Attached files
| file | filename |
|---|---|
| EX-5.3 - EX-5.3 - Owens Corning | d224427dex53.htm |
| EX-5.2 - EX-5.2 - Owens Corning | d224427dex52.htm |
| EX-5.1 - EX-5.1 - Owens Corning | d224427dex51.htm |
| EX-4.1 - EX-4.1 - Owens Corning | d224427dex41.htm |
| EX-1.1 - EX-1.1 - Owens Corning | d224427dex11.htm |
| 8-K - FORM 8-K - Owens Corning | d224427d8k.htm |
Exhibit 12.1
OWENS CORNING AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated
| Six Months Ended June 30, 2016 |
Twelve Months Ended December 31, |
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| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges |
5.0 | 4.1 | 2.5 | 2.8 | (a) | 3.3 | ||||||||||||||||
The computation of the ratio of earnings to fixed charges is as follows (in millions):
| Six Months Ended June 30, 2016 |
Twelve Months ended December 31, |
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| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| Earnings from continuing operations before taxes |
$ | 304 | 453 | 232 | 273 | (40 | ) | 353 | ||||||||||||||||
| Fixed charges (see below) |
75 | 143 | 157 | 153 | 158 | 151 | ||||||||||||||||||
| Amortization of capitalized interest |
5 | 9 | 8 | 7 | 6 | 4 | ||||||||||||||||||
| Capitalized interest |
(9 | ) | (14 | ) | (10 | ) | (8 | ) | (13 | ) | (13 | ) | ||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
— | — | — | — | — | — | ||||||||||||||||||
| Earnings, as adjusted |
$ | 375 | 591 | 387 | 425 | 111 | 495 | |||||||||||||||||
| Fixed charges: |
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| Portion of rents representative of interest expense(b) |
$ | 13 | 29 | 30 | 28 | 26 | 24 | |||||||||||||||||
| Interest on indebtedness, including amortization of deferred loan costs(c) |
53 | 100 | 117 | 117 | 119 | 114 | ||||||||||||||||||
| Capitalized interest |
9 | 14 | 10 | 8 | 13 | 13 | ||||||||||||||||||
| Total fixed charges |
$ | 75 | $ | 143 | $ | 157 | $ | 153 | $ | 158 | $ | 151 | ||||||||||||
| (a) | In 2012, the ratio of earnings to fixed charges was less than 1.0. During 2012, the Company needed to generate an additional $47 million of earnings from continuing operations before taxes to attain a 1.0 ratio of earnings to fixed charges. |
| (b) | The Company estimates that 33% of its rental costs represent interest expense. This factor has been applied to all periods presented in the table above. |
| (c) | Interest on indebtedness excludes interest income, gain or loss on extinguishment of debt, and interest associated with uncertain tax positions, which is included in Income tax expense in the Consolidated Statements of Earnings. |