EX-12 2 exhibit_12.htm RATIO OF EARNINGS TO FIXED CHARGES exhibit_12.htm
Exhibit 12
AGL Resources Inc.
Statement Setting Forth Ratio of Earnings to Fixed Charges


   
 
 
 
 
 
Nine months ended
    
Fiscal
    
Fiscal
    
Fiscal
    
Fiscal
    
Fiscal
  
Dollars in millions
  
September 30, 2014 (1)
    
2013 (1)
    
2012 (1)
    
2011 (1)
    
2010 (2)
    
2009 (2)
  
Earnings before income taxes
   $ 682     $ 485     $ 431     $ 300     $ 390     $ 384  
Add:
                                                
Fixed charges (see “B” below)
     142       189       202       146       123       115  
Amortization of capitalized interest (3)
     -       -       -       1       -       -  
Distributed income of equity investees
     6       3       14       -       -       -  
Less:
                                                
 Interest capitalized (3)
     -       -       (1 )     (1 )     (5 )     (3 )
 Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     (14 )     (18 )     (15 )     (14 )     (16 )     (27 )
Adjusted earnings (A)
   $ 816     $ 659     $ 631     $ 432     $ 492     $ 469  
                                                 
Fixed charges
                                                
Interest on long-term debt
   $ 139     $ 182     $ 177     $ 101     $ 109     $ 98  
Other interest, including amortized premiums, discounts and capitalized expenses related to indebtedness liability
     (2 )     (5 )       12         38         7         10  
Estimated interest components of rentals
     5       12       13       7       7       7  
Total fixed charges (B)
   $ 142     $ 189     $ 202     $ 146     $ 123     $ 115  
                                                 
Ratio of earnings to fixed charges (A)/(B)
     5.75       3.49       3.12       2.96       4.00       4.08  

(1)  
Amounts revised for prior period adjustments. See Note 15 to our Consolidated Financial Statements under Part II of our 2013 10-K/A for additional information.
(2)  
Does not reflect adjustments, as discussed in Note 15 to our Consolidated Financial Statements under Part II of our 2013 10-K/A, as they were insignificant to these years.
(3)  
Includes interest capitalized and related amortization for our nonregulated segments.