EX-12.1 8 d558803dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,  
     2017      2016     2015     2014     2013  
     (U.S. dollars in millions, except ratios)  

Earnings

            

Pre-tax income from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investments

         824       2,352       3,638       1,250  

Fixed charges, as below

         559       283       336       340  

Interest capitalized, less amortization of capitalized interest

         (1 )      (2 )      (3 )      (3 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total

         1,383       2,633       3,971       1,587  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

            

Interest costs (expensed and capitalized) and amortization of issuance costs relating to long-term debentures

         504       242       285       301  

Rentals – one-third of rental expenses

         55       41       51       39  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total

         559       283       336       340  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

         2.5       9.3       11.8       4.7