EX-12 3 cbs_ex12-093016.htm EXHIBIT 12 Exhibit


Exhibit 12


CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
 
Nine Months Ended
 
Twelve Months Ended
 
September 30,
 
December 31,
 
2016
 
2015
 
2015
2014
2013
2012
2011
Earnings from continuing operations before
income taxes and equity in loss of investee
companies
$
2,065

 
$
1,766

 
$
2,023

$
2,164

$
2,665

$
2,357

$
1,983

Add:
 
 
 
 
 
 
 
 
 
Distributions from investee companies
5

 
2

 
3

9

8

11

6

Interest expense, net of capitalized interest
304

 
289

 
392

363

375

401

433

1/3 of rental expense
51

 
53

 
70

69

70

68

68

Total earnings from continuing operations
$
2,425

 
$
2,110


$
2,488

$
2,605

$
3,118

$
2,837

$
2,490

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
$
304

 
$
289

 
$
392

$
363

$
375

$
401

$
433

1/3 of rental expense
51

 
53

 
70

69

70

68

68

Total fixed charges
$
355

 
$
342


$
462

$
432

$
445

$
469

$
501

Ratio of earnings to fixed charges
6.8
x
 
6.2
x

5.4
x
6.0
x
7.0
x
6.0
x
5.0
x