EX-12 2 exhibit12ratioofearningsto.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12: Ratio of Earnings to Fixed Charges
Exhibit 12

                                            


EL PASO PIPELINE PARTNERS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Millions, Except For Ratio)


 
 
Year Ended December 31,
 
 
2012
 
2011(1)
 
2010(1)
 
2009(1)
 
2008(1)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
589

 
$
605

 
$
668

 
$
579

 
$
548

Income from equity investees
 
(14
)
 
(15
)
 
(16
)
 
(12
)
 
(16
)
Income before income taxes before adjustment for income from equity investees
 
575

 
590

 
652

 
567

 
532

  Add:
 
 
 
 
 
 
 
 
 
 
    Fixed Charges
 
296

 
271

 
213

 
170

 
162

    Distributed Income of Equity Investees
 
13

 
15

 
22

 
14

 
17

  Less:
 
 
 
 
 
 
 
 
 
 
Allowance for funds used during construction (AFUDC)
 
(1
)
 
(2
)
 
(11
)
 
(24
)
 
(11
)
Income as adjusted
 
$
883

 
$
874

 
$
876

 
$
727

 
$
700

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense, Net per Statements of Income (Includes Amortization of Debt Discount, Premium and Debt Issuance Costs)
 
$
294

 
$
269

 
$
210

 
$
167

 
$
159

  Add:
 
 
 
 
 
 
 
 
 
 
    Portion of Rents Representative of the Interest Factor
 
2

 
2

 
3

 
3

 
3

  Fixed Charges
 
$
296

 
$
271

 
$
213

 
$
170

 
$
162

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
3.0
 
3.2
 
4.1
 
4.3
 
4.3
—————————
(1)
Retrospectively adjusted as discussed in Note 3 to our consolidated financial statements.