The Boeing Company (BA) 10-Q 2014 Q2 Quarterly report

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Six months ended		Years ended December 31,
	June 30, 2014		2013		2012		2011			2010			2009
Earnings before income taxes		$3,176		$6,232		$5,910		$5,393			$4,507			$1,731
Fixed charges excluding capitalized interest	235		514		603		677			726			564
Amortization of previously capitalized interest	36		74		75		64			60			61
Net adjustment for earnings from affiliates	15		13		69		(38		)	(11		)	(10		)
Earnings available for fixed charges		$3,462		$6,833		$6,657		$6,096			$5,282			$2,346
Fixed charges:
Interest and debt expense(1)		$208		$461		$551		$626			$676			$514
Interest capitalized during the period	47		87		74		57			48			90
Rentals deemed representative of an interest factor	27		53		52		51			50			50
Total fixed charges		$282		$601		$677		$734			$774			$654
Ratio of earnings to fixed charges	12.3		11.4		9.8		8.3			6.8			3.6

⁽¹⁾  Amount does not include tax-related interest expense which is reported as a component of Income tax expense in our Condensed Consolidated Statements of Operations.