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8-K - 8-K - Boardwalk Pipeline Partners, LPd827168d8k.htm
EX-4.1 - EX-4.1 - Boardwalk Pipeline Partners, LPd827168dex41.htm

Exhibit 12.1

BOARDWALK PIPELINE PARTNERS, LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions, except ratios)

 

     For the
Nine Months
Ended
September 30,
    For the Year Ended
December 31,
 
     2014     2013     2013     2012     2011     2010     2009  

Earnings:

              

Income before income taxes

   $ 110.3      $ 233.8      $ 250.7      $ 306.5      $ 217.4      $ 289.9      $ 163.0   

Equity losses in unconsolidated affiliates

     86.9        0.6        1.2        —          —          —          —     

Net loss attributable to noncontrolling interests

     9.2        0.7        3.5        —          —          —          —     

Amortization of capitalized interest

     2.6        2.5        3.4        3.3        3.3        3.2        2.8   

Fixed charges

     132.8        131.5        176.0        178.4        179.8        160.2        147.7   

Capitalized interest

     (6.2     (5.1     (6.4     (4.6     (1.9     (4.1     (10.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 335.6      $ 364.0      $ 428.4      $ 483.6      $ 398.6      $ 449.2      $ 303.3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

              

Interest expense, net of capitalized interest

   $ 121.2      $ 122.3      $ 163.5      $ 168.6      $ 173.1      $ 151.1      $ 132.3   

Capitalized interest

     6.2        5.1        6.4        4.6        1.9        4.1        10.2   

Implicit interest in rents

     5.4        4.1        6.1        5.2        4.8        5.0        5.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 132.8      $ 131.5      $ 176.0      $ 178.4      $ 179.8      $ 160.2      $ 147.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     2.53x        2.77x        2.43x        2.71x        2.22x        2.80x        2.05x   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For purposes of calculating the ratio of consolidated earnings to fixed charges:

 

    “earnings” is the aggregate of the following items: pre-tax income or loss from continuing operations before income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest and noncontrolling interests in pre-tax income of subsidiaries that have not incurred fixed charges; and

 

    “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction.