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- 10.7 EX-10.7
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- 10.10 EX-10.10
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- 10.12 EX-10.12
- 10.13 EX-10.13
- 10.17 EX-10.17
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- 10.24 EX-10.24
- 10.38 EX-10.38
- 10.39 EX-10.39
- 12.1 EX-12.1
- 21.1 EX21.1
- 23.1 EX-23.1
- 23.2 EX-23.2
- 23.3 EX-23.3
- 31.1 EX-31.1
- 31.2 EX-31.2
- 32.1 EX-32.1
- 32.2 EX-32.2
- 99.1 EX-99.1
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Exhibit 12.1
CONSOLIDATED STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, (Unaudited) | ||||||||||||||||||||
(millions, except for ratio amounts) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings | ||||||||||||||||||||
Net Earnings (Loss) Before Income Tax | 1,430 | (1,620 | ) | (8,010 | ) | 4,629 | (12 | ) | ||||||||||||
(Income) or loss from equity investees(1) | - | 3 | 3 | (4 | ) | (6 | ) | |||||||||||||
Fixed charges(2) | 406 | 447 | 696 | 712 | 631 | |||||||||||||||
Noncontrolling interest inpre-tax income of subsidiaries that have not incurred fixed charges | - | - | - | (41 | ) | - | ||||||||||||||
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Total Earnings (Loss) | 1,836 | (1,170 | ) | (7,311 | ) | 5,296 | 613 | |||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | 362 | 391 | 610 | 663 | 557 | |||||||||||||||
Amortized premiums, discounts & capitalized expenses | 1 | 6 | 4 | (9 | ) | 6 | ||||||||||||||
Estimate of interest in rental expenditures | 43 | 50 | 82 | 58 | 68 | |||||||||||||||
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Total Fixed Charges | 406 | 447 | 696 | 712 | 631 | |||||||||||||||
Ratio of Earnings to Fixed Charges(2) | 4.5 | (2.6 | ) | (10.5 | ) | 7.4 | 1.0 |
(1) | There were no distributions of income from equity investees. |
(2) | The amount by which earnings were insufficient to cover fixed charges was approximately $8,007 million for the year ended December 31, 2015; and $1,617 million for the year ended December 31, 2016. |