EX-12 11 xyl12312015ex12.htm EXHIBIT 12 - STATEMENTS RE COMPUTATION OF RATIOS Exhibit


EXHIBIT 12

Ratio of Earnings to Fixed Charges

 
Years Ended December 31,
(In Millions Except Ratios)
2015
 
2014
 
2013
 
2012
 
2011(a)

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, Including Amortization of Deferred Finance Fees
$
55

 
$
54

 
$
55

 
$
55

 
$
17

 
 
 
 
 
 
 
 
 
 
Interest Portion of Rental Expense (b)
19

 
24

 
25

 
24

 
21

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
74

 
78

 
80

 
79

 
38

 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes, Discontinued Operations and Fixed Charges:
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
Pre-tax income (before income or loss from equity investees)
403

 
421

 
298

 
388

 
379

 
 
 
 
 
 
 
 
 
 
Fixed Charges
74

 
78

 
80

 
79

 
38

 
 
 
 
 
 
 
 
 
 
Total Earnings Available For Fixed Charges
$
477

 
$
499

 
$
378

 
$
467

 
$
417

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges:
6.4

 
6.4

 
4.7

 
5.9

 
10.9


(a)
This period includes the issuance of $1.2 billion aggregate principal amount of senior notes which were issued in September 2011. Interest on the Senior Notes accrues from September 20, 2011.

(b)
Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor.