EX-12 5 navex1210312017.htm EXHIBIT 12 Exhibit


EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
The computation of Ratio of Earnings to Fixed Charges as shown on this Exhibit 12 is provided pursuant to Items 503(d) and 601(12) of Regulation S-K.
(in millions)
2017
 
2016
 
2015
 
2014
 
2013
Earnings (loss) from continuing operations before income taxes(A)
$
58

 
$
(38
)
 
$
(109
)
 
$
(565
)
 
$
(985
)
Less: Net income attributable to non-controlling interests
(25
)
 
(32
)
 
(33
)
 
(40
)
 
(54
)
Dividends from non-consolidated affiliates
7

 
12

 
12

 
12

 
13

Interest expense(B)
302

 
290

 
270

 
265

 
264

Debt amortization expense
49

 
37

 
37

 
49

 
57

Interest portion of rent expense(C)
16

 
17

 
19

 
20

 
24

Total earnings (loss)
$
407

 
$
286


$
196


$
(259
)

$
(681
)
 
 
 
 
 
 
 
 
 
 
Capitalized interest
$
2

 
$
3

 
$
1

 
$

 
$
5

Interest expense(B)
318

 
307

 
289

 
285

 
288

Debt amortization expense
49

 
37

 
37

 
49

 
57

Total fixed charges
$
369

 
$
347


$
327


$
334


$
350

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.10

 
0.82

 
0.60

 

 

Earnings shortfall
$

 
$
(61
)

$
(131
)

$
(593
)

$
(1,031
)
________________
(A)    Excludes equity in income (loss) of non-consolidated affiliates.
(B)
Excludes interest expense on income tax contingencies.
(C)
Represents an estimated amount of rental expense (33%) that is deemed to be representative of the interest factor.


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