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EX-32.B - EXHIBIT 32.B - BRISTOL MYERS SQUIBB CObmyex32b_20170630.htm
EX-32.A - EXHIBIT 32.A - BRISTOL MYERS SQUIBB CObmyex32a_20170630.htm
EX-31.B - EXHIBIT 31.B - BRISTOL MYERS SQUIBB CObmyex31b_20170630.htm
EX-31.A - EXHIBIT 31.A - BRISTOL MYERS SQUIBB CObmyex31a_20170630.htm
EX-10.B - AMENDMENT TO 2012 CREDIT AGREEMENT - BRISTOL MYERS SQUIBB CObmyex10b2017amendmentfor20.htm
EX-10.A - AMENDMENT TO 2011 CREDIT AGREEMENT - BRISTOL MYERS SQUIBB CObmyex10a2017amendmentandwa.htm
10-Q - FORM 10-Q - BRISTOL MYERS SQUIBB CObmy-20170630x10q.htm


EXHIBIT 12.

Computation of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges:
Six Months Ended 
 June 30, 2017
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
Dollars in Millions
 
 
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
$
3,250

 
$
5,915

 
$
2,077

 
$
2,381

 
$
2,891

Less:
 
 
 
 
 
 
 
 
 
Noncontrolling interest in pretax income/(loss) of
 
 
 
 
 
 
 
 
 
subsidiaries that have not incurred fixed charges
(70
)
 
16

 
51

 
38

 
36

Equity in net income of affiliates
38

 
77

 
83

 
107

 
166

Capitalized interest
7

 
10

 
2

 
3

 

Adjusted Income
3,275

 
5,812

 
1,941

 
2,233

 
2,689

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
125

 
226

 
231

 
254

 
255

Distributed income of equity investments
47

 
99

 
105

 
153

 
149

Total Earnings
$
3,447

 
$
6,137

 
$
2,277

 
$
2,640

 
$
3,093

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
97

 
$
167

 
$
184

 
$
203

 
$
199

Capitalized interest
7

 
10

 
2

 
3

 

One-third of rental expense(1)
21

 
49

 
45

 
48

 
56

Total Fixed Charges
$
125

 
$
226

 
$
231

 
$
254

 
$
255

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
27.58

 
27.15

 
9.86

 
10.39

 
12.13


(1)    Rents included in the computation consist of one-third of rental expense which the Company believes to be a reasonable estimate of an interest factor in its leases.

E-12-1