Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Three Months Ended March 31, | ||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||
Earnings from continuing operations before income taxes (public data) | $ | 107.0 | $ | 1,212.0 | $ | 1,705.0 | $ | 1,686.0 | $ | 1,729.6 | ||||||||||||
Plus fixed charges: | ||||||||||||||||||||||
Interest expense (1) | 24.3 | 83.7 | 64.0 | 57.2 | 78.1 | |||||||||||||||||
Rent interest factor (2) | 8.3 | 33.3 | 32.7 | 32.0 | 27.0 | |||||||||||||||||
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Total fixed charges: | 32.6 | 117.0 | 96.7 | 89.2 | 105.1 | |||||||||||||||||
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Earnings from continuing operations before income taxes and fixed charges | $ | 139.6 | $ | 1,329.0 | $ | 1,801.7 | $ | 1,775.2 | $ | 1,834.7 | ||||||||||||
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Ratio of earnings to fixed charges | 4.3 | 11.4 | 18.6 | 19.9 | 17.5 | |||||||||||||||||
(1) Interest consists of interest on indebtedness, account receivable securitization program expense, amortization of fees and debt prepayment fees. |
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Interest expense on debt & credit facilities | 24.2 | 83.0 | 63.0 | 56.3 | 77.5 | |||||||||||||||||
Plus: Amortization of fees | 0.1 | 0.7 | 1.0 | 0.9 | 0.6 | |||||||||||||||||
Write-off fees due to prepayment of debt | — | — | — | — | — | |||||||||||||||||
A/R securitization program expense | — | — | — | — | — | |||||||||||||||||
Interest capitalized | — | — | — | — | — | |||||||||||||||||
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| 24.3 | 83.7 | 64.0 | 57.2 | 78.1 | ||||||||||||||||||
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(2) Approximately one-third of rental expense is deemed representative of the interest factor |
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Total rental expense | 24.8 | 100.0 | 98.0 | 96.0 | 80.9 | |||||||||||||||||
Interest factor (one-third of rental expense) | 8.3 | 33.3 | 32.7 | 32.0 | 27.0 | |||||||||||||||||