Attached files
| file | filename |
|---|---|
| EX-5.1 - EX-5.1 - LOEWS CORP | d533579dex51.htm |
| EX-4.4 - EX-4.4 - LOEWS CORP | d533579dex44.htm |
| EX-4.5 - EX-4.5 - LOEWS CORP | d533579dex45.htm |
| 8-K - FORM 8-K - LOEWS CORP | d533579d8k.htm |
| EX-1.1 - EX-1.1 - LOEWS CORP | d533579dex11.htm |
Exhibit 12.1
LOEWS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN MILLIONS)
| QUARTER ENDED MARCH 31, | YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
| Pretax income from continuing operations |
$ | 512 | $ | 741 | $ | 1,399 | $ | 2,226 | $ | 2,902 | $ | 1,728 | $ | 594 | ||||||||||||||
| Add (deduct): |
||||||||||||||||||||||||||||
| Undistributed loss (income) from equity investees |
(108 | ) | (73 | ) | (103 | ) | 74 | (184 | ) | (220 | ) | 451 | ||||||||||||||||
| Capitalized interest |
(20 | ) | (10 | ) | (55 | ) | (30 | ) | (22 | ) | (29 | ) | (115 | ) | ||||||||||||||
| Amortization of capitalized interest |
3 | 2 | 10 | 8 | 8 | 8 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Earnings before fixed charges |
387 | 660 | 1,251 | 2,278 | 2,704 | 1,487 | 932 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Fixed charges (a) |
||||||||||||||||||||||||||||
| Interest expense |
108 | 111 | 440 | 522 | 517 | 448 | 345 | |||||||||||||||||||||
| Capitalized interest |
20 | 10 | 55 | 30 | 22 | 29 | 115 | |||||||||||||||||||||
| Interest factor related to rent |
9 | 11 | 38 | 38 | 38 | 40 | 40 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total fixed charges |
137 | 132 | 533 | 590 | 577 | 517 | 500 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total earnings and fixed charges |
$ | 524 | $ | 792 | $ | 1,784 | $ | 2,868 | $ | 3,281 | $ | 2,004 | $ | 1,432 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Ratio of earnings to fixed charges |
3.8 | 6.0 | 3.3 | 4.9 | 5.7 | 3.9 | 2.9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) | For purposes of this ratio, fixed charges include (i) interest, whether expensed or capitalized, (ii) amortization of debt issuance costs and (iii) one-third of rent expense which is deemed representative of an interest factor. |