EX-12 2 fmcc12312016ex12.htm EXHIBIT 12 Exhibit


Exhibit 12

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

 
2012
 
2013
 
2014
 
2015
 
2016
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
1,697

 
$
1,756

 
$
1,854

 
$
2,086

 
$
1,879

Add/(Deduct):
 
 
 
 
 
 
 
 
 
Equity in net income of affiliated companies
(33
)
 
(23
)
 
(29
)
 
(32
)
 
(33
)
Dividends from affiliated companies
36

 
9

 
1

 
1

 
3

Fixed charges excluding capitalized interest
3,036

 
2,739

 
2,665

 
2,425

 
2,764

Earnings
$
4,736

 
$
4,481

 
$
4,491

 
$
4,480

 
$
4,613

 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense
$
3,027

 
$
2,730

 
$
2,656

 
$
2,416

 
$
2,755

Interest portion of rental expense (a)
9

 
9

 
9

 
9

 
9

Capitalized interest
—

 
1

 
1

 
1

 
1

Total fixed charges
$
3,036

 
$
2,740

 
$
2,666

 
$
2,426

 
$
2,765

 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.6

 
1.6

 
1.7

 
1.8

 
1.7

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