TC PIPELINES LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 26, 2016

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EX-23.1 - EXHIBIT 23.1 - TC PIPELINES LPa2227406zex-23_1.htm
EX-31.1 - EXHIBIT 31.1 - TC PIPELINES LPa2227406zex-31_1.htm
EX-99.9 - EXHIBIT 99.9 - TC PIPELINES LPa2227406zex-99_9.htm
EX-32.2 - EXHIBIT 32.2 - TC PIPELINES LPa2227406zex-32_2.htm
EX-23.2 - EXHIBIT 23.2 - TC PIPELINES LPa2227406zex-23_2.htm
EX-99.10 - EXHIBIT 99.10 - TC PIPELINES LPa2227406zex-99_10.htm
EX-99.11 - EXHIBIT 99.11 - TC PIPELINES LPa2227406zex-99_11.htm
EX-21.1 - EXHIBIT 21.1 - TC PIPELINES LPa2227406zex-21_1.htm
EX-23.3 - EXHIBIT 23.3 - TC PIPELINES LPa2227406zex-23_3.htm
EX-32.1 - EXHIBIT 32.1 - TC PIPELINES LPa2227406zex-32_1.htm
EX-31.2 - EXHIBIT 31.2 - TC PIPELINES LPa2227406zex-31_2.htm
EX-99.12 - EXHIBIT 99.12 - TC PIPELINES LPa2227406zex-99_12.htm
10-K - FORM 10-K - TC PIPELINES LPa2227406z10-k.htm

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Exhibit 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)   2015   2014   2013(a)   2012(a)   2011(a)  
Earnings                      
  Net income before adjustment for income from equity investees   122   116   124   130   115  
  Fixed charges   61   45   44   41   50  
  Distributed income of equity investees(b)   (102 ) 88   67   99   135  
  Non-controlling interests of subsidiaries that have not incurred fixed charges   –   (10 ) (14 ) (13 ) –  
Total Earnings   81   239   221   257   300  

Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
  Interest expensed and capitalized   60   44   43   40   48  
  Amortization of other assets   1   1   1   1   2  
Total Fixed Charges   61   45   44   41   50  

Ratio of Earnings/Fixed Charges
 
1.33x
 
5.31x
 
5.02x
 
6.27x
 
6.00x
 
(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.

(b)
Distributed income of equity investees for 2015 includes $199 million impairment charge on our Investment in Great Lakes.



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