HP 2015 Annual Report Download - page 219
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Exhibit 12
HP INC. AND SUBSIDIARIES
Statements of Computation of Ratio of Earnings to Fixed Charges(1)
For the fiscal years ended October 31
2015 2014 2013 2012 2011
In millions, except ratios
Earnings (loss):
Earnings (loss) before taxes $ 4,732 $ 6,557 $ 6,510 $ (11,933) $ 8,982
Adjustments:
Non-controlling interests in the income of subsidiaries with
fixed charges 51 46 69 102 75
Undistributed loss (earnings) of equity method investees 2 (5) (4) (2) 3
Fixed charges 875 1,017 1,162 1,297 1,027
$ 5,660 $ 7,615 $ 7,737 $ (10,536) $ 10,087
Fixed charges:
Total interest expense, including interest expense on
borrowings, amortization of debt discount and premium on all
indebtedness and other $ 592 $ 665 $ 769 $ 865 $ 551
Interest included in rent 283 352 393 432 476
Total fixed charges $ 875 $ 1,017 $ 1,162 $ 1,297 $ 1,027
Ratio of earnings to fixed charges (excess of fixed charges
over earnings) 6.5x 7.5x 6.7x $ (11,833) 9.8x
(1) HP computed the ratio of earnings to fixed charges by dividing earnings (earnings (loss) before taxes, adjusted for non-controlling
interests in the income of subsidiaries with fixed charges, undistributed loss (earnings) of equity method investees, and fixed charges)
by fixed charges for the periods indicated. Fixed charges include (i) interest expense on borrowings, amortization of debt discount,
premium on all indebtedness and other, and (ii) a reasonable approximation of the interest factor deemed to be included in rent
expense.
Source: HP INC, 10-K, December 16, 2015 Powered by Morningstar® Document Research℠
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