Exhibit 12.1
Loews Corporation
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Pretax income from continuing operations before noncontrolling interests | $ | 1,810 | $ | 2,277 | $ | 2,022 | $ | 2,327 | $ | 2,676 | ||||||||||
Add (deduct): | ||||||||||||||||||||
Undistributed loss (income) from equity investees | 64 | (380 | ) | (103 | ) | 74 | (184 | ) | ||||||||||||
Capitalized interest | (76 | ) | (91 | ) | (55 | ) | (30 | ) | (22 | ) | ||||||||||
Amortization of capitalized interest | 10 | 9 | 10 | 8 | 8 | |||||||||||||||
Earnings before fixed charges | 1,808 | 1,815 | 1,874 | 2,379 | 2,478 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed | 513 | 442 | 440 | 522 | 517 | |||||||||||||||
Capitalized interest | 76 | 91 | 55 | 30 | 22 | |||||||||||||||
Other interest related factors | 39 | 37 | 38 | 38 | 38 | |||||||||||||||
Total fixed charges | 628 | 570 | 533 | 590 | 577 | |||||||||||||||
Total earnings and fixed charges | $ | 2,436 | $ | 2,385 | $ | 2,407 | $ | 2,969 | $ | 3,055 | ||||||||||
Ratio of earnings to fixed charges | 3.9x | 4.2x | 4.5x | 5.0x | 5.3x |