EX-12.1 3 sun-12312017xexx121.htm EXHIBIT 12.1
Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

| Year Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 (1) |  | 2013
| (in millions, except ratios)
Fixed charges: |  |  |  |  |  |  |  |  |
Interest cost and debt expense | $ | 249 |  |  | $ | 191 |  |  | $ | 89 |  |  | $ | 17 |  |  | $ | 3 |
Interest allocable to rental expense (2) | 46 |  |  | 47 |  |  | 47 |  |  | 14 |  |  | 1 |
Total | $ | 295 |  |  | $ | 238 |  |  | $ | 136 |  |  | $ | 31 |  |  | $ | 4 |
Earnings: |  |  |  |  |  |  |  |  |
Consolidated pretax income (loss) from continuing operations | $ | 20 |  |  | $ | (16 | ) |  | $ | 185 |  |  | $ | 22 |  |  | $ | 37 |
Fixed charges | 295 |  |  | 238 |  |  | 136 |  |  | 31 |  |  | 4 |
Interest capitalized | (4 | ) |  | (2 | ) |  | (1 | ) |  | (1 | ) |  | — |
Total | $ | 311 |  |  | $ | 220 |  |  | $ | 320 |  |  | $ | 52 |  |  | $ | 41 |
Ratio of Earnings to Fixed Charges (3) | 1.05 |  |  | Ÿ |  | 2.35 |  |  | 1.68 |  |  | 10.25 |

_______________________________

(1) | For the year ended December 31, 2014, we have combined the Predecessor Period and the Successor Period and presented the unaudited financial data on a combined basis for comparative purposes.

(2) | Represents one-third of the total operating lease rental expense, which is that portion deemed to be interest.

(3) | The ratio of coverage in 2016 was less than 1:1. The Partnership would have needed to generate additional earnings from continuing operations of $18 million to achieve a coverage of 1:1 in 2016.