EX-12 2 ex-12x3q17.htm EXHIBIT 12 Exhibit


Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)


 
Year Ended December 31,
 
Year-to-Date Period Ending
September 30,
2017
 
2012
 
2013
 
2014
 
2015
 
2016
 
EARNINGS:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*
$
435,331

 
$
580,575

 
$
824,745

 
$
754,975

 
$
727,293

 
$
556,141

Add: Fixed charges
120,321

 
133,511

 
146,835

 
160,044

 
195,581

 
155,821

Amortization of interest capitalized
755

 
816

 
900

 
993

 
1,862

 
1,737

Distributed income of equity investees
7,793

 
3,274

 
3,086

 
66,285

 
78,723

 
78,562

Less: Interest capitalized
(6,195
)
 
(14,339
)
 
(22,803
)
 
(14,442
)
 
(27,375
)
 
(10,804
)
Total earnings
$
558,005

 
$
703,837

 
$
952,763

 
$
967,855

 
$
976,084

 
$
781,457

 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
120,068

 
$
132,887

 
$
145,862

 
$
158,895

 
$
194,187

 
$
154,653

Rent expense representative of interest factor
253

 
624

 
973

 
1,149

 
1,394

 
1,168

Total fixed charges
$
120,321

 
$
133,511

 
$
146,835

 
$
160,044

 
$
195,581

 
$
155,821

Ratio of earnings to fixed charges
4.6

 
5.3

 
6.5

 
6.0

 
5.0

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 

* Excludes income from equity investments.