Exhibit 12.1
Baxter International Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(unaudited - in millions, except ratios)
Six Months Ended June 30, 2015 | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 998 | $ | 2,439 | $ | 2,546 | $ | 2,838 | $ | 2,787 | $ | 1,890 | ||||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest costs (1) | 117 | 237 | 225 | 165 | 132 | 148 | ||||||||||||||||||
Estimated interest in rentals (2) | 37 | 83 | 71 | 67 | 68 | 61 | ||||||||||||||||||
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Fixed charges as defined | $ | 154 | 320 | 296 | 232 | 200 | 209 | |||||||||||||||||
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Adjustments to income from continuing operations | ||||||||||||||||||||||||
Interest costs capitalized | (42 | ) | (70 | ) | (70 | ) | (52 | ) | (40 | ) | (33 | ) | ||||||||||||
Net (gains) losses of less than majority-owned affiliates, net of dividends | (10 | ) | (83 | ) | (24 | ) | 1 | 4 | (1 | ) | ||||||||||||||
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Income from continuing operations as adjusted | $ | 1,100 | $ | 2,606 | $ | 2,748 | $ | 3,019 | $ | 2,951 | $ | 2,065 | ||||||||||||
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Ratio of earnings from continuing operations to fixed charges | 7.14 | 8.14 | 9.28 | 13.01 | 14.76 | 9.88 | ||||||||||||||||||
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(1) | Excludes interest on uncertain tax positions. |
(2) | Represents the estimated interest portion of rents. |