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Subdocument 3 - EX-12.1 - EXHIBIT 12.1

SPECTRA ENERGY PARTNERS, LP filed this Form 10-K on 2/24/2017


Exhibit


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,
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
(in millions)
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations (a)
 
$
1,130

 
$
1,110

 
$
929

 
$
649

 
$
519

 
Fixed charges
 
278

 
265

 
253

 
389

 
414

 
Distributed income of equity investees
 
110

 
160

 
131

 
97

 
90

 
Deduct:
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized (b)
 
47

 
19

 
9

 
38

 
19

 
Total earnings (as defined for the Fixed Charges calculation)
 
$
1,471

 
$
1,516

 
$
1,304

 
$
1,097

 
$
1,004

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
271

 
$
258

 
$
247

 
$
383

 
$
407

 
Estimate of interest within rental expense
 
7

 
7

 
6

 
6

 
7

 
Total fixed charges
 
$
278

 
$
265

 
$
253

 
$
389

 
$
414

 
Ratio of earnings to fixed charges
 
5.3

 
5.7

 
5.2

 
2.8

 
2.4

 
_______
(a)
Excludes earnings or loss from equity investments and adjustment for noncontrolling interests.
(b)
Excludes equity costs related to allowance for funds used during construction that are included in Other Income and Expenses, Net in the Consolidated Statements of Operations.