EX-12 21 ex12_2017.htm EXHIBIT 12
Exhibit 12
COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in millions, except ratios)

For the year ended December 31, | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |
Income loss from continuing operations before income taxes | $ | 470 |  |  | $ | 414 |  |  | $ | 183 |  |  | $ | 113 |  |  | $ | 931 |
Equity loss (income) | — |  |  | (22 | ) |  | 6 |  |  | 18 |  |  | (12 | )
Fixed charges added to earnings | 513 |  |  | 556 |  |  | 534 |  |  | 512 |  |  | 493 |
Distributed income of less than 50 percent-owned persons | — |  |  | 66 |  |  | 152 |  |  | 86 |  |  | 89 |
Amortization of capitalized interest: |  |  |  |  |  |  |  |  |
Consolidated | 13 |  |  | 36 |  |  | 42 |  |  | 47 |  |  | 46 |
Total earnings | $ | 996 |  |  | $ | 1,050 |  |  | $ | 917 |  |  | $ | 776 |  |  | $ | 1,547 |
Fixed Charges: |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |
Consolidated | $ | 496 |  |  | $ | 526 |  |  | $ | 498 |  |  | $ | 473 |  |  | $ | 453 |
| 496 |  |  | 526 |  |  | 498 |  |  | 473 |  |  | 453 |
Amount representative of the interest factor in rents: |  |  |  |  |  |  |  |  |
Consolidated | 17 |  |  | 30 |  |  | 36 |  |  | 39 |  |  | 40 |
| 17 |  |  | 30 |  |  | 36 |  |  | 39 |  |  | 40 |
Fixed charges added to earnings | 513 |  |  | 556 |  |  | 534 |  |  | 512 |  |  | 493 |
Interest capitalized: |  |  |  |  |  |  |  |  |
Consolidated | 22 |  |  | 45 |  |  | 57 |  |  | 56 |  |  | 99 |
| 22 |  |  | 45 |  |  | 57 |  |  | 56 |  |  | 99 |
Total fixed charges | $ | 535 |  |  | $ | 601 |  |  | $ | 591 |  |  | $ | 568 |  |  | $ | 592 |
Pretax earnings required to pay preferred stock dividends* | 66 |  |  | 107 |  |  | 107 |  |  | 32 |  |  | 3 |
Combined total fixed charges and preferred stock dividends | $ | 601 |  |  | $ | 708 |  |  | $ | 698 |  |  | $ | 600 |  |  | $ | 595 |
Ratio of earnings to fixed charges | 1.86 |  |  | 1.75 |  |  | 1.55 |  |  | 1.37 |  |  | 2.61 |
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.66 |  |  | 1.48 |  |  | 1.31 |  |  | 1.29 |  |  | 2.60 |

* 2017 is based on a U.S. statutory tax rate of 21%. 2013-2016 is based on a U.S. statutory tax rate of 35%