Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - GOODYEAR TIRE & RUBBER CO /OH/ | Financial_Report.xls |
| EX-31 - EX-31.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32014xex_312.htm |
| EX-10 - EX-10.1 - GOODYEAR TIRE & RUBBER CO /OH/ | d809800dex101.htm |
| EX-10 - EX-10.2 - GOODYEAR TIRE & RUBBER CO /OH/ | d809800dex102.htm |
| EX-31 - EX-31.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32014xex_311.htm |
| EX-10 - EX-10.3 - GOODYEAR TIRE & RUBBER CO /OH/ | d809800dex103.htm |
| EX-32 - EX-32.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32014xex_321.htm |
| 10-Q - FORM 10-Q - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q3201410q.htm |
EXHIBIT 12.1
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in millions) | Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||
EARNINGS | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
Pre-tax income (loss) before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 546 | $ | 782 | $ | 406 | $ | 599 | $ | (3 | ) | $ | (365 | ) | ||||
Add: | ||||||||||||||||||
Amortization of previously capitalized interest | 8 | 10 | 8 | 9 | 9 | 8 | ||||||||||||
Distributed income of equity investees | 21 | 21 | 11 | 8 | 4 | 3 | ||||||||||||
Total additions | 29 | 31 | 19 | 17 | 13 | 11 | ||||||||||||
Deduct: | ||||||||||||||||||
Capitalized interest | 19 | 39 | 22 | 31 | 26 | 14 | ||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | 11 | 26 | 20 | 9 | 6 | 4 | ||||||||||||
Total deductions | 30 | 65 | 42 | 40 | 32 | 18 | ||||||||||||
TOTAL EARNINGS (LOSS) | $ | 545 | $ | 748 | $ | 383 | $ | 576 | $ | (22 | ) | $ | (372 | ) | ||||
FIXED CHARGES | ||||||||||||||||||
Interest expense | $ | 315 | $ | 392 | $ | 357 | $ | 330 | $ | 316 | $ | 311 | ||||||
Capitalized interest | 19 | 39 | 22 | 31 | 26 | 14 | ||||||||||||
Amortization of debt discount, premium or expense | 10 | 15 | 13 | 14 | 14 | 16 | ||||||||||||
Interest portion of rental expense (1) | 89 | 119 | 121 | 118 | 111 | 105 | ||||||||||||
Proportionate share of fixed charges of investees accounted for by the equity method | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||
TOTAL FIXED CHARGES | $ | 434 | $ | 566 | $ | 514 | $ | 494 | $ | 468 | $ | 447 | ||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 979 | $ | 1,314 | $ | 897 | $ | 1,070 | $ | 446 | $ | 75 | ||||||
Preferred Dividends | $ | 7 | $ | 29 | $ | 29 | 22 | $ * | $ * | |||||||||
Ratio of pre-tax income to net income | 1.43 | 1.20 | 1.86 | 1.48 | * | * | ||||||||||||
Preferred Dividend Factor | $ | 10 | $ | 35 | $ | 54 | $ | 33 | $ * | $ * | ||||||||
Total Fixed Charges | 434 | 566 | 514 | 494 | 468 | 447 | ||||||||||||
TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS | $ | 444 | $ | 601 | $ | 568 | $ | 527 | $ | 468 | $ | 447 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.26 | 2.32 | 1.75 | 2.17 | ** | *** | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS | 2.21 | 2.19 | 1.58 | 2.03 | ** | *** | ||||||||||||
* No preferred stock was outstanding for these periods.
** Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $22 million.
*** Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $372 million.
(1) Interest portion of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.