Synchrony Financial (SYF) 10-Q 2018 Q2 Quarterly report

Exhibit 12.1

SYNCHRONY FINANCIAL
Ratio of Earnings to Fixed Charges
			Six months ended June 30,		Year ended December 31,
			2018		2017		2016		2015		2014		2013
Earnings (a)			$	1,739	$	3,324	$	3,570	$	3,531	$	3,386	$	3,142
Plus:
	Interest included in expense (b)		819		1,348		1,184		1,063		877		703
	Amortization of debt expense and discount or premium on indebtedness		20		43		64		72		45		39
	One third of rental expense (c)		11		25		25		28		21		17
	Adjusted "earnings"		$	2,589	$	4,740	$	4,843	$	4,694	$	4,329	$	3,901
Fixed Charges:
	Interest included in expense (b)		$	819	$	1,348	$	1,184	$	1,063	$	877	$	703
	Amortization of debt expense and discount or premium on indebtedness		20		43		64		72		45		39
	One third of rental expense (c)		11		25		25		28		21		17
Total fixed charges			$	850	$	1,416	$	1,273	$	1,163	$	943	$	759
Ratio of earnings to fixed charges			3.0		3.3		3.8		4.0		4.6		5.1
	(a)	Earnings before income taxes
	(b)	Includes interest on tax deficiencies
	(c)	Considered to be representative of interest factor in rental expense