EX-12.1 3 ex-121123114.htm EXHIBIT 12.1 EX-12.1 12.31.14
Exhibit 12.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
Earnings (a)
 
$
3,386

 
$
3,142

 
$
3,376

 
$
3,010

 
$
2,029

 
Plus:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest included in expense (b)
 
877

 
703

 
694

 
884

 
1,051

 
 
Amortization of debt expense and discount or premium on indebtedness
 
45

 
39

 
51

 
48

 
43

 
 
One third of rental expense (c)
 
21

 
17

 
17

 
17

 
20

 
 
Adjusted "earnings"
 
$
4,329

 
$
3,901

 
$
4,138

 
$
3,959

 
$
3,143

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest included in expense (b)
 
$
877

 
$
703

 
$
694

 
$
884

 
$
1,051

 
 
Amortization of debt expense and discount or premium on indebtedness
 
45

 
39

 
51

 
48

 
43

 
 
One third of rental expense (c)
 
21

 
17

 
17

 
17

 
20

 
Total fixed charges
 
$
943

 
$
759

 
$
762

 
$
949

 
$
1,114

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.6

 
5.1

 
5.4

 
4.2

 
2.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Earnings before income taxes
 
 
 
 
 
 
 
 
 
 
 
 
(b)
Includes interest on tax deficiencies
 
 
 
 
 
 
 
 
 
 
 
 
(c)
Considered to be representative of interest factor in rental expense