Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 285 | $ | 221 | $ | 417 | $ | 298 | $ | 251 | ||||||||||
Equity in earnings from unconsolidated affiliates | (40 | ) | (3 | ) | (22 | ) | (16 | ) | (13 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity method investments | $ | 245 | $ | 218 | $ | 395 | $ | 282 | $ | 238 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 141 | 196 | 202 | 201 | 176 | |||||||||||||||
Distributed income of equity investees | 19 | 19 | 27 | 20 | 24 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | (1 | ) | — | (1 | ) | (3 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Earnings | $ | 404 | $ | 433 | $ | 623 | $ | 500 | $ | 438 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 123 | $ | 181 | $ | 185 | $ | 183 | $ | 162 | ||||||||||
Interest capitalized | 1 | — | 1 | 3 | — | |||||||||||||||
Estimated interest portion included in rent expense | 17 | 15 | 16 | 15 | 14 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Fixed Charges | $ | 141 | $ | 196 | $ | 202 | $ | 201 | $ | 176 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of Earnings to Fixed Charges | 2.9 | 2.2 | 3.1 | 2.5 | 2.5 | |||||||||||||||
