Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
(millions except ratios) | |||||||||||||||||||
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests | $ | 499 | $ | (337 | ) | $ | 239 | $ | 587 | $ | 516 | ||||||||
Add back fixed charges: | |||||||||||||||||||
Total fixed charges | 168 | 169 | 197 | 208 | 224 | ||||||||||||||
Dividends from associates | 3 | 3 | 7 | 5 | 12 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | — | — | — | — | — | ||||||||||||||
Income (loss) as adjusted | $ | 670 | $ | (165 | ) | $ | 443 | $ | 800 | $ | 752 | ||||||||
Fixed charges | |||||||||||||||||||
Interest expense | $ | 126 | $ | 128 | $ | 156 | $ | 166 | $ | 174 | |||||||||
Portions of rents representative of interest factor | 42 | 41 | 41 | 42 | 50 | ||||||||||||||
Total fixed charges | $ | 168 | $ | 169 | $ | 197 | $ | 208 | $ | 224 | |||||||||
Ratio of earnings to fixed charges | 4.0 | (1.0 | ) | 2.2 | 3.8 | 3.4 |
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Year ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
(millions except ratios) | |||||||||||||||||||
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests | $ | 499 | $ | (337 | ) | $ | 239 | $ | 587 | $ | 516 | ||||||||
Add back fixed charges: | |||||||||||||||||||
Total fixed charges | 168 | 169 | 197 | 208 | 224 | ||||||||||||||
Dividends from associates | 3 | 3 | 7 | 5 | 12 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | — | — | — | — | — | ||||||||||||||
Income (loss) as adjusted | $ | 670 | $ | (165 | ) | $ | 443 | $ | 800 | $ | 752 | ||||||||
Fixed charges and preferred stock dividends | |||||||||||||||||||
Interest expense | $ | 126 | $ | 128 | $ | 156 | $ | 166 | $ | 174 | |||||||||
Portions of rents representative of interest factor | 42 | $ | 41 | $ | 41 | $ | 42 | $ | 50 | ||||||||||
Total fixed charges | 168 | $ | 169 | $ | 197 | $ | 208 | $ | 224 | ||||||||||
Preferred stock dividends | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total fixed charges and preferred stock dividends | $ | 168 | $ | 169 | $ | 197 | $ | 208 | $ | 224 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 4.0 | (1.0 | ) | 2.2 | 3.8 | 3.4 |