
 
 
 
 

 
 
Ratio of earnings to fixed charges
 
6.51

 
6.16

 
5.31

 
2.96

 
4.50

 
4.48

 
 


 


 


 


 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) The Company changed its financial statement classification for certain gross receipts taxes in 2016, removing these taxes from its provision for income taxes and moving this expense into selling, general and administrative expenses. Certain gross receipts of $6.1 and $7.6 were reclassified in 2014 and 2013 but inadvertently omitted from previously disclosed ratio of earnings to fixed charges for those years. The ratios presented above have the corrected amounts included therein.
(b) Income from continuing operations before tax and rental expense for the period ended December 31, 2015 has been revised.