Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 1, 2018

Documents

Exhibit 12.1



Statement of Ratio of Earnings to Fixed Charges
 
Nine months ended September 30,
 
Years ended December 31,
(In millions, except ratio)
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Income before income taxes
$
1,363

 
$
1,535

 
$
716

 
$
590

 
$
524

 
$
986

Less: Undistributed income (loss) from equity investees
128

 
110

 
97

 
43

 
25

 
20

Less: Noncontrolling interest
—

 
—

 
—

 
16

 
15

 
81

Add: Fixed charges, excluding deferred sales inducements additions and deferred financing costs
1,196

 
2,883

 
1,364

 
785

 
1,931

 
1,131

Add: Amortization of deferred sales inducements
66

 
63

 
39

 
21

 
4

 
16

Add: Amortization of deferred financing costs
1

 
—

 
2

 
3

 
3

 
—

Earnings available for fixed charges
$
2,498

 
$
4,371

 
$
2,024

 
$
1,340

 
$
2,422

 
$
2,032

 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
1,392

 
$
3,043

 
$
1,563

 
$
920

 
$
2,044

 
$
1,167

Deferred financing costs
10

 
—

 
—

 
—

 
—

 
8

Estimated interest component of rent expense
1

 
1

 
1

 
1

 
—

 
1

Fixed charges
$
1,403

 
$
3,044

 
$
1,564

 
$
921

 
$
2,044

 
$
1,176

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings available for fixed charges to fixed charges
1.78

 
1.44

 
1.29

 
1.45

 
1.18

 
1.73