EX-12.1 3 sun-12312017xexx121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014 (1)
 
2013
 
(in millions, except ratios)
Fixed charges:
 
 
 
 
 
 

 

Interest cost and debt expense
$
249

 
$
191

 
$
89

 
$
17

 
$
3

Interest allocable to rental expense (2)
46

 
47

 
47

 
14

 
1

Total
$
295

 
$
238

 
$
136

 
$
31

 
$
4

 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
Consolidated pretax income (loss) from continuing operations
$
20

 
$
(16
)
 
$
185

 
$
22

 
$
37

Fixed charges
295

 
238

 
136

 
31

 
4

Interest capitalized
(4
)
 
(2
)
 
(1
)
 
(1
)
 
—

Total
$
311

 
$
220

 
$
320

 
$
52

 
$
41

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (3)
1.05

 
Ÿ
 
2.35

 
1.68

 
10.25

_______________________________
(1)
For the year ended December 31, 2014, we have combined the Predecessor Period and the Successor Period and presented the unaudited financial data on a combined basis for comparative purposes.
(2)
Represents one-third of the total operating lease rental expense, which is that portion deemed to be interest.
(3)
The ratio of coverage in 2016 was less than 1:1. The Partnership would have needed to generate additional earnings from continuing operations of $18 million to achieve a coverage of 1:1 in 2016.