Attached files
Exhibit 12
INTERNATIONAL PAPER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in millions)
For the Years Ended December 31, | ||||||||||||||||||||||
TITLE | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||
(A) | Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 1,395.0 | $ | 967.0 | $ | 1,228.0 | $ | 872.0 | $ | 1,266.0 | |||||||||||
(B) | Noncontrolling interests, net of taxes | (14.0 | ) | (5.0 | ) | 17.0 | 19.0 | 21.0 | ||||||||||||||
(C) | Fixed charges excluding capitalized interest | 661.8 | 782.0 | 705.5 | 694.2 | 700.2 | ||||||||||||||||
(D) | Amortization of previously capitalized interest | 29.2 | 24.2 | 24.7 | 23.9 | 20.7 | ||||||||||||||||
(E) | Distributed income of equity investees | 85.6 | — | — | 56.1 | 35.0 | ||||||||||||||||
(F) | Earnings (loss) from continuing operations before income taxes and fixed charges | $ | 2,157.6 | $ | 1,768.2 | $ | 1,975.2 | $ | 1,665.2 | $ | 2,042.9 | |||||||||||
Fixed Charges | ||||||||||||||||||||||
(G) | Interest and amortization of debt expense | $ | 602.0 | $ | 714.7 | $ | 648.3 | $ | 642.9 | $ | 643.5 | |||||||||||
(H) | Interest factor attributable to rentals | 54.4 | 61.6 | 56.1 | 51.3 | 56.7 | ||||||||||||||||
(I) | Preferred dividends of subsidiaries | 5.4 | 5.7 | 1.1 | — | — | ||||||||||||||||
(J) | Capitalized interest | 21.6 | 36.6 | 17.0 | 23.2 | 24.8 | ||||||||||||||||
(K) | Total fixed charges | $ | 683.4 | $ | 818.6 | $ | 722.5 | $ | 717.4 | $ | 725.0 | |||||||||||
(L) | Ratio of earnings to fixed charges | 3.16 | 2.16 | 2.73 | 2.32 | 2.82 | ||||||||||||||||
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.