Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q1201510q.htm |
| EX-32.1 - EX-32.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q12015xex_321.htm |
| EX-31.1 - EX-31.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q12015xex_311.htm |
| EX-31.2 - EX-31.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q12015xex_312.htm |
| EXCEL - IDEA: XBRL DOCUMENT - GOODYEAR TIRE & RUBBER CO /OH/ | Financial_Report.xls |
EXHIBIT 12.1
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions) | Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||
EARNINGS | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Pre-tax income (loss) before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 355 | $ | 658 | $ | 782 | $ | 406 | $ | 599 | $ | (3 | ) | ||||||||||
Add: | |||||||||||||||||||||||
Amortization of previously capitalized interest | 3 | 11 | 10 | 8 | 9 | 9 | |||||||||||||||||
Distributed income of equity investees | 21 | 24 | 21 | 11 | 8 | 4 | |||||||||||||||||
Total additions | 24 | 35 | 31 | 19 | 17 | 13 | |||||||||||||||||
Deduct: | |||||||||||||||||||||||
Capitalized interest | 5 | 24 | 39 | 22 | 31 | 26 | |||||||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | 2 | 14 | 26 | 20 | 9 | 6 | |||||||||||||||||
Total deductions | 7 | 38 | 65 | 42 | 40 | 32 | |||||||||||||||||
TOTAL EARNINGS (LOSS) | $ | 372 | $ | 655 | $ | 748 | $ | 383 | $ | 576 | $ | (22 | ) | ||||||||||
FIXED CHARGES | |||||||||||||||||||||||
Interest expense | $ | 103 | $ | 428 | $ | 392 | $ | 357 | $ | 330 | $ | 316 | |||||||||||
Capitalized interest | 5 | 24 | 39 | 22 | 31 | 26 | |||||||||||||||||
Amortization of debt discount, premium or expense | 1 | 11 | 15 | 13 | 14 | 14 | |||||||||||||||||
Interest portion of rental expense (1) | 29 | 114 | 119 | 121 | 118 | 111 | |||||||||||||||||
Proportionate share of fixed charges of investees accounted for by the equity method | — | 2 | 1 | 1 | 1 | 1 | |||||||||||||||||
TOTAL FIXED CHARGES | $ | 138 | $ | 579 | $ | 566 | $ | 514 | $ | 494 | $ | 468 | |||||||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 510 | $ | 1,234 | $ | 1,314 | $ | 897 | $ | 1,070 | $ | 446 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.70 | 2.13 | 2.32 | 1.75 | 2.17 | * | |||||||||||||||||
* | Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $22 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.