EX-12 5 a2226745zex-12.htm EX-12
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Exhibit 12

HP INC. AND SUBSIDIARIES
Statements of Computation of Ratio of Earnings to Fixed Charges(1)

 
   For the fiscal years ended October 31  
 
   2015   2014   2013   2012   2011  
 
   In millions, except ratios
  

Earnings (loss):

                                

Earnings (loss) before taxes

   $ 4,732   $ 6,557   $ 6,510   $ (11,933 ) $ 8,982  

Adjustments:

                                

Non-controlling interests in the income of subsidiaries with fixed charges          

     51     46     69     102     75  

Undistributed loss (earnings) of equity method investees

     2     (5 )   (4 )   (2 )   3  

Fixed charges

     875     1,017     1,162     1,297     1,027  
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  $ 5,660   $ 7,615   $ 7,737   $ (10,536 ) $ 10,087  
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Fixed charges:

    
 		    
 		    
 		    
 		    
 		  

Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other                        

   $ 592   $ 665   $ 769   $ 865   $ 551  

Interest included in rent

     283     352     393     432     476  
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Total fixed charges

   $ 875   $ 1,017   $ 1,162   $ 1,297   $ 1,027  
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Ratio of earnings to fixed charges (excess of fixed charges over earnings)          

     6.5x     7.5x     6.7x   $ (11,833 )   9.8x  
(1)
HP computed the ratio of earnings to fixed charges by dividing earnings (earnings (loss) before taxes, adjusted for non-controlling interests in the income of subsidiaries with fixed charges, undistributed loss (earnings) of equity method investees, and fixed charges) by fixed charges for the periods indicated. Fixed charges include (i) interest expense on borrowings, amortization of debt discount, premium on all indebtedness and other, and (ii) a reasonable approximation of the interest factor deemed to be included in rent expense.



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HP INC. AND SUBSIDIARIES Statements of Computation of Ratio of Earnings to Fixed Charges(1)