Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - IBM CREDIT LLC | ibmc-20180930ex3224b16ab.htm |
| EX-32.1 - EX-32.1 - IBM CREDIT LLC | ibmc-20180930ex321310bad.htm |
| EX-31.2 - EX-31.2 - IBM CREDIT LLC | ibmc-20180930ex312353a32.htm |
| EX-31.1 - EX-31.1 - IBM CREDIT LLC | ibmc-20180930ex3110e056f.htm |
| 10-Q - 10-Q - IBM CREDIT LLC | ibmc-20180930x10q.htm |
EXHIBIT 12
COMPUTATION OF RATIO OF INCOME
TO FIXED CHARGES
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)
|
(Dollars in millions) |
|
2018 |
|
2017 |
||
|
Income before income taxes (1) |
|
$ |
522 |
|
$ |
488 |
|
|
|
|
|
|
|
|
|
Add: fixed charges, excluding capitalized interest |
|
|
362 |
|
|
267 |
|
|
|
|
|
|
|
|
|
Income as adjusted before income taxes |
|
$ |
884 |
|
$ |
754 |
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
Interest expense |
|
$ |
362 |
|
$ |
267 |
|
Portion of rental expense representative of interest (2) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Total fixed charges |
|
$ |
362 |
|
$ |
267 |
|
|
|
|
|
|
|
|
|
Ratio of income to fixed charges |
|
|
2.44 |
|
|
2.83 |
(1)Income before income taxes excludes (a) amortization of capitalized interest, and (b) the company’s share in the income and losses of less-than-fifty percent-owned affiliates.
(2)The company is globally located and conducts business primarily from parent-leased and parent-owned facilities for which it is charged occupancy charges. These costs may not be indicative of the expenses that IBM Credit will incur in the future, or would have incurred if the company had obtained these services from a third party. The amounts charged to the company by IBM in the periods presented were not material.