Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - INTERNATIONAL PAPER CO /NEW/ | Financial_Report.xls |
| EX-32 - EXHIBIT 32 - INTERNATIONAL PAPER CO /NEW/ | ip-20140930exhibit32certif.htm |
| EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL PAPER CO /NEW/ | ip-20140930exhibit312certi.htm |
| EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL PAPER CO /NEW/ | ip-20140930exhibit311certi.htm |
| EX-11 - EXHIBIT 11 - INTERNATIONAL PAPER CO /NEW/ | ip-20140930exhibit11statem.htm |
| EX-10.1 - EXHIBIT 10.1 - INTERNATIONAL PAPER CO /NEW/ | ip20140930exhibit101revolver.htm |
| 10-Q - 10-Q - INTERNATIONAL PAPER CO /NEW/ | ip-9302014xform10xq.htm |
Exhibit 12
INTERNATIONAL PAPER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in millions)
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
TITLE | 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | |||||||||||||||||||||||
(A) | Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 1,132.0 | $ | 719.0 | $ | 1,395.0 | $ | 967.0 | $ | 1,228.0 | $ | 989.0 | $ | 565.0 | |||||||||||||||
(B) | Noncontrolling interests, net of taxes | (18.0 | ) | (21.0 | ) | (14.0 | ) | (5.0 | ) | 17.0 | 11.0 | 13.0 | ||||||||||||||||||
(C) | Fixed charges excluding capitalized interest | 757.7 | 700.4 | 661.8 | 782.0 | 705.5 | 556.5 | 532.0 | ||||||||||||||||||||||
(D) | Amortization of previously capitalized interest | 31.3 | 30.4 | 29.2 | 24.2 | 24.7 | 18.4 | 19.0 | ||||||||||||||||||||||
(F) | Distributed income of equity investees | 51.0 | 33.0 | 85.6 | — | — | — | 56.1 | ||||||||||||||||||||||
(G) | Earnings (loss) from continuing operations before income taxes and fixed charges | $ | 1,954.0 | $ | 1,461.8 | $ | 2,157.6 | $ | 1,768.2 | $ | 1,975.2 | $ | 1,574.9 | $ | 1,185.1 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||
(H) | Interest and amortization of debt expense | $ | 702.3 | $ | 643.4 | $ | 602.0 | $ | 714.7 | $ | 648.3 | $ | 505.1 | $ | 484.3 | |||||||||||||||
(I) | Interest factor attributable to rentals | 49.1 | 51.5 | 54.4 | 61.6 | 56.1 | 50.3 | 47.7 | ||||||||||||||||||||||
(J) | Preferred dividends of subsidiaries | 6.3 | 5.5 | 5.4 | 5.7 | 1.1 | 1.1 | — | ||||||||||||||||||||||
(K) | Capitalized interest | 12.1 | 14.0 | 21.6 | 36.6 | 17.0 | 12.1 | 16.8 | ||||||||||||||||||||||
(L) | Total fixed charges | $ | 769.8 | $ | 714.4 | $ | 683.4 | $ | 818.6 | $ | 722.5 | $ | 568.6 | $ | 548.8 | |||||||||||||||
(M) | Ratio of earnings to fixed charges | 2.54 | 2.05 | 3.16 | 2.16 | 2.73 | 2.77 | 2.16 | ||||||||||||||||||||||
NOTE: Dividends on International Paper's preferred stock are insignificant. As a result, for all periods presented, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges.