Exhibit 12.1
Computation of Earnings to Fixed Charges
| Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||
| Earnings before income taxes, less equity in earnings |
$ | 292 | $ | 302 | $ | 243 | $ | 55 | $ | 18 | $ | 48 | ||||||||||||
| Fixed charges |
184 | 198 | 163 | 118 | 42 | 10 | ||||||||||||||||||
| Distributions received from unconsolidated affiliates |
20 | 29 | 10 | 1 | — | — | ||||||||||||||||||
| Capitalized interest |
(4 | ) | (5 | ) | (9 | ) | (6 | ) | (2 | ) | (1 | ) | ||||||||||||
| Amortization of capitalized interest |
2 | 1 | 1 | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings as adjusted |
$ | 494 | $ | 525 | $ | 408 | $ | 168 | $ | 58 | $ | 57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Net interest expense |
$ | 179 | $ | 192 | $ | 151 | $ | 110 | $ | 39 | $ | 9 | ||||||||||||
| Capitalized interest |
4 | 5 | 9 | 6 | 2 | 1 | ||||||||||||||||||
| Amortization of debt premium |
(1 | ) | (1 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||
| Interest component of rental expense (a) |
2 | 2 | 4 | 3 | 1 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges |
$ | 184 | $ | 198 | $ | 163 | $ | 118 | $ | 42 | $ | 10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges |
2.7 | 2.7 | 2.5 | 1.4 | 1.4 | 5.7 | ||||||||||||||||||
| (a) | Total rental expense from continuing operations was approximately $10 million for the nine months ended September 30, 2017 and $11 million, $19 million, $15 million, $8 million and $4 million for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |