EX-12 5 ctl20141231ex12.htm EXHIBIT 12 CTL 2014.12.31 EX 12
Exhibit 12

CENTURYLINK, INC.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
(Dollars in millions)
Income before income taxes and cumulative effect of change in accounting principle
 
$
1,110

 
224

 
1,250

 
948

 
1,531

Less: income from equity investee
 
(22
)
 
(24
)
 
(15
)
 
(13
)
 
(16
)
Add: estimated fixed charges
 
1,502

 
1,486

 
1,504

 
1,223

 
615

Add: estimated amortization of capitalized interest
 
17

 
16

 
15

 
12

 
2

Add: distributed income of equity investee
 
22

 
14

 
12

 
14

 
16

Less: interest capitalized
 
(47
)
 
(41
)
 
(43
)
 
(25
)
 
(13
)
Total earnings available for fixed charges
 
$
2,582

 
1,675

 
2,723

 
2,159

 
2,135

Estimate of interest factor on rentals
 
$
144

 
147

 
142

 
126

 
57

Interest expense, including amortization of premiums, discounts and debt issuance costs
 
1,311

 
1,298

 
1,319

 
1,072

 
545

Interest capitalized
 
47

 
41

 
43

 
25

 
13

Total fixed charges
 
$
1,502

 
1,486

 
1,504

 
1,223

 
615

Ratio of earnings to fixed charges
 
1.72

 
1.13

 
1.81

 
1.77

 
3.47