Attached files

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10-K - 10-K - NORFOLK SOUTHERN CORPnsc1231201410-k.htm
EX-99 - EXHIBIT 99 - NORFOLK SOUTHERN CORPnsc10-kexhibit99.htm
EX-23 - EXHIBIT 23 - NORFOLK SOUTHERN CORPnsc10-kexhibit23.htm
EX-32 - EXHIBIT 32 - NORFOLK SOUTHERN CORPnsc10-kexhibit32.htm
EX-10.2 - EXHIBIT 10.2 - NORFOLK SOUTHERN CORPnsc10-kexhibit10v.htm
EX-10.1 - EXHIBIT 10.1 - NORFOLK SOUTHERN CORPnsc10-kexhibit10u.htm
EX-10.3 - EXHIBIT 10.3 - NORFOLK SOUTHERN CORPnsc10-kexhibit10cc.htm
EX-10.7 - EXHIBIT 10.7 - NORFOLK SOUTHERN CORPnsc10-kexhibit10kkk.htm
EX-10.8 - EXHIBIT 10.8 - NORFOLK SOUTHERN CORPnsc10-kexhibit10lll.htm
EX-10.6 - EXHIBIT 10.6 - NORFOLK SOUTHERN CORPnsc10-kexhibit10jjj.htm
EX-10.9 - EXHIBIT 10.9 - NORFOLK SOUTHERN CORPnsc10-kexhibit10mmm.htm
EXCEL - IDEA: XBRL DOCUMENT - NORFOLK SOUTHERN CORPFinancial_Report.xls
EX-21 - EXHIBIT 21 - NORFOLK SOUTHERN CORPnsc10-kexhibit21.htm
EX-31.1 - EXHIBIT 31.1 - NORFOLK SOUTHERN CORPnsc10-kexhibit31a.htm
EX-31.2 - EXHIBIT 31.2 - NORFOLK SOUTHERN CORPnsc10-kexhibit31b.htm
EX-10.4 - EXHIBIT 10.4 - NORFOLK SOUTHERN CORPnsc10-kexhibit10hh.htm
EX-10.5 - EXHIBIT 10.5 - NORFOLK SOUTHERN CORPnsc10-kexhibit10iii.htm


Exhibit 12

Norfolk Southern Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges

 
 
 
Year ended December 31,
 
 
 
2014
 
 
2013
 
 
2012
 
 
2011
 
 
2010
 
 
($ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
income taxes as reported
 
$
3,134

 
$
2,965

 
$
2,758

 
$
2,918

 
$
2,367

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add (subtract):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expenses (as detailed below)
 
 
592

 
 
576

 
 
546

 
 
504

 
 
517

Amortization of capitalized interest
 
 
11

 
 
12

 
 
10

 
 
9

 
 
8

Income of partially owned entities(1)
 
 
(46
)
 
 
(51
)
 
 
(45
)
 
 
(39
)
 
 
(43
)
Total earnings
 
$
3,691

 
$
3,502

 
$
3,269

 
$
3,392

 
$
2,849

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on debt
 
$
545

 
$
525

 
$
495

 
$
455

 
$
462

Interest expense on unrecognized tax benefit
 
 
1

 
 
1

 
 
(1
)
 
 
(9
)
 
 
1

Other interest expense
 
 
11

 
 
11

 
 
10

 
 
12

 
 
16

Calculated interest portion of rent expense(2)
 
 
35

 
 
39

 
 
42

 
 
46

 
 
38

Total interest expenses
 
 
592

 
 
576

 
 
546

 
 
504

 
 
517

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
 
19

 
 
18

 
 
20

 
 
19

 
 
15

Total fixed charges
 
$
611

 
$
594

 
$
566

 
$
523

 
$
532

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
 
 
6.04

 
 
5.90

 
 
5.78

 
 
6.49

 
 
5.36


(1) Represents undistributed income of equity investees included in income from continuing operations before
 
      income taxes as reported.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Interest component of leases includes one-third of rental expense which approximates the interest component
      of operating leases.