Exhibit 12.1
Ratio of Earnings to Fixed Charges
Six Months Ended | Years Ended December 31, | |||||||||||||||||||||||
(In Millions Except Ratios) | June 30, 2016 | 2015 | 2014 | 2013 | 2012 | 2011(a) | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense, Including Amortization of Deferred Finance Fees | $ | 27 | $ | 55 | $ | 54 | $ | 55 | $ | 55 | $ | 17 | ||||||||||||
Interest Portion of Rental Expense (b) | 10 | 19 | 24 | 25 | 24 | 21 | ||||||||||||||||||
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Total Fixed Charges | 37 | 74 | 78 | 80 | 79 | 38 | ||||||||||||||||||
Earnings Before Income Taxes, Discontinued Operations and Fixed Charges: | ||||||||||||||||||||||||
Pre-tax income (before income or loss from equity investees) | 154 | 403 | 421 | 298 | 388 | 379 | ||||||||||||||||||
Fixed Charges | 37 | 74 | 78 | 80 | 79 | 38 | ||||||||||||||||||
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Total Earnings Available For Fixed Charges | $ | 191 | $ | 477 | $ | 499 | $ | 378 | $ | 467 | $ | 417 | ||||||||||||
Ratio of Earnings to Fixed Charges: | 5.2 | 6.4 | 6.4 | 4.7 | 5.9 | 10.9 |
(a) | This period includes 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. |