EX-12 3 bax-ex12_12.htm EX-12 bax-ex12_12.htm

EXHIBIT 12

Baxter International Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(unaudited — in millions, except ratios)

 

years ended December 31

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Income from continuing operations before income taxes

 

$

1,217

 

 

$

4,954

 

 

$

428

 

 

$

490

 

 

$

375

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest costs(1)

 

 

98

 

 

 

107

 

 

 

197

 

 

 

237

 

 

 

225

 

Estimated interest in rentals(2)

 

 

51

 

 

 

58

 

 

 

70

 

 

 

83

 

 

 

71

 

Fixed charges as defined

 

 

149

 

 

 

165

 

 

 

267

 

 

 

320

 

 

 

296

 

Adjustments to income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest costs capitalized

 

 

(13

)

 

 

(18

)

 

 

(51

)

 

 

(70

)

 

 

(70

)

Net (gains) losses of less than majority-owned affiliates, net of dividends

 

 

(6

)

 

 

2

 

 

 

(1

)

 

 

(19

)

 

 

(1

)

Income from continuing operations as adjusted

 

$

1,347

 

 

$

5,103

 

 

$

643

 

 

$

721

 

 

$

600

 

Ratio of earnings from continuing operations to fixed charges

 

 

9.04

 

 

 

30.93

 

 

 

2.41

 

 

 

2.25

 

 

 

2.03

 

 

(1)

Excludes interest on uncertain tax positions.

(2)

Represents the estimated interest portion of rents.