EX-12 8 a2218347zex-12.htm EX-12

Exhibit 12

 

CF INDUSTRIES HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year ended December 31,

 

(Dollars in millions) 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax earnings from continuing operations

 

$

2,209.7

 

$

2,829.5

 

$

2,645.6

 

$

687.7

 

$

695.6

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

264.0

 

232.3

 

229.7

 

260.3

 

6.7

 

Distributed income of equity investees

 

59.5

 

109.8

 

130.2

 

2.2

 

—

 

Amortization of capitalized interest

 

4.1

 

4.1

 

3.9

 

3.8

 

3.3

 

Less: preference security dividends of Terra Nitrogen Company, L.P.

 

(66.2

)

(77.8

)

(64.1

)

(23.1

)

—

 

Capitalized interest

 

(26.8

)

(9.3

)

(7.9

)

(7.6

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings for fixed charge coverage ratio calculation

 

$

2,444.3

 

$

3,088.6

 

$

2,937.4

 

$

923.3

 

$

705.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

Interest expensed (a) 

 

$

152.2

 

$

135.3

 

$

147.2

 

$

221.3

 

$

1.5

 

Capitalized interest

 

26.8

 

9.3

 

7.9

 

7.6

 

—

 

Estimated interest in rent expense (b) 

 

18.8

 

9.9

 

10.5

 

8.3

 

5.2

 

Preference security dividends of Terra Nitrogen Company, L.P.

 

66.2

 

77.8

 

64.1

 

23.1

 

—

 

 

 

$

264.0

 

$

232.3

 

$

229.7

 

$

260.3

 

$

6.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

9.3

x

13.3

x

12.8

x

3.5

x

105.3

x

 

(a)  Including amortized premiums, discounts, and capitalized expenses related to indebtedness. 

 

(b)  Assumes that the interest component is 19% of total rent expense in 2013, 11% in 2012, 13% in 2011 and 2010, and 14% in 2009.