Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31, |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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(In millions) |
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Earnings before fixed charges: |
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Earnings from continuing operations before non-controlling interest or tax |
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$ |
(572.0) |
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$ |
(1,378.7) |
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$ |
331.3 |
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$ |
186.1 |
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$ |
128.3 |
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Capitalized interest |
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(7.2) |
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(7.7) |
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(11.8) |
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— |
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— |
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Amortization of capitalized interest |
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1.4 |
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0.9 |
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0.5 |
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— |
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— |
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Distributed income from unconsolidated affiliates |
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57.7 |
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42.7 |
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23.7 |
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12.0 |
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2.3 |
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Income from unconsolidated affiliates |
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19.9 |
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(20.4) |
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(18.9) |
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(14.8) |
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(2.0) |
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Non-controlling interest |
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8.1 |
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0.4 |
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0.2 |
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— |
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— |
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Fixed charges |
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195.3 |
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110.2 |
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59.2 |
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— |
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— |
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Total earnings before fixed charges |
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$ |
(296.8) |
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$ |
(1,252.6) |
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$ |
384.2 |
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$ |
183.3 |
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$ |
128.6 |
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Fixed charges: |
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Interest expense |
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$ |
188.1 |
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$ |
102.5 |
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$ |
47.4 |
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$ |
— |
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$ |
— |
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Capitalized interest |
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7.2 |
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7.7 |
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11.8 |
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— |
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— |
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Total fixed charges |
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$ |
195.3 |
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$ |
110.2 |
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$ |
59.2 |
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$ |
— |
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$ |
— |
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Ratio of earnings to fixed charges |
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N/A |
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N/A |
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6.5 |
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N/A |
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N/A |
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Deficiency |
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$ |
(492.1) |
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$ |
(1,362.8) |
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$ |
— |
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$ |
— |
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$ |
— |
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