EX-12.1 2 ex121q32018.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
 
 
2013
 
2014
 
2015
 
2016
 
2017
 
September 30, 2018
Income from continuing operations before income tax (1)
 
$
908.0

 
$
820.6

 
$
726.0

 
$
1,064.1

 
$
1,305.6

 
$
1,053.8

Equity in the income of investees
 
(18.6
)
 
(14.6
)
 
(10.6
)
 
(8.3
)
 
(8.8
)
 
(9.2
)
Cash distributions received from equity investees
 
14.4

 
8.8

 
10.7

 
9.5

 
9.3

 
9.6

 
 
903.8

 
814.8

 
726.1

 
1,065.3

 
1,306.1

 
1,054.2

 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
186.0

 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
88.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
175.1

 
189.2

 
370.6

 
316.2

 
339.7

 
274.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and
 
 
 
 
 
 
 
 
 
 
 
 
fixed charges
 
$
1,078.9

 
$
1,004.0

 
$
1,096.7

 
$
1,422.9

 
$
1,645.8

 
$
1,328.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
6.16

 
5.31

 
2.96

 
4.50

 
4.84

 
4.84

 
 
 
 
 
 
 
 
 
 
 
 
 

(1) The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018, using the full retrospective method. The 2017 and 2016 amounts have been adjusted to conform with the current year presentation. Amounts prior to 2016 have not been adjusted. See Note 1 – Basis of Presentation for more information.