Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - INTERNATIONAL PAPER CO /NEW/ | ip-20170630exhibit32certif.htm |
| EX-31.2 - EXHIBIT 31.2 - INTERNATIONAL PAPER CO /NEW/ | ip-20170630exhibit312certi.htm |
| EX-31.1 - EXHIBIT 31.1 - INTERNATIONAL PAPER CO /NEW/ | ip-20170630exhibit311certi.htm |
| EX-11 - EXHIBIT 11 - INTERNATIONAL PAPER CO /NEW/ | ip-20170630exhibit11statem.htm |
| EX-10.1 - EXHIBIT 10.1 - INTERNATIONAL PAPER CO /NEW/ | ip-20170630exhibit101.htm |
| 10-Q - 10-Q - INTERNATIONAL PAPER CO /NEW/ | ip-6302017xform10xq.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 | 2012 | 2013 | 2014 | 2015 | 2016 | 2016 | 2017 | ||||||||||||||||||||||
(A) | Earnings (loss) from continuing operations before income taxes and equity earnings | $ | 967.0 | $ | 1,228.0 | $ | 872.0 | $ | 1,266.0 | $ | 956.0 | $ | 303.0 | $ | 215.0 | ||||||||||||||
(B) | Noncontrolling interests, net of taxes | (5.0 | ) | 17.0 | 19.0 | 21.0 | 2.0 | — | — | ||||||||||||||||||||
(C) | Fixed charges excluding capitalized interest | 782.0 | 705.5 | 694.2 | 700.2 | 748.2 | 360.1 | 413.4 | |||||||||||||||||||||
(D) | Amortization of previously capitalized interest | 24.2 | 24.7 | 23.9 | 20.7 | 19.5 | 9.4 | 8.4 | |||||||||||||||||||||
(E) | Distributed income of equity investees | — | — | 56.1 | 35.0 | 59.7 | 58.0 | 129.9 | |||||||||||||||||||||
(F) | Earnings (loss) from continuing operations before income taxes and fixed charges | $ | 1,768.2 | $ | 1,975.2 | $ | 1,665.2 | $ | 2,042.9 | $ | 1,785.4 | $ | 730.5 | $ | 766.7 | ||||||||||||||
Fixed Charges | |||||||||||||||||||||||||||||
(G) | Interest and amortization of debt expense | $ | 714.7 | $ | 648.3 | $ | 642.9 | $ | 643.5 | $ | 694.5 | $ | 331.5 | $ | 373.6 | ||||||||||||||
(H) | Interest factor attributable to rentals | 61.6 | 56.1 | 51.3 | 56.7 | 53.7 | 28.6 | 39.8 | |||||||||||||||||||||
(I) | Preferred dividends of subsidiaries | 5.7 | 1.1 | — | — | — | — | — | |||||||||||||||||||||
(J) | Capitalized interest | 36.6 | 17.0 | 23.2 | 24.8 | 28.2 | 14.1 | 11.8 | |||||||||||||||||||||
(K) | Total fixed charges | $ | 818.6 | $ | 722.5 | $ | 717.4 | $ | 725.0 | $ | 776.4 | $ | 374.2 | $ | 425.2 | ||||||||||||||
(L) | Ratio of earnings to fixed charges | 2.16 | 2.73 | 2.32 | 2.82 | 2.30 | 1.95 | 1.80 | |||||||||||||||||||||
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.