EX-12.1 7 ex121201710-k.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

JOHNSON CONTROLS INTERNATIONAL PLC

RATIO OF EARNINGS TO FIXED CHARGES

The following table shows our ratio of earnings to fixed charges for the fiscal years ended September 30, 2017, 2016, 2015, 2014 and 2013.
 
Year Ended September 30,
(Dollars in millions)
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to
    Johnson Controls
$
1,654

 
$
732

 
$
814

 
$
906

 
$
1,146

Income tax provision
705

 
197

 
71

 
93

 
468

Income attributable to noncontrolling interests
199

 
132

 
46

 
38

 
44

Income from equity affiliates
(240
)
 
(174
)
 
(80
)
 
(110
)
 
(96
)
Distributed income of equity affiliates
78

 
78

 
38

 
28

 
62

Amortization of previously capitalized interest
14

 
12

 
10

 
9

 
6

Fixed charges less capitalized interest
637

 
387

 
356

 
315

 
330

Earnings
$
3,047

 
$
1,364

 
$
1,255

 
$
1,279

 
$
1,960

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred and amortization of debt expense
$
500

 
$
310

 
$
302

 
$
268

 
$
293

Estimated portion of interest in rent expense
164

 
94

 
77

 
75

 
79

Fixed charges
$
664

 
$
404

 
$
379

 
$
343

 
$
372

Less: Interest capitalized during the period
(27
)
 
(17
)
 
(23
)
 
(28
)
 
(42
)
Fixed charges less capitalized interest
$
637

 
$
387

 
$
356

 
$
315

 
$
330

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.6

 
3.4

 
3.3

 
3.7

 
5.3


For the purposes of computing this ratio, "earnings" consist of net income attributable to Johnson Controls from continuing operations before income taxes, income attributable to noncontrolling interests and income from equity affiliates plus (a) amortization of previously capitalized interest, (b) distributed income from equity affiliates and (c) fixed charges, minus interest capitalized during the period. "Fixed charges" consist of (i) interest incurred and amortization of debt expense plus (ii) the portion of rent expense representative of the interest factor.