Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q3201710q.htm |
| EX-32 - EX-32.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32017xex_321.htm |
| EX-31 - EX-31.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32017xex_312.htm |
| EX-31 - EX-31.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32017xex_311.htm |
| EX-10 - EX-10.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32017xletteragreementb.htm |
| EX-10 - EX-10.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32017xodeppfinalasamen.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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
Pre-tax income before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 590 | $ | 1,206 | $ | 592 | $ | 658 | $ | 782 | $ | 406 | |||||||||||
Add: | |||||||||||||||||||||||
Amortization of previously capitalized interest | 10 | 13 | 12 | 11 | 10 | 8 | |||||||||||||||||
Distributed income of equity investees | — | 25 | 24 | 24 | 21 | 11 | |||||||||||||||||
Total additions | 10 | 38 | 36 | 35 | 31 | 19 | |||||||||||||||||
Deduct: | |||||||||||||||||||||||
Capitalized interest | 16 | 26 | 19 | 24 | 39 | 22 | |||||||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | 3 | 8 | 8 | 14 | 26 | 20 | |||||||||||||||||
Total deductions | 19 | 34 | 27 | 38 | 65 | 42 | |||||||||||||||||
TOTAL EARNINGS | $ | 581 | $ | 1,210 | $ | 601 | $ | 655 | $ | 748 | $ | 383 | |||||||||||
FIXED CHARGES | |||||||||||||||||||||||
Interest expense | $ | 265 | $ | 391 | $ | 438 | $ | 439 | $ | 407 | $ | 385 | |||||||||||
Debt extinguishment costs included in interest expense | (6 | ) | (12 | ) | (17 | ) | — | — | (15 | ) | |||||||||||||
Capitalized interest | 16 | 26 | 19 | 24 | 39 | 22 | |||||||||||||||||
Interest portion of rental expense (1) | 73 | 100 | 97 | 114 | 119 | 121 | |||||||||||||||||
TOTAL FIXED CHARGES | $ | 348 | $ | 505 | $ | 537 | $ | 577 | $ | 565 | $ | 513 | |||||||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 929 | $ | 1,715 | $ | 1,138 | $ | 1,232 | $ | 1,313 | $ | 896 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.67 | 3.40 | 2.12 | 2.14 | 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.