Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Three Ended March 31, 2017 | Year Ended December 31, | |||||||||||||||||||||||
(Dollars in millions except ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Income (Loss) from continuing operations before income taxes(a) | $ | (409 | ) | $ | (2,868 | ) | $ | (2,099 | ) | $ | (261 | ) | $ | (207 | ) | $ | (339 | ) | ||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense(b) | 144 | 506 | 474 | 507 | 524 | 492 | ||||||||||||||||||
Capitalized Interest | — | 1 | 1 | 5 | 4 | 10 | ||||||||||||||||||
Interest factor portion of rentals(c) | 14 | 86 | 114 | 132 | 131 | 111 | ||||||||||||||||||
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Total fixed charges | 158 | 593 | 589 | 644 | 659 | 613 | ||||||||||||||||||
Less: Capitalized Interest | — | (1 | ) | (1 | ) | (5 | ) | (4 | ) | (10 | ) | |||||||||||||
Earnings (loss) before income taxes and fixed charges | $ | (251 | ) | $ | (2,276 | ) | $ | (1,511 | ) | $ | 378 | $ | 448 | $ | 264 | |||||||||
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Ratio of earnings to fixed charges(d) | — | — | — | — | — | — | ||||||||||||||||||
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| (a) | Income from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned persons. |
| (b) | Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs. |
| (c) | Interest factor portion of rentals is estimated to be one-third of rental expense. |
| (d) | For the three months ended March 31, 2017 and years ended December 31, 2016, 2015, 2014, 2013 and 2012, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $409 million, $2.9 billion, $2.1 billion, $266 million, $211 million and $349 million, respectively. |