EX-12 18 f12312017exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12


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

 
2013
 
2014
 
2015
 
2016
 
2017
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
14,371

 
$
1,234

 
$
10,252

 
$
6,796

 
$
8,148

Add/(Deduct):
 
 
 
 
 
 
 
 
 
Equity in net income of affiliated companies
(1,069
)
 
(1,275
)
 
(1,818
)
 
(1,780
)
 
(1,201
)
Dividends from affiliated companies
529

 
1,463

 
1,485

 
1,613

 
1,444

Fixed charges excluding capitalized interest
3,861

 
3,671

 
3,380

 
3,860

 
4,539

Amortization of capitalized interest
41

 
39

 
38

 
37

 
37

Earnings
$
17,733

 
$
5,132

 
$
13,337

 
$
10,526

 
$
12,967

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
3,689

 
$
3,496

 
$
3,227

 
$
3,702

 
$
4,364

Interest portion of rental expense (a)
172

 
175

 
153

 
158

 
175

Capitalized interest
18

 
21

 
20

 
27

 
35

Total fixed charges
$
3,879

 
$
3,692

 
$
3,400

 
$
3,887

 
$
4,574

 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.6

 
1.4

 
3.9

 
2.7

 
2.8

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