EX-12.1 58 d191939dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CONSOLIDATED STATEMENT OF COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

 

     Years Ended December 31,
(Unaudited)		  
(millions, except for ratio amounts)    2016     2015     2014     2013     2012  

Earnings

           

Net Earnings (Loss) Before Income Tax

      (1,620 )      (8,010 )      4,629       (12 )      (4,831 ) 

(Income) or loss from equity investees (1)

      3       3       (4 )      (6 )      —    

Fixed charges (2)

      447       696       712       631       611  

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

      —         —         (41 )      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings (Loss)

      (1,170 )      (7,311 )      5,296       613       (4,220 ) 

Fixed Charges

           

Interest expense

      391       610       663       557       516  

Amortized premiums, discounts & capitalized expenses

      6       4       (9 )      6       6  

Estimate of interest in rental expenditures

      50       82       58       68       89  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      447       696       712       631       611  

Ratio of Earnings to Fixed Charges (2)

      (2.6 )      (10.5 )      7.4       1.0       (6.9 ) 

 

(1)  There were no distributions of income from equity investees.
(2)  The amount by which earnings were insufficient to cover fixed charges was approximately $4,831 million for the year ended December 31, 2012; $8,007 million for the year ended December 31, 2015; and $1,617 million for the year ended December 31, 2016.