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EX-31.2 - EXHIBIT 31.2 - Walgreens Boots Alliance, Inc.ex31_2.htm
EX-32.1 - EXHIBIT 32.1 - Walgreens Boots Alliance, Inc.ex32_1.htm
EX-10.7 - EXHIBIT 10.7 - Walgreens Boots Alliance, Inc.ex10_7.htm
EX-32.2 - EXHIBIT 32.2 - Walgreens Boots Alliance, Inc.ex32_2.htm
EX-10.1 - EXHIBIT 10.1 - Walgreens Boots Alliance, Inc.ex10_1.htm
EX-10.9 - EXHIBIT 10.9 - Walgreens Boots Alliance, Inc.ex10_9.htm
EX-10.2 - EXHIBIT 10.2 - Walgreens Boots Alliance, Inc.ex10_2.htm
EX-10.3 - EXHIBIT 10.3 - Walgreens Boots Alliance, Inc.ex10_3.htm
EX-31.1 - EXHIBIT 31.1 - Walgreens Boots Alliance, Inc.ex31_1.htm
10-Q - WALGREENS BOOTS ALLIANCE, INC. 10-Q 2-29-2016 - Walgreens Boots Alliance, Inc.form10q.htm

Exhibit 12

Walgreens Boots Alliance, Inc.
Computation of Historical Ratios of Earnings to Fixed Charges (a)
(in millions, except ratio data)

   
Six Months Ended,
         
Twelve Months Ended,
 
   
February 29, 2016
   
2015
   
2014
   
2013
   
2012
   
2011
 
Income before income tax provision
 
$
2,497
   
$
5,311
   
$
3,557
   
$
4,047
   
$
3,376
   
$
4,294
 
Add:
                                               
Minority Interests
   
-
     
-
     
-
     
5
     
-
     
-
 
Fixed charges
   
1,022
     
2,054
     
1,376
     
1,383
     
1,260
     
1,212
 
Amortization of capitalized interest
   
-
     
1
     
6
     
7
     
6
     
5
 
Less:
                                               
Equity earnings
   
(20
)
   
(315
)
   
(617
)
   
(496
)
   
-
     
-
 
Capitalized interest
   
-
     
(1
)
   
(6
)
   
(7
)
   
(9
)
   
(10
)
Earnings as defined
 
$
3,499
   
$
7,050
   
$
4,316
   
$
4,939
   
$
4,633
   
$
5,501
 
                                                 
Interest expense, net of capitalized interest
 
$
288
   
$
632
   
$
168
   
$
193
   
$
94
   
$
77
 
Capitalized interest
   
-
     
1
     
6
     
7
     
9
     
10
 
Portions of rentals representative of the interest factor
   
734
     
1,421
     
1,202
     
1,183
     
1,157
     
1,125
 
Fixed charges as defined
 
$
1,022
   
$
2,054
   
$
1,376
   
$
1,383
   
$
1,260
   
$
1,212
 
                                                 
Ratio of earnings to fixed charges
   
3.42
     
3.43
     
3.14
     
3.57
     
3.68
     
4.54
 

(a) For the purpose of computing these ratios, "earnings" consist of earnings before income tax provision and before adjustment for income or loss from equity investees, interest, distributed income of equity-method investees, and the portions of rentals representative of the interest factor.  "Fixed charges" consist of interest expense (which includes amortization of capitalized debt issuance costs), capitalized interest and the portions of rentals representative of the interest factor.
 
Walgreens Boots Alliance, Inc. is the successor of Walgreen Co. See Note 1 of the consolidated financial statements for further information