Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table presents our ratio of earnings to fixed charges for the periods indicated:
|
| Successor |
|
| Predecessor |
| ||||||||||||||
|
| Year |
| October 2 |
|
| January 1 |
| Year Ended December 31, |
| ||||||||||
|
| 2013 |
| 2012 |
|
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| ||||||
|
| (dollars in millions) |
| |||||||||||||||||
Income (loss) before income taxes |
| $ | (417 | ) | $ | (113 | ) |
| $ | 121 |
| $ | (575 | ) | $ | (453 | ) | $ | (1,155 | ) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Undistributed earnings (losses) from continuing operations |
| — |
| — |
|
| — |
| — |
| (62 | ) | (72 | ) | ||||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense and other financing costs, including loss on extinguishment of debt |
| 102 |
| 16 |
|
| 97 |
| 360 |
| 363 |
| 446 |
| ||||||
Interest component of rental expense |
| 2 |
| — |
|
| 1 |
| 116 |
| 99 |
| 147 |
| ||||||
Earnings (loss) as adjusted |
| $ | (313 | ) | $ | (97 | ) |
| $ | 219 |
| $ | (99 | ) | $ | 71 |
| $ | (490 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense and other financing costs, including loss on extinguishment of debt |
| $ | 102 |
| $ | 16 |
|
| $ | 97 |
| $ | 360 |
| $ | 363 |
| $ | 446 |
|
Capitalized interest |
| 2 |
| — |
|
| 5 |
| 12 |
| 15 |
| 24 |
| ||||||
Interest component of rental expense |
| 2 |
| — |
|
| 1 |
| 116 |
| 99 |
| 147 |
| ||||||
Fixed charges |
| $ | 106 |
| $ | 16 |
|
| $ | 103 |
| $ | 488 |
| $ | 477 |
| $ | 617 |
|
Ratio of earnings to fixed charges |
|
| (a) |
| (a) |
| 2.13 |
|
| (a) |
| (a) |
| (a) | ||||||
(a) For the years ended December 31, 2009, 2010, 2011, for the period from October 2 through December 31, 2012 and the year ended December 31, 2013 earnings were insufficient to cover fixed charges by $1,107 million, $406 million, $587 million, $113 million and $419 million, respectively.