EX-12 4 d506201dex12.htm EX-12 EX-12

Exhibit 12

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(DOLLARS IN MILLIONS)

 

    Year Ended December 31,  
            2013                     2014                     2015                     2016                     2017          

Earnings

         

Income (loss) from continuing operations before provision for income taxes

    $ 346     $ 342     $ 411     $ (1,715     $ (2,833

Income from equity investees

    (43     (48     (63     (43     (16

Distributed income from equity investees

    59     29     64     40     13  

Interest and amortization of deferred finance costs

    613     972     973     962     931  

Amortization of capitalized interest

    4     4     5     9     5  

Implicit rental interest expense

    70     108     114     112     99  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

    $ 1,049     $ 1,407     $ 1,504     $ (635     $ (1,801

Fixed Charges

         

Interest and amortization of deferred finance costs

    $ 613     $ 972     $ 973     $ 962   $ 931  

Capitalized interest

    10     10     16     9     11  

Implicit rental interest expense

    70     108     114     112     99  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

    $ 693     $ 1,090     $ 1,103     $ 1,083     $ 1,041  

Ratio of earnings to fixed charges

    1.51 x     1.29 x     1.36 x     *     *

* For the years ended December 31, 2017 and 2016, earnings were insufficient to cover fixed charges by approximately $2.8 billion and $1.7 billion, respectively.