Attached files
Exhibit 12.1
Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Income before income taxes |
$ | 1,161 | $ | 901 | $ | 660 | $ | 377 | $ | 428 | ||||||||||
Plus fixed charges: |
||||||||||||||||||||
Interest expense including amortization of debt issuance costs |
34 | 71 | 77 | 78 | 92 | |||||||||||||||
Assumed interest element included in rent expense |
21 | 21 | 17 | 16 | 5 | |||||||||||||||
55 | 92 | 94 | 94 | 97 | ||||||||||||||||
Adjusted earnings |
1,216 | 993 | 754 | 471 | 525 | |||||||||||||||
Fixed charges |
(55 | ) | (92 | ) | (94 | ) | (94 | ) | (97 | ) | ||||||||||
Excess of earnings to cover fixed charges |
$ | 1,161 | $ | 901 | $ | 660 | $ | 377 | $ | 428 | ||||||||||
Ratio of earnings to fixed charges (1) |
22.29 | 10.84 | 8.02 | 5.01 | 5.41 |
(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. |