Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL PAPER CO /NEW/ | ip-20160331exhibit312certi.htm |
| EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL PAPER CO /NEW/ | ip-20160331exhibit311certi.htm |
| EX-32 - EXHIBIT 32 - INTERNATIONAL PAPER CO /NEW/ | ip-20160331exhibit32certif.htm |
| EX-11 - EXHIBIT 11 - INTERNATIONAL PAPER CO /NEW/ | ip-20160331exhibit11statem.htm |
| 10-Q - 10-Q - INTERNATIONAL PAPER CO /NEW/ | ip-3312016xform10xq.htm |
Exhibit 12
INTERNATIONAL PAPER COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in millions)
Three Months Ended March 31, | ||||||||||||||||||||||||||||||
TITLE | 2011 | 2012 | 2013 | 2014 | 2015 | 2015 | 2016 | |||||||||||||||||||||||
(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 | $ | 406.0 | $ | 317.0 | |||||||||||||||
(B) | Noncontrolling interests, net of taxes | (14.0 | ) | (5.0 | ) | 17.0 | 19.0 | 21.0 | 2.0 | — | ||||||||||||||||||||
(C) | Fixed charges excluding capitalized interest | 661.8 | 782.0 | 705.5 | 694.2 | 700.2 | 177.0 | 175.1 | ||||||||||||||||||||||
(D) | Amortization of previously capitalized interest | 29.2 | 24.2 | 24.7 | 23.9 | 20.7 | 5.0 | 4.5 | ||||||||||||||||||||||
(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 | $ | 590.0 | $ | 496.6 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||
(G) | Interest and amortization of debt expense | $ | 602.0 | $ | 714.7 | $ | 648.3 | $ | 642.9 | $ | 643.5 | $ | 159.2 | $ | 160.7 | |||||||||||||||
(H) | Interest factor attributable to rentals | 54.4 | 61.6 | 56.1 | 51.3 | 56.7 | 17.8 | 14.4 | ||||||||||||||||||||||
(I) | Preferred dividends of subsidiaries | 5.4 | 5.7 | 1.1 | — | — | — | — | ||||||||||||||||||||||
(J) | Capitalized interest | 21.6 | 36.6 | 17.0 | 23.2 | 24.8 | 7.1 | 7.3 | ||||||||||||||||||||||
(K) | Total fixed charges | $ | 683.4 | $ | 818.6 | $ | 722.5 | $ | 717.4 | $ | 725.0 | $ | 184.1 | $ | 182.4 | |||||||||||||||
(L) | Ratio of earnings to fixed charges | 3.16 | 2.16 | 2.73 | 2.32 | 2.82 | 3.20 | 2.72 | ||||||||||||||||||||||
(M) | Deficiency in earnings necessary to cover fixed charges | |||||||||||||||||||||||||||||
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.