ÁñÁ«ÊÓƵ

Exhibit 12.1

ÁñÁ«ÊÓƵ
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)

 
 
Year Ended December 31,
(Dollars in Millions)
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Earnings (loss) before income taxes and noncontrolling interests
 
$
301

 
$
(416
)
 
$
(1,459
)
 
$
170

 
$
(2,232
)
Fixed charges, as shown below
 
282

 
288

 
282

 
301

 
373

Adjustment for equity income
 
(44
)
 
(98
)
 
(38
)
 
(142
)
 
(40
)
Capitalized Interest
 
(2
)
 
(4
)
 
(14
)
 
(14
)
 
(19
)
Distributions from equity affiliates
 
7

 
9

 
11

 
8

 
13

Adjusted Earnings (Loss) (A)
 
$
544

 
$
(221
)
 
$
(1,218
)
 
$
323

 
$
(1,905
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Portion of rentals representing interest(a)
 
$
41

 
$
41

 
$
43

 
$
41

 
$
41

Capitalized interest
 
3

 
4

 
14

 
14

 
19

Other interest and fixed charges
 
238

 
243

 
225

 
246

 
313

Total fixed charges (B)
 
$
282

 
$
288

 
$
282

 
$
301

 
$
373

Ratio of (A) to (B)
 
1.93

 
(d)

 
(c)

 
1.07

 
(b)

(a)
The interest portion of the rental expense is calculated based on the appropriate proportion deemed representative of the interest component (i.e., one third of rental expense).
(b)
Earnings did not cover fixed charges by $2,278 million.
(c)
Earnings did not cover fixed charges by $1,500 million.
(d)
Earnings did not cover fixed charges by $509 million