EX-12 4 ctl-2015033110qex12.htm EXHIBIT 12 CTL-2015.03.31 10Q Ex 12


Exhibit 12
CENTURYLINK, INC.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

 
 
Three Months Ended March 31,
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
(Dollars in millions)
Income before income taxes and cumulative effect of change in accounting principle
 
$
323

 
1,110

 
224

 
1,250

 
948

 
1,531

Less: income from equity investee
 
(6
)
 
(22
)
 
(24
)
 
(15
)
 
(13
)
 
(16
)
Add: estimated fixed charges
 
379

 
1,502

 
1,486

 
1,504

 
1,223

 
616

Add: estimated amortization of capitalized interest
 
4

 
17

 
16

 
15

 
12

 
2

Add: distributed income of equity investee
 
2

 
22

 
14

 
12

 
14

 
16

Less: interest capitalized
 
(13
)
 
(47
)
 
(41
)
 
(43
)
 
(25
)
 
(13
)
Total earnings available for fixed charges
 
$
689

 
2,582

 
1,675

 
2,723

 
2,159

 
2,136

Estimate of interest factor on rentals
 
$
38

 
144

 
147

 
142

 
126

 
58

Interest expense, including amortization of premiums, discounts and debt issuance costs
 
328

 
1,311

 
1,298

 
1,319

 
1,072

 
545

Interest capitalized
 
13

 
47

 
41

 
43

 
25

 
13

Total fixed charges
 
$
379

 
1,502

 
1,486

 
1,504

 
1,223

 
616

Ratio of earnings to fixed charges
 
1.82

 
1.72

 
1.13

 
1.81

 
1.77

 
3.47