EX-12.1 2 sep-20131231exx121.htm EX-12.1 SEP-2013.12.31 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,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(in millions)
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
 
$
649

 
$
519

 
$
500

 
$
445

 
$
419

Fixed charges
 
389

 
414

 
415

 
418

 
405

Distributed income of equity investees
 
97

 
90

 
88

 
88

 
91

Deduct:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
38

 
19

 
8

 
5

 
10

Total earnings (as defined for the Fixed Charges calculation)
 
$
1,097

 
$
1,004

 
$
995

 
$
946

 
$
905

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
383

 
$
407

 
$
408

 
$
411

 
$
398

Estimate of interest within rental expense
 
6

 
7

 
7

 
7

 
7

Total fixed charges
 
$
389

 
$
414

 
$
415

 
$
418

 
$
405

Ratio of earnings to fixed charges
 
2.8

 
2.4

 
2.4

 
2.3

 
2.2