EX-12.1 4 a2235418zex-12_1.htm EX-12.1

Exhibit 12.1

 

Statement of Computation of Ratio of Earnings to Fixed Charges

 

 

 

Year ended December 31

 

(in million, except ratios)

 

2013

 

2014

 

2015

 

2016

 

2017

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,750

 

2,783

 

3,151

 

3,462

 

3,811

 

Amortization of debt issue costs and discount or premium relating to indebtedness

 

—

 

—

 

—

 

—

 

—

 

Preferred stock dividend requirements of subsidiaries

 

177

 

193

 

140

 

119

 

165

 

Interest portion of rental expense

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

2,927

 

2,976

 

3,291

 

3,581

 

3,976

 

Earnings available for fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

4,689

 

6,532

 

4,865

 

2,993

 

5,164

 

Dividend income of equity investees

 

—

 

—

 

—

 

—

 

—

 

Add: Fixed charges

 

2,927

 

2,976

 

3,291

 

3,581

 

3,976

 

Less: Preferred stock dividend requirements of subsidiaries

 

(177

)

(193

)

(140

)

(119

)

(165

)

Less: Capitalized interest

 

(197

)

(204

)

(331

)

(229

)

(203

)

Total earnings available for fixed charges

 

7,242

 

9,111

 

7,685

 

6,226

 

8,772

 

Ratio of earnings to fixed charges

 

2.5x

 

3.1x

 

2.3x

 

1.7x

 

2.2x