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