EX-12 2 a2017q4exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)

| For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |
Income before income taxes | $ | 1,884.9 |  |  | $ | 1,841.8 |  |  | $ | 1,778.6 |  |  | $ | 1,810.0 |  |  | $ | 1,660.9 |
Add: Dividends from equity method investments | 5.7 |  |  | 10.4 |  |  | 10.8 |  |  | 12.6 |  |  | 17.2 |
Fixed charges | 341.3 |  |  | 328.1 |  |  | 299.1 |  |  | 307.1 |  |  | 331.3 |
Total earnings | $ | 2,231.9 |  |  | $ | 2,180.3 |  |  | $ | 2,088.5 |  |  | $ | 2,129.7 |  |  | $ | 2,009.4 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense (a) | $ | 224.5 |  |  | $ | 209.7 |  |  | $ | 181.1 |  |  | $ | 177.2 |  |  | $ | 197.2 |
Rent expense interest factor (b) | 116.8 |  |  | 118.4 |  |  | 118.0 |  |  | 129.9 |  |  | 134.1 |
Total fixed charges | $ | 341.3 |  |  | $ | 328.1 |  |  | $ | 299.1 |  |  | $ | 307.1 |  |  | $ | 331.3 |
Ratio of earnings to fixed charges | 6.54x |  |  | 6.65x |  |  | 6.98x |  |  | 6.93x |  |  | 6.07x |

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(a) | Interest expense includes interest on third-party indebtedness.

(b) | The rent expense interest factor reflects an appropriate portion (one-third) of rent expense representative of interest.