Attached files
| file | filename |
|---|---|
| EX-32 - EX-32.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q12017xex_321.htm |
| EX-31 - EX-31.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q12017xex_312.htm |
| EX-31 - EX-31.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q12017xex_311.htm |
| EX-10 - EX-10.2 - GOODYEAR TIRE & RUBBER CO /OH/ | d386771dex102.htm |
| EX-10 - EX-10.1 - GOODYEAR TIRE & RUBBER CO /OH/ | d386771dex101.htm |
| 10-Q - 10-Q - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q1201710q.htm |
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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
Pre-tax income before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 239 | $ | 1,206 | $ | 592 | $ | 658 | $ | 782 | $ | 406 | |||||||||||
Add: | |||||||||||||||||||||||
Amortization of previously capitalized interest | 3 | 13 | 12 | 11 | 10 | 8 | |||||||||||||||||
Distributed income of equity investees | — | 25 | 24 | 24 | 21 | 11 | |||||||||||||||||
Total additions | 3 | 38 | 36 | 35 | 31 | 19 | |||||||||||||||||
Deduct: | |||||||||||||||||||||||
Capitalized interest | 5 | 26 | 19 | 24 | 39 | 22 | |||||||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | — | 8 | 8 | 14 | 26 | 20 | |||||||||||||||||
Total deductions | 5 | 34 | 27 | 38 | 65 | 42 | |||||||||||||||||
TOTAL EARNINGS | $ | 237 | $ | 1,210 | $ | 601 | $ | 655 | $ | 748 | $ | 383 | |||||||||||
FIXED CHARGES | |||||||||||||||||||||||
Interest expense | $ | 89 | $ | 391 | $ | 438 | $ | 439 | $ | 407 | $ | 385 | |||||||||||
Debt extinguishment costs included in interest expense | — | (12 | ) | (17 | ) | — | — | (15 | ) | ||||||||||||||
Capitalized interest | 5 | 26 | 19 | 24 | 39 | 22 | |||||||||||||||||
Interest portion of rental expense (1) | 24 | 100 | 97 | 114 | 119 | 121 | |||||||||||||||||
Proportionate share of fixed charges of investees accounted for by the equity method | — | 2 | 1 | 2 | 1 | 1 | |||||||||||||||||
TOTAL FIXED CHARGES | $ | 118 | $ | 507 | $ | 538 | $ | 579 | $ | 566 | $ | 514 | |||||||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 355 | $ | 1,717 | $ | 1,139 | $ | 1,234 | $ | 1,314 | $ | 897 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.01 | 3.39 | 2.12 | 2.13 | 2.32 | 1.75 | |||||||||||||||||
(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.