Exhibit 12.1


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
Year ended December 31,
 
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
Earnings (a)
 
$
1,570

 
$
3,570

 
$
3,531

 
$
3,386

 
$
3,142

 
$
3,376

 
Plus:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest included in expense (b)
 
638

 
1,184

 
1,063

 
877

 
703

 
694

 
 
Amortization of debt expense and discount or premium on indebtedness
 
21

 
64

 
72

 
45

 
39

 
51

 
 
One third of rental expense (c)
 
13

 
25

 
28

 
21

 
17

 
17

 
 
Adjusted "earnings"
 
$
2,242

 
$
4,843

 
$
4,694

 
$
4,329

 
$
3,901

 
$
4,138

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest included in expense (b)
 
$
638

 
$
1,184

 
$
1,063

 
$
877

 
$
703

 
$
694

 
 
Amortization of debt expense and discount or premium on indebtedness
 
21

 
64

 
72

 
45

 
39

 
51

 
 
One third of rental expense (c)
 
13

 
25

 
28

 
21

 
17

 
17

 
Total fixed charges
 
$
672

 
$
1,273

 
$
1,163

 
$
943

 
$
759

 
$
762

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.3

 
3.8

 
4.0

 
4.6

 
5.1

 
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Earnings before income taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
Includes interest on tax deficiencies
 
 
 
 
 
 
 
 
 
 
 
 
(c)
Considered to be representative of interest factor in rental expense