Exhibit 12.1
Computation of Ratio Earnings to Fixed Charges
For the three months ended March 31, 2013, the years ended December 31, 2012, 2011, 2010, 2009 and 2008
(IN MILLIONS) | Three Months Ended March 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | ||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 81 | $ | 390 | $ | 456 | $ | 660 | $ | 644 | $ | 617 | ||||||||||||
Interest capitalized | — | — | — | — | 1 | 2 | ||||||||||||||||||
Appropriate portion of rental expense representative of the interest factor | 7 | 29 | 32 | 32 | 36 | 36 | ||||||||||||||||||
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Total fixed charges | $ | 88 | $ | 419 | $ | 488 | $ | 692 | $ | 681 | $ | 655 | ||||||||||||
Earnings | ||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes and equity in net income/(loss) of affiliates | 67 | 444 | 129 | 103 | (599 | ) | (183 | ) | ||||||||||||||||
Fixed charges per above | 88 | 419 | 488 | 692 | 681 | 655 | ||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | 1 | 2 | ||||||||||||||||||
Dividends received from affiliates | 1 | 9 | 11 | 11 | 11 | 11 | ||||||||||||||||||
Income attributable to noncontrolling interests | — | — | 2 | 2 | 2 | — | ||||||||||||||||||
Interest capitalized | — | — | — | — | (1 | ) | (2 | ) | ||||||||||||||||
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Total earnings | $ | 156 | $ | 872 | $ | 630 | $ | 808 | $ | 95 | $ | 483 | ||||||||||||
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Ratio of earnings to fixed charges | 1.8 | 2.1 | 1.3 | 1.2 | (a | ) | (a | ) | ||||||||||||||||
$ | 68 | $ | 453 | $ | 142 | $ | 116 | ($ | 586 | ) | ($ | 172 | ) |
(a) | Earnings for the years ended December 31, 2009 and 2008 were inadequate to cover fixed charges by $586 million and $172 million, respectively. |