Baxter International (BAX) 8-K Other Events

Exhibit 12

Baxter International Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(unaudited — in millions, except ratios)

	Six Months Ended June 30, 2016			Years Ended December 31,
				2015			2014			2013			2012			2011
Income from continuing operations before income taxes	$	4,547		$	428		$	490		$	375		$	703		$	520
Fixed charges
Interest costs(1)		58			197			237			225			165			132
Estimated interest in rentals(2)		30			70			83			71			67			68
Fixed charges as defined		88			267			320			296			232			200
Adjustments to income from continuing operations
Interest costs capitalized		(9	)		(51	)		(70	)		(70	)		(52	)		(40	)
Net (gains) losses of less than majority-owned affiliates, net of dividends		1			(1	)		(19	)		(1	)		1			4
Income from continuing operations as adjusted	$	4,627		$	643		$	721		$	600		$	884		$	684
Ratio of earnings from continuing operations to fixed charges(3)		52.39			2.41			2.25			2.03			3.81			3.42

(1) Excludes interest on uncertain tax positions.

(2) Represents the estimated interest portion of rents.

(3) For purposes of computing the ratios, (i) “earnings” consist of income from continuing operations before income taxes, plus fixed charges less capitalized interest costs, as adjusted for net losses or net gains of less than majority-owned affiliates, net of dividends and (ii) “fixed charges” consist of interest costs and estimated interest in rentals and exclude interest on uncertain tax positions.