Reynolds American (RAI) 10-K2016 FY Annual report

Filed: 9 Feb 17, 12:00am

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Readability	8th grade Avg

New words: admissibility, admitting, advocacy, App, apportioned, ASU, attached, attack, authentic, automate, ballot, battery, Bifolck, Bluetooth, bolder, borne, Breathe, Briseno, Cal, calendar, cartridge, categorize, chronologically, Cir, circumstance, Cole, Collier, ConAgra, Conn, constitutionally, contended, contending, context, copy, coupled, Coursey, Cressida, declassification, Depositary, device, dispensing, Dist, Dole, Dubinsky, Durrance, easily, EITF, England, Exhibit, feasible, Fitch, Fla, fluctuate, fluctuation, Fob, Fontem, footnote, Ford, Fragnito, freeze, Gamble, Grandison, Gudmundson, Hackimer, Hebert, Heinz, IFB, Ill, infringe, installment, instance, inter, intervention, investee, Johnston, Joseph, JPML, Jud, juror, Kloppenburg, Konzelman, La, LeCompte, Ledo, lessor, lived, locked, Louisville, Lozano, LSL, Maloney, manifested, McCabe, membership, Michigan, misbranding, Mo, Mooney, Nally, necessitated, NNN, noneconomic, notification, online, overlapping, oversubscription, paired, Pardue, pathway, PMTA, population, predominated, premarket, Prentice, preponderance, prevalent, promised, proportional, propriety, pushed, ratably, rechargeable, reclassification, refillable, reorganization, Rescission, resigned, rest, retention, rider, Riding, Riverwood, Ruggiero, Sherry, sitting, Snack, soft, Solo, spectrum, Stewardship, Subtopic, superseding, surety, surveillance, Therapeutic, thirteen, Topic, triple, twenty, UNC, unconditional, unforeseen, Va, Varner, verification, Vibe, Waldo, Wallace, website, withholding

Removed: accelerated, accessible, adjust, alternatively, annualized, arguably, arose, Art, assented, authorize, authorizing, Barbara, bladder, bodily, borrowed, breadth, bringing, Carol, carry, carryforward, certify, Chancery, Chase, Cheeley, chemist, Ciccone, Citibank, Claire, clerk, commodity, Commonwealth, Communication, confidentiality, conflict, constitutional, contamination, corrected, created, crop, daily, de, decertify, dedicated, defending, devoted, disabled, disposing, diverse, double, Dr, Dunham, embedded, estoppel, Evelyn, Faye, filtered, flexibility, formally, Frank, FTC, funeral, Gentry, George, GPI, great, Greensboro, Hallgren, hardship, harmed, heir, Helen, Hiott, house, Idaho, implemented, imported, inception, inconsistent, incremental, ineffective, initiate, instructed, intent, intention, interpretive, invalid, issuing, Jacqueline, Jeffery, Jimmie, Johnnie, JP, Kenneth, LaSard, Laura, leaving, left, lend, Leo, Liggett, Loyd, Lucy, Mae, Majesty, Margot, Matthew, Maurice, mentioned, migrated, Mike, misappropriation, mitigated, Mizuho, modeled, Morgan, Museum, Nathan, noncredit, occurring, outsourcing, overruled, passage, Patricia, percent, permission, PhD, Phil, preclude, premised, prequalification, presumption, proclaimed, promissory, prove, province, proving, purposefully, pursued, qualify, quickly, readopt, rebuttable, receipt, reconsider, reinvest, relation, rendered, repay, reside, Restatement, resultant, revalue, reversal, Reynolda, Robert, roll, RYO, satisfactory, secret, session, showed, site, situated, slate, Sr, standstill, Starr, subjecting, sufficiently, suppression, swapped, theory, Thibault, trucking, unaffiliated, unidentified, unsuccessfully, upgrade, Utah, vacatur, voluntarily, wage, Wanette, workforce

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Exhibit 12.1

REYNOLDS AMERICAN INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Millions)

(Unaudited)

	For the Years Ended December 31,
	2016		2015		2014		2013		2012
Earnings before fixed charges:
Income from continuing operations before income taxes	$	9,691	$	6,384	$	2,262	$	2,741	$	1,953
Fixed charges:
Interest and debt expense ⁽¹⁾		626		570		286		259		234
Interest portion of rental expense ⁽²⁾		9		9		8		8		6
Add: Fixed Charges		635		579		294		267		240
Earnings before fixed charges:	$	10,326	$	6,963	$	2,556	$	3,008	$	2,193
Fixed charges:
Interest and debt expense ⁽¹⁾	$	626	$	570	$	286	$	259	$	234
Interest portion of rental expense ⁽²⁾		9		9		8		8		6
Total fixed charges	$	635	$	579	$	294	$	267	$	240
Ratio of earnings to fixed charges ⁽³⁾		16.3		12.0		8.7		11.3		9.1

⁽¹⁾	Interest and debt expense includes interest on indebtedness, amortization of debt discount and expenses, and excludes interest related to reserves on income taxes, as such interest is included in provision for income taxes.

⁽²⁾	One-third of rent expense is the portion deemed representative of the interest factor.

⁽³⁾	Based on rounded thousands.