EX-12.1 2 d532134dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,  
     2017     2016     2015     2014     2013  
     (U.S. dollars in millions, except ratios)  

Earnings

           

Pre-tax income from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investments

      (18,379)       824       2,352       3,638       1,250  

Fixed charges, as below

      931       559       283       336       340  

Interest capitalized, less amortization of capitalized interest

      (1 )      (1 )      (2 )      (3 )      (3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      (17,449 )      1,383       2,633       3,971       1,587  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

           

Interest costs (expensed and capitalized) and amortization of issuance costs relating to long-term debentures

      864       504       242       285       301  

Rentals – one-third of rental expenses

      67       55       41       51       39  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      931       559       283       336       340  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      (18.7 )(1)      2.5       9.3       11.8       4.7  

 

(1) The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended December 31, 2017. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $18,380 million in pre-tax earnings in the fiscal year ended December 31, 2017.