Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
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| Year ended December 31 |
| Six |
| ||||||||
(in million, except ratios) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2017 |
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Fixed charges: |
|
|
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Interest expense |
| 2,738 |
| 2,750 |
| 2,783 |
| 3,151 |
| 3,462 |
| 1,802 |
|
Amortization of debt issue costs and discount or premium relating to indebtedness |
| — |
| — |
| — |
| — |
| — |
| — |
|
Preferred stock dividend requirements of subsidiaries |
| 154 |
| 177 |
| 193 |
| 140 |
| 119 |
| 83 |
|
Interest portion of rental expense |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total fixed charges |
| 2,892 |
| 2,927 |
| 2,976 |
| 3,291 |
| 3,581 |
| 1,885 |
|
Earnings available for fixed charges: |
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|
|
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Earnings from continuing operations before income taxes |
| 3,274 |
| 4,689 |
| 6,532 |
| 4,865 |
| 2,993 |
| 1720 |
|
Dividend income of equity investees |
| — |
| — |
| — |
| — |
| — |
| — |
|
Add: Fixed charges |
| 2,892 |
| 2,927 |
| 2,976 |
| 3,291 |
| 3,581 |
| 1,885 |
|
Less: Preferred stock dividend requirements of subsidiaries |
| (154 | ) | (177 | ) | (193 | ) | (140 | ) | (119 | ) | (83 | ) |
Less: Capitalized interest |
| (238 | ) | (197 | ) | (204 | ) | (331 | ) | (229 | ) | (94 | ) |
Total earnings available for fixed charges |
| 5,774 |
| 7,242 |
| 9,111 |
| 7,685 |
| 6,226 |
| 3,428 |
|
Ratio of earnings to fixed charges |
| 2.0 | x | 2.5 | x | 3.1 | x | 2.3 | x | 1.7 | x | 1.8 | x |