EX-12 5 navex1210312016.htm EXHIBIT 12 Exhibit


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)
2016
 
2015
 
2014
 
2013
 
2012
Loss from continuing operations before income taxes(A)
$
(38
)
 
$
(109
)
 
$
(565
)
 
$
(985
)
 
$
(1,082
)
Less: Net income attributable to non-controlling interests
(32
)
 
(33
)
 
(40
)
 
(54
)
 
(48
)
Dividends from non-consolidated affiliates
12

 
12

 
12

 
13

 
7

Interest expense(B)
290

 
270

 
265

 
264

 
213

Debt amortization expense
37

 
37

 
49

 
57

 
46

Interest portion of rent expense(C)
17

 
19

 
20

 
24

 
21

Total earnings (loss)
$
286

 
$
196


$
(259
)

$
(681
)

$
(843
)
 
 
 
 
 
 
 
 
 
 
Capitalized interest
$
3

 
$
1

 
$

 
$
5

 
$
9

Interest expense(B)
307

 
289

 
285

 
288

 
234

Debt amortization expense
37

 
37

 
49

 
57

 
46

Total fixed charges
$
347

 
$
327


$
334


$
350


$
289

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
0.82

 
0.60

 

 

 

Earnings shortfall
$
(61
)
 
$
(131
)

$
(593
)

$
(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-10