Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Nine months ended September 30, | Years ended December 31, | |||||||||||||||||||||||||||
| (in millions) | 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Income before income taxes | $ | 1,037 | $ | 331 | $ | 716 | $ | 590 | $ | 524 | $ | 986 | $ | 365 | ||||||||||||||
Less: Undistributed income (loss) from equity investees | 96 | 46 | 97 | 43 | 25 | 20 | 15 | |||||||||||||||||||||
Less: Noncontrolling interests | — | — | — | 16 | 15 | 81 | — | |||||||||||||||||||||
Add: Fixed charges, excluding deferred sales inducements additions and deferred financing costs | 1,907 | 1,136 | 1,364 | 785 | 1,931 | 1,131 | 314 | |||||||||||||||||||||
Add: Amortization of deferred sales inducements | 42 | 19 | 39 | 21 | 4 | 16 | 25 | |||||||||||||||||||||
Add: Amortization of deferred financing costs | — | — | 2 | 3 | 3 | — | — | |||||||||||||||||||||
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Earnings available for fixed charges | $ | 2,890 | $ | 1,440 | $ | 2,024 | $ | 1,340 | $ | 2,422 | $ | 2,032 | $ | 689 | ||||||||||||||
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Interest expensed and capitalized | $ | 2,027 | $ | 1,280 | $ | 1,563 | $ | 920 | $ | 2,044 | $ | 1,167 | $ | 321 | ||||||||||||||
Deferred financing costs | — | — | — | — | — | 8 | — | |||||||||||||||||||||
Estimated interest component of rent expense | 1 | 1 | 1 | 1 | — | 1 | — | |||||||||||||||||||||
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Fixed charges | $ | 2,028 | $ | 1,281 | $ | 1,564 | $ | 921 | $ | 2,044 | $ | 1,176 | $ | 321 | ||||||||||||||
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Ratio of earnings available for fixed charges to fixed charges | 1.43 | 1.12 | 1.29 | 1.45 | 1.18 | 1.73 | 2.15 | |||||||||||||||||||||
