EX-12.1 2 d18317exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 The Williams Companies, Inc. Computation of Ratio of Earnings to Fixed Charges (Dollars in millions)
YEARS ENDED ---------------------------------------------------------------------- 2003 2002 2001 2000 1999 ---------- ---------- ---------- ---------- ---------- Earnings: Income from continuing operations before income taxes $ 75.9 $ (874.3) $ 1,148.1 $ 1,111.7 $ 154.9 Minority interest in income of consolidated subsidiaries 19.4 41.8 71.7 56.8 33.1 Less: Equity earnings (20.3) (73.0) (22.7) (21.8) (6.3) ---------- ---------- ---------- ---------- ---------- Income from continuing operations before income taxes, minority interest in income of consolidated subsidiaries and equity earnings 75.0 (905.5) 1,197.1 1,146.7 181.7 Add: Fixed charges: Interest accrued, including proportionate share from equity-method investees 1,290.9 1,162.6 700.8 629.5 489.0 Rental expense representative of interest factor 26.6 23.8 23.8 23.1 24.0 Preferred distributions 47.8 58.1 95.7 71.6 47.8 ---------- ---------- ---------- ---------- ---------- Total fixed charges: 1,365.3 1,244.5 820.3 724.2 560.8 Distributed income of equity investees 21.5 81.3 50.9 27.4 13.8 Less: Capitalized interest (45.5) (27.3) (36.9) (32.1) (19.6) Preferred distributions (47.8) (58.1) (95.7) (71.6) (47.8) ---------- ---------- ---------- ---------- ---------- Total earnings as adjusted $ 1,368.5 $ 334.9 $ 1,935.7 $ 1,794.6 $ 688.9 ========== ========== ========== ========== ========== Fixed charges $ 1,365.3 $ 1,244.5 $ 820.3 $ 724.2 $ 560.8 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges 1.00 (a) 2.36 2.48 1.23 ========== ========== ========== ========== ==========
---------- (a) Earnings were inadequate to cover fixed charges by $909.6 million for the year ended December 31, 2002. 12.1-1