EX-12 8 d705958dex12.htm EX-12 EX-12

EXHIBIT 12

AT&T INC.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

Dollars in Millions

 

     Year Ended December 31,
   2018   2017   2016   2015   2014

Earnings:

           

Income from continuing operations before income taxes

    $             24,873     $             15,139     $             19,812     $             20,692     $             10,355  

Equity in net (income) loss of affiliates included above

      48       128       (98 )      (79 )      (175 ) 

Fixed charges

      10,197       8,854       7,296       6,592       5,295  

Distributed income of equity affiliates

      243       46       61       30       148  

Interest capitalized

      (493 )      (903 )      (892 )      (797 )      (234 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Earnings, as adjusted

    $ 34,868     $ 23,264     $ 26,179     $ 26,438     $ 15,389  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Fixed Charges:

           

Interest expense

    $ 7,957     $ 6,300     $ 4,910     $ 4,120     $ 3,613  

Interest capitalized

      493       903       892       797       234  

Portion of rental expense representative of interest factor

      1,747       1,651       1,494       1,675       1,448  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Fixed Charges

    $ 10,197     $ 8,854     $ 7,296     $ 6,592     $ 5,295  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Ratio of Earnings to Fixed Charges

      3.42       2.63       3.59       4.01       2.91