EX-12.1 3 exhibit121ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Ratio of Earnings to Fixed Charges 2015


Exhibit 12.1
CVS HEALTH CORPORATION
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