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Exhibit 12.1
Statement of Ratio of Earnings to Fixed Charges
Six months ended June 30, | Years ended December 31, | ||||||||||||||||||||||
(In millions, except ratio) | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||
Income before income taxes | $ | 657 | $ | 1,535 | $ | 716 | $ | 590 | $ | 524 | $ | 986 | |||||||||||
Less: Undistributed income (loss) from equity investees | 72 | 110 | 97 | 43 | 25 | 20 | |||||||||||||||||
Less: Noncontrolling interest | — | — | — | 16 | 15 | 81 | |||||||||||||||||
Add: Fixed charges, excluding deferred sales inducements additions and deferred financing costs | 432 | 2,883 | 1,364 | 785 | 1,931 | 1,131 | |||||||||||||||||
Add: Amortization of deferred sales inducements | 43 | 63 | 39 | 21 | 4 | 16 | |||||||||||||||||
Add: Amortization of deferred financing costs | — | — | 2 | 3 | 3 | — | |||||||||||||||||
Earnings available for fixed charges | $ | 1,060 | $ | 4,371 | $ | 2,024 | $ | 1,340 | $ | 2,422 | $ | 2,032 | |||||||||||
Interest expensed and capitalized | $ | 552 | $ | 3,043 | $ | 1,563 | $ | 920 | $ | 2,044 | $ | 1,167 | |||||||||||
Deferred financing costs | 10 | — | — | — | — | 8 | |||||||||||||||||
Estimated interest component of rent expense | — | 1 | 1 | 1 | — | 1 | |||||||||||||||||
Fixed charges | $ | 562 | $ | 3,044 | $ | 1,564 | $ | 921 | $ | 2,044 | $ | 1,176 | |||||||||||
Ratio of earnings available for fixed charges to fixed charges | 1.89 | 1.44 | 1.29 | 1.45 | 1.18 | 1.73 |