EXHIBIT 12
TENNECO INC. AND CONSOLIDATED SUBSIDIARIES
COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| | | | | | | | | | | | | | | | | | | | |
| | | Years Ended December 31, |
| | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
| | | (Dollars in Millions) |
| Net Income attributable to Tenneco Inc. * | | $ | 356 |
| | $ | 241 |
| | $ | 225 |
| | $ | 182 |
| | $ | 275 |
|
| Add: | |
|
| |
|
| |
|
| |
|
| |
|
|
| Interest expense | | 92 |
| | 67 |
| | 91 |
| | 80 |
| | 105 |
|
| Portion of rentals representative of the interest factor | | 21 |
| | 20 |
| | 21 |
| | 19 |
| | 18 |
|
| Income tax expense * | | — |
| | 146 |
| | 131 |
| | 122 |
| | 19 |
|
| Noncontrolling interests * | | 68 |
| | 54 |
| | 44 |
| | 38 |
| | 29 |
|
| Amortization of interest capitalized | | 4 |
| | 4 |
| | 4 |
| | 4 |
| | 4 |
|
| Undistributed (earnings) losses of affiliated companies in which less than a 50% voting interest is owned | | — |
| | 1 |
| | (1 | ) | | — |
| | 1 |
|
| Earnings as defined * | | $ | 541 |
| | $ | 533 |
| | $ | 513 |
| | $ | 445 |
| | $ | 451 |
|
| Interest expense | | $ | 92 |
| | $ | 67 |
| | $ | 91 |
| | $ | 80 |
| | $ | 105 |
|
| Interest capitalized | | 6 |
| | 6 |
| | 5 |
| | 4 |
| | 4 |
|
| Portion of rentals representative of the interest factor | | 21 |
| | 20 |
| | 21 |
| | 19 |
| | 18 |
|
| Fixed charges as defined | | $ | 119 |
| | $ | 93 |
| | $ | 117 |
| | $ | 103 |
| | $ | 127 |
|
| Ratio of earnings to fixed charges * | | 4.55 |
| | 5.73 |
| | 4.38 |
| | 4.32 |
| | 3.55 |
|
* Financial statements for 2012, 2013, 2014, 2015, and 2016 have been revised for certain immaterial supplier cost reduction payments that Tenneco determined should have been recognized in future periods and for cost of sales expense that should have been accrued in prior periods for substrate liabilities.
