Enable Midstream Partners, LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 17, 2016

Attached files

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EX-21.1 - EXHIBIT 21.1 - Enable Midstream Partners, LPa2015enbl10-kxex211.htm
EX-32.1 - EXHIBIT 32.1 - Enable Midstream Partners, LPa2015enbl10-kxex321.htm
EX-31.2 - EXHIBIT 31.2 - Enable Midstream Partners, LPa2015enbl10-kxex312.htm
EX-31.1 - EXHIBIT 31.1 - Enable Midstream Partners, LPa2015enbl10-kxex311.htm
EX-23.1 - EXHIBIT 23.1 - Enable Midstream Partners, LPa2015enbl10-kxex231.htm
EX-32.2 - EXHIBIT 32.2 - Enable Midstream Partners, LPa2015enbl10-kxex322.htm
EX-10.23 - EXHIBIT 10.23 - Enable Midstream Partners, LPa2015enbl10-kxex1023.htm
EX-10.22 - EXHIBIT 10.22 - Enable Midstream Partners, LPa2015enbl10-kxex1022.htm
EX-10.21 - EXHIBIT 10.21 - Enable Midstream Partners, LPa2015enbl10-kxex1021.htm
EX-10.24 - EXHIBIT 10.24 - Enable Midstream Partners, LPa2015enbl10-kxex1024.htm
10-K - 10-K - Enable Midstream Partners, LPa2015enbl10-k.htm
EX-10.25 - EXHIBIT 10.25 - Enable Midstream Partners, LPa2015enbl10-kxex1025.htm
EX-10.20 - EXHIBIT 10.20 - Enable Midstream Partners, LPa2015enbl10-kxex1020.htm


Exhibit 12.1

Enable Midstream Partners, LP
Computation of Ratio of Earnings to Fixed Charges
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
(In millions)
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes (before earnings from equity method affiliates) (1)
$
(800
)
 
$
515

 
$
411

 
$
488

 
$
364

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
114

 
92

 
84

 
92

 
95

Amortization of capitalized interest
2

 
1

 
1

 
1

 
—

Distributed earnings of equity method affiliates
29

 
20

 
15

 
31

 
31

Noncontrolling interest in pre-tax loss of subsidiaries
19

 
—

 
—

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest
(11
)
 
(8
)
 
(5
)
 
(2
)
 
—

Noncontrolling interest in pre-tax income of subsidiaries
—

 
(3
)
 
(3
)
 
—

—

—

Total earnings
$
(647
)
 
$
617

 
$
503

 
$
610

 
$
490

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, net of capitalized interest
$
90

 
$
70

 
$
67

 
$
85

 
$
90

Capitalized interest
11

 
8

 
7

 
2

 
—

Amortization of premium (discount) on long-term debt
5

 
9

 
8

 
—

 
—

Amortization of debt expense
(3
)
 
(3
)
 
(2
)
 
—

 
—

Implicit interest in rents
11

 
8

 
4

 
5

 
5

Total fixed charges
$
114

 
$
92

 
$
84

 
$
92

 
$
95

Ratio of earnings to fixed charges (2)
—

 
6.73

 
5.99

 
6.61

 
5.14

_____________________
(1)
Includes non-cash impairment on goodwill and long-lives assets of $1,134 million for the year ended December 31, 2015.
(2)
Earnings were inadequate to cover fixed charges by $761 million for the year ended December 31, 2015.

For purposes of determining the ratio of earnings to fixed charges, earnings are defined as pretax income or loss from continuing operations before earnings from equity method affiliates, plus noncontrolling interest in pre-tax loss of subsidiaries, plus fixed charges, plus distributed earnings from equity method affiliates, less noncontrolling interest in pre-tax income of subsidiaries, less capitalized interest. Fixed charges consist of interest expensed, capitalized interest, amortization of deferred loan costs and an estimate of the interest within rental expense.




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