Attached files
file | filename |
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10-Q - 10-Q - INTERNATIONAL PAPER CO /NEW/ | ip-6302014xform10xq.htm |
EXCEL - IDEA: XBRL DOCUMENT - INTERNATIONAL PAPER CO /NEW/ | Financial_Report.xls |
EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL PAPER CO /NEW/ | ip-20140630exhibit312certi.htm |
EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL PAPER CO /NEW/ | ip-20140630exhibit311certi.htm |
EX-32 - EXHIBIT 32 - INTERNATIONAL PAPER CO /NEW/ | ip-20140630exhibit32certif.htm |
EX-11 - EXHIBIT 11 - INTERNATIONAL PAPER CO /NEW/ | ip-20140630exhibit11statem.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 | 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | |||||||||||||||||||||||
(A) | Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 1,199.0 | $ | 822.0 | $ | 1,458.0 | $ | 1,024.0 | $ | 849.0 | $ | 593.0 | $ | 1.0 | |||||||||||||||
(B) | Noncontrolling interests, net of taxes | (18.0 | ) | (21.0 | ) | (14.0 | ) | (5.0 | ) | 17.0 | 5.0 | 7.0 | ||||||||||||||||||
(C) | Fixed charges excluding capitalized interest | 780.6 | 718.8 | 680.7 | 797.4 | 721.1 | 394.5 | 369.0 | ||||||||||||||||||||||
(D) | Amortization of previously capitalized interest | 31.3 | 30.4 | 29.2 | 24.2 | 24.7 | 12.0 | 13.1 | ||||||||||||||||||||||
(F) | Distributed income of equity investees | 51.0 | 33.0 | 85.6 | — | — | — | — | ||||||||||||||||||||||
(G) | Earnings (loss) from continuing operations before income taxes and fixed charges | $ | 2,043.9 | $ | 1,583.2 | $ | 2,239.5 | $ | 1,840.6 | $ | 1,611.8 | $ | 1,004.5 | $ | 390.1 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||
(H) | Interest and amortization of debt expense | $ | 702.3 | $ | 643.4 | $ | 602.0 | $ | 714.7 | $ | 648.3 | $ | 350.5 | $ | 326.7 | |||||||||||||||
(I) | Interest factor attributable to rentals | 72.0 | 69.9 | 73.3 | 77.0 | 71.7 | 42.9 | 42.3 | ||||||||||||||||||||||
(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 | 7.9 | 11.6 | ||||||||||||||||||||||
(L) | Total fixed charges | $ | 792.7 | $ | 732.8 | $ | 702.3 | $ | 834.0 | $ | 738.1 | $ | 402.4 | $ | 380.6 | |||||||||||||||
(M) | Ratio of earnings to fixed charges | 2.58 | 2.16 | 3.19 | 2.21 | 2.18 | 2.50 | 1.02 |
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.