Exhibit 12.1
Computation of Earnings to Fixed Charges
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||
Earnings before income taxes, less equity in earnings | $ | 292 | $ | 302 | $ | 243 | $ | 55 | $ | 18 | $ | 48 | ||||||||||||
Fixed charges | 184 | 198 | 163 | 118 | 42 | 10 | ||||||||||||||||||
Distributions received from unconsolidated affiliates | 20 | 29 | 10 | 1 | — | — | ||||||||||||||||||
Capitalized interest | (4 | ) | (5 | ) | (9 | ) | (6 | ) | (2 | ) | (1 | ) | ||||||||||||
Amortization of capitalized interest | 2 | 1 | 1 | — | — | — | ||||||||||||||||||
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Earnings as adjusted | $ | 494 | $ | 525 | $ | 408 | $ | 168 | $ | 58 | $ | 57 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Net interest expense | $ | 179 | $ | 192 | $ | 151 | $ | 110 | $ | 39 | $ | 9 | ||||||||||||
Capitalized interest | 4 | 5 | 9 | 6 | 2 | 1 | ||||||||||||||||||
Amortization of debt premium | (1 | ) | (1 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||
Interest component of rental expense (a) | 2 | 2 | 4 | 3 | 1 | — | ||||||||||||||||||
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Fixed charges | $ | 184 | $ | 198 | $ | 163 | $ | 118 | $ | 42 | $ | 10 | ||||||||||||
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Ratio of earnings to fixed charges | 2.7 | 2.7 | 2.5 | 1.4 | 1.4 | 5.7 | ||||||||||||||||||
| (a) | Total rental expense from continuing operations was approximately $10 million for the nine months ended September 30, 2017 and $11 million, $19 million, $15 million, $8 million and $4 million for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |