EX-12.1 5 d488824dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

 

     Year ended December 31     Pro forma
combined
 

Dollars in millions

   2008      2009      2010      2011      2012     2012  

Earnings:

                

Income (loss) from continuing operations before income taxes, noncontrolling interest and equity (income) losses of unconsolidated subsidiaries

   $ 260       $ 173       $ 277       $ 41       $ (186   $ 312   

Fixed charges

     69         53         48         73         86        99   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total earnings available for fixed charges

   $ 329       $ 226       $ 325       $ 114       $ (100   $ 411   

Fixed Charges:

                

Interest expense, including amortization of debt issuance costs

     61         42         37         60         71        68   

Assumed interest element included in rental expense

     8         11         11         13         15        31   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total fixed charges

   $ 69       $ 53       $ 48       $ 73       $ 86      $ 99   

Ratio of earnings to fixed charges

     4.8         4.3         6.8         1.6         (1.2     4.2   

Deficiency in earnings to fixed charges (1)

     N/A         N/A         N/A         N/A         (186     N/A   

For purposes of calculating the ratios of earnings to fixed charges, earnings consist of income (loss) from continuing operations before income taxes and noncontrolling interest plus equity (income) losses of unconsolidated subsidiaries, plus fixed charges. Fixed charges consist of interest expensed and an estimate of interest within rental expense.

 

(1) Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. Additional earnings of $186 million would have been needed to bring the ratio of earnings to fixed charges to 1.0.