EX-12.1 2 iep-ex121_123115.htm EXHIBIT 12.1
EXHIBIT 12.1
ICAHN ENTERPRISES L.P. AND SUBSIDIARES
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio)

| Year Ended December 31,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings: |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations before income taxes, income (loss) from equity investees and non-controlling interests | $ | (2,121 | ) |  | $ | (682 | ) |  | $ | 2,300 |  |  | $ | 646 |  |  | $ | 1,804 |
Fixed charges | 1,203 |  |  | 885 |  |  | 595 |  |  | 607 |  |  | 522 |
Distributed income of equity investees | 11 |  |  | 25 |  |  | 33 |  |  | 31 |  |  | 16 |
Total Earnings | $ | (907 | ) |  | $ | 228 |  |  | $ | 2,928 |  |  | $ | 1,284 |  |  | $ | 2,342 |
Fixed Charges: |  |  |  |  |  |  |  |  |
Interest expense | $ | 1,154 |  |  | $ | 847 |  |  | $ | 560 |  |  | $ | 572 |  |  | $ | 490 |
Estimated interest within rental expense | 49 |  |  | 38 |  |  | 35 |  |  | 35 |  |  | 32 |
Total Fixed Charges | $ | 1,203 |  |  | $ | 885 |  |  | $ | 595 |  |  | $ | 607 |  |  | $ | 522 |
Ratio of earnings to fixed charges | n/a |  |  | n/a |  |  | 4.9 |  |  | 2.1 |  |  | 4.5 |
Dollar shortfall | $ | 2,110 |  |  | $ | 657 |  |  | n/a |  |  | n/a |  |  | n/a |