Ford 2014 Annual Report Download - page 185

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Exhibit 12
FORD MOTOR COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
2014 2013 2012 2011 2010
Earnings
Income before income taxes $ 4,342 $7,040 $7,638 $8,646 $ 7,069
Add/(Deduct):
Equity in net income of affiliated companies (1,275) (1,069) (588)(500) (538)
Dividends from affiliated companies 1,463 529 593 316 337
Fixed charges excluding capitalized interest 3,671 3,861 3,998 4,611 6,356
Amortization of capitalized interest 39 41 44 46 48
Earnings $ 8,240 $10,402 $11,685 $13,119 $ 13,272
Fixed Charges
Interest expense $ 3,496 $3,689 $3,828 $4,431 $ 6,152
Interest portion of rental expense (a) 175 172 170 180 204
Capitalized interest 21 18 431 21
Total fixed charges $ 3,692 $3,879 $4,002 $4,642 $ 6,377
Ratios
Ratio of earnings to fixed charges 2.2 2.7 2.9 2.8 2.1
__________
(a) One-third of all rental expense is deemed to be interest.