EX-12.1
2
dex121.htm
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Income before income taxes |
$ | 901 | $ | 660 | $ | 377 | $ | 428 | $ | 355 | ||||||||||
| Plus fixed charges: |
||||||||||||||||||||
| Interest expense including amortization of debt issuance costs |
71 | 77 | 78 | 92 | 107 | |||||||||||||||
| Assumed interest element included in rent expense |
21 | 17 | 16 | 5 | 4 | |||||||||||||||
| 92 | 94 | 94 | 97 | 111 | ||||||||||||||||
| Adjusted earnings |
993 | 754 | 471 | 525 | 466 | |||||||||||||||
| Fixed charges |
(92 | ) | (94 | ) | (94 | ) | (97 | ) | (111 | ) | ||||||||||
| Excess of earnings to cover fixed charges |
$ | 901 | $ | 660 | $ | 377 | $ | 428 | $ | 355 | ||||||||||
| Ratio of earnings to fixed charges (1) |
10.84 | 8.02 | 5.01 | 5.41 | 4.20 | |||||||||||||||
| (1) | The ratio of earnings to fixed charges is computed by dividing (i) income before income taxes and losses from equity interests, plus fixed charges by (ii) fixed charges. |