Attached files
EXHIBIT 12
Ratio of Earnings to Fixed Charges
Years Ended December 31, | |||||||||||||||||||
(In Millions Except Ratios) | 2015 | 2014 | 2013 | 2012 | 2011(a) | ||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest Expense, Including Amortization of Deferred Finance Fees | $ | 55 | $ | 54 | $ | 55 | $ | 55 | $ | 17 | |||||||||
Interest Portion of Rental Expense (b) | 19 | 24 | 25 | 24 | 21 | ||||||||||||||
Total Fixed Charges | 74 | 78 | 80 | 79 | 38 | ||||||||||||||
Earnings Before Income Taxes, Discontinued Operations and Fixed Charges: | |||||||||||||||||||
Pre-tax income (before income or loss from equity investees) | 403 | 421 | 298 | 388 | 379 | ||||||||||||||
Fixed Charges | 74 | 78 | 80 | 79 | 38 | ||||||||||||||
Total Earnings Available For Fixed Charges | $ | 477 | $ | 499 | $ | 378 | $ | 467 | $ | 417 | |||||||||
Ratio of Earnings to Fixed Charges: | 6.4 | 6.4 | 4.7 | 5.9 | 10.9 |
(a) | This period includes the issuance of $1.2 billion aggregate principal amount of senior notes which were issued in September 2011. Interest on the Senior Notes accrues from September 20, 2011. |
(b) | Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor. |