EX-12.1 5 d598948dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ally Financial Inc.

Ratio of Earnings to Fixed Charges

 

     Six months
ended June 30,		     Year ended December 31,  
($ in millions)    2018 (a)     2017 (a)     2016 (a)     2015 (a)     2014 (a)     2013 (a)  

Earnings

             

Consolidated net income from continuing operations

    $ 599     $ 926     $ 1,111     $ 897     $ 925     $ 416  

Income tax expense (benefit) from continuing operations

      189       581       470       496       321       (59 ) 

Equity-method investee earnings

      (13 )      (14 )      (18 )      (52 )      (18 )      (15 ) 

Consolidated income from continuing operations before income taxes, minority interest, and income from equity investees

      775       1,493       1,563       1,341       1,228       342  

Fixed charges

      1,675       2,878       2,641       2,460       2,826       3,344  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges

    $ 2,450     $ 4,371     $ 4,204     $ 3,801     $ 4,054     $ 3,686  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

             

Interest, discount, and issuance expense on debt

    $ 1,668     $ 2,862     $ 2,624     $ 2,443     $ 2,810     $ 3,330  

Portion of rentals representative of the interest factor

      7       16       17       17       16       15  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      1,675       2,878       2,641       2,460       2,826       3,345  

Ratio of earnings to fixed charges

      1.46       1.52       1.59       1.55       1.43       1.10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

For all periods presented, the operating results of our discontinued operations have been removed from continuing operations. We report these businesses separately as discontinued operations in the Condensed Consolidated Financial Statements. Our discontinued operations relate to previous discontinued operations in our Automotive Finance operations, Insurance operations, and Corporate Finance operating segments, and other operations for which we continue to have wind-down, legal, and minimal operational costs. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations.