EX-12.1 2 d180630ex121.htm EX-12.1
EXHIBIT 12.1
AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES


   
Six Months Ended
   
Years Ended December 31,
 
(Dollars in Millions)
 
June 30, 2018
   
2017
   
2016
   
2015
   
2014
   
2013
 
Earnings:
                                   
Pretax income
 
$
201
   
$
275
   
$
212
   
$
252
   
$
318
   
$
350
 
Interest expense including interest expense to affiliates
   
373
     
553
     
341
     
360
     
502
     
597
 
Total earnings
 
$
574
   
$
828
   
$
553
   
$
612
   
$
820
   
$
947
 
Fixed charges ― Interest expense including interest expense to affiliates
 
$
373
   
$
553
   
$
341
   
$
360
   
$
502
   
$
597
 
Ratio of earnings to fixed charges
   
1.54
     
1.50
     
1.62
     
1.70
     
1.63
     
1.59
 
 
Interest expense does not include interest on liabilities recorded under GAAP governing accounting for uncertainty in income taxes as Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income and Retained Earnings.