EX-12 2 exhibit12q22013.htm RATIO OF EARNINGS TO COMBINED FIXED CHARGES Exhibit 12 Q2 2013


Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
 
 
Six Months Ended
 
For the Years Ended
 
June 30,
 
December 31,
 
2013
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
 
(in millions)
Earnings (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations before income taxes
$
(2,147
)
 
$
(2,174
)
 
$
(4,172
)
 
$
(2,636
)
 
$
(3,299
)
 
$
(3,494
)
 
$
(4,060
)
Equity in losses of unconsolidated investments, net
459

 
719

 
1,114

 
1,730

 
1,286

 
803

 
64

Fixed charges
1,211

 
1,176

 
2,365

 
2,068

 
2,081

 
2,047

 
2,094

Interest capitalized
(28
)
 
(217
)
 
(278
)
 
(413
)
 
(13
)
 
(12
)
 
(123
)
Amortization of interest capitalized
68

 
24

 
81

 
48

 
85

 
85

 
80

Earnings (loss), as adjusted
(437
)
 
(472
)
 
(890
)
 
797

 
140

 
(571
)
 
(1,945
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
860

 
619

 
1,428

 
1,011

 
1,464

 
1,450

 
1,362

Interest capitalized
28

 
217

 
278

 
413

 
13

 
12

 
123

Portion of rentals representative of interest
323

 
340

 
659

 
644

 
604

 
585

 
609

Fixed charges
1,211

 
1,176

 
2,365

 
2,068

 
2,081

 
2,047

 
2,094

Ratio of earnings to fixed charges
— (1)

 
— (2)

 
— (3)

 
— (4)

 
— (5)

 
— (6)

 
— (7)


(1)Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.6 billion at June 30, 2013.
(2)Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.6 billion at June 30, 2012.
(3)Earnings (loss), as adjusted were inadequate to cover fixed charges by $3.3 billion in 2012.
(4)Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.3 billion in 2011.
(5)Earnings (loss), as adjusted were inadequate to cover fixed charges by $1.9 billion in 2010.
(6)Earnings (loss), as adjusted were inadequate to cover fixed charges by $2.6 billion in 2009.
(7)Earnings (loss), as adjusted were inadequate to cover fixed charges by $4.0 billion in 2008.