Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the fiscal years ended December 31, 2016, January 2, 2016, January 3, 2015,
December 28, 2013 and December 29, 2012 and the nine months ended September 30, 2017
(Millions of Dollars)
| Nine Months Ended September 30, | Fiscal Year | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Earnings from continuing operations before income taxes andnon-controlling interest | $ | 1,184.3 | $ | 1,226.1 | $ | 1,150.8 | $ | 1,084.8 | $ | 587.6 | $ | 533.1 | ||||||||||||
Add: | ||||||||||||||||||||||||
Interest expense | 164.5 | 194.5 | 180.4 | 177.2 | 160.1 | 144.0 | ||||||||||||||||||
Portion of rents representative of interest factor | 10.9 | 12.6 | 12.0 | 13.6 | 14.6 | 14.4 | ||||||||||||||||||
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Income as adjusted | 1,359.7 | $ | 1,433.2 | $ | 1,343.2 | $ | 1,275.6 | $ | 762.3 | $ | 691.5 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 164.5 | $ | 194.5 | $ | 180.4 | $ | 177.2 | $ | 160.1 | $ | 144.0 | |||||||||||||
Portion of rents representative of interest factor | 10.9 | 12.6 | 12.0 | 13.6 | 14.6 | 14.4 | ||||||||||||||||||
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Fixed charges | 175.4 | $ | 207.1 | $ | 192.4 | $ | 190.8 | $ | 174.7 | $ | 158.4 | |||||||||||||
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Ratio of earnings to fixed charges | 7.8 | 6.9 | 7.0 | 6.7 | 4.4 | 4.4 | ||||||||||||||||||
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