EX-12 7 f12312014exhibit12.htm EXHIBIT 12 F 12.31.2014 Exhibit 12


Exhibit 12


FORD MOTOR COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)

 
2014
 
2013
 
2012
 
2011
 
2010
Earnings
 
 
 
 
 
 
 
 
 
Income before income taxes
$
4,342

 
$
7,040

 
$
7,638

 
$
8,646

 
$
7,069

Add/(Deduct):
 
 
 
 
 
 
 
 
 
Equity in net income of affiliated companies
(1,275
)
 
(1,069
)
 
(588
)
 
(500
)
 
(538
)
Dividends from affiliated companies
1,463

 
529

 
593

 
316

 
337

Fixed charges excluding capitalized interest
3,671

 
3,861

 
3,998

 
4,611

 
6,356

Amortization of capitalized interest
39

 
41

 
44

 
46

 
48

Earnings
$
8,240

 
$
10,402

 
$
11,685

 
$
13,119

 
$
13,272

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
3,496

 
$
3,689

 
$
3,828

 
$
4,431

 
$
6,152

Interest portion of rental expense (a)
175

 
172

 
170

 
180

 
204

Capitalized interest
21

 
18

 
4

 
31

 
21

Total fixed charges
$
3,692

 
$
3,879

 
$
4,002

 
$
4,642

 
$
6,377

 
 
 
 
 
 
 
 
 
 
Ratios
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.2

 
2.7

 
2.9

 
2.8

 
2.1

__________
(a) One-third of all rental expense is deemed to be interest.