Exhibit 12
Year Ended | Three Months Ended | |||||||||||||||||||||||
December 31 2012 | December 31 2013 | December 31 2014 | December 31 2015 | December 31 2016 | March 31 2017 | |||||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||||||
Income before income taxes, minority interests and equity earnings | $ | 636 | $ | 576 | $ | 516 | $ | 639 | $ | 769 | $ | 179 | ||||||||||||
Adjustments to income: | ||||||||||||||||||||||||
Add: Distributed income from less than 50% owned companies | 1 | 1 | — | — | — | — | ||||||||||||||||||
Add: Fixed charges as presented below | 256 | 262 | 275 | 290 | 270 | 66 | ||||||||||||||||||
Subtract: Interest capitalized | 9 | (5 | ) | (1 | ) | (2 | ) | (9 | ) | (2 | ) | |||||||||||||
Add: Amortization of interest previously capitalized | — | 1 | 1 | 2 | 3 | 1 | ||||||||||||||||||
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Earnings | $ | 902 | $ | 835 | $ | 791 | $ | 929 | $ | 1,033 | $ | 244 | ||||||||||||
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Computation of Fixed Charges: | ||||||||||||||||||||||||
Interest incurred | $ | 214 | $ | 226 | $ | 239 | $ | 253 | $ | 227 | $ | 57 | ||||||||||||
Interest capitalized | 9 | 5 | 1 | 2 | 9 | 2 | ||||||||||||||||||
Amortization of debt related costs | 12 | 10 | 14 | 17 | 16 | 3 | ||||||||||||||||||
Portion of rental expense representative of interest (1) | 21 | 21 | 21 | 18 | 18 | 4 | ||||||||||||||||||
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Total fixed charges | $ | 256 | $ | 262 | $ | 275 | $ | 290 | $ | 270 | $ | 66 | ||||||||||||
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Ratio of earnings to fixed charges | 3.5 | 3.2 | 2.9 | 3.2 | 3.8 | 3.7 |
(1) | One-third of net rent expense is the portion deemed representative of the interest factor. |