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


Exhibit 12.1
CVS HEALTH CORPORATION
Computation of Ratio of Earnings to Fixed Charges

 
Unaudited
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
March 31,
 
Fiscal Years
In millions
2015
2014
 
2014
2013
2012
2011
2010
Earnings:
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes and extraordinary items
$
1,998.0

$
1,866.2

 
$
7,677.1

$
7,527.1

$
6,307.1

$
5,750.5

$
5,600.0

Interest portion of net rental expense
190.9

191.3

 
785.3

750.3

741.7

715.8

687.8

Interest expense (net of interest capitalized)
137.5

161.3

 
615.4

517.5

561.2

588.5

539.4

Adjusted earnings
$
2,326.4

$
2,218.8

 
$
9,077.8

$
8,794.9

$
7,610.0

$
7,054.8

$
6,827.2

Fixed Charges:
 
 
 
 
 
 
 
 
Interest portion of net rental expense
190.9

191.3

 
785.3

750.3

741.7

715.8

687.8

Interest expense (net of interest capitalized)
137.5

161.3

 
615.4

517.5

561.2

588.5

539.4

Interest capitalized
2.4

4.1

 
18.9

24.6

28.5

36.5

47.2

Total fixed charges
$
330.8

$
356.7

 
$
1,419.6

$
1,292.4

$
1,331.5

$
1,340.8

$
1,274.4

Ratio of earnings to fixed charges
7.03x

6.22x

 
6.39x

6.81x

5.72x

5.26x

5.36x