| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2007 | 2006 | |||||||
Income before income taxes,
losses in equity investments and
minority interests |
$ | 368 | $ | 310 | ||||
Fixed charges deducted from income: |
||||||||
Interest expense |
135 | 136 | ||||||
Implicit interest in rents |
20 | 13 | ||||||
| 155 | 149 | |||||||
Earnings available for fixed charges (a) |
$ | 523 | $ | 459 | ||||
Interest expense |
$ | 135 | $ | 136 | ||||
Capitalized interest |
4 | 3 | ||||||
Implicit interest in rents |
20 | 13 | ||||||
Total fixed charges (a) |
$ | 159 | $ | 152 | ||||
Ratio of earnings to fixed charges |
3.3x | 3.0x | ||||||
| (a) | To the extent interest may be assessed by taxing authorities on any underpayment of income tax, such amounts are classified as a component of income tax expense in our Statements of Operations. This accounting policy election, which was required by our adoption of Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (an interpretation of FASB Statement No. 109), is a continuation of the Company’s historical policy and will continue to be consistently applied in the future. For purposes of this disclosure, we have elected to exclude interest expense related to income tax matters from our measurements of “Earnings available for fixed charges” and “Total fixed charges” for all periods presented. |