Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q3201610q.htm |
| EX-32.1 - EX-32.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32016xex_321.htm |
| EX-31.2 - EX-31.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32016xex_312.htm |
| EX-31.1 - EX-31.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32016xex_311.htm |
EXHIBIT 12.1
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions) | Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||
EARNINGS | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Pre-tax income before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 878 | $ | 592 | $ | 658 | $ | 782 | $ | 406 | $ | 599 | |||||||||||
Add: | |||||||||||||||||||||||
Amortization of previously capitalized interest | 9 | 12 | 11 | 10 | 8 | 9 | |||||||||||||||||
Distributed income of equity investees | — | 24 | 24 | 21 | 11 | 8 | |||||||||||||||||
Total additions | 9 | 36 | 35 | 31 | 19 | 17 | |||||||||||||||||
Deduct: | |||||||||||||||||||||||
Capitalized interest | 18 | 19 | 24 | 39 | 22 | 31 | |||||||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | 7 | 8 | 14 | 26 | 20 | 9 | |||||||||||||||||
Total deductions | 25 | 27 | 38 | 65 | 42 | 40 | |||||||||||||||||
TOTAL EARNINGS | $ | 862 | $ | 601 | $ | 655 | $ | 748 | $ | 383 | $ | 576 | |||||||||||
FIXED CHARGES | |||||||||||||||||||||||
Interest expense | $ | 302 | $ | 438 | $ | 439 | $ | 407 | $ | 385 | $ | 350 | |||||||||||
Debt extinguishment costs included in interest expense | (11 | ) | (12 | ) | — | — | (15 | ) | (6 | ) | |||||||||||||
Capitalized interest | 18 | 19 | 24 | 39 | 22 | 31 | |||||||||||||||||
Interest portion of rental expense (1) | 72 | 97 | 114 | 119 | 121 | 118 | |||||||||||||||||
Proportionate share of fixed charges of investees accounted for by the equity method | 1 | 1 | 2 | 1 | 1 | 1 | |||||||||||||||||
TOTAL FIXED CHARGES | $ | 382 | $ | 543 | $ | 579 | $ | 566 | $ | 514 | $ | 494 | |||||||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 1,244 | $ | 1,144 | $ | 1,234 | $ | 1,314 | $ | 897 | $ | 1,070 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.26 | 2.11 | 2.13 | 2.32 | 1.75 | 2.17 | |||||||||||||||||
(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. |