Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
For the year ended December 31, | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Earnings: | ||||||||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (1,816 | ) | $ | 324 | $ | 1,063 | $ | 548 | $ | (1,498 | ) | ||||||||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | - | - | - | - | - | |||||||||||||||
Equity income | (12 | ) | (99 | ) | (127 | ) | (54 | ) | (17 | ) | ||||||||||
Fixed charges added to earnings | 493 | 533 | 568 | 532 | 508 | |||||||||||||||
Distributed income of less than 50 percent-owned persons | 89 | 101 | 100 | 33 | 56 | |||||||||||||||
Amortization of capitalized interest: | ||||||||||||||||||||
Consolidated | 46 | 44 | 43 | 39 | 30 | |||||||||||||||
Proportionate share of 50 percent-owned persons | - | - | - | - | - | |||||||||||||||
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Total earnings | $ | (1,200 | ) | $ | 903 | $ | 1,647 | $ | 1,098 | $ | (921 | ) | ||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||
Consolidated | $ | 453 | $ | 490 | $ | 524 | $ | 494 | $ | 470 | ||||||||||
Proportionate share of 50 percent-owned persons | - | - | - | - | - | |||||||||||||||
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453 | 490 | 524 | 494 | 470 | ||||||||||||||||
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Amount representative of the interest factor in rents: | ||||||||||||||||||||
Consolidated | 40 | 43 | 44 | 38 | 38 | |||||||||||||||
Proportionate share of 50 percent-owned persons | - | - | - | - | - | |||||||||||||||
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40 | 43 | 44 | 38 | 38 | ||||||||||||||||
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Fixed charges added to earnings | 493 | 533 | 568 | 532 | 508 | |||||||||||||||
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Interest capitalized: | ||||||||||||||||||||
Consolidated | 99 | 93 | 102 | 96 | 165 | |||||||||||||||
Proportionate share of 50 percent-owned persons | - | - | - | - | - | |||||||||||||||
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99 | 93 | 102 | 96 | 165 | ||||||||||||||||
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Preferred stock dividend requirements of majority-owned subsidiaries | - | - | - | - | - | |||||||||||||||
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Total fixed charges | $ | 592 | $ | 626 | $ | 670 | $ | 628 | $ | 673 | ||||||||||
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Ratio of earnings to fixed charges | (A | ) | 1.4 | 2.5 | 1.7 | (B | ) | |||||||||||||
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(A) For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,792.
(B) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.