EX-12 3 cbs_ex12-063017.htm EXHIBIT 12 Exhibit


Exhibit 12


CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
 
Six Months Ended
 
Twelve Months Ended
 
June 30,
 
December 31,
 
2017
 
2016
 
2016
2015
2014
2013
2012
Earnings from continuing operations before
income taxes and equity in loss of investee
companies
$
1,187

 
$
1,224

 
$
2,230

$
2,264

$
1,858

$
2,303

$
1,994

Add:
 
 
 
 
 
 
 
 
 
Distributions from investee companies

 
4

 
3

3

9

8

11

Interest expense, net of capitalized interest
220

 
200

 
411

392

363

375

401

1/3 of rental expense
28

 
27

 
56

58

57

55

55

Total earnings from continuing operations
$
1,435

 
$
1,455


$
2,700

$
2,717

$
2,287

$
2,741

$
2,461

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
$
220

 
$
200

 
$
411

$
392

$
363

$
375

$
401

1/3 of rental expense
28

 
27

 
56

58

57

55

55

Total fixed charges
$
248

 
$
227


$
467

$
450

$
420

$
430

$
456

Ratio of earnings to fixed charges
5.8
x
 
6.4
x

5.8
x
6.0
x
5.4
x
6.4
x
5.4
x