Attached files
file | filename |
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8-K - 8-K - Boardwalk Pipeline Partners, LP | d827168d8k.htm |
EX-4.1 - EX-4.1 - Boardwalk Pipeline Partners, LP | d827168dex41.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, |
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2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Earnings: |
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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 | ) | ||||||||||||||
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Total earnings |
$ | 335.6 | $ | 364.0 | $ | 428.4 | $ | 483.6 | $ | 398.6 | $ | 449.2 | $ | 303.3 | ||||||||||||||
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Fixed Charges: |
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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 | |||||||||||||||||||||
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Total fixed charges |
$ | 132.8 | $ | 131.5 | $ | 176.0 | $ | 178.4 | $ | 179.8 | $ | 160.2 | $ | 147.7 | ||||||||||||||
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Ratio of earnings to fixed charges |
2.53x | 2.77x | 2.43x | 2.71x | 2.22x | 2.80x | 2.05x | |||||||||||||||||||||
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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. |