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EX-32.2 - EXHIBIT 32.2 - Walgreens Boots Alliance, Inc.a53117exhibit322.htm
EX-32.1 - EXHIBIT 32.1 - Walgreens Boots Alliance, Inc.a53117exhibit321.htm
EX-31.2 - EXHIBIT 31.2 - Walgreens Boots Alliance, Inc.a53117exhibit312.htm
EX-31.1 - EXHIBIT 31.1 - Walgreens Boots Alliance, Inc.a53117exhibit311.htm
10-Q - 10-Q - Walgreens Boots Alliance, Inc.wba-2017531x10q.htm


Exhibit 12
Walgreens Boots Alliance, Inc.
Computation of Historical Ratios of Earnings to Fixed Charges (a)
(in millions, except ratio data)

 
Nine months ended
 
Twelve Months Ended,
 
May 31, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
Income before income tax provision
$
3,921

 
$
5,144

 
$
5,311

 
$
3,557

 
$
4,047

 
$
3,376

Add:
 
 
 
 
 
 
 
 
 
 
 
Minority Interests

 

 

 

 
5

 

Fixed Charges
1,777

 
2,367

 
2,054

 
1,376

 
1,383

 
1,260

Amortization of capitalized interest

 

 
1

 
6

 
7

 
6

Less:
 
 
 
 
 
 
 
 
 
 
 
Equity earnings
(90
)
 
(37
)
 
(315
)
 
(617
)
 
(496
)
 

Capitalized interest

 

 
(1
)
 
(6
)
 
(7
)
 
(9
)
Earnings as defined
$
5,608

 
$
7,474

 
$
7,050

 
$
4,316

 
$
4,939

 
$
4,633

 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
$
542

 
$
628

 
$
632

 
$
168

 
$
193

 
$
94

Capitalized interest

 

 
1

 
6

 
7

 
9

Portions of rentals representative of the interest factor
1,235

 
1,739

 
1,421

 
1,202

 
1,183

 
1,157

Fixed charges as defined
$
1,777

 
$
2,367

 
$
2,054

 
$
1,376

 
$
1,383

 
$
1,260

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.16

 
3.16

 
3.43

 
3.14

 
3.57

 
3.68


(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.