Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NORFOLK SOUTHERN CORP | d923729d8k.htm |
Exhibit 12.1
NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
| Three months ended March 31, |
Year ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||
| EARNINGS |
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| Income from continuing operations before income taxes as reported |
$ | 495 | $ | 3,134 | $ | 2,965 | $ | 2,758 | $ | 2,918 | $ | 2,367 | ||||||||||||
| Add (subtract): |
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| Total interest expenses (as detailed below) |
144 | 592 | 576 | 546 | 504 | 517 | ||||||||||||||||||
| Amortization of capitalized interest |
3 | 11 | 12 | 10 | 9 | 8 | ||||||||||||||||||
| Income of partially owned entities(1) |
(7 | ) | (46 | ) | (51 | ) | (45 | ) | (39 | ) | (43 | ) | ||||||||||||
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| Total earnings |
$ | 635 | $ | 3,691 | $ | 3,502 | $ | 3,269 | $ | 3,392 | $ | 2,849 | ||||||||||||
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| FIXED CHARGES |
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| Interest expense on debt |
$ | 132 | $ | 545 | $ | 525 | $ | 495 | $ | 455 | $ | 462 | ||||||||||||
| Interest expense on unrecognized tax benefit |
— | 1 | 1 | (1 | ) | (9 | ) | 1 | ||||||||||||||||
| Other interest expense |
3 | 11 | 11 | 10 | 12 | 16 | ||||||||||||||||||
| Calculated interest portion of rent expense(2) |
9 | 35 | 39 | 42 | 46 | 38 | ||||||||||||||||||
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| Total interest expenses |
144 | 592 | 576 | 546 | 504 | 517 | ||||||||||||||||||
| Capitalized interest |
5 | 19 | 18 | 20 | 19 | 15 | ||||||||||||||||||
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| Total fixed charges |
$ | 149 | $ | 611 | $ | 594 | $ | 566 | $ | 523 | $ | 532 | ||||||||||||
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| RATIO OF EARNINGS TO FIXED CHARGES |
4.26 | 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. |