Exhibit 12.1
CVS HEALTH CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Unaudited | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||
September 30, | Fiscal Years | |||||||||||||||||||||
In millions | 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Earnings: | ||||||||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 5,487.8 | $ | 5,446.0 | $ | 7,527.1 | $ | 6,307.1 | $ | 5,750.5 | $ | 5,600.0 | $ | 5,888.9 | ||||||||
Interest portion of net rental expense | 583.3 | 559.5 | 750.3 | 741.7 | 715.8 | 687.8 | 642.6 | |||||||||||||||
Interest expense (net of interest capitalized) | 480.2 | 378.9 | 517.5 | 561.2 | 588.5 | 539.4 | 530.5 | |||||||||||||||
Adjusted earnings | $ | 6,551.3 | $ | 6,384.4 | $ | 8,794.9 | $ | 7,610.0 | $ | 7,054.8 | $ | 6,827.2 | $ | 7,062.0 | ||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest portion of net rental expense | 583.3 | 559.5 | 750.3 | 741.7 | 715.8 | 687.8 | 642.6 | |||||||||||||||
Interest expense (net of interest capitalized) | 480.2 | 378.9 | 517.5 | 561.2 | 588.5 | 539.4 | 530.5 | |||||||||||||||
Interest capitalized | 14.4 | 18.9 | 24.6 | 28.6 | 36.5 | 47.2 | 39.1 | |||||||||||||||
Total fixed charges | $ | 1,077.9 | $ | 957.3 | $ | 1,292.4 | $ | 1,331.5 | $ | 1,340.8 | $ | 1,274.4 | $ | 1,212.2 | ||||||||
Ratio of earnings to fixed charges | 6.08x | 6.67x | 6.81x | 5.72x | 5.26x | 5.36x | 5.83x |