EX-12.1 6 exhibit1212013.htm EXHIBIT 12.1 Exhibit 12.1 2013
Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
(millions except ratios)
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests
$
499

 
$
(337
)
 
$
239

 
$
587

 
$
516

Add back fixed charges:
 
 
 
 
 
 
 
 
 
Total fixed charges
168

 
169

 
197

 
208

 
224

Dividends from associates
3

 
3

 
7

 
5

 
12

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest

 

 

 

 

Income (loss) as adjusted
$
670

 
$
(165
)
 
$
443

 
$
800

 
$
752

 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense
$
126

 
$
128

 
$
156

 
$
166

 
$
174

Portions of rents representative of interest factor
42

 
41

 
41

 
42

 
50

Total fixed charges
$
168

 
$
169

 
$
197

 
$
208

 
$
224

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.0

 
(1.0
)
 
2.2

 
3.8

 
3.4



COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 
Year ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
(millions except ratios)
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests
$
499

 
$
(337
)
 
$
239

 
$
587

 
$
516

Add back fixed charges:
 
 
 
 
 
 
 
 
 
Total fixed charges
168

 
169

 
197

 
208

 
224

Dividends from associates
3

 
3

 
7

 
5

 
12

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest

 

 

 

 

Income (loss) as adjusted
$
670

 
$
(165
)
 
$
443

 
$
800

 
$
752

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
 
 
 
 
 
 
 
 
 
Interest expense
$
126

 
$
128

 
$
156

 
$
166

 
$
174

Portions of rents representative of interest factor
42

 
$
41

 
$
41

 
$
42

 
$
50

Total fixed charges
168

 
$
169

 
$
197

 
$
208

 
$
224

Preferred stock dividends

 
$

 
$

 
$

 
$

Total fixed charges and preferred stock dividends
$
168

 
$
169

 
$
197

 
$
208

 
$
224

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
4.0

 
(1.0
)
 
2.2

 
3.8

 
3.4