Exhibit 99.4
UNAUDITED PRO FORMA COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions) | Pro Forma Year Ended December 31, | |||
2015 | ||||
Earnings Available for Fixed Charges: | ||||
Income before income taxes | $ | 287 | ||
Equity in earnings of affiliates | (3 | ) | ||
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Total earnings | 284 | |||
Fixed charges: | ||||
Interest expense(1) | 504 | |||
Portion of rent determined to be interest(2) | 85 | |||
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$ | 873 | |||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 505 | ||
Portion of rent determined to be interest(2) | 85 | |||
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$ | 590 | |||
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Pro Forma Ratio of Earnings to Fixed Charges | 1.48 |
(1) | Excludes interest capitalized during the year. |
(2) | A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term andlong-term leases. |