Attached files
| file | filename |
|---|---|
| 8-K - 8-K - NORFOLK SOUTHERN CORP | d203419d8k.htm |
Exhibit 12.1
NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
| Three months ended March 31, 2016 |
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||
| EARNINGS |
||||||||||||||||||||||||
| Income from continuing operations before income taxes as reported |
$ | 600 | $ | 2,442 | $ | 3,134 | $ | 2,965 | $ | 2,758 | $ | 2,918 | ||||||||||||
| Add (subtract): |
||||||||||||||||||||||||
| Total interest expenses (as detailed below) |
146 | 584 | 592 | 576 | 546 | 504 | ||||||||||||||||||
| Amortization of capitalized interest |
3 | 12 | 11 | 12 | 10 | 9 | ||||||||||||||||||
| Income of partially owned entities(1) |
(12 | ) | (50 | ) | (46 | ) | (51 | ) | (45 | ) | (39 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total earnings |
$ | 737 | $ | 2,988 | $ | 3,691 | $ | 3,502 | $ | 3,269 | $ | 3,392 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| FIXED CHARGES |
||||||||||||||||||||||||
| Interest expense on debt |
$ | 139 | $ | 545 | $ | 545 | $ | 525 | $ | 495 | $ | 455 | ||||||||||||
| Interest expense on unrecognized tax benefit |
— | (3 | ) | 1 | 1 | (1 | ) | (9 | ) | |||||||||||||||
| Other interest expense |
(1 | ) | 7 | 11 | 11 | 10 | 12 | |||||||||||||||||
| Calculated interest portion of rent expense(2) |
8 | 35 | 35 | 39 | 42 | 46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total interest expenses |
146 | 584 | 592 | 576 | 546 | 504 | ||||||||||||||||||
| Capitalized interest |
5 | 21 | 19 | 18 | 20 | 19 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges |
$ | 151 | $ | 605 | $ | 611 | $ | 594 | $ | 566 | $ | 523 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
4.88 | 4.94 | 6.04 | 5.90 | 5.78 | 6.49 | ||||||||||||||||||
| (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. |