Exhibit 12.1
CVS HEALTH CORPORATION
Computation of Ratio of Earnings to Fixed Charges
Unaudited Three Months Ended March 31, | Fiscal Years | |||||||||||||||||||||||||||
In millions | 2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Earnings from continuing operations before income taxes and extraordinary items | $ | 1,892.1 | $ | 1,998.0 | $ | 8,613.5 | $ | 7,677.1 | $ | 7,527.1 | $ | 6,307.1 | $ | 5,750.5 | ||||||||||||||
Interest portion of net rental expense | 195.9 | 190.9 | 763.7 | 785.3 | 750.3 | 741.7 | 715.8 | |||||||||||||||||||||
Interest expense (net of interest capitalized) | 288.2 | 137.5 | 859.5 | 615.4 | 517.5 | 561.2 | 588.5 | |||||||||||||||||||||
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Adjusted earnings | $ | 2,376.2 | $ | 2,326.4 | $ | 10,236.7 | $ | 9,077.8 | $ | 8,794.9 | $ | 7,610.0 | $ | 7,054.8 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest portion of net rental expense | 195.9 | 190.9 | 763.7 | 785.3 | 750.3 | 741.7 | 715.8 | |||||||||||||||||||||
Interest expense (net of interest capitalized) | 288.2 | 137.5 | 859.5 | 615.4 | 517.5 | 561.2 | 588.5 | |||||||||||||||||||||
Interest capitalized | 3.4 | 2.4 | 11.8 | 18.9 | 24.6 | 28.6 | 36.5 | |||||||||||||||||||||
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Total fixed charges | $ | 487.5 | $ | 330.8 | $ | 1,635.0 | $ | 1,419.6 | $ | 1,292.4 | $ | 1,331.5 | $ | 1,340.8 | ||||||||||||||
Ratio of earnings to fixed charges | 4.87x | 7.03x | 6.26x | 6.39x | 6.81x | 5.72x | 5.26x | |||||||||||||||||||||
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