EXHIBIT 12
U S WEST, Inc.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollars in Millions)
Quarter Quarter
Ended Ended
6/30/97 6/30/96
- ------------------------------------------ -------- --------
Income before income taxes and
extraordinary item $ 415 $ 519
Interest expense (net of amounts
capitalized) 266 136
Interest factor on rentals (1/3) 24 25
Equity losses in unconsolidated
ventures (less than 50% owned) 112 42
Guaranteed minority interest expense 22 12
-------- --------
Earnings $ 839 $ 734
Interest expense $ 275 $ 157
Interest factor on rentals (1/3) 24 25
Guaranteed minority interest expense 22 12
Preferred stock dividends (pre-tax
equivalent) 22 1
-------- --------
Fixed charges $ 343 $ 195
Ratio of earnings to combined fixed
charges and preferred stock dividends 2.45 3.76
- ------------------------------------------ -------- --------
EXHIBIT 12
U S WEST, Inc.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollars in Millions)
Year- Year-
to-Date to-Date
6/30/97 6/30/96
- ------------------------------------------ -------- --------
Income before income taxes, extra-
ordinary item and cumulative effect
of change in accounting principle $ 815 $1,008
Interest expense (net of amounts
capitalized) 544 271
Interest factor on rentals (1/3) 49 47
Equity losses in unconsolidated
ventures (less than 50% owned) 217 67
Guaranteed minority interest expense 44 24
-------- --------
Earnings $1,669 $1,417
Interest expense $ 563 $ 316
Interest factor on rentals (1/3) 49 47
Guaranteed minority interest expense 44 24
Preferred stock dividends (pre-tax
equivalent) 44 3
-------- --------
Fixed charges $ 700 $ 390
Ratio of earnings to combined fixed
charges and preferred stock dividends 2.38 3.63
- ------------------------------------------ -------- --------
EXHIBIT 12
U S WEST, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Quarter Quarter
Ended Ended
6/30/97 6/30/96
- ------------------------------------------ -------- --------
Income before income taxes and
extraordinary item $ 415 $ 519
Interest expense (net of amounts
capitalized) 266 136
Interest factor on rentals (1/3) 24 25
Equity losses in unconsolidated
ventures (less than 50% owned) 112 42
Guaranteed minority interest expense 22 12
-------- --------
Earnings $ 839 $ 734
Interest expense $ 275 $ 157
Interest factor on rentals (1/3) 24 25
Guaranteed minority interest expense 22 12
-------- --------
Fixed charges $ 321 $ 194
Ratio of earnings to fixed charges 2.61 3.78
- ------------------------------------------ -------- --------
EXHIBIT 12
U S WEST, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Year- Year-
to-Date t0-Date
6/30/97 6/30/96
- ------------------------------------------ -------- --------
Income before income taxes, extra-
ordinary item and cumulative effect
of change in accounting principle $ 815 $1,008
Interest expense (net of amounts
capitalized) 544 271
Interest factor on rentals (1/3) 49 47
Equity losses in unconsolidated
ventures (less than 50% owned) 217 67
Guaranteed minority interest expense 44 24
-------- --------
Earnings $1,669 $1,417
Interest expense $ 563 $ 316
Interest factor on rentals (1/3) 49 47
Guaranteed minority interest expense 44 24
-------- --------
Fixed charges $ 656 $ 387
Ratio of earnings to fixed charges 2.54 3.66
- ------------------------------------------ -------- --------
EXHIBIT 12
U S WEST Financial Services, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Quarter Quarter
Ended Ended
6/30/97 6/30/96
- ------------------------------------------ -------- --------
Income before income taxes $ 2,791 $ 7,423
Interest expense 5,516 5,333
Interest factor on rentals (1/3) 22 14
-------- --------
Earnings $ 8,329 $12,770
Interest expense $ 5,516 $ 5,333
Interest factor on rentals (1/3) 22 14
-------- --------
Fixed charges $ 5,538 $ 5,347
Ratio of earnings to fixed charges 1.50 2.39
- ------------------------------------------ -------- --------
Year- Year-
to-Date to-Date
6/30/97 6/30/96
- ------------------------------------------ -------- --------
Income before income taxes $ 9,462 $ 8,723
Interest expense 10,940 10,711
Interest factor on rentals (1/3) 43 31
-------- --------
Earnings $20,445 $19,465
Interest expense $10,940 $10,711
Interest factor on rentals (1/3) 43 31
-------- --------
Fixed charges $10,983 $10,742
Ratio of earnings to fixed charges 1.86 1.81
- ------------------------------------------ -------- --------
A Termination Agreement and Guarantee was entered into on June 24, 1994
between U S WEST, Inc. and U S WEST Capital Corporation and U S WEST
Financial Services, Inc. (USWFS). The Agreement terminates the Support
Agreement dated January 5, 1990 whereby U S WEST, Inc. agreed to
provide financial support to USWFS. The Agreement provides replacement
financial support in the form of a direct guarantee by U S WEST of all
outstanding indebtedness of USWFS.