EX-12 2 ctl20131231ex12.htm EXHIBIT 12 CTL 2013.12.31 EX 12
Exhibit 12

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

 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(Dollars in Millions)
Income before income taxes and cumulative effect of change in accounting principle
 
$
224

 
1,250

 
948

 
1,531

 
813

Less: income from equity investee
 
(24
)
 
(15
)
 
(13
)
 
(16
)
 
(19
)
Add: estimated fixed charges
 
1,486

 
1,504

 
1,223

 
615

 
418

Add: estimated amortization of capitalized interest
 
16

 
15

 
12

 
2

 
2

Add: distributed income of equity investee
 
14

 
12

 
14

 
16

 
20

Less: interest capitalized
 
(41
)
 
(43
)
 
(25
)
 
(13
)
 
(3
)
Total earnings available for fixed charges
 
$
1,675

 
2,723

 
2,159

 
2,135

 
1,231

Estimate of interest factor on rentals
 
$
147

 
142

 
126

 
57

 
48

Interest expense, including amortization of premiums, discounts and debt issuance costs
 
1,298

 
1,319

 
1,072

 
545

 
367

Interest capitalized
 
41

 
43

 
25

 
13

 
3

Total fixed charges
 
$
1,486

 
1,504

 
1,223

 
615

 
418

Ratio of earnings to fixed charges
 
1.13

 
1.81

 
1.77

 
3.47

 
2.94