EXHIBIT 12
Baxter International Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(unaudited — in millions, except ratios)
| Years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
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| Income from continuing operations before income taxes |
$ | 428 | $ | 490 | $ | 375 | $ | 703 | $ | 520 | ||||||||||
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| Fixed charges |
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| Interest costs(1) |
197 | 237 | 225 | 165 | 132 | |||||||||||||||
| Estimated interest in rentals(2) |
61 | 83 | 71 | 67 | 68 | |||||||||||||||
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| Fixed charges as defined |
258 | 320 | 296 | 232 | 200 | |||||||||||||||
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| Adjustments to income from continuing operations |
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| Interest costs capitalized |
(51 | ) | (70 | ) | (70 | ) | (52 | ) | (40 | ) | ||||||||||
| Net (gains) losses of less than majority-owned affiliates, net of dividends |
(1 | ) | (83 | ) | (24 | ) | 1 | 4 | ||||||||||||
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| Income from continuing operations as adjusted |
$ | 634 | $ | 657 | $ | 577 | $ | 884 | $ | 684 | ||||||||||
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| Ratio of earnings from continuing operations to fixed charges |
2.46 | 2.05 | 1.95 | 3.81 | 3.42 | |||||||||||||||
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| (1) | Excludes interest on uncertain tax positions. |
| (2) | Represents the estimated interest portion of rents. |