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EXHIBIT 12.1
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions) | Year Ended December 31, | ||||||||||||||||||
EARNINGS | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Pre-tax income before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 592 | $ | 658 | $ | 782 | $ | 406 | $ | 599 | |||||||||
Add: | |||||||||||||||||||
Amortization of previously capitalized interest | 12 | 11 | 10 | 8 | 9 | ||||||||||||||
Distributed income of equity investees | 24 | 24 | 21 | 11 | 8 | ||||||||||||||
Total additions | 36 | 35 | 31 | 19 | 17 | ||||||||||||||
Deduct: | |||||||||||||||||||
Capitalized interest | 19 | 24 | 39 | 22 | 31 | ||||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | 8 | 14 | 26 | 20 | 9 | ||||||||||||||
Total deductions | 27 | 38 | 65 | 42 | 40 | ||||||||||||||
TOTAL EARNINGS | $ | 601 | $ | 655 | $ | 748 | $ | 383 | $ | 576 | |||||||||
FIXED CHARGES | |||||||||||||||||||
Interest expense | $ | 412 | $ | 428 | $ | 392 | $ | 357 | $ | 330 | |||||||||
Capitalized interest | 19 | 24 | 39 | 22 | 31 | ||||||||||||||
Amortization of debt discount, premium or expense | 14 | 11 | 15 | 13 | 14 | ||||||||||||||
Interest portion of rental expense (1) | 97 | 114 | 119 | 121 | 118 | ||||||||||||||
Proportionate share of fixed charges of investees accounted for by the equity method | 1 | 2 | 1 | 1 | 1 | ||||||||||||||
TOTAL FIXED CHARGES | $ | 543 | $ | 579 | $ | 566 | $ | 514 | $ | 494 | |||||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 1,144 | $ | 1,234 | $ | 1,314 | $ | 897 | $ | 1,070 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.11 | 2.13 | 2.32 | 1.75 | 2.17 |
(1) | Interest portion of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |