Exhibit 12.1
Computation of Ratios
The computation of the ratio of earnings to fixed charges for the nine months ended September 30, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013 are as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended
September 30, 2018 |
| | Years Ended December 31, |
| (Millions) | | 2017 |
| | 2016 |
| | 2015 |
| | 2014 |
| | 2013 |
|
| Income from continuing operations before income taxes | $ | 4,498 |
| | $ | 2,991 |
| | $ | 3,991 |
| | $ | 4,234 |
| | $ | 3,497 |
| | $ | 2,937 |
|
| Add back fixed charges | 306 |
| | 498 |
| | 663 |
| | 426 |
| | 396 |
| | 396 |
|
| Income as adjusted ("earnings") | $ | 4,804 |
| | $ | 3,489 |
| | $ | 4,654 |
| | $ | 4,660 |
| | $ | 3,893 |
| | $ | 3,333 |
|
| | | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | | |
| Interest expense | $ | 262 |
| | $ | 442 |
| | $ | 604 |
| | $ | 369 |
| | $ | 334 |
| | $ | 336 |
|
| Portion of rents representative of interest factor | 44 |
| | 56 |
| | 59 |
| | 57 |
| | 62 |
| | 60 |
|
| Total fixed charges | $ | 306 |
| | $ | 498 |
| | $ | 663 |
| | $ | 426 |
| | $ | 396 |
| | $ | 396 |
|
| Ratio of earnings to fixed charges | 15.7 |
| | 7.01 |
| | 7.02 |
| | 10.94 |
| | 9.83 |
| | 8.42 |
|
