Exhibit 12
COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in millions, except ratios)
| For the year ended December 31, |
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
| Earnings: |
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| Income (loss) from continuing operations before income taxes |
$ | 248 | $ | 497 | $ | (1,816 | ) | $ | 324 | $ | 1,063 | |||||||||
| Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges |
- | - | - | - | - | |||||||||||||||
| Equity loss (income) |
6 | 18 | (12 | ) | (99 | ) | (127 | ) | ||||||||||||
| Fixed charges added to earnings |
534 | 512 | 493 | 533 | 568 | |||||||||||||||
| Distributed income of less than 50 percent-owned persons |
152 | 86 | 89 | 101 | 100 | |||||||||||||||
| Amortization of capitalized interest: |
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| Consolidated |
42 | 47 | 46 | 44 | 43 | |||||||||||||||
| Proportionate share of 50 percent-owned persons |
- | - | - | - | - | |||||||||||||||
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| Total earnings |
$ | 982 | $ | 1,160 | $ | (1,200 | ) | $ | 903 | $ | 1,647 | |||||||||
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| Fixed Charges: |
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| Interest expense: |
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| Consolidated |
$ | 498 | $ | 473 | $ | 453 | $ | 490 | $ | 524 | ||||||||||
| Proportionate share of 50 percent-owned persons |
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| 498 | 473 | 453 | 490 | 524 | ||||||||||||||||
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| Amount representative of the interest factor in rents: |
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| Consolidated |
36 | 39 | 40 | 43 | 44 | |||||||||||||||
| Proportionate share of 50 percent-owned persons |
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| 36 | 39 | 40 | 43 | 44 | ||||||||||||||||
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| Fixed charges added to earnings |
534 | 512 | 493 | 533 | 568 | |||||||||||||||
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| Interest capitalized: |
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| Consolidated |
57 | 56 | 99 | 93 | 102 | |||||||||||||||
| Proportionate share of 50 percent-owned persons |
- | - | - | - | - | |||||||||||||||
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| 57 | 56 | 99 | 93 | 102 | ||||||||||||||||
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| Preferred stock dividend requirements of majority-owned subsidiaries |
- | - | - | - | - | |||||||||||||||
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| Total fixed charges |
$ | 591 | $ | 568 | $ | 592 | $ | 626 | $ | 670 | ||||||||||
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| Pretax earnings required to pay preferred stock dividends* |
107 | 32 | 3 | 3 | 3 | |||||||||||||||
| Combined total fixed charges and preferred stock dividends |
698 | 600 | 595 | 629 | 673 | |||||||||||||||
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| Ratio of earnings to fixed charges |
1.7 | 2.0 | (A | ) | 1.4 | 2.5 | ||||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
1.4 | 1.9 | (B | ) | 1.4 | 2.4 | ||||||||||||||
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| * | Based on a U.S. statutory tax rate of 35% |
| (A) | For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,792. |
| (B) | For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,795. |