EXHIBIT 12
USW-C, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
Year Ended
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Pro forma
12/31/97(3) 12/31/97(1) 12/31/96(1) 12/31/95(1) 12/31/94(1) 12/31/93(1)(2)
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Income before income taxes, extra-
ordinary items and cumulative effect
of change in accounting principle $ 2,186 $ 2,429 $ 2,377 $ 2,248 $ 2,214 $ 962
Interest expense (net of amounts
capitalized) 648 405 448 429 381 415
Interest factor on rentals (1/3) 91 91 79 83 80 88
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Earnings $ 2,925 $ 2,925 $ 2,904 $ 2,760 $ 2,675 $ 1,465
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Interest expense $ 668 $ 425 $ 479 $ 468 $ 417 $ 415
Interest factor on rentals (1/3) 91 91 79 83 80 88
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Fixed charges $ 759 $ 516 $ 558 $ 551 $ 497 $ 503
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Ratio of earnings to fixed charges 3.85 5.67 5.20 5.01 5.38 2.91
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Quarter Ended
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Pro forma Historical
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3/31/98(3) 3/31/97(3) 3/31/98(1) 3/31/97(1)
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Income before income taxes $ 632 $ 609 $ 693 $ 670
Interest expense (net of amounts
capitalized) 158 164 97 103
Interest factor on rentals (1/3) 22 20 22 20
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Earnings $ 812 $ 793 $ 812 $ 793
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Interest expense $ 164 $ 171 $ 103 $ 110
Interest factor on rentals (1/3) 22 20 22 20
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Fixed charges $ 186 $ 191 $ 125 $ 130
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Ratio of earnings to fixed charges 4.37 4.15 6.50 6.10
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(1) Historical ratios are based on the combined historical results of U S WEST
and exclude the effects of $3.9 billion of indebtedness (the "Dex
Indebtedness") which will be refinanced by U S WEST in connection with
the Dex Alignment (as previously defined in the Registration Statement).
(2) 1993 ratio includes a one-time restructuring charge of $930 million.
Excluding the restructuring charge, the ratio would have been 4.76.
(3) Based on the unaudited Pro Forma combined results of U S WEST which gives
effect to the refinancing by U S WEST of $3.9 billion of Dex Indebtedness in
connection with the Dex Alignment. For further information please see U S
WEST's Pro Forma financial statements which have been separately filed
under Form 8-K dated May 15, 1998.