Attached files
| file | filename |
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| 8-K - 8-K - NORFOLK SOUTHERN CORP | d388486d8k.htm |
Exhibit 12.1
NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
| Three months ended March 31, 2017 |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||
| EARNINGS |
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| Income from continuing operations before income taxes as reported |
$ | 655 | $ | 2,582 | $ | 2,442 | $ | 3,134 | $ | 2,965 | $ | 2,758 | ||||||||||||
| Add (subtract): |
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| Total interest expenses (as detailed below) |
153 | 602 | 584 | 592 | 576 | 546 | ||||||||||||||||||
| Amortization of capitalized interest |
3 | 12 | 12 | 11 | 12 | 10 | ||||||||||||||||||
| Income of partially owned entities(1) |
(11 | ) | (61 | ) | (50 | ) | (46 | ) | (51 | ) | (45 | ) | ||||||||||||
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| Total earnings |
$ | 800 | $ | 3,135 | $ | 2,988 | $ | 3,691 | $ | 3,502 | $ | 3,269 | ||||||||||||
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| FIXED CHARGES |
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| Interest expense on debt |
$ | 142 | $ | 563 | $ | 545 | $ | 545 | $ | 525 | $ | 495 | ||||||||||||
| Interest expense on unrecognized tax benefit |
— | 1 | (3 | ) | 1 | 1 | (1 | ) | ||||||||||||||||
| Other interest expense |
3 | 6 | 7 | 11 | 11 | 10 | ||||||||||||||||||
| Calculated interest portion of rent expense(2) |
8 | 32 | 35 | 35 | 39 | 42 | ||||||||||||||||||
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| Total interest expenses |
153 | 602 | 584 | 592 | 576 | 546 | ||||||||||||||||||
| Capitalized interest |
6 | 20 | 21 | 19 | 18 | 20 | ||||||||||||||||||
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| Total fixed charges |
$ | 159 | $ | 622 | $ | 605 | $ | 611 | $ | 594 | $ | 566 | ||||||||||||
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| RATIO OF EARNINGS TO FIXED CHARGES |
5.03 | 5.04 | 4.94 | 6.04 | 5.90 | 5.78 | ||||||||||||||||||
| (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. |