Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CF Industries Holdings, Inc. | a13-12964_18k.htm |
| EX-4.3 - EX-4.3 - CF Industries Holdings, Inc. | a13-12964_1ex4d3.htm |
| EX-4.1 - EX-4.1 - CF Industries Holdings, Inc. | a13-12964_1ex4d1.htm |
| EX-1.1 - EX-1.1 - CF Industries Holdings, Inc. | a13-12964_1ex1d1.htm |
| EX-5.1 - EX-5.1 - CF Industries Holdings, Inc. | a13-12964_1ex5d1.htm |
| EX-4.2 - EX-4.2 - CF Industries Holdings, Inc. | a13-12964_1ex4d2.htm |
| EX-99.1 - EX-99.1 - CF Industries Holdings, Inc. | a13-12964_1ex99d1.htm |
Exhibit 12.1
CF INDUSTRIES HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
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Three months ended |
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March 31, |
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Year ended December 31, |
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(Dollars in millions) |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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2008 |
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Earnings before income taxes and equity in earnings of non-operating affiliates |
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$ |
536.1 |
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$ |
2,829.5 |
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$ |
2,645.6 |
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$ |
687.7 |
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$ |
695.6 |
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$ |
1,175.4 |
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Less: equity in earnings of operating affiliates |
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(11.6 |
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(47.0 |
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(50.2 |
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(10.6 |
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— |
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— |
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Earnings from continuing operations before equity in earnings of operating affiliates |
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$ |
524.5 |
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$ |
2,782.5 |
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$ |
2,595.4 |
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$ |
677.1 |
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$ |
695.6 |
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$ |
1,175.4 |
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Plus: |
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Fixed charges |
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62.9 |
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232.3 |
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229.7 |
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260.3 |
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6.7 |
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6.9 |
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Distributed income of equity investees |
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13.0 |
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109.8 |
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130.2 |
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2.2 |
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— |
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— |
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Amortization of capitalized interest |
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1.0 |
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4.1 |
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3.9 |
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3.8 |
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3.3 |
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3.6 |
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Less: preference security dividends of Terra Nitrogen Company, L.P. |
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(16.7 |
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(77.8 |
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(64.1 |
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(23.1 |
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— |
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— |
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Capitalized interest |
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(4.6 |
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(9.3 |
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(7.9 |
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(7.6 |
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— |
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— |
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Earnings for fixed charge coverage ratio calculation |
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$ |
580.1 |
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$ |
3,041.6 |
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$ |
2,887.2 |
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$ |
912.7 |
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$ |
705.6 |
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$ |
1,185.9 |
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Fixed charges |
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Interest expensed (a) |
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$ |
39.1 |
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$ |
135.3 |
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$ |
147.2 |
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$ |
221.3 |
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$ |
1.5 |
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$ |
1.6 |
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Capitalized interest |
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4.6 |
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9.3 |
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7.9 |
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7.6 |
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— |
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— |
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Estimated interest in rent expense (b) |
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2.5 |
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9.9 |
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10.5 |
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8.3 |
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5.2 |
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5.3 |
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Preference security dividends of Terra Nitrogen Company, L.P. |
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16.7 |
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77.8 |
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64.1 |
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23.1 |
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— |
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— |
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$ |
62.9 |
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$ |
232.3 |
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$ |
229.7 |
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$ |
260.3 |
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$ |
6.7 |
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$ |
6.9 |
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Ratio of earnings to fixed charges |
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9.2x |
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13.1x |
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12.6x |
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3.5x |
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105.3x |
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171.9x |
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(a) Including amortized premiums, discounts, and capitalized expenses related to indebtedness.
(b) Assumes that the interest component is 11% of total rent expense in 2013 and 2012, 13% in 2011 and 2010 and 14% in all prior years.