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Exhibit 12.1
Computation of Ratios
The computation of the ratio of earnings to fixed charges for the nine months ended September 30, 2014 and the years ended December 31, 2013, 2012, 2011, 2010 and 2009 are as follows:
Nine Months Ended | Years Ended December 31, | |||||||||||||||||
(Millions) | September 30, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
Income from continuing operations before income taxes | $ | 3,068.7 | $ | 2,936.9 | $ | 2,545.4 | $ | 3,077.8 | $ | 2,644.2 | $ | 1,901.2 | ||||||
Add back fixed charges | 294.3 | 393.2 | 318.6 | 293.6 | 307.7 | 302.9 | ||||||||||||
Income as adjusted ("earnings") | $ | 3,363.0 | $ | 3,330.1 | $ | 2,864.0 | $ | 3,371.4 | $ | 2,951.9 | $ | 2,204.1 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense | $ | 247.5 | $ | 333.7 | $ | 268.8 | $ | 246.9 | $ | 254.6 | $ | 243.4 | ||||||
Portion of rents representative of interest factor | 46.8 | 59.5 | 49.8 | 46.7 | 53.1 | 59.5 | ||||||||||||
Total fixed charges | $ | 294.3 | $ | 393.2 | $ | 318.6 | $ | 293.6 | $ | 307.7 | $ | 302.9 | ||||||
Ratio of earnings to fixed charges | 11.43 | 8.47 | 8.99 | 11.48 | 9.59 | 7.28 |