HP INC - FORM 10-Q - EX-12 - September 8, 2014

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Exhibit 12


HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Statements of Computation of Ratio of Earnings to Fixed Charges(1)

 
    
   Fiscal years ended October 31  
 
   Nine months
ended
July 31, 2014 		 
 
   2013   2012   2011   2010   2009  
 
   In millions, except ratios
  

Earnings (loss):

                                      

Earnings (loss) before taxes

   $ 4,795   $ 6,510   $ (11,933 ) $ 8,982   $ 10,974   $ 9,415  

Adjustments:

                                      

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

     33     69     102     75     108     74  

Undistributed (earnings) loss of equity method investees

     (4 )   (4 )   (2 )   3     12     2  

Fixed charges

     756     1,162     1,297     1,027     868     1,098  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

  $ 5,580   $ 7,737   $ (10,536 ) $ 10,087   $ 11,962   $ 10,589  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Fixed charges:

                                      

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

   $ 489   $ 769   $ 865   $ 551   $ 417   $ 585  

Interest included in rent

     267     393     432     476     451     513  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 756   $ 1,162   $ 1,297   $ 1,027   $ 868   $ 1,098  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Ratio of earnings to fixed charges (excess of fixed charges over earnings)

     7.4x     6.7x   $ (11,833 )   9.8x     13.8x     9.6x  
(1)
HP computed the ratio of earnings to fixed charges by dividing earnings (earnings before taxes, adjusted for fixed charges, non-controlling interests in the income of subsidiaries with fixed charges and undistributed earnings or loss of equity method investees) by fixed charges for the periods indicated. Fixed charges include (i) interest expense on borrowings and amortization of debt discount or 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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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES Statements of Computation of Ratio of Earnings to Fixed Charges(1)

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