Statement of Computation of Ratio of Earnings to Fixed Charges
|
| Year ended December 31 |
| ||||||||
(in million, except ratios) |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2017 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 2,750 |
| 2,783 |
| 3,151 |
| 3,462 |
| 3,811 |
|
Amortization of debt issue costs and discount or premium relating to indebtedness |
| — |
| — |
| — |
| — |
| — |
|
Preferred stock dividend requirements of subsidiaries |
| 177 |
| 193 |
| 140 |
| 119 |
| 165 |
|
Interest portion of rental expense |
| — |
| — |
| — |
| — |
| — |
|
Total fixed charges |
| 2,927 |
| 2,976 |
| 3,291 |
| 3,581 |
| 3,976 |
|
Earnings available for fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations before income taxes |
| 4,689 |
| 6,532 |
| 4,865 |
| 2,993 |
| 5,164 |
|
Dividend income of equity investees |
| — |
| — |
| — |
| — |
| — |
|
Add: Fixed charges |
| 2,927 |
| 2,976 |
| 3,291 |
| 3,581 |
| 3,976 |
|
Less: Preferred stock dividend requirements of subsidiaries |
| (177 | ) | (193 | ) | (140 | ) | (119 | ) | (165 | ) |
Less: Capitalized interest |
| (197 | ) | (204 | ) | (331 | ) | (229 | ) | (203 | ) |
Total earnings available for fixed charges |
| 7,242 |
| 9,111 |
| 7,685 |
| 6,226 |
| 8,772 |
|
Ratio of earnings to fixed charges |
| 2.5x |
| 3.1x |
| 2.3x |
| 1.7x |
| 2.2x |
|