Exhibit 12.1
Loews Corporation
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Pretax income from continuing operations before noncontrolling interests | $ | 244 | $ | 1,810 | $ | 2,277 | $ | 2,022 | $ | 2,327 | ||||||||||
Add (deduct): | ||||||||||||||||||||
Loss (income) from equity investees | (158 | ) | (318 | ) | (527 | ) | (300 | ) | (117 | ) | ||||||||||
Distributions from equity investees | 340 | 382 | 147 | 197 | 191 | |||||||||||||||
Capitalized interest | (21 | ) | (76 | ) | (91 | ) | (55 | ) | (30 | ) | ||||||||||
Amortization of capitalized interest | 13 | 10 | 9 | 10 | 8 | |||||||||||||||
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Earnings before fixed charges | 418 | 1,808 | 1,815 | 1,874 | 2,379 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expensed | 520 | 513 | 442 | 440 | 522 | |||||||||||||||
Capitalized interest | 21 | 76 | 91 | 55 | 30 | |||||||||||||||
Other interest related factors | 30 | 39 | 37 | 38 | 38 | |||||||||||||||
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Total fixed charges | 571 | 628 | 570 | 533 | 590 | |||||||||||||||
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Total earnings and fixed charges | $ | 989 | $ | 2,436 | $ | 2,385 | $ | 2,407 | $ | 2,969 | ||||||||||
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Ratio of earnings to fixed charges | 1.7 | x | 3.9 | x | 4.2 | x | 4.5 | x | 5.0 | x |