Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
| (In Millions Except Ratios) | 2015 | 2014 | 2014 | 2013 | 2012 | 2011(a) | 2010(a) | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest Expense, Including Amortization of Deferred Finance Fees | $ | 41 | $ | 41 | $ | 54 | $ | 55 | $ | 55 | $ | 17 | $ | — | ||||||||||||||
Interest Portion of Rental Expense (b) | 18 | 18 | 24 | 25 | 24 | 21 | 18 | |||||||||||||||||||||
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Total Fixed Charges | 59 | 59 | 78 | 80 | 79 | 38 | 18 | |||||||||||||||||||||
Earnings Before Income Taxes, Discontinued Operations and Fixed Charges: | ||||||||||||||||||||||||||||
Pre-tax income (before income or loss from equity investees) | 275 | 293 | 421 | 298 | 388 | 379 | 387 | |||||||||||||||||||||
Fixed Charges | 59 | 59 | 78 | 80 | 79 | 38 | 18 | |||||||||||||||||||||
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Total Earnings Available For Fixed Charges | $ | 334 | $ | 352 | $ | 499 | $ | 378 | $ | 467 | $ | 417 | $ | 405 | ||||||||||||||
Ratio of Earnings to Fixed Charges: | 5.7 | 6.0 | 6.4 | 4.7 | 5.9 | 10.9 | 22.7 | |||||||||||||||||||||
| (a) | For all comparative periods presented above, these periods are prior to the spin-off from ITT on October 31, 2011 and the issuance of $1.2 billion aggregate principal amount of senior notes which were issued in September 2011. Interest on the Senior Notes accrues from September 20, 2011. |
| (b) | Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor. |
