EX-12.1 4 a2233427zex-12_1.htm EX-12.1

Exhibit 12.1

 

Statement of Computation of Ratio of Earnings to Fixed Charges

 

 

 

Year ended December 31

 

Six
months
ended
June 30,

 

(in million, except ratios)

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,738

 

2,750

 

2,783

 

3,151

 

3,462

 

1,802

 

Amortization of debt issue costs and discount or premium relating to indebtedness

 

—

 

—

 

—

 

—

 

—

 

—

 

Preferred stock dividend requirements of subsidiaries

 

154

 

177

 

193

 

140

 

119

 

83

 

Interest portion of rental expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

2,892

 

2,927

 

2,976

 

3,291

 

3,581

 

1,885

 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

3,274

 

4,689

 

6,532

 

4,865

 

2,993

 

1720

 

Dividend income of equity investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Add: Fixed charges

 

2,892

 

2,927

 

2,976

 

3,291

 

3,581

 

1,885

 

Less: Preferred stock dividend requirements of subsidiaries

 

(154

)

(177

)

(193

)

(140

)

(119

)

(83

)

Less: Capitalized interest

 

(238

)

(197

)

(204

)

(331

)

(229

)

(94

)

Total earnings available for fixed charges

 

5,774

 

7,242

 

9,111

 

7,685

 

6,226

 

3,428

 

Ratio of earnings to fixed charges

 

2.0

x

2.5

x

3.1

x

2.3

x

1.7

x

1.8

x