EX-12 10 f12312015exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12


FORD MOTOR COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)

 
2015
 
2014
 
2013
 
2012
 
2,011
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
10,252

 
$
1,234

 
$
14,371

 
$
2,005

 
$
3,687

Add/(Deduct):
 
 
 
 
 
 
 
 
 
Equity in net income of affiliated companies
(1,818
)
 
(1,275
)
 
(1,069
)
 
(588
)
 
(500
)
Dividends from affiliated companies
1,485

 
1,463

 
529

 
593

 
316

Fixed charges excluding capitalized interest
3,380

 
3,671

 
3,861

 
3,998

 
4,611

Amortization of capitalized interest
38

 
39

 
41

 
44

 
46

Earnings
$
13,337

 
$
5,132

 
$
17,733

 
$
6,052

 
$
8,160

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
3,227

 
$
3,496

 
$
3,689

 
$
3,828

 
$
4,431

Interest portion of rental expense (a)
153

 
175

 
172

 
170

 
180

Capitalized interest
20

 
21

 
18

 
4

 
31

Total fixed charges
$
3,400

 
$
3,692

 
$
3,879

 
$
4,002

 
$
4,642

 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.9

 
1.4

 
4.6

 
1.5

 
1.8

__________
(a) One-third of all rental expense is deemed to be interest.