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Exhibit (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Four Months
Ended
December 31
Eight Months
Ended August 31
Year Ended December 31
(in millions)
2013
2013
2012
2011
2010
2009
Loss from continuing operations before provision
for income taxes
$
(78
)
$
2,356
$
(1,610
)
$
(757
)
$
(425
)
$
(5
)
Adjustments:
Undistributed (earnings) loss of equity
method investees
—
—
—
—
—
—
Interest expense
22
106
139
138
148
118
Interest component of rental expense (1)
5
12
20
25
32
36
Amortization of capitalized interest
—
—
2
2
2
2
Earnings as adjusted
$
(51
)
$
2,474
$
(1,449
)
$
(592
)
$
(243
)
$
151
Fixed charges:
Interest expense
22
106
139
138
148
118
Interest component of rental expense (1)
5
12
20
25
32
36
Capitalized interest
—
—
1
1
1
2
Total fixed charges
$
27
$
118
$
160
$
164
$
181
$
156
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 four months ended December 31, 2013 were inadequate to cover fixed charges. The coverage deficiency was $66
million.
**
Earnings for the eight months ended August 31, 2013 were adequate to cover fixed charges. The coverage amount was $2,356
million.
***
Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. The coverage deficiency was $1,609
million.
****
Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $756 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.