EX-12 3 f03312012ex12.htm EXHIBIT 12 F 03.31.2012 Ex 12


Exhibit 12


FORD MOTOR COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(in millions)

 
First Quarter 2012
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings
 
 
 
 
 
 
 
 
 
 
 
Income/(Loss) before income taxes and cumulative effects of changes in accounting principles (a)
$
2,038

 
$
8,681

 
$
7,149

 
$
2,599

 
$
(14,895
)
 
$
(4,286
)
Less: Equity in net (income)/loss of affiliated companies included in income/(loss) before income taxes
(95
)
 
(500
)
 
(538
)
 
(336
)
 
(382
)
 
(639
)
Adjusted income/(loss)
1,943

 
8,181

 
6,611

 
2,263

 
(15,277
)
 
(4,925
)
Adjusted fixed charges (b)
1,166

 
4,973

 
6,741

 
7,395

 
10,518

 
11,753

Earnings/(Losses)
$
3,109

 
$
13,154

 
$
13,352

 
$
9,658

 
$
(4,759
)
 
$
6,828

 
 
 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense (c)
$
1,012

 
$
4,462

 
$
6,173

 
$
6,818

 
$
9,787

 
$
11,036

Interest portion of rental expense (d)
43

 
180

 
204

 
258

 
322

 
344

Total combined fixed charges
$
1,055

 
$
4,642

 
$
6,377

 
$
7,076

 
$
10,109

 
$
11,380

 
 
 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
2.9

 
2.8

 
2.1

 
1.4

 
(e)
 
(e)
__________
(a) Income/(Loss) before income taxes includes equity income/(loss) from unconsolidated subsidiaries.
(b) Combined fixed charges, as shown above, adjusted to exclude capitalized interest, and to include dividends from affiliated companies as well as amortization of capitalized interest. (Capitalized interest (in millions): 2012 YTD - $1; 2011 - $31; 2010 - $20; 2009 - $28; 2008 - $50; 2007 - $47)
(c) Includes interest, as shown on our statement of operations, plus capitalized interest.
(d) One-third of all rental expense is deemed to be interest.
(e) Earnings/(Losses) were inadequate to cover fixed interest charges by (in billions): 2008 - $14.9; 2007 - $4.6.