Exhibit 12
FORD MOTOR COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Earnings | |||||||||||||||||||
Income before income taxes | $ | 4,342 | $ | 7,040 | $ | 7,638 | $ | 8,646 | $ | 7,069 | |||||||||
Add/(Deduct): | |||||||||||||||||||
Equity in net income of affiliated companies | (1,275 | ) | (1,069 | ) | (588 | ) | (500 | ) | (538 | ) | |||||||||
Dividends from affiliated companies | 1,463 | 529 | 593 | 316 | 337 | ||||||||||||||
Fixed charges excluding capitalized interest | 3,671 | 3,861 | 3,998 | 4,611 | 6,356 | ||||||||||||||
Amortization of capitalized interest | 39 | 41 | 44 | 46 | 48 | ||||||||||||||
Earnings | $ | 8,240 | $ | 10,402 | $ | 11,685 | $ | 13,119 | $ | 13,272 | |||||||||
Fixed Charges | |||||||||||||||||||
Interest expense | $ | 3,496 | $ | 3,689 | $ | 3,828 | $ | 4,431 | $ | 6,152 | |||||||||
Interest portion of rental expense (a) | 175 | 172 | 170 | 180 | 204 | ||||||||||||||
Capitalized interest | 21 | 18 | 4 | 31 | 21 | ||||||||||||||
Total fixed charges | $ | 3,692 | $ | 3,879 | $ | 4,002 | $ | 4,642 | $ | 6,377 | |||||||||
Ratios | |||||||||||||||||||
Ratio of earnings to fixed charges | 2.2 | 2.7 | 2.9 | 2.8 | 2.1 | ||||||||||||||
__________
(a) One-third of all rental expense is deemed to be interest.