EX-12.1 3 d268003dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC

COMPUTATION OF EARNINGS TO FIXED CHARGES

Thousands of Dollars, except ratios

(UNAUDITED)

 

   

 

Year Ended December 31,

     For the
Nine Months
Ended
September 30, 2015		     For the
Nine Months
Ended
September 30, 2016		  
    2011     2012     2013     2014     2015      

Earnings Available for Fixed Charges:

              

Net Income

   $ 279,658     $ 272,466     $ 374,026     $ 422,884     $ 575,457      $ 427,122     $ 384,471  

Adjustment for undistributed income of equity investees

     (851 )     (4,506 )     4,366        1,022        40        (152 )     (36 ) 

Plus — Interest expense and portion of rents representative of the interest factor, net of interest capitalized, and amortization of debt expense, discount and premium

     95,420       89,464       84,614        85,395       84,707        62,452        115,742   

Federal income taxes

     0        0       0       0       0        0       0   

Deferred federal income taxes

     0        0        0       0       0        0       0   

State and Municipal income taxes

     368        348       1,303       384        167        1,145        790   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 374,595      $ 357,772     $ 464,309     $ 509,685      $ 660,371      $ 490,567      $ 500,967   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

              

Interest on long-term debt

   $ 92,685     $ 87,056     $ 81,006     $ 81,006      $ 81,006      $ 60,755      $ 109,148   

Other interest expense (includes intercompany)

     (373 )      (130 )     1,941        2,626        461        357        3,454   

Portion of rents representative of the interest factor, including amounts capitalized

     1,043       1,274       1,270       1,265        3,826        1,045        3,814   

Amortization of debt expense, discount and premium

     2,383       1,662       755       868        883        661        990   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 95,738      $ 89,862     $ 84,972     $ 85,765      $ 86,176      $ 62,818      $ 117,406   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     3.91       3.98       5.46       5.94        7.66        7.81        4.27   

For purposes of calculating the ratio of earnings to fixed charges:

 

(a) Earnings represent the aggregate of pre-tax income, adjusted for undistributed income of equity investees, and fixed charges, net of interest capitalized.

 

(b) Fixed charges represent interest (whether expensed or capitalized), the amortization of total debt premium, discount and expense, and that portion of rentals considered to be representative of the interest factor.