Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The ratios of earnings to fixed charges on a consolidated basis for the periods indicated were as follows:
(Dollars in millions) (Unaudited) | ||||||||||||||||||||||||||||
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense (a) | $ | 25 | $ | 33 | $ | 64 | $ | 63 | $ | 43 | $ | 42 | $ | 71 | ||||||||||||||
Rent expense | 64 | 62 | 125 | 108 | 103 | 97 | 93 | |||||||||||||||||||||
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Total fixed charges | 89 | 95 | 189 | 171 | 146 | 139 | 164 | |||||||||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Income before taxes | 701 | 595 | 1,258 | 1,086 | 907 | 742 | 678 | |||||||||||||||||||||
Fixed charges per above | 89 | 95 | 189 | 171 | 146 | 139 | 164 | |||||||||||||||||||||
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Total earnings, as adjusted | 790 | 690 | 1,447 | 1,257 | 1,053 | 881 | 842 | |||||||||||||||||||||
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Ratio of earnings to fixed charges | 8.9 | 7.3 | 7.7 | 7.4 | 7.2 | 6.3 | 5.1 | |||||||||||||||||||||
| (a) | The interest expense included in fixed charges above reflects only interest on third-party indebtedness and excludes any interest expense accrued on uncertain tax positions, as permitted by Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740,Income Taxes (formerly FASB Interpretation No. 48,Accounting for Income Taxes). |
