TC PIPELINES LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 27, 2015

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EX-99.12 - EX-99.12 - TC PIPELINES LPa2223176zex-99_12.htm
EX-99.10 - EX-99.10 - TC PIPELINES LPa2223176zex-99_10.htm
EX-31.1 - EXHIBIT 31.1 - TC PIPELINES LPa2223176zex-31_1.htm
EX-99.15 - EX-99.15 - TC PIPELINES LPa2223176zex-99_15.htm
EX-23.3 - EXHIBIT 23.3 - TC PIPELINES LPa2223176zex-23_3.htm
EX-32.1 - EXHIBIT 32.1 - TC PIPELINES LPa2223176zex-32_1.htm
EX-32.2 - EXHIBIT 32.2 - TC PIPELINES LPa2223176zex-32_2.htm
EX-99.11 - EX-99.11 - TC PIPELINES LPa2223176zex-99_11.htm
EX-31.2 - EXHIBIT 31.2 - TC PIPELINES LPa2223176zex-31_2.htm
EX-23.2 - EXHIBIT 23.2 - TC PIPELINES LPa2223176zex-23_2.htm
EX-99.16 - EX-99.16 - TC PIPELINES LPa2223176zex-99_16.htm
EX-99.9 - EX-99.9 - TC PIPELINES LPa2223176zex-99_9.htm
EXCEL - IDEA: XBRL DOCUMENT - TC PIPELINES LPFinancial_Report.xls
10-K - FORM 10-K - TC PIPELINES LPa2223176z10-k.htm
EX-23.1 - EXHIBIT 23.1 - TC PIPELINES LPa2223176zex-23_1.htm
EX-21.1 - EX-21.1 - TC PIPELINES LPa2223176zex-21_1.htm
EX-99.14 - EX-99.14 - TC PIPELINES LPa2223176zex-99_14.htm
EX-99.13 - EX-99.13 - TC PIPELINES LPa2223176zex-99_13.htm

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Exhibit 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)   2014   2013(a)   2012(a)   2011(a)   2010(a)  
Earnings                      
  Net income before adjustment for income from equity investees   116   124   130   115   74  
  Fixed charges   45   44   41   50   51  
  Distributed income of equity investees   88   67   99   135   126  
  Non-controlling interests of subsidiaries that have not incurred fixed charges   (10 ) (14 ) (13 ) –   –  
Total Earnings   239   221   257   300   251  

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
  Interest expensed and capitalized   44   43   40   48   50  
  Amortization of other assets   1   1   1   2   1  
Total Fixed Charges   45   44   41   50   51  

Ratio of Earnings/Fixed Charges
 
5.31x
 
5.02x
 
6.27x
 
6.00x
 
4.92x
 
(a)
An additional 45 percent membership interests in each of GTN and Bison were acquired from subsidiaries of TransCanada in 2013 resulting in a 70 percent ownership in each. As a result, the acquisition was accounted for as a transaction between entities under common control, similar to a pooling of interests, whereby the assets and liabilities of GTN and Bison were recorded at TransCanada's carrying value and the Partnership's historical financial information was recast to consolidate GTN and Bison for all periods presented.



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