Exhibit 12.1
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
The following table sets forth the calculation of our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown (in millions):
| Fiscal Year | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Ratio of earnings to fixed charges: | ||||||||||||||||||||
Fixed charges 1 | $ | 524 | $ | 394 | $ | 330 | $ | 372 | $ | 536 | ||||||||||
| Net income (loss) available (attributable) to common shareholders before provision for income taxes | 733 | 595 | 187 | (256 | ) | 1,245 | ||||||||||||||
| Earnings | $ | 1,257 | $ | 989 | $ | 517 | $ | 116 | $ | 1,781 | ||||||||||
| Ratio of earnings to fixed charges | 2.40 | 2.51 | 1.57 | 0.31 | 3.32 | |||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends: | ||||||||||||||||||||
Fixed charges 1 | $ | 524 | $ | 394 | $ | 330 | $ | 372 | $ | 536 | ||||||||||
| Preferred stock dividends | 32 | 28 | 28 | 23 | 14 | |||||||||||||||
| Combined fixed charges and preferred stock dividends | 556 | 422 | 358 | 395 | 550 | |||||||||||||||
| Net income (loss) available (attributable) to common shareholders before provision for income taxes | 733 | 595 | 187 | (256 | ) | 1,245 | ||||||||||||||
| Earnings | $ | 1,289 | $ | 1,017 | $ | 545 | $ | 139 | $ | 1,795 | ||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 2.32 | 2.41 | 1.52 | 0.35 | 3.26 | |||||||||||||||
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| 1. | Fixed charges consist of interest expense, as defined under U.S. generally accepted accounting principles, on all indebtedness. |