EX-12.1 5 unhex12112312014.htm EXHIBIT 12.1 UNH EX 12.1 12.31.2014


EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
(dollars in millions)
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings before income taxes
 
$
9,656

 
$
8,915

 
$
8,622

 
$
7,959

 
$
7,383

Fixed charges
 
753

 
839

 
732

 
594

 
570

Total earnings available for fixed charges
 
$
10,409

 
$
9,754

 
$
9,354

 
$
8,553

 
$
7,953

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
618

 
$
708

 
$
632

 
$
505

 
$
481

Interest component of rental payments
 
135

 
131

 
100

 
89

 
89

Total fixed charges
 
$
753

 
$
839

 
$
732

 
$
594

 
$
570

Ratio of earnings to fixed charges
 
13.8

 
11.6

 
12.8

 
14.4

 
14.0


The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense plus the interest factor in rental expense.