EXHIBIT 12.1
Published on April 26, 2018
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
|
—
|
—
|
—
|
—
|
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| (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.
|