EX-12.1 3 exhibit121ratioofearningst.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

 
Nine Months Ended
September 30, 2016
 
(in millions)
Fixed Charges:
 
Interest cost and debt expense
$
198

Interest allocable to rental expense (1)
5

Total
$
203

Earnings:
 
Income before income tax expense (2)
$
522

Income before income tax expense attributable to noncontrolling interests
(3
)
Income before income tax expense attributable to redeemable noncontrolling interests
(1
)
Equity in income of 50 percent or less owned affiliated companies
(29
)
Dividends received from 50 percent or less owned affiliated companies (3)
15

Fixed charges
203

Interest capitalized
(80
)
Amortization of previously capitalized interest
3

Total
$
630

 
 
Ratio of Earnings to Fixed Charges
3.1

(1) 
Represents one-third of the total operating lease rental expense which is the portion deemed to be interest.
(2) 
Represents income before income tax expense for all consolidated entities.
(3) 
Represents dividends received from equity-method investments.