Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||||||
| Amounts in millions, except ratios | Sept YTD 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 7.1 x | 6.5 x | 6.7 x | 6.1 x | 6.4 x | 4.0 x | ||||||||||||||||||
Details of the specific calculations are set forth below
| Year Ended December 31, | ||||||||||||||||||||||||
| Sept YTD 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income before taxes | $ | 604.6 | $ | 688.5 | $ | 664.5 | $ | 614.3 | $ | 423.6 | $ | 244.8 | ||||||||||||
Add: Fixed charges | 99.2 | 123.7 | 116.8 | 119.7 | 78.7 | 80.2 | ||||||||||||||||||
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Subtotal | 703.8 | 812.2 | 781.3 | 734.0 | 502.3 | 325.0 | ||||||||||||||||||
Less: Capitalized interest | (1.8 | ) | (2.5 | ) | (2.0 | ) | (2.8 | ) | (1.7 | ) | (0.8 | ) | ||||||||||||
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Total | $ | 702.0 | $ | 809.7 | $ | 779.3 | $ | 731.2 | $ | 500.6 | $ | 324.2 | ||||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 74.6 | $ | 91.8 | $ | 85.5 | $ | 88.4 | $ | 58.3 | $ | 62.9 | ||||||||||||
Capitalized interest | 1.8 | 2.5 | 2.0 | 2.8 | 1.7 | 0.8 | ||||||||||||||||||
Interest portion of rent expense (1) | 22.8 | 29.4 | 29.3 | 28.5 | 18.7 | 16.5 | ||||||||||||||||||
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Total | $ | 99.2 | $ | 123.7 | $ | 116.8 | $ | 119.7 | $ | 78.7 | $ | 80.2 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 7.1 x | 6.5 x | 6.7 x | 6.1 x | 6.4 x | 4.0 x | ||||||||||||||||||
| (1) | The interest portion of rent expense represents the estimated interest component of such rental payments |
Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.
