EX-12.1 4 a17-26470_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

ENBRIDGE INC. AND SUBIDIARIES

COMPUTATION OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

 

The ratio of earnings to fixed charges and preferred dividends is calculated using the Securities and Exchange Commission guidelines.

 

 

 

For the Nine

 

 

 

 

 

 

 

 

 

 

 

 

 

Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

For the Year Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

 

 

(dollars in millions, except ratio amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated income

 

$

3,201

 

$

2,309

 

$

(159

)

$

1,562

 

$

490

 

1,015

 

Add: Provision for income taxes

 

818

 

142

 

170

 

611

 

123

 

171

 

Less: Equity in earnings from equity investments

 

(752

)

(428

)

(475

)

(368

)

(330

)

(195

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before provision for income taxes and noncontrolling interest

 

3,267

 

2,023

 

(464

)

1,805

 

283

 

991

 

Add:

Fixed Charges

 

2,324

 

2,095

 

2,164

 

1,630

 

1,273

 

1,121

 

 

Distributed income of equity investees

 

859

 

599

 

719

 

564

 

685

 

634

 

Less:

Interest capitalized

 

(303

)

(321

)

(353

)

(416

)

(250

)

(216

)

 

Preferred dividend requirements of consolidated subsidiaries

 

(24

)

(2

)

(2

)

(2

)

(2

)

(2

)

Total earnings as adjusted

 

$

6,123

 

$

4,394

 

$

2,064

 

$

3,581

 

$

1,989

 

$

2,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense - net

 

$

1,704

 

$

1,590

 

$

1,624

 

$

1,129

 

$

947

 

841

 

Estimated interest portion of rental expense

 

130

 

146

 

143

 

52

 

46

 

38

 

Interest capitalized

 

303

 

321

 

353

 

416

 

250

 

216

 

Amorization of debt issuance costs

 

187

 

38

 

44

 

33

 

30

 

26

 

Fixed Charges

 

$

2,324

 

$

2,095

 

$

2,164

 

$

1,630

 

$

1,273

 

$

1,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividend pre-tax income requirements

 

389

 

313

 

(20

)

357

 

266

 

174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred dividends

 

2,713

 

2,408

 

2,144

 

1,987

 

1,539

 

1,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.6

 

2.1

 

1.0

 

2.2

 

1.6

 

2.3

 

Ratio of earnings to fixed charges and preferred dividends

 

2.3

 

1.8

 

1.0

 

1.8

 

1.3

 

2.0