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Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Year Ended December 31, 2016 | |||
(in millions) | |||
Fixed Charges: | |||
Interest cost and debt expense | $ | 268 | |
Interest allocable to rental expense (1) | 7 | ||
Total | $ | 275 | |
Earnings: | |||
Income before income tax expense (2) | $ | 736 | |
Income before income tax expense attributable to noncontrolling interests | (5 | ) | |
Income before income tax expense attributable to redeemable noncontrolling interests | (1 | ) | |
Equity in income of 50 percent or less owned affiliated companies | (39 | ) | |
Dividends received from 50 percent or less owned affiliated companies (3) | 25 | ||
Fixed charges | 275 | ||
Interest capitalized | (111 | ) | |
Amortization of previously capitalized interest | 4 | ||
Total | $ | 884 | |
Ratio of Earnings to Fixed Charges | 3.2 |
(1) | Represents one-third of the total operating lease rental expense, which is that portion deemed to be interest. |
(2) | Represents income before income tax expense for all consolidated entities. |
(3) | Represents dividends received from equity-method investments. |