Exhibit 12
Texas Instruments Incorporated and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars)
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For Years Ended December 31, |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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Earnings: |
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Income before income tax |
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$ |
4,216 |
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$ |
3,874 |
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$ |
2,754 |
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$ |
1,935 |
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$ |
2,955 |
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Equity method investments (gains) and losses |
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(4 |
) |
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(3 |
) |
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(6 |
) |
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(17 |
) |
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(5 |
) |
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Add: |
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Fixed charges (from below) |
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100 |
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107 |
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105 |
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99 |
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54 |
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Amortization of capitalized interest |
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1 |
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2 |
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2 |
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2 |
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3 |
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Distributed income from equity investees |
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3 |
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1 |
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11 |
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16 |
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11 |
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Subtract: |
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Capitalized interest |
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1 |
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— |
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— |
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— |
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— |
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Total earnings |
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$ |
4,315 |
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$ |
3,981 |
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$ |
2,866 |
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$ |
2,035 |
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$ |
3,018 |
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Fixed Charges: |
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Total gross interest on debt (expensed) |
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$ |
96 |
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$ |
103 |
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$ |
104 |
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$ |
104 |
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$ |
48 |
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Capitalized interest |
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1 |
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— |
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— |
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— |
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— |
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Amortization of debt premium and debt issuance costs |
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(6 |
) |
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(9 |
) |
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(9 |
) |
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(18 |
) |
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(6 |
) |
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Estimated interest element of rental and lease expense |
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9 |
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13 |
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10 |
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13 |
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12 |
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Total fixed charges |
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$ |
100 |
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$ |
107 |
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$ |
105 |
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$ |
99 |
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$ |
54 |
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Ratio of earnings to fixed charges |
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43.2 |
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37.2 |
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27.3 |
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20.6 |
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55.9 |
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