EX-12.1 4 ex12_2018.htm EXHIBIT 12.1
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 first quarter of | 2018
Earnings: |
Income before income taxes | $ | 199 |
Fixed charges added to earnings | 119 |
Amortization of capitalized interest: |
Consolidated | 3 |
Proportionate share of 50 percent-owned persons | — |
Total earnings | $ | 321 |
Fixed Charges: |
Interest expense |
Consolidated | $ | 114 |
Proportionate share of 50 percent-owned persons | — |
| $ | 114 |
Amount representative of the interest factor in rents: |
Consolidated | $ | 5 |
Proportionate share of 50 percent-owned persons | — |
| $ | 5 |
Fixed charges added to earnings | $ | 119 |
Interest capitalized: |
Consolidated | $ | 5 |
Proportionate share of 50 percent-owned persons | — |
| $ | 5 |
Preferred stock dividend requirements of majority-owned subsidiaries | $ | — |
Total fixed charges | $ | 124 |
Pretax earnings required to pay preferred stock dividends* | 1 |
Combined total fixed charges and preferred stock dividends | $ | 125 |
Ratio of earnings to fixed charges | 2.59 |
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.57 |

* Based on a U.S. statutory tax rate of 21%.