EX-12 9 ex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

                             
EXHIBIT 12
AT&T INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions
 
         
       
Year Ended December 31,
 
       
2017
 
2016
 
2015
 
2014
   
2013
Earnings:
                               
 
Income from continuing operations before income taxes
 
$
15,139
 
$
19,812
 
$
20,692
 
$
10,355
 
$
28,050
 
Equity in net (income) loss of affiliates included above
   
                     128
   
(98)
   
(79)
   
(175)
   
(642)
 
Fixed charges
   
8,854
   
7,296
   
6,592
   
5,295
   
5,452
 
Distributed income of equity affiliates
   
46
   
61
   
30
   
148
   
318
 
Interest capitalized
   
(903)
   
(892)
   
(797)
   
(234)
   
(284)
                                   
   
Earnings, as adjusted
 
$
23,264
 
$
26,179
 
$
26,438
 
$
15,389
 
$
32,894
                                   
Fixed Charges:
                               
 
Interest expense
 
$
6,300
 
$
4,910
 
$
4,120
 
$
3,613
 
$
3,940
 
Interest capitalized
   
903
   
892
   
797
   
234
   
284
 
Portion of rental expense representative of interest factor
   
1,651
   
1,494
   
1,675
   
1,448
   
1,228
                                 
   
Fixed Charges
 
$
8,854
 
$
7,296
 
$
6,592
 
$
5,295
 
$
5,452
                                   
 
Ratio of Earnings to Fixed Charges
   
2.63
   
3.59
   
4.01
   
2.91
   
6.03