Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| March |
| Year ended |
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| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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| (millions except ratios) |
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Income before income taxes, equity in net income of associates and noncontrolling interest |
| $ | 236 |
| $ | 399 |
| $ | 554 |
| $ | 514 |
| $ | 421 |
| $ | 591 |
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Add back fixed charges: |
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Total fixed charges |
| 46 |
| 150 |
| 106 |
| 66 |
| 53 |
| 48 |
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Dividends from associates |
| — |
| 9 |
| 6 |
| 5 |
| 5 |
| 7 |
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Less: |
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Capitalized interest |
| — |
| (1 | ) | (2 | ) | — |
| — |
| — |
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Income as adjusted |
| $ | 282 |
| $ | 557 |
| $ | 664 |
| $ | 585 |
| $ | 479 |
| $ | 646 |
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Fixed charges |
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Interest expense |
| $ | 38 |
| $ | 105 |
| $ | 66 |
| $ | 38 |
| $ | 30 |
| $ | 22 |
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Portions of rents representative of interest factor |
| 8 |
| 45 |
| 40 |
| 28 |
| 23 |
| 26 |
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Total fixed charges |
| $ | 46 |
| $ | 150 |
| $ | 106 |
| $ | 66 |
| $ | 53 |
| $ | 48 |
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Ratio of earnings to fixed charges |
| 6.1 |
| 3.7 |
| 6.3 |
| 8.9 |
| 9.0 |
| 13.5 |
|
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
| March |
| Year ended |
| ||||||||||||||
|
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| ||||||
|
| (millions except ratios) |
| ||||||||||||||||
Income before income taxes, equity in net income of associates and noncontrolling interest |
| $ | 236 |
| $ | 399 |
| $ | 554 |
| $ | 514 |
| $ | 421 |
| $ | 591 |
|
Add back fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total fixed charges |
| 46 |
| 150 |
| 106 |
| 66 |
| 53 |
| 48 |
| ||||||
Dividends from associates |
| — |
| 9 |
| 6 |
| 5 |
| 5 |
| 7 |
| ||||||
Less: |
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|
|
|
|
|
|
|
|
|
|
|
| ||||||
Capitalized interest |
| — |
| (1 | ) | (2 | ) | — |
| — |
| — |
| ||||||
Income as adjusted |
| $ | 282 |
| $ | 557 |
| $ | 664 |
| $ | 585 |
| $ | 479 |
| $ | 646 |
|
|
|
|
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Fixed charges and preferred stock dividends |
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| ||||||
Interest expense |
| $ | 38 |
| $ | 105 |
| $ | 66 |
| $ | 38 |
| $ | 30 |
| $ | 22 |
|
Portions of rents representative of interest factor |
| 8 |
| 45 |
| 40 |
| 28 |
| 23 |
| 26 |
| ||||||
Total fixed charges |
| $ | 46 |
| $ | 150 |
| $ | 106 |
| $ | 66 |
| $ | 53 |
| $ | 48 |
|
Preferred stock dividends |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges and preferred stock dividends |
| $ | 46 |
| $ | 150 |
| $ | 106 |
| $ | 66 |
| $ | 53 |
| $ | 48 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 6.1 |
| 3.7 |
| 6.3 |
| 8.9 |
| 9.0 |
| 13.5 |
|