Exhibit 12.1
NORTHWEST PIPELINE LLC
COMPUTATION OF EARNINGS TO FIXED CHARGES
Thousands of Dollars, except ratios
(UNAUDITED)
Year Ended December 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2016 | 2017 | ||||||||||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||||||||||
Net Income | $ | 136,723 | $ | 172,987 | $ | 170,553 | $ | 178,696 | $ | 180,455 | $ | 132,341 | $ | 138,843 | ||||||||||||||
Adjustment for undistributed income of equity investees | ||||||||||||||||||||||||||||
Plus — Interest expense and portion of rents representative of the interest factor, net of interest capitalized, and amortization of debt expense, discount and premium | 46,993 | 46,814 | 46,776 | 46,640 | 39,616 | 31,144 | 25,193 | |||||||||||||||||||||
Federal income taxes | — | — | — | — | — | — | — | |||||||||||||||||||||
Deferred federal income taxes | — | — | — | — | — | — | — | |||||||||||||||||||||
State and Municipal income taxes | 3 | 12 | 20 | 12 | 18 | 10 | 12 | |||||||||||||||||||||
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Total | $ | 183,719 | $ | 219,813 | $ | 217,349 | $ | 225,348 | $ | 220,089 | $ | 163,495 | $ | 164,048 | ||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||||
Interest on long-term debt | $ | 44,439 | $ | 44,439 | $ | 44,439 | $ | 44,439 | $ | 37,769 | $ | 29,722 | $ | 24,010 | ||||||||||||||
Other interest expense (includes intercompany) | 1,004 | 867 | 786 | 715 | 683 | 516 | 515 | |||||||||||||||||||||
Portion of rents representative of the interest factor, including amounts capitalized | 935 | 930 | 838 | 783 | 587 | 434 | 301 | |||||||||||||||||||||
Amortization of debt expense, discount and premium | 871 | 871 | 871 | 871 | 712 | 567 | 425 | |||||||||||||||||||||
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Total | $ | 47,249 | $ | 47,107 | $ | 46,934 | $ | 46,808 | $ | 39,751 | $ | 31,239 | $ | 25,251 | ||||||||||||||
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Ratio of earnings to fixed charges | 3.89 | 4.67 | 4.63 | 4.81 | 5.54 | 5.23 | 6.50 |