Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in millions)
Three Months Ended 3/31/2018 | Year Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 1,916 | $ | 3,806 | $ | 3,892 | $ | 1,568 | $ | (111 | ) | $ | 506 | |||||||||||
Fixed charges, excluding capitalized interest | $ | 405 | $ | 1,044 | $ | 598 | $ | 547 | $ | 283 | $ | 197 | ||||||||||||
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Total earnings available for fixed charges | $ | 2,321 | $ | 4,850 | $ | 4,490 | $ | 2,115 | $ | 172 | $ | 703 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest and debt expense (1) | $ | 338 | $ | 875 | $ | 510 | $ | 484 | $ | 215 | $ | 143 | ||||||||||||
Assumed interest element included in rent expense | $ | 75 | $ | 195 | $ | 114 | $ | 88 | $ | 74 | $ | 57 | ||||||||||||
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Total fixed charges | $ | 413 | $ | 1,070 | $ | 624 | $ | 572 | $ | 289 | $ | 200 | ||||||||||||
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Ratio of earnings to fixed charges (2) | 5.62 | 4.53 | 7.19 | 3.70 | — | 3.52 |
(1) | Includes amortization of debt-related expenses plus interest capitalized during the period. |
(2) | In 2014, our earnings were insufficient to cover fixed charges by $117 million. |