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Exhibit (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31
(in millions)
2012
2011
2010
2009
2008
Loss from continuing operations before provision for income taxes
$
(1,560
)
$
(699
)
$
(425
)
$
(5
)
$
(738
)
Adjustments:
Undistributed (earnings) loss of equity method investees
—
—
—
—
—
Interest expense
158
155
148
118
107
Interest component of rental expense (1)
23
29
32
36
39
Amortization of capitalized interest
2
2
2
2
2
Earnings as adjusted
$
(1,377
)
$
(513
)
$
(243
)
$
151
$
(590
)
Fixed charges:
Interest expense
158
155
148
118
107
Interest component of rental expense (1)
23
29
32
36
39
Capitalized interest
1
1
1
2
3
Total fixed charges
$
182
$
185
$
181
$
156
$
149
Ratio of earnings to fixed charges
*
**
***
****
*****
(1) Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the
interest factor.
*
Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. The coverage deficiency was $1559 million.
**
Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $698 million.
***
Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $424 million.
****
Earnings for the year ended December 31, 2009 were inadequate
to cover fixed charges. The coverage deficiency was $5 million.
*****
Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges. The coverage deficiency was $739 million.