EX-12 2 ctl-2016033110qex12.htm EXHIBIT 12 Exhibit


Exhibit 12
CENTURYLINK, INC.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

 
 
Three Months Ended March 31,
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(Dollars in millions)
Income before income taxes and cumulative effect of change in accounting principle
 
$
380

 
1,316

 
1,110

 
224

 
1,250

 
948

Less: income from equity investee
 
(7
)
 
(25
)
 
(22
)
 
(24
)
 
(15
)
 
(13
)
Add: estimated fixed charges
 
382

 
1,516

 
1,502

 
1,486

 
1,504

 
1,223

Add: estimated amortization of capitalized interest
 
5

 
19

 
17

 
16

 
15

 
12

Add: distributed income of equity investee
 
6

 
19

 
22

 
14

 
12

 
14

Less: interest capitalized
 
(12
)
 
(52
)
 
(47
)
 
(41
)
 
(43
)
 
(25
)
Total earnings available for fixed charges
 
$
754

 
2,793

 
2,582

 
1,675

 
2,723

 
2,159

Estimate of interest factor on rentals
 
$
39

 
152

 
144

 
147

 
142

 
126

Interest expense, including amortization of premiums, discounts and debt issuance costs
 
331

 
1,312

 
1,311

 
1,298

 
1,319

 
1,072

Interest capitalized
 
12

 
52

 
47

 
41

 
43

 
25

Total fixed charges
 
$
382

 
1,516

 
1,502

 
1,486

 
1,504

 
1,223

Ratio of earnings to fixed charges
 
1.97

 
1.84

 
1.72

 
1.13

 
1.81

 
1.77