EX-12 2 mcd-3312016xex12.htm COMPUTATION OF RATIOS

Exhibit 12. Computation of Ratios |  |  |  |  |  |  |  |  |  |  |  |  |
Ratio of Earnings to Fixed Charges |  |  |  |  |  |  |  |  |  |  |  |  |
Dollars in millions |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months |  |  |  |  |  |  |  |  |  |
| Ended March 31, |  | Years Ended December 31,
| 2016 |  | 2015 |  | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings available for fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |
- Income before provision for income taxes | $ | 1,576.4 |  |  | $ | 1,254.1 |  |  | $ | 6,555.7 |  |  | $ | 7,372.0 |  |  | $ | 8,204.5 |  |  | $ | 8,079.0 |  |  | $ | 8,012.2 |
- Noncontrolling interest expense in operating results of majority-owned subsidiaries less equity in undistributed operating results of less than 50%-owned affiliates | 3.9 |  |  | 0.4 |  |  | 7.3 |  |  | 6.3 |  |  | 9.0 |  |  | 11.1 |  |  | 13.3 |
- Income tax provision (benefit) of 50%-owned affiliates included in income from continuing operations before provision for income taxes | (0.1 | ) |  | 4.2 |  |  | 3.7 |  |  | (0.1 | ) |  | 23.8 |  |  | 64.0 |  |  | 65.5 |
- Portion of rent charges (after reduction for rental income from subleased properties) considered to be representative of interest factors* | 87.3 |  |  | 87.7 |  |  | 365.1 |  |  | 374.6 |  |  | 374.6 |  |  | 358.1 |  |  | 339.4 |
- Interest expense, amortization of debt discount and issuance costs, and depreciation of capitalized interest* | 226.1 |  |  | 153.9 |  |  | 660.4 |  |  | 596.1 |  |  | 548.9 |  |  | 550.1 |  |  | 520.5 |
| $ | 1,893.6 |  |  | $ | 1,500.3 |  |  | $ | 7,592.2 |  |  | $ | 8,348.9 |  |  | $ | 9,160.8 |  |  | $ | 9,062.3 |  |  | $ | 8,950.9 |
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Portion of rent charges (after reduction for rental income from subleased properties) considered to be representative of interest factors* | $ | 87.3 |  |  | $ | 87.7 |  |  | $ | 365.1 |  |  | $ | 374.6 |  |  | $ | 374.6 |  |  | $ | 358.1 |  |  | $ | 339.4 |
- Interest expense, amortization of debt discount and issuance costs* | 221.9 |  |  | 149.7 |  |  | 643.7 |  |  | 579.8 |  |  | 532.1 |  |  | 532.8 |  |  | 503.0 |
- Capitalized interest* | 1.6 |  |  | 2.6 |  |  | 9.4 |  |  | 14.8 |  |  | 15.6 |  |  | 16.1 |  |  | 14.0 |
| $ | 310.8 |  |  | $ | 240.0 |  |  | $ | 1,018.2 |  |  | $ | 969.2 |  |  | $ | 922.3 |  |  | $ | 907.0 |  |  | $ | 856.4 |
Ratio of earnings to fixed charges | 6.09 |  |  | 6.25 |  |  | 7.46 |  |  | 8.61 |  |  | 9.93 |  |  | 9.99 |  |  | 10.45 |

* | Includes amounts of the Company and its majority-owned subsidiaries, and one-half of the amounts of 50%-owned affiliates. The Company records interest expense on unrecognized tax benefits in the provision for income taxes. This interest is not included in the computation of fixed charges.