EX-12.1 2 fy201610k121.htm EXHIBIT 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, |  | 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Income (loss) from continuing operations before income tax provision and cumulative effect of change in accounting principle |  | $ | (734.0 | ) |  | $ | (478.0 | ) |  | $ | 1.5 |  |  | $ | (154.8 | ) |  | $ | 232.3 |
Distributed earnings net of (income) loss recognized on less than fifty percent owned persons |  | 2.3 |  |  | 0.1 |  |  | 8.9 |  |  | 15.3 |  |  | (4.9 | )
Noncontrolling interest in the income of subsidiary with fixed charges |  | (13.8 | ) |  | (12.0 | ) |  | (12.2 | ) |  | (7.6 | ) |  | (9.4 | )
|  | $ | (745.5 | ) |  | $ | (489.9 | ) |  | $ | (1.8 | ) |  | $ | (147.1 | ) |  | $ | 218 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 121.6 |  |  | $ | 109.8 |  |  | $ | 107.9 |  |  | $ | 62.3 |  |  | $ | 68.8 |
Portion of rents deemed to be interest |  | 7.7 |  |  | 7.8 |  |  | 7.6 |  |  | 7.5 |  |  | 8.3 |
Capitalized interest |  | 4.7 |  |  | 2.2 |  |  | 5.3 |  |  | 45.7 |  |  | 24.5 |
Amortization of debt expense |  | 3.8 |  |  | 1.8 |  |  | 1.9 |  |  | 3.8 |  |  | 3.5 |
Fixed Charges excluding capitalized interest |  | 137.8 |  |  | 121.6 |  |  | 122.7 |  |  | 119.3 |  |  | 105.1 |
Earnings adjustments: |  |  |  |  |  |  |  |  |  |
Capitalized interest |  | (4.7 | ) |  | (2.2 | ) |  | (5.3 | ) |  | (45.7 | ) |  | (24.5 | )
Earnings, as adjusted |  | $ | (612.4 | ) |  | $ | (370.5 | ) |  | $ | 115.6 |  |  | $ | (73.5 | ) |  | $ | 298.6 |
Ratio of earnings to fixed charges |  | — |  | (1) | — |  | (1) | — |  | (1) | — |  | (1) | 2.8 |

(1) For the years ended December 31, 2016, 2015, 2014 and 2013, fixed charges exceeded earnings by $750.2 million, $492.1 million, $7.1 million and $192.8 million, respectively.