EX-12.1 18 d538247dex121.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)            2017              2016             2015             2014             2013  
Earnings            

Net Earnings (Loss) Before Income Tax

      1,430        (1,620 )      (8,010 )      4,629       (12 ) 

(Income) or loss from equity investees (1)

      -        3       3       (4 )      (6 ) 

Fixed charges (2)

      406        447       696       712       631  

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

      -        -       -       (41 )      -  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings (Loss)

      1,836        (1,170 )      (7,311 )      5,296       613  
Fixed Charges            

Interest expense

      362        391       610       663       557  

Amortized premiums, discounts & capitalized expenses

      1        6       4       (9 )      6  

Estimate of interest in rental expenditures

      43        50       82       58       68  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      406        447       696       712       631  

Ratio of Earnings to Fixed Charges (2)

      4.5        (2.6 )      (10.5 )      7.4       1.0  

 

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