Attached files
| file | filename |
|---|---|
| EX-32.2 - BWP 17 Q4 EXHIBIT 32.2 - Boardwalk Pipeline Partners, LP | bwp2017q410kex322.htm |
| EX-32.1 - BWP 17 Q4 EXHIBIT 32.1 - Boardwalk Pipeline Partners, LP | bwp2017q410kex321.htm |
| EX-31.2 - BWP 17 Q4 EXHIBIT 31.2 - Boardwalk Pipeline Partners, LP | bwp2017q410kex312.htm |
| EX-31.1 - BWP 17 Q4 EXHIBIT 31.1 - Boardwalk Pipeline Partners, LP | bwp2017q410kex311.htm |
| EX-23.1 - BWP 17 Q4 EXHIBIT 23.1 - Boardwalk Pipeline Partners, LP | bwp2017q410kex231.htm |
| EX-21.1 - BWP 17 Q4 EXHIBIT 21.1 - Boardwalk Pipeline Partners, LP | bwp2017q410kex211.htm |
| 10-K - 10-K BWP 2017 - Boardwalk Pipeline Partners, LP | bwp10kq42017.htm |
EXHIBIT 12.1
BOARDWALK PIPELINE PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions, except ratios)
For the Year Ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | $ | 298.0 | $ | 302.8 | $ | 222.5 | $ | 147.2 | $ | 250.7 | ||||||||||||||
Equity losses in unconsolidated affiliates | — | — | — | 86.5 | 1.2 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 9.2 | 3.5 | |||||||||||||||||||
Amortization of capitalized interest | 3.8 | 3.8 | 3.9 | 3.5 | 3.4 | |||||||||||||||||||
Fixed charges | 196.9 | 196.8 | 186.2 | 179.4 | 176.0 | |||||||||||||||||||
Capitalized interest | (18.8 | ) | (5.8 | ) | (2.5 | ) | (6.8 | ) | (6.4 | ) | ||||||||||||||
Total earnings | $ | 479.9 | $ | 497.6 | $ | 410.1 | $ | 419.0 | $ | 428.4 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 171.4 | $ | 184.4 | $ | 177.3 | $ | 165.7 | $ | 163.5 | ||||||||||||||
Capitalized interest | 18.8 | 5.8 | 2.5 | 6.8 | 6.4 | |||||||||||||||||||
Implicit interest in rents | 6.7 | 6.6 | 6.4 | 6.9 | 6.1 | |||||||||||||||||||
Total fixed charges | $ | 196.9 | $ | 196.8 | $ | 186.2 | $ | 179.4 | $ | 176.0 | ||||||||||||||
Ratio of earnings to fixed charges | 2.44x | 2.53x | 2.20x | 2.34x | 2.43x | |||||||||||||||||||
For purposes of calculating the ratio of consolidated earnings to fixed charges:
“earnings” is the aggregate of the following items: pre-tax income or loss from continuing operations before adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; less capitalized interest and noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges; and | |||
“fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction. | |||