Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in millions)
Nine Months Ended September 30, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||
Earnings from continuing operations before income taxes (public data) | $ | 1,123.0 | $ | 1,160.0 | $ | 1,212.0 | $ | 1,705.0 | $ | 1,686.0 | $ | 1,729.6 | ||||||||||||||
Plus fixed charges: | ||||||||||||||||||||||||||
Updated Interest expense (1) | 79.5 | 112.9 | 83.7 | 64.0 | 57.2 | 78.1 | ||||||||||||||||||||
Rent interest factor (2) | 25.4 | 34.3 | 33.3 | 32.7 | 32.0 | 27.0 | ||||||||||||||||||||
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Total fixed charges: | 104.9 | 147.3 | 117.0 | 96.7 | 89.2 | 105.1 | ||||||||||||||||||||
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Earnings from continuing operations before income taxes and fixed charges | $ | 1,227.9 | $ | 1,307.3 | $ | 1,329.0 | $ | 1,801.7 | $ | 1,775.2 | $ | 1,834.7 | ||||||||||||||
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Ratio of earnings to fixed charges | 11.7 | 8.9 | 11.4 | 18.6 | 19.9 | 17.5 | ||||||||||||||||||||
(1) | Interest consists of interest on indebtedness, amortization of fees and debt prepayment fees, forward points on interest rate hedges. Interest on FIN 48 charges is excluded. | |||||||||||||||||||||||||
Interest Expense on debt & credit facilities | 76.9 | 108.9 | 83.0 | 63.0 | 56.3 | 77.5 | ||||||||||||||||||||
Plus: Amortization of Fees | 1.0 | 1.2 | 0.7 | 1.0 | 0.9 | 0.6 | ||||||||||||||||||||
Hedging forward points | 1.6 | 2.9 | ||||||||||||||||||||||||
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79.5 | 112.9 | 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 | |||||||||||||||||||||||||
Total rental expense | 76.3 | 103.0 | 100.0 | 98.0 | 96.0 | 80.9 | ||||||||||||||||||||
Interest factor (one-third of rental expense) | 25.4 | 34.3 | 33.3 | 32.7 | 32.0 | 27.0 |