EX-12.1 4 pkg12312016-exx121.htm EXHIBIT 12.1
Exhibit 12.1
Ratio of Earnings to Fixed Charges

| Year Ended December 31 |
Amounts in millions, except ratios | 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012 |
Ratio of Earnings to Fixed Charges | 6.5 |  | x | 6.7 |  | x | 6.1 |  | x | 6.4 |  | x | 4.0 |  | x

Details of the specific calculations are set forth below:

| Year Ended December 31, |
| 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012 |
Earnings |  |  |  |  |  |  |  |  |  |
Income before taxes | $ | 688.5 |  |  | $ | 664.5 |  |  | $ | 614.3 |  |  | $ | 423.6 |  |  | $ | 244.8 |  |
Add: Fixed charges | 123.7 |  |  | 116.8 |  |  | 119.7 |  |  | 78.7 |  |  | 80.2 |  |
Subtotal | 812.2 |  |  | 781.3 |  |  | 734.0 |  |  | 502.3 |  |  | 325.0 |  |
Less: Capitalized interest | (2.5 | ) |  | (2.0 | ) |  | (2.8 | ) |  | (1.7 | ) |  | (0.8 | ) |
Total | $ | 809.7 |  |  | $ | 779.3 |  |  | $ | 731.2 |  |  | $ | 500.6 |  |  | $ | 324.2 |  |
Fixed Charges |  |  |  |  |  |  |  |  |  |
Interest expense | $ | 91.8 |  |  | $ | 85.5 |  |  | $ | 88.4 |  |  | $ | 58.3 |  |  | $ | 62.9 |  |
Capitalized interest | 2.5 |  |  | 2.0 |  |  | 2.8 |  |  | 1.7 |  |  | 0.8 |  |
Interest portion of rent expense (1) | 29.4 |  |  | 29.3 |  |  | 28.5 |  |  | 18.7 |  |  | 16.5 |  |
Total | $ | 123.7 |  |  | $ | 116.8 |  |  | $ | 119.7 |  |  | $ | 78.7 |  |  | $ | 80.2 |  |
Ratio of Earnings to Fixed Charges | 6.5 |  | x | 6.7 |  | x | 6.1 |  | x | 6.4 |  | x | 4.0 |  | x

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(1) | The interest portion of rent expense represents the estimated interest component of such rental payments.

Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.