EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
2004 - 2000
(in millions, except ratios)
Year Ended December 31,
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2004 2003 2002 2001 2000
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Earnings as defined:
Profit before tax as reported..................... $1,178.8 $1,049.0 $ 954.4 $ 816.3 $ 873.0
Add: Dividends from affiliates.................... 13.9 15.9 17.2 28.4 39.2
Interest expense............................. 51.1 57.9 45.5 90.9 116.7
Interest factor (re: rentals)(a)............. 161.0 162.6 154.4 150.9 131.6
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Total earnings....................................... $1,404.8 $1,285.4 $1,171.5 5$1,086.5 $1,160.5
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Fixed charges as defined:
Interest expense.................................. $ 51.1 $ 57.9 $ 45.5 $ 90.9 $ 116.7
Interest factor (re: rentals)(a).................. 161.0 162.6 154.5 150.9 131.6
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Total fixed charges.................................. $ 212.1 $ 220.5 $ 200.0 $ 241.8 $ 248.3
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Ratio of earnings to fixed charges................... 6.62x 5.83x 5.86x 4.49x 4.67x
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(a) The interest factor related to rentals reflects the appropriate portion of
rental expense representative of an interest factor.