Exhibit 12
| Year ended December 31 | Quarter ended March 28, | |||||||||||||||||||||||
Dollars in millions | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes, noncontrolling interest and equity income of unconsolidated subsidiaries | $ | 279 | $ | 41 | $ | (148 | ) | $ | 693 | $ | 783 | $ | 153 | |||||||||||
Fixed charges | 48 | 73 | 85 | 101 | 99 | 26 | ||||||||||||||||||
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Total earnings available for fixed charges | $ | 327 | $ | 114 | $ | (63 | ) | $ | 794 | $ | 882 | $ | 179 | |||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, including amortization of debt issuance costs | 37 | 60 | 70 | 75 | 72 | 20 | ||||||||||||||||||
Assumed interest element included in rental expense | 11 | 13 | 15 | 26 | 27 | 6 | ||||||||||||||||||
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Total fixed charges | $ | 48 | $ | 73 | $ | 85 | $ | 101 | $ | 99 | $ | 26 | ||||||||||||
Ratio of earnings to fixed charges | 6.8 | 1.6 | — | (1) | 7.9 | 8.9 | 6.9 | |||||||||||||||||
For purposes of calculating the ratios of earnings to fixed charges, earnings consist of income (loss) before income taxes and noncontrolling interests plus equity income of unconsolidated subsidiaries, plus fixed charges. Fixed charges consist of interest expensed and an estimate of interest within rental expense.
| (1) | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. Additional earnings of $148 million would have been needed to bring the ratio of earnings to fixed charges to 1.0. |
