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8th grade Avg
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New words:
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Removed:
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Exhibit 12
PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | |||||||||||||||
Year Ended December 31 | |||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||
Earnings Available for Fixed Charges | |||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 3,555 | 2,181 | 6,035 | 5,711 | 5,509 | |||||||||
Distributions less than equity in earnings of affiliates | (516 | ) | (815 | ) | 185 | 197 | (354 | ) | |||||||
Preference security dividend requirement of consolidated subsidiary | (9 | ) | — | — | — | — | |||||||||
Fixed charges, excluding capitalized interest* | 601 | 488 | 456 | 397 | 365 | ||||||||||
$ | 3,631 | 1,854 | 6,676 | 6,305 | 5,520 | ||||||||||
Fixed Charges | |||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 438 | 338 | 310 | 267 | 275 | |||||||||
Capitalized interest | 15 | 81 | 106 | 20 | — | ||||||||||
Interest portion of rental expense | 141 | 140 | 140 | 125 | 83 | ||||||||||
Preference security dividend requirement of consolidated subsidiary | 9 | — | — | — | — | ||||||||||
$ | 603 | 559 | 556 | 412 | 358 | ||||||||||
Ratio of Earnings to Fixed Charges | 6.0 | 3.3 | 12.0 | 15.3 | 15.4 |
* Includes amortization of capitalized interest totaling approximately $13 million for the year ended December 31, 2017. Amortization of capitalized interest
for the years ended December 31, totaled approximately $10 million in 2016, $7 million in 2015, $6 million in 2014 and $7 million in 2013.