Johnson Controls 10-Q 2003 Q2 Quarterly report

EXHIBIT 12

JOHNSON CONTROLS, INC.
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(Dollars in millions)

		Six Months Ended
		March 31, 2003
Net income		$	272.6
Provision for income taxes			135.2
Minority interests in net earnings of subsidiaries			28.4
Income from equity affiliates			(22.9	)
Distributed income of equity affiliates			1.5
Amortization of previously capitalized interest			4.1
			418.9
Fixed charges:
	Interest incurred and amortization of debt expense		61.8
	Estimated portion of rent expense		36.1
Fixed charges			97.9
Less: Interest capitalized during the period			(2.4	)
			95.5
Earnings		$	514.4
Ratio of earnings to fixed charges			5.3

For the purpose of computing this ratio, “earnings” consist of income before income taxes, minority interest in earnings or losses of consolidated subsidiaries and income from equity affiliates plus (a) amortization of previously capitalized interest, (b) distributed income from equity affiliates and (c) fixed charges, minus interest capitalized during the period. “Fixed charges” consist of (a) interest incurred and amortization of debt expense plus (b) the portion of rent expense representative of the interest factor.

31