Attached files
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EXCEL - IDEA: XBRL DOCUMENT - Williams Partners L.P. | Financial_Report.xls |
8-K - FORM 8-K - Williams Partners L.P. | c61721e8vk.htm |
EX-99.2 - EX-99.2 - Williams Partners L.P. | c61721exv99w2.htm |
EX-23.1 - EX-23.1 - Williams Partners L.P. | c61721exv23w1.htm |
EX-99.1 - EX-99.1 - Williams Partners L.P. | c61721exv99w1.htm |
Exhibit 12
Williams Partners L.P.
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Nine months ended | ||||||||||||||||||||||||
Years Ended December 31, | September 30, | |||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Income from continuing
operations before income taxes
and cumulative effect of change
in accounting principles |
$ | 698 | $ | 940 | $ | 1,318 | $ | 1,156 | $ | 1,040 | $ | 816 | ||||||||||||
Less: |
||||||||||||||||||||||||
Equity earnings, excluding
proportionate share from 50%
owned investees and
unconsolidated
majority-owned investees |
(27 | ) | (35 | ) | (51 | ) | (55 | ) | (55 | ) | (48 | ) | ||||||||||||
Income from continuing
operations before income taxes
and cumulative effect of
change in accounting
principles and equity earnings |
671 | 905 | 1,267 | 1,101 | 985 | 768 | ||||||||||||||||||
Add: |
||||||||||||||||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest accrued,
including proportionate
share from 50% owned
investees and
unconsolidated
majority-owned investees |
124 | 146 | 226 | 252 | 260 | 285 | ||||||||||||||||||
Rental expense
representative of
interest factor |
12 | 11 | 13 | 11 | 8 | 5 | ||||||||||||||||||
Total fixed charges |
136 | 157 | 239 | 263 | 268 | 290 | ||||||||||||||||||
Distributed income of
equity-method investees,
excluding proportionate
share from 50% owned
investees and
unconsolidated
majority-owned investees |
54 | 64 | 48 | 64 | 60 | 58 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Capitalized Interest |
(5 | ) | (11 | ) | (25 | ) | (43 | ) | (58 | ) | (26 | ) | ||||||||||||
Total earnings as adjusted |
$ | 856 | $ | 1,115 | $ | 1,529 | $ | 1,385 | $ | 1,255 | $ | 1,090 | ||||||||||||
Fixed charges |
$ | 136 | $ | 157 | $ | 239 | $ | 263 | $ | 268 | $ | 290 | ||||||||||||
Ratio of earnings to fixed charges |
6.29 | 7.10 | 6.40 | 5.27 | 4.68 | 3.76 | ||||||||||||||||||
As described in Note 1 of Notes to Supplemental Consolidated Financial Statements,
because the entities acquired in the Dropdown and Piceance Acquisition were affiliates of Williams
at the time of acquisition, these transactions are accounted for as combinations of entities under
common control, similar to a pooling of interests, whereby the assets and liabilities of the
acquired entities are combined with ours at their historical amounts. As a result, income from
continuing operations before income taxes shown above for each of the three years ended December
31, 2009 and the nine months ended September 30, 2010, includes net income applicable to
pre-partnership operations, which is fully allocated to our general partner. Amounts for each
of the years ended December 31, 2006 and 2005 have not been retrospectively adjusted for the
Piceance Acquisition, as the effect of such an adjustment would not be material and the detailed
information necessary to calculate the exact amount of such an adjustment is not readily available.