Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(U.S. dollars in millions, except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Pre-tax income from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investments | (18,379) | 824 | 2,352 | 3,638 | 1,250 | |||||||||||||||
Fixed charges, as below | 931 | 559 | 283 | 336 | 340 | |||||||||||||||
Interest capitalized, less amortization of capitalized interest | (1 | ) | (1 | ) | (2 | ) | (3 | ) | (3 | ) | ||||||||||
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Total | (17,449 | ) | 1,383 | 2,633 | 3,971 | 1,587 | ||||||||||||||
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Fixed Charges | ||||||||||||||||||||
Interest costs (expensed and capitalized) and amortization of issuance costs relating to long-term debentures | 864 | 504 | 242 | 285 | 301 | |||||||||||||||
Rentals –one-third of rental expenses | 67 | 55 | 41 | 51 | 39 | |||||||||||||||
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Total | 931 | 559 | 283 | 336 | 340 | |||||||||||||||
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Ratio of Earnings to Fixed Charges | (18.7 | )(1) | 2.5 | 9.3 | 11.8 | 4.7 |
(1) | The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended December 31, 2017. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $18,380 million in pre-tax earnings in the fiscal year ended December 31, 2017. |