Cardinal Health (CAH) 10-Q 2018 Q2 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratios)	2014			2015			2016			2017			Six months ended December 31, 2017
Earnings before income taxes	$	1,798		$	1,967		$	2,276		$	1,924		$	495
Plus fixed charges:
Interest expense	129			137			178			187			168
Capitalized interest	1			2			6			9			2
Amortization of debt offering costs	4			8			6			6			5
Interest portion of rent expense	10			10			12			14			8
Fixed charges (1)	144			156			201			217			183
Plus: amortization of capitalized interest	3			2			3			4			2
Less: capitalized interest	(1		)	(2		)	(6		)	(9		)	(2		)
Earnings (1)	$	1,944		$	2,124		$	2,473		$	2,135		$	678
Ratio of earnings to fixed charges (1) (2)	14			14			12			10			4

(1) The sum of the components may not equal the total due to rounding.    

(2) The ratio of earnings to fixed charges is computed by dividing fixed charges into earnings from continuing operations before income taxes plus fixed charges and capitalized interest. Fixed charges include interest expense, amortization of debt offering costs and the portion of rent expense that is deemed to be representative of the interest factor. Interest expense recorded on tax exposures has been recorded in income tax expense and has therefore been excluded from the calculation.