Year Ended December 31, | ||||||||||||||||||||
(Dollars in Millions) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Loss (earnings) before income taxes and noncontrolling interests | $ | (416 | ) | $ | (1,459 | ) | $ | 170 | $ | (2,232 | ) | $ | 6 | |||||||
Fixed charges, as shown below | 288 | 282 | 301 | 373 | 306 | |||||||||||||||
Adjustment for equity income | (98 | ) | (38 | ) | (142 | ) | (40 | ) | (144 | ) | ||||||||||
Capitalized Interest | (4 | ) | (14 | ) | (14 | ) | (19 | ) | (41 | ) | ||||||||||
Distributions from equity affiliates | 9 | 11 | 8 | 13 | 99 | |||||||||||||||
Adjusted Earnings (Loss) (A) | $ | (221 | ) | $ | (1,218 | ) | $ | 323 | $ | (1,905 | ) | $ | 226 | |||||||
Fixed charges: | ||||||||||||||||||||
Portion of rentals representing interest(a) | $ | 41 | $ | 43 | $ | 41 | $ | 41 | $ | 34 | ||||||||||
Capitalized interest | 4 | 14 | 14 | 19 | 41 | |||||||||||||||
Other interest and fixed charges | 243 | 225 | 246 | 313 | 231 | |||||||||||||||
Total fixed charges (B) | $ | 288 | $ | 282 | $ | 301 | $ | 373 | $ | 306 | ||||||||||
Ratio of (A) to (B) | (e) | (d) | 1.07 | (c) | (b) | |||||||||||||||
(a) | The interest portion of the rental expense is calculated based on the appropriate proportion deemed representative of the interest component (i.e., one third of rental expense). |
(b) | Earnings did not cover fixed charges by $80 million. |
(c) | Earnings did not cover fixed charges by $2,278 million. |
(d) | Earnings did not cover fixed charges by $1,500 million. |
(e) | Earnings did not cover fixed charges by $509 million |