EX-12.1 3 exhibit121ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Ratio of Earnings to Fixed Charges 2014


Exhibit 12.1
CVS HEALTH CORPORATION
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