EX-12.1
2
d269317dex121.htm
RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Income before income taxes |
$ | 934 | $ | 1,497 | $ | 1,161 | $ | 901 | $ | 660 | ||||||||||
| Plus fixed charges: |
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| Interest expense including amortization of |
65 | 39 | 34 | 71 | 77 | |||||||||||||||
| Assumed interest element included in rent |
43 | 27 | 21 | 21 | 17 | |||||||||||||||
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| 108 | 66 | 55 | 92 | 94 | ||||||||||||||||
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| Adjusted earnings |
1,042 | 1,563 | 1,216 | 993 | 754 | |||||||||||||||
| Fixed charges |
(108 | ) | (66 | ) | (55 | ) | (92 | ) | (94 | ) | ||||||||||
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| Excess of earnings to cover fixed |
$ | 934 | $ | 1,497 | $ | 1,161 | $ | 901 | $ | 660 | ||||||||||
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| Ratio of earnings to fixed charges (1) |
9.61 | 23.68 | 22.29 | 10.84 | 8.02 | |||||||||||||||
| (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. |