EX-12 2 ex12-statementofcomputatio.htm EXHIBIT 12
EXHIBIT 12
JOHNSON & JOHNSON AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
(Dollars in Millions)

| December 31, 2017 |  | January 1, 2017 |  | January 3, 2016 |  | December 28, 2014 |  | December 29, 2013 |
Determination of Earnings: |  |  |  |  |  |  |  |  |  |
Earnings Before Provision for Taxes on Income | $ | 17,673 |  |  | $ | 19,803 |  |  | $ | 19,196 |  |  | $ | 20,563 |  |  | $ | 15,471 |  |
Fixed Charges, less Capitalized Interest | 1,058 |  |  | 836 |  |  | 657 |  |  | 647 |  |  | 603 |  |
Total Earnings as Defined | $ | 18,731 |  |  | $ | 20,639 |  |  | $ | 19,853 |  |  | $ | 21,210 |  |  | $ | 16,074 |  |
Fixed Charges: |  |  |  |  |  |  |  |  |  |
Estimated Interest Portion of Rent Expense | 124 |  |  | 110 |  |  | 105 |  |  | 114 |  |  | 121 |  |
Interest Expense before Capitalization of Interest | 1,028 |  |  | 828 |  |  | 654 |  |  | 648 |  |  | 587 |  |
Total Fixed Charges | $ | 1,152 |  |  | $ | 938 |  |  | $ | 759 |  |  | $ | 762 |  |  | $ | 708 |  |
Ratio of Earnings to Fixed Charges | 16.26 |  |  | 22.00 |  |  | 26.16 |  |  | 27.83 |  |  | 22.70 |  |

(1) | The ratio of earnings to fixed charges is computed by dividing the sum of earnings before provision for taxes on income and fixed charges by fixed charges. Fixed charges represent interest expense (before interest is capitalized), amortization of debt discount and an appropriate interest factor on operating leases.