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Content analysis
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Exhibit 12
Williams Partners L.P.
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
2012 | 2011(a) | 2010(a) | 2009(a) | 2008(a) | ||||||||||||||||
(Millions) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes and noncontrolling interests | $ | 1,243 | $ | 1,514 | $ | 1,190 | $ | 1,065 | $ | 1,149 | ||||||||||
Less: Equity earnings, excluding proportionate share | (53 | ) | (93 | ) | (68 | ) | (55 | ) | (55 | ) | ||||||||||
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Income before income taxes and equity earnings | 1,190 | 1,421 | 1,122 | 1,010 | 1,094 | |||||||||||||||
Add: | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest incurred, including proportionate share from | 461 | 426 | 393 | 260 | 252 | |||||||||||||||
Rental expense representative of interest factor | 8 | 7 | 6 | 8 | 11 | |||||||||||||||
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Total fixed charges | 469 | 433 | 399 | 268 | 263 | |||||||||||||||
Distributed income of equity method investees, | 73 | 101 | 78 | 60 | 64 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (36 | ) | (11 | ) | (29 | ) | (58 | ) | (43 | ) | ||||||||||
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Total earnings as adjusted | $ | 1,696 | $ | 1,944 | $ | 1,570 | $ | 1,280 | $ | 1,378 | ||||||||||
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Fixed charges | $ | 469 | $ | 433 | $ | 399 | $ | 268 | $ | 263 | ||||||||||
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Ratio of earnings to fixed charges | 3.62 | 4.49 | 3.93 | 4.78 | 5.24 | |||||||||||||||
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(a) Recast as a result of the Geismar Acquisition.