Years Ended December 31, | ||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Net income | $ | 1,911 | $ | 1,923 | $ | 1,957 | $ | 1,615 | $ | 1,639 | ||||||||||||||
Income taxes | 692 | 529 | 532 | 327 | 450 | |||||||||||||||||||
Fixed charges included in the determination of net income, as below | 1,124 | 1,094 | 1,025 | 899 | 859 | |||||||||||||||||||
Amortization of capitalized interest | 25 | 21 | 21 | 17 | 15 | |||||||||||||||||||
Distributed income of equity method investees | 32 | 95 | 74 | 69 | 124 | |||||||||||||||||||
Less: Equity in earnings of equity method investees | 13 | 55 | 58 | 52 | 93 | |||||||||||||||||||
Total earnings, as defined | $ | 3,771 | $ | 3,607 | $ | 3,551 | $ | 2,875 | $ | 2,994 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest expense | $ | 1,038 | $ | 1,035 | $979 | $849 | $813 | |||||||||||||||||
Rental interest factor | 52 | 41 | 32 | 28 | 28 | |||||||||||||||||||
Allowance for borrowed funds used during construction | 34 | 18 | 14 | 22 | 18 | |||||||||||||||||||
Fixed charges included in the determination of net income | 1,124 | 1,094 | 1,025 | 899 | 859 | |||||||||||||||||||
Capitalized interest | 155 | 107 | 75 | 88 | 55 | |||||||||||||||||||
Total fixed charges, as defined | $ | 1,279 | $ | 1,201 | $ | 1,100 | $ | 987 | $ | 914 | ||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a) | 2.95 | 3.00 | 3.23 | 2.91 | 3.28 |
(a) | NextEra Energy, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends. |