Attached files
| file | filename |
|---|---|
| EX-5.1 - EXHIBIT 5.1 - CLEVELAND-CLIFFS INC. | a20171219-8xkxex51.htm |
| EX-4.2 - EXHIBIT 4.2 - CLEVELAND-CLIFFS INC. | a20171219-8xkxex42.htm |
| EX-4.1 - EXHIBIT 4.1 - CLEVELAND-CLIFFS INC. | a20171219-8xkxex41.htm |
| EX-1.1 - EXHIBIT 1.1 - CLEVELAND-CLIFFS INC. | a20171219-8xkxex11.htm |
| 8-K - 8-K - CLEVELAND-CLIFFS INC. | a20171219-8xkxclosing.htm |
EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(In Millions)
Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Consolidated pretax income (loss) from continuing operations | $ | 60.0 | $ | 207.0 | $ | 313.1 | $ | (19.7 | ) | $ | 1,190.9 | $ | 1,105.4 | ||||||||||
Undistributed earnings of non-consolidated affiliates | — | — | (0.1 | ) | (9.9 | ) | (74.4 | ) | (404.8 | ) | |||||||||||||
Amortization of capitalized interest | — | 0.1 | 0.3 | 0.3 | 2.3 | 3.7 | |||||||||||||||||
Interest expense | 105.3 | 201.1 | 230.0 | 178.3 | 189.9 | 208.8 | |||||||||||||||||
Acceleration of debt issuance costs | 116.3 | 35.6 | 11.3 | 3.6 | — | 0.2 | |||||||||||||||||
Interest portion of rental expense | 0.2 | 0.3 | 0.9 | 2.3 | 2.1 | 2.8 | |||||||||||||||||
Total Earnings | $ | 281.8 | $ | 444.1 | $ | 555.5 | $ | 154.9 | $ | 1,310.8 | $ | 916.1 | |||||||||||
Interest expense | $ | 105.3 | $ | 201.1 | $ | 230.0 | $ | 178.3 | $ | 189.9 | $ | 208.8 | |||||||||||
Acceleration of debt issuance costs | 116.3 | 35.6 | 11.3 | 3.6 | — | 0.2 | |||||||||||||||||
Interest portion of rental expense | 0.2 | 0.3 | 0.9 | 2.3 | 2.1 | 2.8 | |||||||||||||||||
Preferred Stock dividend requirements | — | — | 38.4 | 51.2 | 48.7 | — | |||||||||||||||||
Fixed Charges Requirements | $ | 221.8 | $ | 237.0 | $ | 280.6 | $ | 235.4 | $ | 240.7 | $ | 211.8 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.3 | 1.9 | 2.0 | (A) | 5.4 | 4.3 | |||||||||||||||||
(A) For the year ended December 31, 2014, there was a deficiency of earnings to cover the fixed charges of $235.4 million. | |||||||||||||||||||||||