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Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 (1) | 2013 | |||||||||||||||
(in millions, except ratios) | |||||||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest cost and debt expense | $ | 249 | $ | 191 | $ | 89 | $ | 17 | $ | 3 | |||||||||
Interest allocable to rental expense (2) | 46 | 47 | 47 | 14 | 1 | ||||||||||||||
Total | $ | 295 | $ | 238 | $ | 136 | $ | 31 | $ | 4 | |||||||||
Earnings: | |||||||||||||||||||
Consolidated pretax income (loss) from continuing operations | $ | 20 | $ | (16 | ) | $ | 185 | $ | 22 | $ | 37 | ||||||||
Fixed charges | 295 | 238 | 136 | 31 | 4 | ||||||||||||||
Interest capitalized | (4 | ) | (2 | ) | (1 | ) | (1 | ) | — | ||||||||||
Total | $ | 311 | $ | 220 | $ | 320 | $ | 52 | $ | 41 | |||||||||
Ratio of Earnings to Fixed Charges (3) | 1.05 | Ÿ | 2.35 | 1.68 | 10.25 |
_______________________________
(1) | For the year ended December 31, 2014, we have combined the Predecessor Period and the Successor Period and presented the unaudited financial data on a combined basis for comparative purposes. |
(2) | Represents one-third of the total operating lease rental expense, which is that portion deemed to be interest. |
(3) | The ratio of coverage in 2016 was less than 1:1. The Partnership would have needed to generate additional earnings from continuing operations of $18 million to achieve a coverage of 1:1 in 2016. |