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Content analysis
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H.S. sophomore Avg
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EXHIBIT 12
Baxter International Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(unaudited — in millions, except ratios)
years ended December 31 |
| 2017 |
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
| |||||
Income from continuing operations before income taxes |
| $ | 1,217 |
|
| $ | 4,954 |
|
| $ | 428 |
|
| $ | 490 |
|
| $ | 375 |
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest costs(1) |
|
| 98 |
|
|
| 107 |
|
|
| 197 |
|
|
| 237 |
|
|
| 225 |
|
Estimated interest in rentals(2) |
|
| 51 |
|
|
| 58 |
|
|
| 70 |
|
|
| 83 |
|
|
| 71 |
|
Fixed charges as defined |
|
| 149 |
|
|
| 165 |
|
|
| 267 |
|
|
| 320 |
|
|
| 296 |
|
Adjustments to income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest costs capitalized |
|
| (13 | ) |
|
| (18 | ) |
|
| (51 | ) |
|
| (70 | ) |
|
| (70 | ) |
Net (gains) losses of less than majority-owned affiliates, net of dividends |
|
| (6 | ) |
|
| 2 |
|
|
| (1 | ) |
|
| (19 | ) |
|
| (1 | ) |
Income from continuing operations as adjusted |
| $ | 1,347 |
|
| $ | 5,103 |
|
| $ | 643 |
|
| $ | 721 |
|
| $ | 600 |
|
Ratio of earnings from continuing operations to fixed charges |
|
| 9.04 |
|
|
| 30.93 |
|
|
| 2.41 |
|
|
| 2.25 |
|
|
| 2.03 |
|
(1) | Excludes interest on uncertain tax positions. |
(2) | Represents the estimated interest portion of rents. |