EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions, except ratios)
| For the Years Ended December 31, | |||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
| Earnings as defined: | |||||||||||||||
| Income before income taxes, as reported | $ | 1,615.1 | $ | 1,585.1 | $ | 1,381.7 | $ | 1,247.2 | $ | 1,174.9 | |||||
| Add: Dividends from affiliates | 27.3 | 28.4 | 14.3 | 16.2 | 13.9 | ||||||||||
| Interest expense(a) | 124.6 | 106.9 | 135.1 | 111.4 | 55.0 | ||||||||||
| Interest factor (re: rentals)(b) | 163.6 | 165.0 | 155.2 | 157.6 | 161.0 | ||||||||||
| Total earnings | $ | 1,930.6 | $ | 1,885.4 | $ | 1,686.3 | $ | 1,532.4 | $ | 1,404.8 | |||||
| Fixed charges as defined: | |||||||||||||||
| Interest expense(a) | $ | 124.6 | $ | 106.9 | 135.1 | $ | 111.4 | $ | 55.0 | ||||||
| Interest factor (re: rentals)(b) | 163.6 | 165.0 | 155.2 | 157.6 | 161.0 | ||||||||||
| Total fixed charges | $ | 288.2 | $ | 271.9 | 290.3 | $ | 269.0 | $ | 216.0 | ||||||
| Ratio of earnings to fixed charges | 6.70 | x | 6.93 | x | 5.81 | x | 5.70 | x | 6.50 | x | |||||
| (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. |