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Computation of Ratio of Earnings to Fixed Charges
Exhibit 12.1 Ratio of Earnings to Fixed Charges (in millions)
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Year Ended December 31, |
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2012 |
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2011 |
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2010 |
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2009 |
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2008 |
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| Earnings available for fixed charges: |
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| Income before income taxes |
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$ |
544 |
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$ |
934 |
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$ |
1,497 |
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$ |
1,161 |
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$ |
901 |
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| Fixed charges, excluding capitalized interest |
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133 |
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108 |
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66 |
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55 |
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92 |
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| Total earnings available for fixed charges |
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$ |
677 |
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$ |
1,042 |
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$ |
1,563 |
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$ |
1,216 |
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$ |
993 |
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| Fixed charges: |
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| Interest and debt expense (1) |
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$ |
92 |
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$ |
65 |
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$ |
39 |
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$ |
34 |
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$ |
71 |
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| Assumed interest element included in rent expense |
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41 |
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43 |
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27 |
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21 |
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21 |
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| Total Fixed charges |
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$ |
133 |
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$ |
108 |
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$ |
66 |
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$ |
55 |
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$ |
92 |
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| Ratio of earnings to fixed charges |
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5.10 |
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9.61 |
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23.68 |
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22.29 |
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10.84 |
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| (1) |
Includes amortization of debt-related expenses plus capitalized interest. |
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