EX-12.1 2 exhibit121-ratioofearn.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Ratio of Earnings to Fixed Charges
December 31 (in millions, except for ratios)
2017

2016

2015

2014

2013

Fixed charges:
 
 
 
 
 
Net interest expense including amortization of debt discount
$
473

$
471

$
394

$
282

$
278

Interest capitalized to properties
16

25

14

15

13

Interest income
2

1

1

4

5

Portion of rentals representing an interest factor
9

11

11

9

11

Total fixed charges
$
500

$
508

$
420

$
310

$
307

Earnings available for fixed charges:
 
 
 
 
 
Income before income tax expense
$
2,498

$
2,152

$
1,959

$
2,038

$
1,125

Amortization of interest capitalized to properties
16

15

15

14

14

Fixed charges
500

508

420

310

307

Equity earnings net of distributions
(26
)
(18
)
(9
)
(7
)
2

Interest capitalized to properties
(16
)
(25
)
(14
)
(15
)
(13
)
Earnings available for fixed charges
$
2,972

$
2,632

$
2,371

$
2,340

$
1,435

Ratio of earnings to fixed charges
5.9

5.2

5.6

7.5

4.7