Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - Express Scripts Holding Co. | esrx-12312016xex322.htm |
| EX-32.1 - EXHIBIT 32.1 - Express Scripts Holding Co. | esrx-12312016xex321.htm |
| EX-31.2 - EXHIBIT 31.2 - Express Scripts Holding Co. | esrx-12312016xex312.htm |
| EX-31.1 - EXHIBIT 31.1 - Express Scripts Holding Co. | esrx-12312016xex311.htm |
| EX-23.1 - EXHIBIT 23.1 - Express Scripts Holding Co. | esrx-12312016xex231.htm |
| EX-21.1 - EXHIBIT 21.1 - Express Scripts Holding Co. | esrx-12312016xex211.htm |
| 10-K - 10-K - Express Scripts Holding Co. | esrx-12312016x10k.htm |
EXHIBIT 12.1
EXPRESS SCRIPTS HOLDING COMPANY
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Income from continuing operations before income taxes(1) | $ | 4,421.5 | $ | 3,859.6 | $ | 3,056.1 | $ | 3,012.0 | $ | 2,188.5 | |||||||||
Add: | |||||||||||||||||||
Interest expense(2) | 552.1 | 498.7 | 511.4 | 529.1 | 619.0 | ||||||||||||||
Estimated interest component of rental expense | 21.0 | 20.8 | 19.9 | 20.7 | 34.5 | ||||||||||||||
Subtract: | |||||||||||||||||||
Income attributable to non-controlling interest | (23.2 | ) | (23.1 | ) | (27.4 | ) | (28.1 | ) | (17.2 | ) | |||||||||
Income as adjusted | $ | 4,971.4 | $ | 4,356.0 | $ | 3,560.0 | $ | 3,533.7 | $ | 2,824.8 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense(2) | 552.1 | 498.7 | 511.4 | 529.1 | 619.0 | ||||||||||||||
Estimated interest component of rental expense | 21.0 | 20.8 | 19.9 | 20.7 | 34.5 | ||||||||||||||
Total fixed charges | $ | 573.1 | $ | 519.5 | $ | 531.3 | $ | 549.8 | $ | 653.5 | |||||||||
Ratio of Earnings to Fixed Charges | 8.7 | 8.4 | 6.7 | 6.4 | 4.3 | ||||||||||||||
(1) | Consists of income from continuing operations before income taxes adjusted to include distributed equity income from joint venture. |
(2) | Interest expense for the year ended December 31, 2016 excludes $6.7 million of interest expense related to the redemption of our $1,500.0 million aggregate principal amount of 3.125% senior notes due May 2016 and $136.0 million of interest expense related to the redemption of our $1,500.0 million aggregate principal amount of 2.650% senior notes due February 2017 and the tender offers for $368.6 million of our $1,200.0 million aggregate principal amount of 7.125% senior notes due March 2018, $162.6 million of our $500.0 million aggregate principal amount of 7.250% senior notes due June 2019 and $251.3 million of our $700.0 million aggregate principal amount of 6.125% senior notes due November 2041. Interest expense for the year ended December 31, 2015 excludes $1.6 million of interest expense related to the early repayment of our 2011 credit agreement. Interest expense for the year ended December 31, 2014 excludes $71.5 million of interest expense related to the redemption of our $1,250.0 million aggregate principal amount of 3.500% senior notes due November 2016. Interest expense for the year ended December 31, 2013 excludes $67.0 million of interest expense related to the redemption of ESI’s $1,000.0 million aggregate principal amount of 6.250% senior notes due June 2014. |
Note: Interest component of rental expense estimated to be 1/3 of rental expense, which management believes represents a reasonable approximation of the interest factor.