EX-12.1 3 s002292x1_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES
 
   
First
Quarter
Ended
March 30,
   
Year Ended December 31,
 
   
2018
   
2017
   
2016
   
2015
   
2014
   
2013
 
   
(In millions, except ratio of earnings to fixed charges)
 
Earnings:
                                   
Income from continuing operations before income taxes
 
$
216    
$
871    
$
804    
$
639
   
$
87 1
   
$
9 08
 
Less: Net income from continuing operations attributable to noncontrolling interests
    (5)       (16)       (14)      
(15
)
   
(13
)
   
(9
)
Income from continuing operations before income taxes after noncontrolling interests
 
$
211    
$
855    
$
790    
$
624
   
$
85 8
   
$
899
 
Add:
                                               
Interest expense
    41       165       161      
181
     
171
     
171
 
Amortization of debt expense
    1       6       8      
8
     
7
     
6
 
Interest component of rent expense
  9 36   34
42
47
47
 
Earnings
 
$
262    
$
1,062    
$
993    
$
855
   
$
1,084
   
$
1,195
 
Fixed charges:
                                               
Interest expense
 
$
41    
$
165    
$
161    
$
181
   
$
171
   
$
171
 
Amortization of debt expense
    1       6       8      
8
     
7
     
6
 
Interest component of rent expense
    9       36       34      
42
     
47
     
47
 
Fixed charges
 
$
51    
$
207      
$
203    
$
231
   
$
225
   
$
224
 
Ratio of earnings to fixed charges
   
5.1 x
 
   
5.1 x
 
   
4.9 x
 
   
3.7 x
 
   
4.8x
 
   
5. 0 x