EX-12 2 ctl2018033110qex12.htm EXHIBIT 12 Exhibit


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

 
 
Three Months Ended March 31,
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(Dollars in millions)
Income before income taxes and cumulative effect of change in accounting principle
 
$
236

 
540

 
1,020

 
1,316

 
1,110

 
224

Less: income from equity investee
 
(6
)
 
(27
)
 
(27
)
 
(25
)
 
(22
)
 
(24
)
Add: estimated fixed charges
 
625

 
1,738

 
1,529

 
1,516

 
1,502

 
1,486

Add: estimated amortization of capitalized interest
 
7

 
23

 
21

 
19

 
17

 
16

Add: distributed income of equity investee
 
4

 
25

 
26

 
19

 
22

 
14

Less: interest capitalized
 
(15
)
 
(78
)
 
(54
)
 
(52
)
 
(47
)
 
(41
)
Total earnings available for fixed charges
 
$
851

 
2,221

 
2,515

 
2,793

 
2,582

 
1,675

Estimate of interest factor on rentals
 
$
75

 
179

 
157

 
152

 
144

 
147

Interest expense, including amortization of premiums, discounts and debt issuance costs
 
535

 
1,481

 
1,318

 
1,312

 
1,311

 
1,298

Interest capitalized
 
15

 
78

 
54

 
52

 
47

 
41

Total fixed charges
 
$
625

 
1,738

 
1,529

 
1,516

 
1,502

 
1,486

Ratio of earnings to fixed charges
 
1.36

 
1.28

 
1.64

 
1.84

 
1.72

 
1.13