EX-12 2 ex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

                                       
EXHIBIT 12
AT&T INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions
 
     
Three Months Ended
    
     
March 31,
  
Year Ended December 31,
     
(Unaudited)
    
     
2018
  
2017
  
2017
  
2016
  
2015
  
2014
    
2013
Earnings:
                                          
 
Income from continuing operations before income taxes
$
6,141
  
$
5,378
  
$
15,139
  
$
19,812
  
$
20,692
  
$
10,355
  
$
28,050
 
Equity in net (income) loss of affiliates included above
  
(9)
    
173
    
128
    
(98)
    
(79)
    
(175)
    
(642)
 
Fixed charges
  
2,334
    
1,906
    
8,854
    
7,296
    
6,592
    
5,295
    
5,452
 
Distributed income of equity affiliates
  
7
    
8
    
46
    
61
    
30
    
148
    
318
 
Interest capitalized
  
(161)
    
(231)
    
(903)
    
(892)
    
(797)
    
(234)
    
(284)
                                             
   
Earnings, as adjusted
$
8,312
  
$
7,234
  
$
23,264
  
$
26,179
  
$
26,438
  
$
15,389
  
$
32,894
                                             
Fixed Charges:
                                        
 
Interest expense
$
1,771
  
$
1,293
  
$
6,300
  
$
4,910
  
$
4,120
  
$
3,613
  
$
3,940
 
Interest capitalized
  
161
    
231
    
903
    
892
    
797
    
234
    
284
 
Portion of rental expense representative of interest factor
  
402
    
382
    
1,651
    
1,494
    
1,675
    
1,448
    
1,228
                                           
   
Fixed Charges
$
2,334
  
$
1,906
  
$
8,854
  
$
7,296
  
$
6,592
  
$
5,295
  
$
5,452
                                             
 
Ratio of Earnings to Fixed Charges
  
3.56
    
3.80
    
2.63
    
3.59
    
4.01
    
2.91
    
6.03