EX-12 6 d634164dex12.htm EX-12

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

For the year ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2009 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations before income taxes |  | $ | (1,816 | ) |  | $ | 324 |  |  | $ | 1,063 |  |  | $ | 548 |  |  | $ | (1,498 | )
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Equity income |  |  | (12 | ) |  |  | (99 | ) |  |  | (127 | ) |  |  | (54 | ) |  |  | (17 | )
Fixed charges added to earnings |  |  | 493 |  |  |  | 533 |  |  |  | 568 |  |  |  | 532 |  |  |  | 508 |
Distributed income of less than 50 percent-owned persons |  |  | 89 |  |  |  | 101 |  |  |  | 100 |  |  |  | 33 |  |  |  | 56 |
Amortization of capitalized interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 46 |  |  |  | 44 |  |  |  | 43 |  |  |  | 39 |  |  |  | 30 |
Proportionate share of 50 percent-owned persons |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total earnings |  | $ | (1,200 | ) |  | $ | 903 |  |  | $ | 1,647 |  |  | $ | 1,098 |  |  | $ | (921 | )
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 453 |  |  | $ | 490 |  |  | $ | 524 |  |  | $ | 494 |  |  | $ | 470 |
Proportionate share of 50 percent-owned persons |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 453 |  |  |  | 490 |  |  |  | 524 |  |  |  | 494 |  |  |  | 470 |
Amount representative of the interest factor in rents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 40 |  |  |  | 43 |  |  |  | 44 |  |  |  | 38 |  |  |  | 38 |
Proportionate share of 50 percent-owned persons |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 40 |  |  |  | 43 |  |  |  | 44 |  |  |  | 38 |  |  |  | 38 |
Fixed charges added to earnings |  |  | 493 |  |  |  | 533 |  |  |  | 568 |  |  |  | 532 |  |  |  | 508 |
Interest capitalized: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  |  | 99 |  |  |  | 93 |  |  |  | 102 |  |  |  | 96 |  |  |  | 165 |
Proportionate share of 50 percent-owned persons |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 99 |  |  |  | 93 |  |  |  | 102 |  |  |  | 96 |  |  |  | 165 |
Preferred stock dividend requirements of majority-owned subsidiaries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total fixed charges |  | $ | 592 |  |  | $ | 626 |  |  | $ | 670 |  |  | $ | 628 |  |  | $ | 673 |
Ratio of earnings to fixed charges |  |  | (A | ) |  |  | 1.4 |  |  |  | 2.5 |  |  |  | 1.7 |  |  |  | (B | )

(A) For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,792.

(B) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.