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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
7th grade Good
|
Exhibit 12
Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||
(Millions of dollars) | ||||||||||||||||
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| For Years Ended December 31, | ||||||||||||||
|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 | ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
| $ | 6,080 |
| $ | 4,930 |
| $ | 4,216 |
| $ | 3,874 |
| $ | 2,754 | |
Equity method investments (gains) and losses |
|
| — |
|
| (3) |
|
| (4) |
|
| (3) |
|
| (6) | |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed charges (from below) |
|
| 88 |
|
| 89 |
|
| 100 |
|
| 107 |
|
| 105 | |
Amortization of capitalized interest |
|
| 1 |
|
| 1 |
|
| 1 |
|
| 2 |
|
| 2 | |
Distributed income from equity investees |
|
| — |
|
| — |
|
| 3 |
|
| 1 |
|
| 11 | |
Subtract: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capitalized interest |
|
| — |
|
| 1 |
|
| 1 |
|
| — |
|
| — | |
Total earnings |
| $ | 6,169 |
| $ | 5,016 |
| $ | 4,315 |
| $ | 3,981 |
| $ | 2,866 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total gross interest on debt (expensed) |
| $ | 78 |
| $ | 86 |
| $ | 96 |
| $ | 103 |
| $ | 104 | |
Capitalized interest |
|
| — |
|
| 1 |
|
| 1 |
|
| — |
|
| — | |
Amortization of debt discounts, premiums and debt issuance costs |
|
| — |
|
| (6) |
|
| (6) |
|
| (9) |
|
| (9) | |
Estimated interest element of rental and lease expense |
|
| 10 |
|
| 8 |
|
| 9 |
|
| 13 |
|
| 10 | |
Total fixed charges |
| $ | 88 |
| $ | 89 |
| $ | 100 |
| $ | 107 |
| $ | 105 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ratio of earnings to fixed charges |
|
| 70.1 |
|
| 56.4 |
|
| 43.2 |
|
| 37.2 |
|
| 27.3 |