EX-12.1 2 a2232872zex-12_1.htm EX-12.1
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EXHIBIT 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions except ratio amounts)

 
   Six Months
Ended
June 30, 		  Year Ended December 31,  
 
   2017   2016   2015   2014   2013   2012  

Earnings:

                                      

Pre-tax income before adjustment for net income attributable to noncontrolling interests and earnings from equity investments (including amortization of excess cost of equity investments) statements of income per statement of income

   $ 1,010     1,200     439     2,730     3,150     1,213  

Add:

                                      

Fixed charges

     982     1,977     2,174     1,921     1,785     1,486  

Amortization of capitalized interest

     6     13     9     5     6     5  

Distributed income of equity investees

     208     431     391     381     398     311  

Less:

                                      

Interest capitalized from continuing operations

     (26 )   (77 )   (71 )   (75 )   (52 )   (27 )

Noncontrolling interest in pre-tax income of subsidiaries with no fixed charges

     (9 )   (11 )   (4 )   (377 )   (390 )   17  
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Income as adjusted

   $ 2,171     3,533     2,938     4,585     4,897     3,005  
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Fixed charges:

                                      

Interest and debt expense, net per statements of income (includes amortization of debt discount, premium, and debt issuance costs);also excludes gain on early extinguishment of debt and includes capitalized interest

   $ 958     1,931     2,126     1,882     1,742     1,454  

Add:

                                      

Portion of rents representative of the interest factor

     24     46     48     39     43     32  
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Fixed charges

   $ 982     1,977     2,174     1,921     1,785     1,486  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     2.21     1.79     1.35     2.39     2.74     2.02  
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STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions except ratio amounts)