EX-12.1 7 ex121201710-k.htm EXHIBIT 12.1
EXHIBIT 12.1
JOHNSON CONTROLS INTERNATIONAL PLC
RATIO OF EARNINGS TO FIXED CHARGES
The following table shows our ratio of earnings to fixed charges for the fiscal years ended September 30, 2017, 2016, 2015, 2014 and 2013.

| Year Ended September 30,
(Dollars in millions) | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Income from continuing operations attributable to Johnson Controls | $ | 1,654 |  |  | $ | 732 |  |  | $ | 814 |  |  | $ | 906 |  |  | $ | 1,146 |
Income tax provision | 705 |  |  | 197 |  |  | 71 |  |  | 93 |  |  | 468 |
Income attributable to noncontrolling interests | 199 |  |  | 132 |  |  | 46 |  |  | 38 |  |  | 44 |
Income from equity affiliates | (240 | ) |  | (174 | ) |  | (80 | ) |  | (110 | ) |  | (96 | )
Distributed income of equity affiliates | 78 |  |  | 78 |  |  | 38 |  |  | 28 |  |  | 62 |
Amortization of previously capitalized interest | 14 |  |  | 12 |  |  | 10 |  |  | 9 |  |  | 6 |
Fixed charges less capitalized interest | 637 |  |  | 387 |  |  | 356 |  |  | 315 |  |  | 330 |
Earnings | $ | 3,047 |  |  | $ | 1,364 |  |  | $ | 1,255 |  |  | $ | 1,279 |  |  | $ | 1,960 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest incurred and amortization of debt expense | $ | 500 |  |  | $ | 310 |  |  | $ | 302 |  |  | $ | 268 |  |  | $ | 293 |
Estimated portion of interest in rent expense | 164 |  |  | 94 |  |  | 77 |  |  | 75 |  |  | 79 |
Fixed charges | $ | 664 |  |  | $ | 404 |  |  | $ | 379 |  |  | $ | 343 |  |  | $ | 372 |
Less: Interest capitalized during the period | (27 | ) |  | (17 | ) |  | (23 | ) |  | (28 | ) |  | (42 | )
Fixed charges less capitalized interest | $ | 637 |  |  | $ | 387 |  |  | $ | 356 |  |  | $ | 315 |  |  | $ | 330 |
Ratio of earnings to fixed charges | 4.6 |  |  | 3.4 |  |  | 3.3 |  |  | 3.7 |  |  | 5.3 |

For the purposes of computing this ratio, "earnings" consist of net income attributable to Johnson Controls from continuing operations before income taxes, income attributable to noncontrolling interests and income from equity affiliates plus (a) amortization of previously capitalized interest, (b) distributed income from equity affiliates and (c) fixed charges, minus interest capitalized during the period. "Fixed charges" consist of (i) interest incurred and amortization of debt expense plus (ii) the portion of rent expense representative of the interest factor.