Attached files
| file | filename |
|---|---|
| EX-4.1 - EX-4.1 - Boardwalk Pipeline Partners, LP | d300123dex41.htm |
| 8-K - 8-K - Boardwalk Pipeline Partners, LP | d300123d8k.htm |
Exhibit 12.1
Boardwalk Pipeline Partners, LP
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
| For the Nine Months Ended September 30, |
For the Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| Earnings: |
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| Income before income taxes |
$ | 214.4 | $ | 222.5 | $ | 147.2 | $ | 250.7 | $ | 306.5 | $ | 217.4 | ||||||||||||
| Equity Losses in unconsolidated affiliates |
— | — | 86.5 | 1.2 | — | — | ||||||||||||||||||
| Net loss attributable to noncontrolling interests |
— | — | 9.2 | 3.5 | — | — | ||||||||||||||||||
| Amortization of capitalized interest |
2.8 | 3.9 | 3.5 | 3.4 | 3.3 | 3.3 | ||||||||||||||||||
| Fixed charges |
146.2 | 186.2 | 179.4 | 176.0 | 178.4 | 179.8 | ||||||||||||||||||
| Capitalized interest |
(3.5 | ) | (2.5 | ) | (6.8 | ) | (6.4 | ) | (4.6 | ) | (1.9 | ) | ||||||||||||
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| Total earnings |
$ | 359.9 | $ | 410.1 | $ | 419.0 | $ | 428.4 | $ | 483.6 | $ | 398.6 | ||||||||||||
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| Fixed Charges: |
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| Interest expense, net of capitalized interest |
137.7 | 177.3 | 165.7 | 163.5 | 168.6 | 173.1 | ||||||||||||||||||
| Capitalized interest |
3.5 | 2.5 | 6.8 | 6.4 | 4.6 | 1.9 | ||||||||||||||||||
| Implicit interest in rents |
5.0 | 6.4 | 6.9 | 6.1 | 5.2 | 4.8 | ||||||||||||||||||
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| Total fixed charges |
$ | 146.2 | $ | 186.2 | $ | 179.4 | $ | 176.0 | $ | 178.4 | $ | 179.8 | ||||||||||||
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| Ratio of earnings to fixed charges |
2.46x | 2.20x | 2.34x | 2.43x | 2.71x | 2.22x | ||||||||||||||||||
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 adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest and noncontrolling interest 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. |