Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - INTERNATIONAL PAPER CO /NEW/ | ip-20180630exhibit32certif.htm |
| EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL PAPER CO /NEW/ | ip-20180630exhibit312certi.htm |
| EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL PAPER CO /NEW/ | ip-20180630exhibit311certi.htm |
| EX-11 - EXHIBIT 11 - INTERNATIONAL PAPER CO /NEW/ | ip-20180630exhibit11statem.htm |
| 10-Q - 10-Q - INTERNATIONAL PAPER CO /NEW/ | ip-6302018xform10xq.htm |
Exhibit 12
INTERNATIONAL PAPER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in millions)
Six Months Ended June 30, | |||||||||||||||||||||||||||||
TITLE | 2013 | 2014 | 2015 | 2016 | 2017 | 2017 | 2018 | ||||||||||||||||||||||
(A) | Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 1,092.0 | $ | 734.0 | $ | 1,132.0 | $ | 795.0 | $ | 848.0 | $ | 194.0 | $ | 846.0 | ||||||||||||||
(B) | Noncontrolling interests, net of taxes | 17.0 | 19.0 | 21.0 | 2.0 | — | — | (3.0 | ) | ||||||||||||||||||||
(C) | Fixed charges excluding capitalized interest | 701.1 | 691.0 | 695.9 | 744.5 | 810.2 | 410.5 | 401.4 | |||||||||||||||||||||
(D) | Amortization of previously capitalized interest | 20.4 | 19.3 | 16.0 | 14.7 | 15.2 | 7.4 | 5.7 | |||||||||||||||||||||
(E) | Distributed income of equity investees | — | 56.1 | 35.0 | 59.7 | 136.5 | 129.9 | 122.8 | |||||||||||||||||||||
(F) | Earnings (loss) from continuing operations before income taxes and fixed charges | $ | 1,830.5 | $ | 1,519.4 | $ | 1,899.9 | $ | 1,615.9 | $ | 1,809.9 | $ | 741.8 | $ | 1,372.9 | ||||||||||||||
Fixed Charges | |||||||||||||||||||||||||||||
(G) | Interest and amortization of debt expense | $ | 648.3 | $ | 643.1 | $ | 643.5 | $ | 694.5 | $ | 757.9 | $ | 373.6 | $ | 363.1 | ||||||||||||||
(H) | Interest factor attributable to rentals | 52.8 | 47.9 | 52.4 | 50.0 | 52.3 | 36.9 | 38.3 | |||||||||||||||||||||
(I) | Preferred dividends of subsidiaries | 1.1 | — | — | — | — | — | — | |||||||||||||||||||||
(J) | Capitalized interest | 17.0 | 23.0 | 24.8 | 28.2 | 24.8 | 11.8 | 16.8 | |||||||||||||||||||||
(K) | Total fixed charges | $ | 719.2 | $ | 714.0 | $ | 720.7 | $ | 772.7 | $ | 835.0 | $ | 422.3 | $ | 418.2 | ||||||||||||||
(L) | Ratio of earnings to fixed charges | 2.55 | 2.13 | 2.64 | 2.09 | 2.17 | 1.76 | 3.28 | |||||||||||||||||||||
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.