EX-12.1 2 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, 2012 through 2016 are as follows:

 
Years Ended December 31,
(Millions)
2016

 
2015

 
2014

 
2013

 
2012

Income from continuing operations before income taxes
$
3,991

 
$
4,234

 
$
3,497

 
$
2,937

 
$
2,545

Add back fixed charges
663

 
426

 
396

 
396

 
321

Income as adjusted ("earnings")
$
4,654

 
$
4,660

 
$
3,893

 
$
3,333

 
$
2,866

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
604

 
$
369

 
$
334

 
$
336

 
$
271

Portion of rents representative of interest factor
59

 
57

 
62

 
60

 
50

Total fixed charges
$
663

 
$
426

 
$
396

 
$
396

 
$
321

Ratio of earnings to fixed charges
7.0

 
10.94

 
9.83

 
8.42

 
8.93