Attached files
EXHIBIT 12.1
Visteon Corporation and Subsidiaries | |||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31 | December 31 | December 31 | December 31 | December 31 | |||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings | |||||||||||||||||||
Income/(loss) before income taxes, non-controlling interest, discontinued operations | $ | 69 | $ | (43 | ) | $ | 611 | $ | 95 | $ | 80 | ||||||||
Earnings of non-consolidated affiliates | (7 | ) | (2 | ) | (202 | ) | (221 | ) | (166 | ) | |||||||||
Cash dividends received from non-consolidated affiliates | 3 | 17 | 187 | 104 | 47 | ||||||||||||||
Fixed charges | 43 | 58 | 64 | 63 | 61 | ||||||||||||||
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (37 | ) | (59 | ) | (38 | ) | (21 | ) | (7 | ) | |||||||||
Earnings | $ | 71 | $ | (29 | ) | $ | 622 | $ | 20 | $ | 15 | ||||||||
Fixed Charges | |||||||||||||||||||
Interest and related charges on debt | $ | 25 | $ | 37 | $ | 46 | $ | 48 | $ | 46 | |||||||||
Portion of rental expense representative of the interest factor | 18 | 21 | 18 | 15 | 15 | ||||||||||||||
Fixed charges | $ | 43 | $ | 58 | $ | 64 | $ | 63 | $ | 61 | |||||||||
Ratios | |||||||||||||||||||
Ratio of earnings to fixed charges * | 1.65 | N/A | 9.78 | 0.32 | 0.24 |
* For the years ended December 31, 2014, 2012 and 2011, fixed charges exceeded earnings by $87 million, $43 million and $46 million, respectively, resulting in a ratio of less than one.