Exhibit 12.1

 

 

 

Three Months
Ended March 31,

 

Year Ended
December 31,

 

 

 

2017

 

2016

 

 

 

(in millions)

 

Combined Fixed Charges and Preference Dividends:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

$

28,432

 

$

109,437

 

Capitalized interest

 

$

1,638

 

$

3,738

 

Estimated of interest expense within rental expense

 

$

6,633

 

$

28,133

 

Preference dividends

 

$

2,252

 

$

9,009

 

Total Combined Fixed Charges and Preference Dividends

 

$

38,955

 

$

150,317

 

 

 

 

 

 

 

Earnings as defined:

 

 

 

 

 

 

 

 

 

 

 

Pretax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

 

$

(61,960

)

$

(127,652

)

Fixed charges

 

$

38,955

 

$

150,317

 

Amortization of capitalized interest

 

$

681

 

$

2,591

 

Distributed income of equity investees

 

$

 

$

 

Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges

 

$

 

$

 

Interest capitalized

 

$

 

$

 

Preference dividends of consolidated subsidiaries

 

$

 

$

 

Minority interest in pretax income of subsidiaries that have not incurred fixed charges

 

$

(14,243

)

$

(32,010

)

Total of Earnings

 

$

(8,081

)

$

57,266

 

 

 

 

 

 

 

Ratio of Combined Fixed Charges and Preference Dividends to Earnings

 

(4.8

)

2.6