EX-12.1 3 ex12-1.htm EXHIBIT 12.1 - CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12-1.htm
 
 
Exhibit 12.1
 

Loews Corporation
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
 

   
Years Ended December 31,
  
   
2014
    
2013
    
2012
    
2011
    
2010
  
                               
Pretax income from continuing operations before noncontrolling interests
   $ 1,810     $ 2,277     $ 2,022     $ 2,327     $ 2,676  
Add (deduct):
                                        
Undistributed loss (income) from equity investees
     64       (380 )     (103 )     74       (184 )
Capitalized interest
     (76 )     (91 )     (55 )     (30 )     (22 )
Amortization of capitalized interest
     10       9       10       8       8  
Earnings before fixed charges
     1,808       1,815       1,874       2,379       2,478  
                                         
Fixed charges:
                                        
Interest expensed
     513       442       440       522       517  
Capitalized interest
     76       91       55       30       22  
Other interest related factors
     39       37       38       38       38  
Total fixed charges
     628       570       533       590       577  
                                         
Total earnings and fixed charges
   $ 2,436     $ 2,385     $ 2,407     $ 2,969     $ 3,055  
                                         
Ratio of earnings to fixed charges
     3.9x       4.2x       4.5x       5.0x       5.3x