EX-12.1 3 d920551dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES

(in millions, except ratio of earnings (loss) to fixed charges)

 

     For the Three
Months Ended
March 31, 2015
     For the Year Ended December 31,  
        2014      2013      2012     2011      2010  

Fixed charges:

                

Interest expense

   $ 65       $ 314       $ 349       $ 453      $ 488       $ 487   

Amortization of debt issue expense

     1         4         3         13        2         1   

Estimated interest portion within rental expense

     1         7         7         7        7         7   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 67       $ 325       $ 359       $ 473      $ 497       $ 495   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Earnings:

                

Income (loss) before income taxes less equity in income (loss) of investments

   $ 57       $ 449       $ 191       $ (132   $ 187       $ (2

Fixed charges

     67         325         359         473        497         495   

Less:

                
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Earnings

   $ 124       $ 774       $ 550       $ 341      $ 684       $ 493   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Ratio of earnings (loss) to fixed charges

     1.84         2.39         1.53         0.72        1.38         1.00   
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Excess (deficiency) of earnings (loss) to fixed charges

   $ 57       $ 449       $ 191       $ (132   $ 187       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

The ratio of earnings (loss) to fixed charges is computed by dividing fixed charges into income (loss) before income taxes less equity in the income (loss) of investments plus fixed charges. Fixed charges include, as applicable, interest expense, amortization of debt issuance costs, and the estimated interest component of rent expense (calculated as one-third of net rent expense). We do not have any shares of preferred stock outstanding, so our ratio of earnings (loss) to fixed charges and preferred stock dividends (or related coverage deficiency) is equal to our ratio of earnings (loss) to fixed charges (or related coverage deficiency).