EX-12.1 2 fy201310k121.htm EXHIBIT 12.1 FY2013 10K 12.1


Exhibit 12.1
Allegheny Technologies Incorporated
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Income (loss) from continuing operations before income tax provision and cumulative effect of change in accounting principle
 
$
(154.8
)
 
$
232.3

 
$
322.1

 
$
124.2

 
$
89.4

(Income) loss recognized on less than fifty percent owned persons
 
15.3

 
(4.9
)
 
(7.4
)
 
(2.5
)
 
18.6

Noncontrolling interest in the income of subsidiary with fixed charges
 
(7.6
)
 
(9.4
)
 
(8.8
)
 
(8.0
)
 
(6.3
)
 
 
$
(147.1
)
 
$
218.0

 
$
305.9

 
$
113.7

 
$
101.7

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
62.3

 
$
68.8

 
$
90.1

 
$
60.7

 
$
19.3

Portion of rents deemed to be interest
 
7.5

 
8.3

 
7.1

 
7.0

 
7.1

Capitalized interest
 
45.7

 
24.5

 
12.1

 
12.5

 
39.0

Debt extinguishment costs
 
—

 
—

 
—

 
—

 
9.2

Amortization of debt expense
 
3.8

 
3.5

 
3.6

 
3.1

 
2.1

Fixed Charges excluding capitalized interest
 
119.3

 
105.1

 
112.9

 
83.3

 
76.7

Earnings adjustments:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(45.7
)
 
(24.5
)
 
(12.1
)
 
(12.5
)
 
(39.0
)
Earnings, as adjusted
 
$
(73.5
)
 
$
298.6

 
$
406.7

 
$
184.5

 
$
139.4

Ratio of earnings to fixed charges
 
—

(1)
2.8

 
3.6

 
2.2

 
1.8


(1) For the year ended December 31, 2013, fixed charges exceeded earnings by $192.8 million.