EX-12 2 d213870dex12.htm EX-12 EX-12

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  

 

  

Income from continuing operations before income taxes

    $ 428      $ 490      $ 375      $ 703      $ 520   

 

  

Fixed charges

           

Interest costs(1)

      197        237        225        165        132   

Estimated interest in rentals(2)

      61        83        71        67        68   

 

  

Fixed charges as defined

      258        320        296        232        200   

 

  

Adjustments to income from continuing operations

           

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   

 

  

Income from continuing operations as adjusted

    $ 634      $ 657      $ 577      $ 884      $ 684   

 

  

Ratio of earnings from continuing operations to fixed charges

      2.46        2.05        1.95        3.81        3.42   

 

  

 

(1) Excludes interest on uncertain tax positions.

 

(2) Represents the estimated interest portion of rents.