EX-12.1 6 exhibit1212015.htm EXHIBIT 12.1 2015 Exhibit
Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
(millions except ratios)
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests
$
340

 
$
518

 
$
499

 
$
(337
)
 
$
239

Add back fixed charges:
 
 
 
 
 
 
 
 
 
Total fixed charges
183

 
175

 
168

 
169

 
197

Dividends from associates
4

 
3

 
3

 
3

 
7

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest

 

 

 

 

Income (loss) as adjusted
$
527

 
$
696

 
$
670

 
$
(165
)
 
$
443

 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
Interest expense
$
142

 
$
135

 
$
126

 
$
128

 
$
156

Portions of rents representative of interest factor
43

 
40

 
42

 
41

 
41

Total fixed charges
$
185

 
$
175

 
$
168

 
$
169

 
$
197

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.8

 
4.0

 
4.0

 
(1.0
)
 
2.2



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

 
Year ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
(millions except ratios)
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests
$
340

 
$
518

 
$
499

 
$
(337
)
 
$
239

Add back fixed charges:
 
 
 
 
 
 
 
 
 
Total fixed charges
183

 
175

 
168

 
169

 
197

Dividends from associates
4

 
3

 
3

 
3

 
7

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest

 

 

 

 

Income (loss) as adjusted
$
527

 
$
696

 
$
670

 
$
(165
)
 
$
443

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends
 
 
 
 
 
 
 
 
 
Interest expense
$
142

 
$
135

 
$
126

 
$
128

 
$
156

Portions of rents representative of interest factor
43

 
40

 
$
42

 
$
41

 
$
41

Total fixed charges
185

 
175

 
$
168

 
$
169

 
$
197

Preferred stock dividends

 

 
$

 
$

 
$

Total fixed charges and preferred stock dividends
$
185

 
$
175

 
$
168

 
$
169

 
$
197

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
2.8

 
4.0

 
4.0

 
(1.0
)
 
2.2