EX-12.1 2 acfexhibit121computationof.htm EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ACF Exhibit 12.1


EXHIBIT 12.1
GENERAL MOTORS FINANCIAL COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
 
Successor

 
 
Predecessor

 
Years Ended December 31,
 
Period From October 1, 2010 Through December 31, 2010
 
 
Period From July 1, 2010 Through September 30, 2010
 
 Year Ended June 30,
 
2014
 
2013
 
2012
 
2011
 
 
 
 
2010
COMPUTATION OF EARNINGS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
883

 
$
744

 
$
622

 
$
622

 
$
129

 
 
$
91

 
$
353

Fixed charges
738

 
319

 
275

 
275

 
65

 
 
90

 
460

 
$
1,621

 
$
1,063

 
$
897

 
$
897

 
$
194

 
 
$
181

 
$
813

COMPUTATION OF FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense(b)
$
717

 
$
315

 
$
271

 
$
271

 
$
64

 
 
$
89

 
$
455

Implicit interest in rent
7

 
4

 
4

 
4

 
1

 
 
1

 
5

 
$
724

 
$
319

 
$
275

 
$
275

 
$
65

 
 
$
90

 
$
460

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
2.2X

 
3.3X

 
3.3X

 
3.3X

 
3.0X

 
 
2.0X

 
1.8X

_________________  
(a)
For purposes of such computation, the term "fixed charges" represents interest expense, including amortization of debt issuance costs, and a portion of rentals representative of an implicit interest factor for such rentals.
(b)
For 2014, 2013, 2012 and 2011 interest expense excludes $(33) million, $(4) million, $32 million and $67 million of purchase accounting adjustments. For the three months ended December 31, 2010, excludes $27 million, and for the year ended June 30, 2010, excludes 2.0 million.