EX-12 3 ctl20171231ex12.htm EXHIBIT 12 Exhibit
Exhibit 12

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

 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(Dollars in millions)
Income before income taxes and cumulative effect of change in accounting principle
 
$
540

 
1,020

 
1,316

 
1,110

 
224

Less: income from equity investee
 
(27
)
 
(27
)
 
(25
)
 
(22
)
 
(24
)
Add: estimated fixed charges
 
1,738

 
1,529

 
1,516

 
1,502

 
1,486

Add: estimated amortization of capitalized interest
 
23

 
21

 
19

 
17

 
16

Add: distributed income of equity investee
 
25

 
26

 
19

 
22

 
14

Less: interest capitalized
 
(78
)
 
(54
)
 
(52
)
 
(47
)
 
(41
)
Total earnings available for fixed charges
 
$
2,221

 
2,515

 
2,793

 
2,582

 
1,675

Estimate of interest factor on rentals
 
$
179

 
157

 
152

 
144

 
147

Interest expense, including amortization of premiums, discounts and debt issuance costs
 
1,481

 
1,318

 
1,312

 
1,311

 
1,298

Interest capitalized
 
78

 
54

 
52

 
47

 
41

Total fixed charges
 
$
1,738

 
1,529

 
1,516

 
1,502

 
1,486

Ratio of earnings to fixed charges
 
1.28

 
1.64

 
1.84

 
1.72

 
1.13