EX-12.1 6 d491025dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Earnings to Fixed Charges

 

     Nine Months
Ended
September 30,		     Year Ended December 31,  
     2017     2016     2015     2014     2013     2012  
     (In millions)  

Earnings before income taxes, less equity in earnings

    $ 292     $ 302     $ 243     $ 55     $ 18     $ 48  

Fixed charges

      184       198       163       118       42       10  

Distributions received from unconsolidated affiliates

      20       29       10       1       —       —  

Capitalized interest

      (4 )      (5 )      (9 )      (6 )      (2 )      (1 ) 

Amortization of capitalized interest

      2       1       1       —       —       —  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings as adjusted

    $ 494     $ 525     $ 408     $ 168     $ 58     $ 57  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

             

Net interest expense

    $ 179     $ 192     $ 151     $ 110     $ 39     $ 9  

Capitalized interest

      4       5       9       6       2       1  

Amortization of debt premium

      (1 )      (1 )      (1 )      (1 )      —       —  

Interest component of rental expense (a)

      2       2       4       3       1       —  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

    $ 184     $ 198     $ 163     $ 118     $ 42     $ 10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      2.7       2.7       2.5       1.4       1.4       5.7  

 

(a) Total rental expense from continuing operations was approximately $10 million for the nine months ended September 30, 2017 and $11 million, $19 million, $15 million, $8 million and $4 million for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.