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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
8th grade Avg
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Exhibit 12
Computation of Ratio of Earnings to Fixed Charges | |||||||||||||||
(Millions of dollars) | |||||||||||||||
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| For Years Ended December 31, | |||||||||||||
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 | |||||
Earnings: |
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Income before income tax |
| $ | 4,930 |
| $ | 4,216 |
| $ | 3,874 |
| $ | 2,754 |
| $ | 1,935 |
Equity method investments (gains) and losses |
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| (3) |
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| (4) |
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| (3) |
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| (6) |
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| (17) |
Add: |
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Fixed charges (from below) |
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| 89 |
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| 100 |
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| 107 |
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| 105 |
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| 99 |
Amortization of capitalized interest |
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| 1 |
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| 1 |
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| 2 |
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| 2 |
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| 2 |
Distributed income from equity investees |
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| — |
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| 3 |
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| 1 |
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| 11 |
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| 16 |
Subtract: |
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Capitalized interest |
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| 1 |
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| 1 |
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| — |
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| — |
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| — |
Total earnings |
| $ | 5,016 |
| $ | 4,315 |
| $ | 3,981 |
| $ | 2,866 |
| $ | 2,035 |
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Fixed Charges: |
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Total gross interest on debt (expensed) |
| $ | 86 |
| $ | 96 |
| $ | 103 |
| $ | 104 |
| $ | 104 |
Capitalized interest |
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| 1 |
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| 1 |
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| — |
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| — |
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| — |
Amortization of debt premium and debt issuance costs |
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| (6) |
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| (6) |
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| (9) |
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| (9) |
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| (18) |
Estimated interest element of rental and lease expense |
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| 8 |
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| 9 |
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| 13 |
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| 10 |
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| 13 |
Total fixed charges |
| $ | 89 |
| $ | 100 |
| $ | 107 |
| $ | 105 |
| $ | 99 |
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Ratio of earnings to fixed charges |
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| 56.4 |
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| 43.2 |
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| 37.2 |
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| 27.3 |
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| 20.6 |
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