Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - VERIZON COMMUNICATIONS INC | a201710-k.htm |
| EX-13 - EXHIBIT 13 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit13.htm |
| EX-24 - EXHIBIT 24 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit24.htm |
| EX-23 - EXHIBIT 23 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit23.htm |
| EX-21 - EXHIBIT 21 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit21.htm |
| EX-32.1 - EXHIBIT 32.1 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit321.htm |
| EX-10.L - EXHIBIT 10.L - VERIZON COMMUNICATIONS INC | a201710-kxexhibit10l.htm |
| EX-32.2 - EXHIBIT 32.2 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit322.htm |
| EX-31.1 - EXHIBIT 31.1 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit311.htm |
| EX-10.E - EXHIBIT 10.E - VERIZON COMMUNICATIONS INC | a201710-kxexhibit10e.htm |
| EX-31.2 - EXHIBIT 31.2 - VERIZON COMMUNICATIONS INC | a201710-kxexhibit312.htm |
| EX-10.C(IV) - EXHIBIT 10.C(IV) - VERIZON COMMUNICATIONS INC | a201710-kxexhibit10civ.htm |
EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
Verizon Communications Inc. and Subsidiaries
(dollars in millions) | |||||||||||||||||||
Years Ended December 31, | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 20,594 | $ | 20,986 | $ | 28,240 | $ | 15,270 | $ | 29,277 | |||||||||
Equity in losses (earnings) of unconsolidated businesses | 77 | 98 | 86 | (1,780 | ) | (142 | ) | ||||||||||||
Dividends from unconsolidated businesses | 40 | 40 | 41 | 37 | 40 | ||||||||||||||
Interest expense (1) | 4,733 | 4,376 | 4,920 | 4,915 | 2,667 | ||||||||||||||
Portion of rent expense representing interest | 1,250 | 1,201 | 1,051 | 912 | 851 | ||||||||||||||
Amortization of capitalized interest | 187 | 187 | 191 | 191 | 177 | ||||||||||||||
Earnings, as adjusted | $ | 26,881 | $ | 26,888 | $ | 34,529 | $ | 19,545 | $ | 32,870 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense (1) | $ | 4,733 | $ | 4,376 | $ | 4,920 | $ | 4,915 | $ | 2,667 | |||||||||
Portion of rent expense representing interest | 1,250 | 1,201 | 1,051 | 912 | 851 | ||||||||||||||
Capitalized interest | 678 | 704 | 584 | 376 | 754 | ||||||||||||||
Fixed charges | $ | 6,661 | $ | 6,281 | $ | 6,555 | $ | 6,203 | $ | 4,272 | |||||||||
Ratio of earnings to fixed charges | 4.04 | 4.28 | 5.27 | 3.15 | 7.69 | ||||||||||||||
(1) We classify interest expense recognized on uncertain tax positions as income tax expense and therefore such interest expense is not included in the Ratio of Earnings to Fixed Charges. | |||||||||||||||||||