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EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions, except ratios)
For the Years Ended December 31, | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
2007 | 2006 | 2005 | 2004 | 2003 | ||||||
Earnings as defined: | ||||||||||
Income before income taxes, as reported | $1,585.1 | $1,391.9 | $1,280.6 | $1,178.8 | $1,049.1 | |||||
Add: Dividends from affiliates | 28.4 | 14.3 | 16.2 | 13.9 | 15.9 | |||||
Interest expense(a) | 106.9 | 124.9 | 78.0 | 51.1 | 57.9 | |||||
Interest factor (re: rentals)(b) | 165.0 | 155.2 | 157.6 | 161.0 | 162.6 | |||||
Total earnings | $1,885.4 | $1,686.3 | $1,532.4 | $1,404.8 | $1,285.5 | |||||
Fixed charges as defined: | ||||||||||
Interest expense(a) | $ 106.9 | $ 124.9 | $ 78.0 | $ 51.1 | $ 57.9 | |||||
Interest factor (re: rentals)(b) | 165.0 | 155.2 | 157.6 | 161.0 | 162.6 | |||||
Total fixed charges | $ 271.9 | $ 280.1 | $ 235.6 | $ 212.1 | $ 220.5 | |||||
Ratio of earnings to fixed charges | 6.93x | 6.02x | 6.50x | 6.62x | 5.83x |
(a) | Interest expense includes interest on third-party indebtedness. |
(b) | The interest factor related to rentals reflects the appropriate portion (one-third) of rental expense representative of an interest factor. |