EX-12.1 3 agncexhibit12112311710-k.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
The following table sets forth the calculation of our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (in millions):

 
 
Fiscal Year
 
 
2017
 
2016
 
2015
 
2014
 
2013
Ratio of earnings to fixed charges:
 
 
 
 
 
 
 
 
 
 
Fixed charges 1
 
$
524

 
$
394

 
$
330

 
$
372

 
$
536

Net income (loss) available (attributable) to common shareholders before provision for income taxes
 
733

 
595

 
187

 
(256
)
 
1,245

Earnings
 
$
1,257

 
$
989

 
$
517

 
$
116

 
$
1,781

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.40

 
2.51

 
1.57

 
0.31

 
3.32

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
Fixed charges 1
 
$
524

 
$
394

 
$
330

 
$
372

 
$
536

Preferred stock dividends
 
32

 
28

 
28

 
23

 
14

Combined fixed charges and preferred stock dividends
 
556
 
422
 
358
 
395
 
550
Net income (loss) available (attributable) to common shareholders before provision for income taxes
 
733

 
595

 
187

 
(256
)
 
1,245

Earnings
 
$
1,289

 
$
1,017

 
$
545

 
$
139

 
$
1,795

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends
 
2.32

 
2.41

 
1.52

 
0.35

 
3.26

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1.
Fixed charges consist of interest expense, as defined under U.S. generally accepted accounting principles, on all indebtedness.