EX-12 11 txn-12312014xexhibit12.htm EXHIBIT 12 TXN - 12.31.2014 - Exhibit 12


Exhibit 12
Texas Instruments Incorporated and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars)

 
 
For Years Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income tax
 
$
3,874

 
$
2,754

 
$
1,935

 
$
2,955

 
$
4,551

Equity method investments (gains) and losses
 
(3
)
 
(6
)
 
(17
)
 
(5
)
 
(1
)
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges (from below)
 
107

 
105

 
99

 
54

 
15

Amortization of capitalized interest
 
2

 
2

 
2

 
3

 
4

Distributed income from equity investees
 
1

 
11

 
16

 
11

 
1

Total earnings
 
$
3,981

 
$
2,866

 
$
2,035

 
$
3,018

 
$
4,570

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Total gross interest on debt (expensed) (a)
 
$
103

 
$
104

 
$
104

 
$
48

 
$
—

Amortization of debt premium and debt issuance costs
 
(9
)
 
(9
)
 
(18
)
 
(6
)
 
—

Estimated interest element of rental and lease expense
 
13

 
10

 
13

 
12

 
15

Total fixed charges
 
$
107

 
$
105

 
$
99

 
$
54

 
$
15

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
37.2

 
27.3

 
20.6

 
55.9

 
304.8


(a) Capitalized interest was immaterial for 2014, 2013, 2012 and 2011.