EX-12.1 2 sep-20141231exx121.htm EXHIBIT 12.1 SEP-2014.12.31 EX-12.1


EXHIBIT 12.1
SPECTRA ENERGY PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
 
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
(in millions)
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
 
$
929

 
$
649

 
$
519

 
$
500

 
$
445

 
Fixed charges
 
253

 
389

 
414

 
415

 
418

 
Distributed income of equity investees
 
131

 
97

 
90

 
88

 
88

 
Deduct:
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
9

 
38

 
19

 
8

 
5

 
Total earnings (as defined for the Fixed Charges calculation)
 
$
1,304

 
$
1,097

 
$
1,004

 
$
995

 
$
946

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
247

 
$
383

 
$
407

 
$
408

 
$
411

 
Estimate of interest within rental expense
 
6

 
6

 
7

 
7

 
7

 
Total fixed charges
 
$
253

 
$
389

 
$
414

 
$
415

 
$
418

 
Ratio of earnings to fixed charges
 
5.2

 
2.8

 
2.4

 
2.4

 
2.3