EXHIBIT 12.1 | ||||||||||||||||||||||||
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||
(dollars in millions, except ratio information) | ||||||||||||||||||||||||
Fiscal Years Ended December 31, | Six Months Ended | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | June 30, 2018 | |||||||||||||||||||
Income from continuing operations before income tax (1) | $ | 908.0 | $ | 820.6 | $ | 726.0 | $ | 1,064.1 | $ | 1,305.6 | $ | 554.2 | ||||||||||||
Equity in the income of investees | (18.6 | ) | (14.6 | ) | (10.6 | ) | (8.3 | ) | (8.8 | ) | 6.2 | |||||||||||||
Cash distributions received from equity investees | 14.4 | 8.8 | 10.7 | 9.5 | 9.3 | (4.9 | ) | |||||||||||||||||
903.8 | 814.8 | 726.1 | 1,065.3 | 1,306.1 | 555.5 | |||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest on long-term and short-term debt | ||||||||||||||||||||||||
including amortization of debt expense | 96.5 | 109.5 | 274.9 | 219.1 | 235.1 | 126.6 | ||||||||||||||||||
Portion of rental expense as can be | ||||||||||||||||||||||||
demonstrated to be representative | ||||||||||||||||||||||||
of the interest factor | 78.6 | 79.7 | 95.7 | 97.1 | 104.6 | 58.4 | ||||||||||||||||||
Total fixed charges | 175.1 | 189.2 | 370.6 | 316.2 | 339.7 | 185.0 | ||||||||||||||||||
Earnings before income taxes and | ||||||||||||||||||||||||
fixed charges | $ | 1,078.9 | $ | 1,004.0 | $ | 1,096.7 | $ | 1,422.9 | $ | 1,645.8 | $ | 740.5 | ||||||||||||
Ratio of earnings to fixed charges | 6.16 | 5.31 | 2.96 | 4.50 | 4.84 | 4.00 | ||||||||||||||||||