Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Howmet Aerospace Inc. | d792572d8k.htm |
| EX-4.5 - FORM OF 5.125% NOTES DUE 2024 - Howmet Aerospace Inc. | d792572dex45.htm |
| EX-5.2 - OPINION RELATING TO 2024 NOTES - Howmet Aerospace Inc. | d792572dex52.htm |
| EX-5.1 - OPINION RELATING TO DEPOSITARY SHARES AND MANDATORY CONVERTIBLE PREFERRED STOCK - Howmet Aerospace Inc. | d792572dex51.htm |
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in millions, except ratios)
| Six Months Ended June 30, 2014 |
Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
| Earnings: |
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| (Loss) income from continuing operations before income taxes |
$ | (67 | ) | $ | (1,816 | ) | $ | 324 | $ | 1,063 | $ | 548 | $ | (1,498 | ) | |||||||||
| Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges |
— | — | — | — | — | — | ||||||||||||||||||
| Equity loss (income) |
25 | (12 | ) | (99 | ) | (127 | ) | (54 | ) | (17 | ) | |||||||||||||
| Fixed charges added to earnings |
244 | 493 | 533 | 568 | 532 | 508 | ||||||||||||||||||
| Distributed income of less than 50 percent-owned persons |
43 | 89 | 101 | 100 | 33 | 56 | ||||||||||||||||||
| Amortization of capitalized interest: |
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| Consolidated |
24 | 46 | 44 | 43 | 39 | 30 | ||||||||||||||||||
| Proportionate share of 50 percent-owned persons |
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| Total earnings |
$ | 269 | $ | (1,200 | ) | $ | 903 | $ | 1,647 | $ | 1,098 | $ | (921 | ) | ||||||||||
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| Fixed Charges: |
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| Interest expense: |
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| Consolidated |
$ | 225 | $ | 453 | $ | 490 | $ | 524 | $ | 494 | $ | 470 | ||||||||||||
| Proportionate share of 50 percent-owned persons |
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| 225 | 453 | 490 | 524 | 494 | 470 | |||||||||||||||||||
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| Amount representative of the interest factor in rents: |
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| Consolidated |
19 | 40 | 43 | 44 | 38 | 38 | ||||||||||||||||||
| Proportionate share of 50 percent-owned persons |
— | — | — | — | — | — | ||||||||||||||||||
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| 19 | 40 | 43 | 44 | 38 | 38 | |||||||||||||||||||
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| Fixed charges added to earnings |
244 | 493 | 533 | 568 | 532 | 508 | ||||||||||||||||||
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| Interest capitalized: |
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| Consolidated |
27 | 99 | 93 | 102 | 96 | 165 | ||||||||||||||||||
| Proportionate share of 50 percent-owned persons |
— | — | — | — | — | — | ||||||||||||||||||
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| 27 | 99 | 93 | 102 | 96 | 165 | |||||||||||||||||||
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| Preferred stock dividend requirements of majority-owned subsidiaries |
— | — | — | — | — | — | ||||||||||||||||||
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| Total fixed charges |
$ | 271 | $ | 592 | $ | 626 | $ | 670 | $ | 628 | $ | 673 | ||||||||||||
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| Ratio of earnings to fixed charges |
(A | ) | (B | ) | 1.4 | 2.5 | 1.7 | (C | ) | |||||||||||||||
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| Preferred stock dividend requirements of Alcoa Inc. |
1 | 2 | 4 | 3 | 3 | 2 | ||||||||||||||||||
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| Total fixed charges and preferred stock dividends |
$ | 272 | $ | 594 | $ | 630 | $ | 673 | $ | 631 | $ | 675 | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred stock dividends |
(D | ) | (E | ) | 1.4 | 2.4 | 1.7 | (F | ) | |||||||||||||||
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| (A) | For the six months ended June 30, 2014, there was a deficiency of earnings to cover the fixed charges of $2. |
| (B) | For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,792. |
| (C) | For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594. |
| (D) | For the six months ended June 30, 2014, there was a deficiency of earnings to cover the combined fixed charges and preferred stock dividends of $3. |
| (E) | For the year ended December 31, 2013, there was a deficiency of earnings to cover the combined fixed charges and preferred stock dividends of $1,794. |
| (F) | For the year ended December 31, 2009, there was a deficiency of earnings to cover the combined fixed charges and preferred stock dividends of $1,596. |