EX-12.1 4 a2196752zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Statement Regarding Computation of Ratios of Earnings to

Fixed Charges and Preferred Stock Dividends

 

 

 

Year Ended December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

(US$ in millions except ratios)

 

Earnings(1)

 

 

 

 

 

 

 

 

 

 

 

Pretax income before noncontrolling interests

 

$

145

 

$

1,537

 

$

1,201

 

$

522

 

$

488

 

plus: Fixed Charges

 

443

 

503

 

449

 

345

 

293

 

Amortization of capitalized interest

 

16

 

13

 

11

 

10

 

8

 

Distributed income of equity investees

 

5

 

4

 

12

 

1

 

2

 

less: Capitalized interest

 

(26

)

(18

)

(15

)

(14

)

(12

)

Preferred stock dividends

 

(78

)

(78

)

(40

)

(4

)

—

 

Earnings:

 

$

505

 

$

1,961

 

$

1,618

 

$

860

 

$

779

 

Fixed Charges(1)

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

$

26

 

$

18

 

$

15

 

$

14

 

$

12

 

Expensed interest

 

283

 

361

 

353

 

280

 

231

 

plus: Amortized premiums, discounts and capitalized debt expenditures

 

15

 

6

 

6

 

6

 

12

 

Estimate of interest within rental expense

 

41

 

40

 

35

 

41

 

38

 

Preferred stock dividends

 

78

 

78

 

40

 

4

 

—

 

Fixed charges:

 

$

443

 

$

503

 

$

449

 

$

345

 

$

293

 

Ratio of Earnings/Fixed Charges

 

1.14

 

3.90

 

3.60

 

2.49

 

2.66

 

 

(1)                                  For the purpose of determining the Ratio of Earnings to Fixed Charges and Preferred Stock Dividends, earnings are defined as pretax income before noncontrolling interests in consolidated subsidiaries plus fixed charges and amortization of capitalized interest less capitalized interest and preferred stock dividend requirements. Fixed charges consist of interest expense (capitalized and expensed), amortization of deferred debt issuance costs, portion of rental expense that is representative of the interest factor and preferred stock dividend requirements of the registrant and consolidated subsidiaries