Xylem (XYL) 8-K Other Events

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months Ended		Years Ended December 31,
(In Millions Except Ratios)	June 30, 2016		2015		2014		2013		2012		2011(a)
Fixed Charges:
Interest Expense, Including Amortization of Deferred Finance Fees	$	27	$	55	$	54	$	55	$	55	$	17
Interest Portion of Rental Expense (b)		10		19		24		25		24		21
Total Fixed Charges		37		74		78		80		79		38
Earnings Before Income Taxes, Discontinued Operations and Fixed Charges:
Pre-tax income (before income or loss from equity investees)		154		403		421		298		388		379
Fixed Charges		37		74		78		80		79		38
Total Earnings Available For Fixed Charges	$	191	$	477	$	499	$	378	$	467	$	417
Ratio of Earnings to Fixed Charges:		5.2		6.4		6.4		4.7		5.9		10.9

(a) This period includes the issuance of $1.2 billion aggregate principal amount of senior notes which were issued in September 2011. Interest on the Senior Notes accrues from September 20, 2011.

(b) Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor.