EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
| For the | For the Years Ended December 31, | |||||||||||||||||||||||
| Nine | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September | ||||||||||||||||||||||||
| 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income before income taxes | $ | 1,308.4 | $ | 1,841.8 | $ | 1,778.6 | $ | 1,810.0 | $ | 1,660.9 | $ | 1,659.6 | ||||||||||||
| Add: Dividends from affiliates | 3.2 | 10.4 | 10.8 | 12.6 | 17.2 | 13.4 | ||||||||||||||||||
| Fixed charges | 257.8 | 328.1 | 299.1 | 307.1 | 331.3 | 318.3 | ||||||||||||||||||
| Total earnings | $ | 1,569.4 | $ | 2,180.3 | $ | 2,088.5 | $ | 2,129.7 | $ | 2,009.4 | $ | 1,991.3 | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expense (a) | $ | 169.2 | $ | 209.7 | $ | 181.1 | $ | 177.2 | $ | 197.2 | $ | 179.7 | ||||||||||||
| Rent expense interest factor (b) | 88.6 | 118.4 | 118.0 | 129.9 | 134.1 | 138.6 | ||||||||||||||||||
| Total fixed charges | $ | 257.8 | $ | 328.1 | $ | 299.1 | $ | 307.1 | $ | 331.3 | $ | 318.3 | ||||||||||||
| Ratio of earnings to fixed charges | 6.09x | 6.65x | 6.98x | 6.93x | 6.07x | 6.26x | ||||||||||||||||||
| (a) | Interest expense includes interest on third-party indebtedness. |
| (b) | The rent expense interest factor reflects an appropriate portion (one-third) of rent expense representative of interest. |
