EX-12.1 5 exhibit12_1.htm COMPUTATION RATIO Exhibit


Exhibit 12.1

Statement re: Computation of Ratios

The computation of the ratio of earnings to fixed charges for the years ended December 31, 2013 through 2017 are as follows:

 
Years Ended December 31,
(Millions)
2017

 
2016

 
2015

 
2014

 
2013

Income from continuing operations before income taxes
$
2,991

 
$
3,991

 
$
4,234

 
$
3,497

 
$
2,937

Add back fixed charges
498

 
663

 
426

 
396

 
396

Income as adjusted ("earnings")
$
3,489

 
$
4,654

 
$
4,660

 
$
3,893

 
$
3,333

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
442

 
$
604

 
$
369

 
$
334

 
$
336

Portion of rents representative of interest factor
56

 
59

 
57

 
62

 
60

Total fixed charges
$
498

 
$
663

 
$
426

 
$
396

 
$
396

Ratio of earnings to fixed charges
7.01

 
7.02

 
10.94

 
9.83

 
8.42