EX-12 5 navex1210312013.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES NAV EX 12 10.31.2013


EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
The computation of Ratio of Earnings to Fixed Charges as shown on this Exhibit 12 is provided pursuant to Items 503(d) and 601(12) of Regulation S-K.
(in millions)
2013
 
2012
 
2011
 
2010
 
2009
Income (loss) before income tax benefit (expense)(A)
$
(985
)
 
$
(1,082
)
 
$
506

 
$
388

 
$
395

Less: Net income attributable to non-controlling interests
(54
)
 
(48
)
 
(55
)
 
(44
)
 
(25
)
Dividends from non-consolidated affiliates
13

 
7

 
4

 
5

 
59

Interest expense(B)
264

 
213

 
203

 
215

 
235

Debt amortization expense
57

 
46

 
44

 
38

 
16

Interest portion of rent expense(C)
24

 
21

 
18

 
19

 
18

Total earnings (loss)
$
(681
)
 
$
(843
)
 
$
720

 
$
621

 
$
698

 
 
 
 
 
 
 
 
 
 
Capitalized interest
$
5

 
$
9

 
$
18

 
$
4

 
$
1

Interest expense(B)
288

 
234

 
221

 
234

 
253

Debt amortization expense
57

 
46

 
44

 
38

 
16

Total fixed charges
$
350

 
$
289

 
$
283

 
$
276

 
$
270

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

 
—

 
2.54

 
2.25

 
2.59

Earnings shortfall
$
(1,031
)
 
$
(1,132
)
 
$
—

 
$
—

 
$
—

________________
(A)    Excludes equity in income (loss) of non-consolidated affiliates.
(B)
Excludes interest expense on income tax contingencies.
(C)
Represents an estimated amount of rental expense (33%) that is deemed to be representative of the interest factor.

E- 16