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Exhibit 12.1
Ratio of Earnings to Fixed Charges
December 31 (in millions, except for ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Fixed charges: | |||||||||||||||
Net interest expense including amortization of debt discount | $ | 471 | $ | 394 | $ | 282 | $ | 278 | $ | 276 | |||||
Interest capitalized to properties | 25 | 14 | 15 | 13 | 15 | ||||||||||
Interest income | 1 | 1 | 4 | 5 | 3 | ||||||||||
Portion of rentals representing an interest factor | 11 | 11 | 9 | 11 | 13 | ||||||||||
Total fixed charges | $ | 508 | $ | 420 | $ | 310 | $ | 307 | $ | 307 | |||||
Earnings available for fixed charges: | |||||||||||||||
Income before income tax expense | $ | 2,152 | $ | 1,959 | $ | 2,038 | $ | 1,125 | $ | 636 | |||||
Amortization of interest capitalized to properties | 15 | 15 | 14 | 14 | 14 | ||||||||||
Fixed charges | 508 | 420 | 310 | 307 | 307 | ||||||||||
Equity earnings net of distributions | (18 | ) | (9 | ) | (7 | ) | 2 | (2 | ) | ||||||
Interest capitalized to properties | (25 | ) | (14 | ) | (15 | ) | (13 | ) | (15 | ) | |||||
Earnings available for fixed charges | $ | 2,632 | $ | 2,371 | $ | 2,340 | $ | 1,435 | $ | 940 | |||||
Ratio of earnings to fixed charges | 5.2 | 5.6 | 7.5 | 4.7 | 3.1 |