Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, 2016 | Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(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 | $ | 867 | $ | 2,351 | $ | 3,638 | $ | 1,250 | $ | 1,819 | $ | 2,956 | ||||||||||||
Fixed charges, as below | 65 | 283 | 336 | 340 | 388 | 257 | ||||||||||||||||||
Interest capitalized, less amortization of capitalized interest | — | (2 | ) | (3 | ) | (3 | ) | (7 | ) | (5 | ) | |||||||||||||
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Total | $ | 932 | $ | 2,632 | $ | 3,971 | $ | 1,587 | $ | 2,200 | $ | 3,208 | ||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest costs (expensed and capitalized) and amortization of issuance costs relating to long-term debentures | $ | 53 | $ | 242 | $ | 285 | $ | 301 | $ | 344 | $ | 219 | ||||||||||||
Rentals – one-third of rental expenses | 12 | 41 | 51 | 39 | 44 | 38 | ||||||||||||||||||
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Total | $ | 65 | $ | 283 | $ | 336 | $ | 340 | $ | 388 | $ | 257 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 14.4 | 9.3 | 11.8 | 4.7 | 5.7 | 12.5 |