EX-12 2 ten-20161231x10kaexx12.htm EX-12 Exhibit


EXHIBIT 12

TENNECO INC. AND CONSOLIDATED SUBSIDIARIES
COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
(Dollars in Millions)
Net Income attributable to Tenneco Inc. *
 
$
356

 
$
241

 
$
225

 
$
182

 
$
275

Add:
 


 


 


 


 


Interest expense
 
92

 
67

 
91

 
80

 
105

Portion of rentals representative of the interest factor
 
21

 
20

 
21

 
19

 
18

Income tax expense *
 
—

 
146

 
131

 
122

 
19

Noncontrolling interests *
 
68

 
54

 
44

 
38

 
29

Amortization of interest capitalized
 
4

 
4

 
4

 
4

 
4

Undistributed (earnings) losses of affiliated companies in which less than a 50% voting interest is owned
 
—

 
1

 
(1
)
 
—

 
1

Earnings as defined *
 
$
541

 
$
533

 
$
513

 
$
445

 
$
451

Interest expense
 
$
92

 
$
67

 
$
91

 
$
80

 
$
105

Interest capitalized
 
6

 
6

 
5

 
4

 
4

Portion of rentals representative of the interest factor
 
21

 
20

 
21

 
19

 
18

Fixed charges as defined
 
$
119

 
$
93

 
$
117

 
$
103

 
$
127

Ratio of earnings to fixed charges *
 
4.55

 
5.73

 
4.38

 
4.32

 
3.55


* Financial statements for 2012, 2013, 2014, 2015, and 2016 have been revised for certain immaterial supplier cost reduction payments that Tenneco determined should have been recognized in future periods and for cost of sales expense that should have been accrued in prior periods for substrate liabilities.