Exhibit 12.1
CVS HEALTH CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Fiscal Years | ||||||||||||||||
In millions | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
Earnings: | ||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 7,677.1 | $ | 7,527.1 | $ | 6,307.1 | $ | 5,750.5 | $ | 5,600.0 | ||||||
Interest portion of net rental expense | 785.3 | 750.3 | 741.7 | 715.8 | 687.8 | |||||||||||
Interest expense (net of interest capitalized) | 615.4 | 517.5 | 561.2 | 588.5 | 539.4 | |||||||||||
Adjusted earnings | $ | 9,077.8 | $ | 8,794.9 | $ | 7,610.0 | $ | 7,054.8 | $ | 6,827.2 | ||||||
Fixed Charges: | ||||||||||||||||
Interest portion of net rental expense | 785.3 | 750.3 | 741.7 | 715.8 | 687.8 | |||||||||||
Interest expense (net of interest capitalized) | 615.4 | 517.5 | 561.2 | 588.5 | 539.4 | |||||||||||
Interest capitalized | 18.9 | 24.6 | 28.5 | 36.5 | 47.2 | |||||||||||
Total fixed charges | $ | 1,419.6 | $ | 1,292.4 | $ | 1,331.5 | $ | 1,340.8 | $ | 1,274.4 | ||||||
Ratio of earnings to fixed charges | 6.39x | 6.81x | 5.72x | 5.26x | 5.36x |