Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 
EXHIBIT 12.1

ENTERPRISE PRODUCTS PARTNERS L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

   
For the Year Ended December 31,
 
   
2017
   
2016
   
2015
   
2014
   
2013
 
Consolidated income
 
$
2,855.6
   
$
2,553.0
   
$
2,558.4
   
$
2,833.5
   
$
2,607.1
 
Add:
Provision for (benefit from) taxes
   
25.7
     
23.4
     
(2.5
)
   
23.1
     
57.5
 
Less:
Equity in earnings from unconsolidated
   affiliates
   
(426.0
)
   
(362.0
)
   
(373.6
)
   
(259.5
)
   
(167.3
)
Consolidated pre-tax income before equity in earnings
   from unconsolidated affiliates
   
2,455.3
     
2,214.4
     
2,182.3
     
2,597.1
     
2,497.3
 
Add:
Fixed charges
   
1,211.2
     
1,187.5
     
1,145.7
     
1,030.3
     
964.7
 
Amortization of capitalized interest
   
29.1
     
27.4
     
26.2
     
25.1
     
22.8
 
Distributed income of equity investees
   
433.7
     
380.5
     
462.1
     
375.1
     
251.6
 
Subtotal
   
4,129.3
     
3,809.8
     
3,816.3
     
4,027.6
     
3,736.4
 
Less:
Capitalized interest
   
(192.1
)
   
(168.2
)
   
(149.1
)
   
(77.9
)
   
(133.0
)
Net income attributable to noncontrolling
   interests
   
(56.3
)
   
(39.9
)
   
(37.2
)
   
(46.1
)
   
(10.2
)
Total earnings
 
$
3,880.9
   
$
3,601.7
   
$
3,630.0
   
$
3,903.6
   
$
3,593.2
 
Fixed charges:
                                       
Interest expense
 
$
984.6
   
$
982.6
   
$
961.8
   
$
921.0
   
$
802.5
 
Capitalized interest
   
192.1
     
168.2
     
149.1
     
77.9
     
133.0
 
Interest portion of rental expense
   
34.5
     
36.7
     
34.8
     
31.4
     
29.2
 
Total
 
$
1,211.2
   
$
1,187.5
   
$
1,145.7
   
$
1,030.3
   
$
964.7
 
Ratio of earnings to fixed charges
   
3.2x
 
   
3.0x
 
   
3.2x
 
   
3.8x
 
   
3.7x
 

These computations take into account our consolidated operations and the distributed income from our equity method investees.  For purposes of these calculations, “earnings” is the amount resulting from adding and subtracting the following items:

Add the following, as applicable:

·
consolidated pre-tax income from continuing operations before adjustment for income or loss from equity investees;
·
fixed charges;
·
amortization of capitalized interest;
·
distributed income of equity investees; and
·
our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.

From the subtotal of the added items, subtract the following, as applicable:

·
interest capitalized;
·
preference security dividend requirements of consolidated subsidiaries; and
·
the noncontrolling interests in pre-tax income of subsidiaries that have not incurred fixed charges.

The term “fixed charges” means the sum of the following:  interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; an estimate of the interest within rental expense; and preference security dividend requirements of consolidated subsidiaries.