Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q3201810q.htm |
| EX-32 - EX-32.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32018xex_321.htm |
| EX-31 - EX-31.2 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32018xex_312.htm |
| EX-31 - EX-31.1 - GOODYEAR TIRE & RUBBER CO /OH/ | gt-q32018xex_311.htm |
| EX-10 - EX-10.2 - GOODYEAR TIRE & RUBBER CO /OH/ | d635065dex102.htm |
| EX-10 - EX-10.1 - GOODYEAR TIRE & RUBBER CO /OH/ | d635065dex101.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 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||
Pre-tax income before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 814 | $ | 884 | $ | 1,206 | $ | 592 | $ | 658 | $ | 782 | |||||||||||
Add: | |||||||||||||||||||||||
Amortization of previously capitalized interest | 11 | 13 | 13 | 12 | 11 | 10 | |||||||||||||||||
Distributed income of equity investees | — | 5 | 25 | 24 | 24 | 21 | |||||||||||||||||
Total additions | 11 | 18 | 38 | 36 | 35 | 31 | |||||||||||||||||
Deduct: | |||||||||||||||||||||||
Capitalized interest | 12 | 23 | 26 | 19 | 24 | 39 | |||||||||||||||||
Minority interest in pre-tax income of consolidated subsidiaries with no fixed charges | 1 | 4 | 8 | 8 | 14 | 26 | |||||||||||||||||
Total deductions | 13 | 27 | 34 | 27 | 38 | 65 | |||||||||||||||||
TOTAL EARNINGS | $ | 812 | $ | 875 | $ | 1,210 | $ | 601 | $ | 655 | $ | 748 | |||||||||||
FIXED CHARGES | |||||||||||||||||||||||
Interest expense | $ | 241 | $ | 347 | $ | 391 | $ | 438 | $ | 439 | $ | 407 | |||||||||||
Debt extinguishment costs included in interest expense | — | (6 | ) | (12 | ) | (17 | ) | — | — | ||||||||||||||
Capitalized interest | 12 | 23 | 26 | 19 | 24 | 39 | |||||||||||||||||
Interest portion of rental expense (1) | 78 | 104 | 100 | 97 | 114 | 119 | |||||||||||||||||
TOTAL FIXED CHARGES | $ | 331 | $ | 468 | $ | 505 | $ | 537 | $ | 577 | $ | 565 | |||||||||||
TOTAL EARNINGS BEFORE FIXED CHARGES | $ | 1,143 | $ | 1,343 | $ | 1,715 | $ | 1,138 | $ | 1,232 | $ | 1,313 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.45 | 2.87 | 3.40 | 2.12 | 2.14 | 2.32 | |||||||||||||||||
(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.