BRISTOL MYERS SQUIBB CO - FORM 10-Q - EX-12 - COMPUTATION OF EARNINGS TO FIXED CHARGES

file	filename
EX-32.B - EXHIBIT 32.B - BRISTOL MYERS SQUIBB CO	bmyex32b_20180930.htm
EX-32.A - EXHIBIT 32.A - BRISTOL MYERS SQUIBB CO	bmyex32a_20180930.htm
EX-31.B - EXHIBIT 31.B - BRISTOL MYERS SQUIBB CO	bmyex31b_20180930.htm
EX-31.A - EXHIBIT 31.A - BRISTOL MYERS SQUIBB CO	bmyex31a_20180930.htm
10-Q - FORM 10-Q - BRISTOL MYERS SQUIBB CO	bmy-20180930x10q.htm

EXHIBIT 12.

Computation of Earnings to Fixed Charges



Ratio of Earnings to Fixed Charges:	Nine Months Ended September 30, 2018		Year Ended December 31,
Dollars in Millions	Nine Months Ended September 30, 2018		2017			2016		2015		2014
Earnings
Earnings from continuing operations before income taxes	$	4,463	$	5,131		$	5,915	$	2,077	$	2,381
Less:
Noncontrolling interest in pretax income/(loss) of
subsidiaries that have not incurred fixed charges	7		(63		)	16		51		38
Equity in net income of affiliates	73		75			77		83		107
Capitalized interest	15		15			10		2		3
Adjusted Income	4,368		5,104			5,812		1,941		2,233
Add:
Fixed charges	185		252			226		231		254
Distributed income of equity investments	73		98			99		105		153
Total Earnings	$	4,626	$	5,454		$	6,137	$	2,277	$	2,640

Fixed Charges
Interest expense	$	135	$	196		$	167	$	184	$	203
Capitalized interest	15		15			10		2		3
One-third of rental expense^(a)	35		41			49		45		48
Total Fixed Charges	$	185	$	252		$	226	$	231	$	254

Ratio of Earnings to Fixed Charges	25.01		21.64			27.15		9.86		10.39


(a)	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

BRISTOL MYERS SQUIBB CO - FORM 10-Q - EX-12 - COMPUTATION OF EARNINGS TO FIXED CHARGES - October 25, 2018