EX-12 6 f12312016exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12


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

 
2012
 
2013
 
2014
 
2015
 
2016
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
2,005

 
$
14,371

 
$
1,234

 
$
10,252

 
$
6,796

Add/(Deduct):
 
 
 
 
 
 
 
 
 
Equity in net income of affiliated companies
(588
)
 
(1,069
)
 
(1,275
)
 
(1,818
)
 
(1,780
)
Dividends from affiliated companies
593

 
529

 
1,463

 
1,485

 
1,613

Fixed charges excluding capitalized interest
3,998

 
3,861

 
3,671

 
3,380

 
3,860

Amortization of capitalized interest
44

 
41

 
39

 
38

 
37

Earnings
$
6,052

 
$
17,733

 
$
5,132

 
$
13,337

 
$
10,526

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
3,828

 
$
3,689

 
$
3,496

 
$
3,227

 
$
3,702

Interest portion of rental expense (a)
170

 
172

 
175

 
153

 
158

Capitalized interest
4

 
18

 
21

 
20

 
27

Total fixed charges
$
4,002

 
$
3,879

 
$
3,692

 
$
3,400

 
$
3,887

 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.5

 
4.6

 
1.4

 
3.9

 
2.7

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