EX-12.1 5 d443794dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     Six Months
Ended June 30,
    Year Ended December 31,  

(Dollars in millions except ratios)

   2017     2015     2015     2014     2013     2012  

Income (Loss) from continuing operations before income taxes (a)

   $ (557   $ (2,868   $ (2,099   $ (261   $ (207   $ (339

Fixed charges:

            

Interest expense (b)

     289       506       474       507       524       492  

Capitalized Interest

     —         1       1       5       4       10  

Interest factor portion of rentals (c)

     27       86       114       132       131       111  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     316       593       589       644       659       613  

Less: Capitalized Interest

     —         (1     (1     (5     (4     (10

Earnings before income taxes and fixed charges

   $ (241   $ (2,276   $ (1,511   $ 378     $ 448     $ 264  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (d)

     —         —         —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Income from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned persons.
(b) Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs.
(c) Interest factor portion of rentals is estimated to be one-third of rental expense.
(d) For the six months ended June 30, 2017 and years ended December 31, 2016, 2015, 2014, 2013 and 2012, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $557 million, $2.9 billion, $2.1 billion, $266 million, $211 million and $349 million, respectively.