EX-12.1 3 d174479dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

 

    Six Months Ended     Years Ended December 31,  
(In Millions Except Ratios)   June 30, 2016     2015     2014     2013     2012     2011(a)  

Fixed Charges:

           

Interest Expense, Including Amortization of Deferred Finance Fees

  $ 27      $ 55     $ 54     $ 55     $ 55     $ 17   

Interest Portion of Rental Expense (b)

    10        19       24       25       24       21   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

    37        74       78       80       79       38   

Earnings Before Income Taxes, Discontinued Operations and Fixed Charges:

           

Pre-tax income (before income or loss from equity investees)

    154        403       421       298       388       379   

Fixed Charges

    37        74       78       80       79       38   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings Available For Fixed Charges

  $ 191      $ 477     $ 499     $ 378     $ 467     $ 417   

Ratio of Earnings to Fixed Charges:

    5.2        6.4       6.4       4.7       5.9       10.9   

 

(a) This period includes the issuance of $1.2 billion aggregate principal amount of senior notes which were issued in September 2011. Interest on the Senior Notes accrues from September 20, 2011.
(b) Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor.