EX-12.1 8 ex121201610-k.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

JOHNSON CONTROLS INTERNATIONAL PLC

RATIO OF EARNINGS TO FIXED CHARGES

The following table shows our ratio of earnings to fixed charges for the fiscal years ended September 30, 2016, 2015, 2014, 2013 and 2012.
 
Year Ended September 30,
(Dollars in millions)
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Johnson Controls
$
(868
)
 
$
1,439

 
$
1,404

 
$
992

 
$
1,003

Income tax provision
2,238

 
600

 
407

 
674

 
108

Income attributable to noncontrolling interests
216

 
112

 
105

 
102

 
119

Income from equity affiliates
(531
)
 
(375
)
 
(395
)
 
(399
)
 
(338
)
Distributed income of equity affiliates
277

 
231

 
204

 
210

 
190

Amortization of previously capitalized interest
16

 
16

 
16

 
18

 
9

Fixed charges less capitalized interest
450

 
425

 
406

 
414

 
387

Earnings
$
1,798

 
$
2,448

 
$
2,147

 
$
2,011

 
$
1,478

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred and amortization of debt expense
$
335

 
$
316

 
$
286

 
$
305

 
$
298

Estimated portion of interest in rent expense
134

 
134

 
148

 
151

 
144

Fixed charges
$
469

 
$
450

 
$
434

 
$
456

 
$
442

Less: Interest capitalized during the period
(19
)
 
(25
)
 
(28
)
 
(42
)
 
(55
)
Fixed charges less capitalized interest
$
450

 
$
425

 
$
406

 
$
414

 
$
387

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.8

 
5.4

 
4.9

 
4.4

 
3.3


For the purposes of computing this ratio, "earnings" consist of net income attributable to Johnson Controls from continuing operations before income taxes, income attributable to noncontrolling interests and income from equity affiliates plus (a) amortization of previously capitalized interest, (b) distributed income from equity affiliates and (c) fixed charges, minus interest capitalized during the period. "Fixed charges" consist of (i) interest incurred and amortization of debt expense plus (ii) the portion of rent expense representative of the interest factor.