Howmet Aerospace Inc. - FORM 10-K - EX-12 - February 28, 2017

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10-K - FORM 10-K - Howmet Aerospace Inc.d293282d10k.htm
EX-32 - EX-32 - Howmet Aerospace Inc.d293282dex32.htm
EX-31 - EX-31 - Howmet Aerospace Inc.d293282dex31.htm
EX-24 - EX-24 - Howmet Aerospace Inc.d293282dex24.htm
EX-23 - EX-23 - Howmet Aerospace Inc.d293282dex23.htm
EX-21 - EX-21 - Howmet Aerospace Inc.d293282dex21.htm
EX-10.(XX) - EX-10(XX) - Howmet Aerospace Inc.d293282dex10xx.htm
EX-10.(WW) - EX-10(WW) - Howmet Aerospace Inc.d293282dex10ww.htm
EX-10.(VV) - EX-10(VV) - Howmet Aerospace Inc.d293282dex10vv.htm
EX-10.(KK) - EX-10(KK) - Howmet Aerospace Inc.d293282dex10kk.htm
EX-10.(BB) - EX-10(BB) - Howmet Aerospace Inc.d293282dex10bb.htm
EX-10.(AA) - EX-10(AA) - Howmet Aerospace Inc.d293282dex10aa.htm
EX-10.(Z)(1) - EX-10(Z)(1) - Howmet Aerospace Inc.d293282dex10z1.htm
EX-10.(Y)(1) - EX-10(Y)(1) - Howmet Aerospace Inc.d293282dex10y1.htm
EX-10.(X) - EX-10(X) - Howmet Aerospace Inc.d293282dex10x.htm
EX-10.(V) - EX-10(V) - Howmet Aerospace Inc.d293282dex10v.htm
EX-10.(P) - EX-10(P) - Howmet Aerospace Inc.d293282dex10p.htm
EX-10.(J) - EX-10(J) - Howmet Aerospace Inc.d293282dex10j.htm
EX-3.(B) - EX-3(B) - Howmet Aerospace Inc.d293282dex3b.htm
EX-2.(E)(1) - EX-2(E)(1) - Howmet Aerospace Inc.d293282dex2e1.htm

Exhibit 12

COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in millions, except ratios)

 

For the year ended December 31,

    2016     2015      2014      2013     2012  

Earnings:

             

Income (loss) from continuing operations before income taxes

    $ 414     $ 183      $ 113      $ 931     $ 659  

Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges

      -       -        -        -       -  

Equity loss (income)

      (22 )      6        18        (12 )      (99 ) 

Fixed charges added to earnings

      556       534        512        493       533  

Distributed income of less than 50 percent-owned persons

      66       152        86        89       101  

Amortization of capitalized interest:

             

Consolidated

      36       42        47        46       44  

Proportionate share of 50 percent-owned persons

      -       -        -        -       -  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total earnings

    $ 1,050     $ 917      $ 776      $ 1,547     $ 1,238  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Fixed Charges:

             

Interest expense:

             

Consolidated

    $ 526     $ 498      $ 473      $ 453     $ 490  

Proportionate share of 50 percent-owned persons

      -       -        -        -       -  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  
     526       498        473        453       490  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Amount representative of the interest factor in rents:

             

Consolidated

      30       36        39        40       43  

Proportionate share of 50 percent-owned persons

      -       -        -        -       -  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  
     30       36        39        40       43  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Fixed charges added to earnings

      556       534        512        493       533  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Interest capitalized:

             

Consolidated

      45       57        56        99       93  

Proportionate share of 50 percent-owned persons

      -       -        -        -       -  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  
     45       57        56        99       93  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Preferred stock dividend requirements of majority-owned subsidiaries

      -       -        -        -       -  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total fixed charges

    $ 601     $ 591      $ 568      $ 592     $ 626  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Pretax earnings required to pay preferred stock dividends*

      107       107        32        3       3  

Combined total fixed charges and preferred stock dividends

    $ 708     $ 698      $ 600      $ 595     $ 629  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.7       1.6        1.4        2.6       2.0  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividends

      1.5       1.3        1.3        2.6       2.0  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

* Based on a U.S. statutory tax rate of 35%.

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