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EXHIBIT 12
U S WEST, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Quarter Ended
12/31/94 12/31/93
- --------------------------------------------------- --------- ---------
Income from continuing operations before
income taxes $638 $394
Interest expense (net of amounts capitalized) 119 125
Interest factor on rentals (1/3) 26 28
--------- ---------
Earnings $783 $547
Interest expense 138 125
Interest factor on rentals (1/3) 26 28
--------- ---------
Fixed charges $164 $153
Ratio of earnings to fixed charges 4.77 3.58
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Year to Date
12/31/94 12/31/93
- --------------------------------------------------- --------- ---------
Income from continuing operations before
income taxes and extraordinary items (1) $2,283 $745
Interest expense (net of amounts capitalized) 442 439
Interest factor on rentals (1/3) 96 102
--------- ---------
Earnings $2,821 $1,286
Interest expense 486 439
Interest factor on rentals (1/3) 96 102
--------- ---------
Fixed charges $582 $541
Ratio of earnings to fixed charges 4.85 2.38
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(1) The year end 1993 ratio includes a one-time restructuring charge of
$1,000. Excluding the restructuring charge the ratio of earnings to fixed
charges would have been 4.22.
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EXHIBIT 12
U S WEST, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Year Ended
1994 1993 1992 1991 1990
- -------------------------------------------- --------- -------- --------- --------- ---------
Income from continuing operations $2,283 $745 $1,569 $1,209 $1,681
before income taxes
Interest expense 442 439 453 482 459
Interest factor on rentals (1/3) 96 102 98 90 89
--------- -------- --------- --------- ---------
Earnings $2,821 $1,286 $2,120 $1,781 $2,229
Interest expense 486 439 453 482 459
Interest factor on rentals (1/3) 96 102 98 90 89
--------- -------- --------- --------- ---------
Fixed charges $582 $541 $551 $572 $548
Ratio of earnings to fixed charges 4.85 2.38 3.85 3.11 4.07
- -------------------------------------------- --------- -------- --------- --------- ---------
The 1993 ratio is based on earnings from continuing operations before
extraordinary charges associated with the decision to discontinue accounting
for the operations of the Company in accordance with SFAS No. 71 of $3,123 and
the early extinguishment of debt of $77. The 1993 and 1991 ratios include
restructuring charges of $1,000 and $364, respectively. Excluding the
restructuring charges the 1993 and 1991 ratios of earnings to fixed charges
would have been 4.22 and 3.75, respectively.
The 1992 ratio is based on earnings before the cummulative effect of change in
accounting principles which reduced net income by $1,793.
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EXHIBIT 12
U S WEST Financial Services, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Quarter Ended
12/31/94 12/31/93
- ---------------------------------------------------- --------- ----------
Income before income taxes $7,578 $65,453
Interest expense 8,388 50,809
Interest factor on rentals (1/3) 25 183
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Earnings $15,991 $116,445
Interest expense 8,388 50,809
Interest factor on rentals (1/3) 25 183
--------- ----------
Fixed charges $8,413 $50,992
Ratio of earnings to fixed charges 1.90 2.28
- ---------------------------------------------------- --------- ----------
Year-to-Date
12/31/94 12/31/93
- ---------------------------------------------------- --------- ----------
Income before income taxes $12,217 $123,596
Interest expense 40,816 144,980
Interest factor on rentals (1/3) 123 789
--------- ----------
Earnings $53,156 $269,365
Interest expense 40,816 144,980
Interest factor on rentals (1/3) 123 789
--------- ----------
Fixed charges $40,939 $145,769
Ratio of earnings to fixed charges 1.30 1.85
- ---------------------------------------------------- --------- ----------
Note: A Termination Agreement and Guarantee was entered into on
June 24, 1994 between U S WEST, Inc., 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.