EX-12 3 cbs_ex12-123316.htm EXHIBIT 12 Exhibit

Exhibit 12


CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
 
Year Ended December 31,
 
2016
2015
2014
2013
2012
Earnings from continuing operations before income
taxes and equity in loss of investee companies
$
2,230

$
2,264

$
1,858

$
2,303

$
1,994

Add:
 
 
 
 
 
Distributions from investee companies
3

3

9

8

11

Interest expense, net of capitalized interest
411

392

363

375

401

1/3 of rental expense
56

58

57

55

55

Total earnings from continuing operations
$
2,700

$
2,717

$
2,287

$
2,741

$
2,461

 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense, net of capitalized interest
$
411

$
392

$
363

$
375

$
401

1/3 of rental expense
56

58

57

55

55

Total fixed charges
$
467

$
450

$
420

$
430

$
456

Ratio of earnings to fixed charges
5.8
x
6.0
x
5.4
x
6.4
x
5.4
x