EX-12.1 3 a15q4_10kx63015xexhibit121.htm EXHIBIT 12.1 Exhibit
 
 
Exhibit 12.1
Cardinal Health, Inc. and Subsidiaries


Computation of Ratio of Earnings to Fixed Charges
 
June 30
(in millions, except ratios) 
2011
 
2012
 
2013
 
2014
 
2015
Earnings before income taxes and discontinued operations
$
1,518.3

 
$
1,698.1

 
$
888.3

 
$
1,798.3

 
$
1,967.3

 
 
 
 
 
 
 
 
 
 
Plus fixed charges:
 

 
 

 
 
 
 
 
 
Interest expense
95.2

 
92.3

 
119.2

 
129.4

 
137.0

Capitalized interest
5.7

 
6.0

 
1.7

 
1.2

 
1.8

Amortization of debt offering costs
1.8

 
2.8

 
3.5

 
3.6

 
7.6

Interest portion of rent expense
7.1

 
7.8

 
8.3

 
9.8

 
9.6

Fixed charges
109.8

 
108.9

 
132.7

 
144.0

 
156.0

Plus: amortization of capitalized interest
5.3

 
3.2

 
3.4

 
2.9

 
2.4

Less: capitalized interest
(5.7
)
 
(6.0
)
 
(1.7
)
 
(1.2
)
 
(1.8
)
Earnings
$
1,627.7

 
$
1,804.2

 
$
1,022.7

 
$
1,944.0

 
$
2,123.9

 
 

 
 

 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
14.8

 
16.6

 
7.7

 
13.5

 
13.6

(1)
The ratio of earnings to fixed charges is computed by dividing fixed charges into earnings before income taxes and discontinued operations plus fixed charges and capitalized interest. Fixed charges include interest expense, amortization of debt offering costs and the portion of rent expense that is deemed to be representative of the interest factor. Interest expense recorded on tax exposures has been recorded in income tax expense and has therefore been excluded from the calculation.