EX-12.1 12 a2230755zex-12_1.htm EX-12.1

Exhibit 12.1

 

Statement Regarding

Computation of Ratios of Earnings to

Fixed Charges and Preferred Stock Dividends

 

 

 

Year Ended December 31,

 

(US$ in millions except ratios)

 

2016

 

2015

 

2014

 

2013

 

2012

 

Earnings (1)

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income before noncontrolling interests and income (loss) from discontinued operations, net of tax

 

$

996

 

$

1,051

 

$

734

 

$

1,014

 

$

372

 

plus: Fixed charges

 

354

 

386

 

491

 

516

 

404

 

Amortization of capitalized interest

 

23

 

22

 

22

 

21

 

21

 

Distributed income of equity investees

 

24

 

8

 

3

 

2

 

1

 

less: Capitalized interest

 

(9

)

(7

)

(6

)

(4

)

(13

)

Preferred stock dividends and other obligations

 

(36

)

(53

)

(48

)

(76

)

(34

)

Earnings:

 

$

1,352

 

$

1,407

 

$

1,196

 

$

1,473

 

$

751

 

Fixed charges (1)

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

9

 

$

7

 

$

6

 

$

4

 

$

13

 

Expensed interest

 

234

 

258

 

347

 

363

 

294

 

plus: Amortized premiums, discounts and capitalized debt expenditures

 

8

 

10

 

12

 

13

 

12

 

Estimate of interest within rental expense

 

67

 

58

 

78

 

60

 

51

 

Preferred stock dividends and other obligations

 

36

 

53

 

48

 

76

 

34

 

Fixed charges:

 

$

354

 

$

386

 

$

491

 

$

516

 

$

404

 

Ratio of Earnings/Fixed charges

 

3.82

 

3.65

 

2.44

 

2.86

 

1.86

 

 

(1)   For the purpose of determining the Ratio of Earnings to Fixed Charges and Preferred Stock Dividends, earnings are defined as pretax income before noncontrolling interests and income (loss) from discontinued operations, net of tax in consolidated subsidiaries plus fixed charges and amortization of capitalized interest less capitalized interest and preferred stock dividend and other obligations requirements. Fixed charges consist of interest expense (capitalized and expensed), amortization of deferred debt issuance costs, portion of rental expense that is representative of the interest factor and preferred stock dividend and other obligations requirements of the registrant and consolidated subsidiaries.

 

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