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Subdocument 4 - EX-12.1 - EXHIBIT 12.1

SPECTRA ENERGY PARTNERS, LP filed this Form S-3ASR on 9/22/2017


 

Exhibit 12.1

 

SPECTRA ENERGY PARTNERS, LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions)

 

   Six Months
 Ended
June 30,
   Year Ended
December 31,
 
   2017   2016   2015   2014   2013   2012 
Earnings as defined for fixed charges calculation:                              
Add:                              
Pretax income from continuing operations (a)  $653   $1,130   $1,110   $929   $649   $519 
Fixed charges   154    278    265    253    389    414 
Distributed income of equity investees   57    110    160    131    97    90 
Deduct:                              
Interest capitalized(b)   35    47    19    9    38    19 
                               
Total earnings (as defined for the Fixed Charges calculation)  $829   $1,471   $1,516   $1,304   $1,097   $1,004 
                               
Fixed charges:                              
Interest on debt, including capitalized portions  $151   $271   $258   $247   $383   $407 
Estimate of interest within rental expense   3    7    7    6    6    7 
                               
Total fixed charges  $154   $278   $265   $253   $389   $414 
                               
Ratio of earnings to fixed charges   5.4    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.