The Boeing Company (BA) 10-Q 2016 Q1 Quarterly report

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Three months ended			Years ended December 31,
	March 31, 2016			2015			2014		2013		2012
Earnings before income taxes	$	1,741		$	7,155		$	7,137	$	6,232	$	5,910
Fixed charges excluding capitalized interest	102			391			455		514		603
Amortization of previously capitalized interest	30			90			72		74		75
Net adjustment for earnings from affiliates	(5		)	(34		)	7		13		69
Earnings available for fixed charges		$1,868			$7,602			$7,671		$6,833		$6,657
Fixed charges:
Interest and debt expense(1)		$89			$339			$402		$461		$551
Interest capitalized during the period	38			158			102		87		74
Rentals deemed representative of an interest factor	13			52			53		53		52
Total fixed charges		$140			$549			$557		$601		$677
Ratio of earnings to fixed charges	13.3			13.8			13.8		11.4		9.8

⁽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.