Howmet Aerospace Inc. - FORM 10-K - EX-12 - EXHIBIT 12 - February 23, 2018

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EX-10.L(1) - EXHIBIT 10.L(1) - Howmet Aerospace Inc.ex10l1_2017.htm
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EX-4.D - EXHIBIT 4.D - Howmet Aerospace Inc.ex4d_2017.htm
10-K - 10-K - Howmet Aerospace Inc.form10k.htm


Exhibit 12

COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in millions, except ratios)

For the year ended December 31,
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Income loss from continuing operations before income taxes
$
470

 
$
414

 
$
183

 
$
113

 
$
931

Equity loss (income)
—

 
(22
)
 
6

 
18

 
(12
)
Fixed charges added to earnings
513

 
556

 
534

 
512

 
493

Distributed income of less than 50 percent-owned persons
—

 
66

 
152

 
86

 
89

Amortization of capitalized interest:
 
 
 
 
 
 
 
 
 
Consolidated
13

 
36

 
42

 
47

 
46

Total earnings
$
996


$
1,050


$
917


$
776


$
1,547

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
Consolidated
$
496

 
$
526

 
$
498

 
$
473

 
$
453

 
496


526


498


473


453

Amount representative of the interest factor in rents:
 
 
 
 
 
 
 
 
 
Consolidated
17

 
30

 
36

 
39

 
40

 
17


30


36


39


40

Fixed charges added to earnings
513


556


534


512


493

Interest capitalized:
 
 
 
 
 
 
 
 
 
Consolidated
22

 
45

 
57

 
56

 
99

 
22


45


57


56


99

Total fixed charges
$
535


$
601


$
591


$
568


$
592

Pretax earnings required to pay preferred stock dividends*
66

 
107

 
107

 
32

 
3

Combined total fixed charges and preferred stock dividends
$
601


$
708


$
698


$
600


$
595

Ratio of earnings to fixed charges
1.86


1.75


1.55


1.37


2.61

Ratio of earnings to combined fixed charges and preferred stock dividends
1.66


1.48


1.31


1.29


2.60


* 2017 is based on a U.S. statutory tax rate of 21%. 2013-2016 is based on a U.S. statutory tax rate of 35%


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