Exhibit 12.1
CF INDUSTRIES HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
|
| Three months ended |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| March 31, |
| Year ended December 31, |
| ||||||||||||||
(Dollars in millions) |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings before income taxes and equity in earnings of non-operating affiliates |
| $ | 536.1 |
| $ | 2,829.5 |
| $ | 2,645.6 |
| $ | 687.7 |
| $ | 695.6 |
| $ | 1,175.4 |
|
Less: equity in earnings of operating affiliates |
| (11.6 | ) | (47.0 | ) | (50.2 | ) | (10.6 | ) | — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings from continuing operations before equity in earnings of operating affiliates |
| $ | 524.5 |
| $ | 2,782.5 |
| $ | 2,595.4 |
| $ | 677.1 |
| $ | 695.6 |
| $ | 1,175.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges |
| 62.9 |
| 232.3 |
| 229.7 |
| 260.3 |
| 6.7 |
| 6.9 |
| ||||||
Distributed income of equity investees |
| 13.0 |
| 109.8 |
| 130.2 |
| 2.2 |
| — |
| — |
| ||||||
Amortization of capitalized interest |
| 1.0 |
| 4.1 |
| 3.9 |
| 3.8 |
| 3.3 |
| 3.6 |
| ||||||
Less: preference security dividends of Terra Nitrogen Company, L.P. |
| (16.7 | ) | (77.8 | ) | (64.1 | ) | (23.1 | ) | — |
| — |
| ||||||
Capitalized interest |
| (4.6 | ) | (9.3 | ) | (7.9 | ) | (7.6 | ) | — |
| — |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings for fixed charge coverage ratio calculation |
| $ | 580.1 |
| $ | 3,041.6 |
| $ | 2,887.2 |
| $ | 912.7 |
| $ | 705.6 |
| $ | 1,185.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expensed (a) |
| $ | 39.1 |
| $ | 135.3 |
| $ | 147.2 |
| $ | 221.3 |
| $ | 1.5 |
| $ | 1.6 |
|
Capitalized interest |
| 4.6 |
| 9.3 |
| 7.9 |
| 7.6 |
| — |
| — |
| ||||||
Estimated interest in rent expense (b) |
| 2.5 |
| 9.9 |
| 10.5 |
| 8.3 |
| 5.2 |
| 5.3 |
| ||||||
Preference security dividends of Terra Nitrogen Company, L.P. |
| 16.7 |
| 77.8 |
| 64.1 |
| 23.1 |
| — |
| — |
| ||||||
|
| $ | 62.9 |
| $ | 232.3 |
| $ | 229.7 |
| $ | 260.3 |
| $ | 6.7 |
| $ | 6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of earnings to fixed charges |
| 9.2x |
| 13.1x |
| 12.6x |
| 3.5x |
| 105.3x |
| 171.9x |
|
(a) Including amortized premiums, discounts, and capitalized expenses related to indebtedness.
(b) Assumes that the interest component is 11% of total rent expense in 2013 and 2012, 13% in 2011 and 2010 and 14% in all prior years.