EX-12.1 4 d477574dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Statement Regarding the Computation of Ratio of Earnings to Fixed Charges for the Five Years Ended December 31, 2016 and the Nine Months Ended September 30, 2017

 

     Years Ended December 31,     Nine Months
Ended
September 30,
2017
 
     2012     2013     2014     2015     2016    

Fixed Charges:

            

Interest expense, net

   $ 788     $ 1,013     $ 1,165     $ 1,291     $ 1,317     $ 1,052  

Capitalized interest

     101       45       101       163       200       177  

Interest charges included in rental expense

     6       16       17       19       9       7  

Distribution to the Series A Convertible Redeemable Preferred Units

     8       6       3       3       —         —    

Accretion of the Series A Convertible Redeemable Preferred Units

     1       —         —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     904       1,080       1,286       1,476       1,526       1,236  

Earnings:

            

Income from continuing operations before income tax expense and noncontrolling interest

     1,817       810       1,593       1,398       438       1,439  

Less: equity in earnings of unconsolidated affiliates

     212       236       332       469       59       139  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

     1,605       574       1,261       929       379       1,300  

Add:

            

Fixed charges

     904       1,080       1,286       1,476       1,526       1,236  

Amortization of capitalized interest

     5       6       8       11       18       15  

Distributed income of equity investees

     208       313       291       440       406       319  

Less:

            

Interest capitalized

     (101     (45     (101     (163     (200     (177
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income available for fixed charges

   $ 2,621     $ 1,928     $ 2,745     $ 2,693     $ 2,129     $ 2,693  

Ratio of earnings to fixed charges

     2.9       1.8       2.1       1.8       1.4       2.2