EX-12.1 3 s002217x1_ex12-1.htm EXHIBIT 12.1
Exhibit 12.1
 
Becton, Dickinson and Company
Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
 
(All Amounts in Millions except Ratios)

   
Three Months Ended
    
Year Ended September 30
  
   December 31,
Historical
2017		    
Historical
 2017
    
Historical
 2016
    
Historical
 2015
    
Historical
 2014
    
Historical
 2013
  
Earnings:
                                    
Income from Continuing Operations Before Inc. Tax
  
$
105
    
$
976
    
$
1,074
    
$
739
    
$
1,522
    
$
1,165
  
Interest Capitalized, Net (1)
    
(3
)
    
(7
)
    
(3
)
    
(5
)
    
(10
)
    
(11
)
Minority interest
    
14
      
40
      
—
      
—
      
—
      
—
  
Fixed Charges
    
177
      
590
      
455
      
431
      
191
      
194
  
Earnings as Adjusted
  
$
293
    
$
1,599
    
$
1,526
    
$
1,165
    
$
1,703
    
$
1,348
  
                                                 
                                                 
Fixed Charges:
                                                
Interest Cost (2)
  
$
168
    
$
553
    
$
418
    
$
401
    
$
167
    
$
171
  
Interest Allocable to rental Expenses (3)
    
9
      
37
      
37
      
30
      
24
      
23
  
Fixed Charges
  
$
177
    
$
590
    
$
455
    
$
431
    
$
191
    
$
194
  
Ratio of Earnings to Fixed Charges
    
1.7
      
2.7
      
3.4
      
2.7
      
8.9
      
6.9
  
                                                 
Preferred Stock Dividends (4)
    
(29
)
    
70
      
—
      
—
      
—
      
—
  
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
    
2.0
      
2.4
      
—
      
—
      
—
      
—
  
 
(1)
Includes amortization of capitalized interest less interest capitalized for the period.
(2)
Includes amortization of debt expense.
(3)
Portion of rent expense representing interest.
(4)
The preferred stock dividend amounts represent pre-tax earnings required to cover dividends on preferred stock.