EXHIBIT 12.1
CALCULATION OF EARNINGS TO FIXED CHARGES
CSX Corporation
Ratio of Earnings to Fixed Charges
(Millions of Dollars)
Six Months Ended | For the Fiscal Years Ended | |||||||||||||||||||||||||||
June 27, 2003 | June 28, 2002 | Dec. 27, 2002 | Dec. 28, 2001 | Dec. 29, 2000 | Dec. 31, 1999 | Dec. 25, 1998 | ||||||||||||||||||||||
Earnings Before Income Taxes | $ | 263 | $ | 316 | $ | 723 | $ | 448 | $ | 277 | $ | 104 | $ | 744 | ||||||||||||||
Interest Expense | 208 | 230 | 445 | 518 | 550 | 528 | 513 | |||||||||||||||||||||
Amortization of Debt Discount | 2 | 1 | 4 | — | 1 | — | 1 | |||||||||||||||||||||
Interest Portion of Fixed Rent | 31 | 40 | 77 | 88 | 109 | 151 | 183 | |||||||||||||||||||||
Undistributed Earnings of Unconsolidated Subsidiaries | (17 | ) | (17 | ) | (44 | ) | (2 | ) | (18 | ) | (58 | ) | (238 | ) | ||||||||||||||
Earnings, as Adjusted | $ | 487 | $ | 570 | $ | 1,205 | $ | 1,052 | $ | 919 | $ | 725 | $ | 1,203 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest Expense | $ | 208 | $ | 230 | $ | 445 | $ | 518 | $ | 550 | $ | 528 | $ | 513 | ||||||||||||||
Capitalized Interest | 1 | 2 | 3 | 7 | 6 | 8 | 9 | |||||||||||||||||||||
Amortization of Debt Discount | 2 | 1 | 4 | — | 1 | — | 1 | |||||||||||||||||||||
Interest Portion of Fixed Rent | 31 | 40 | 77 | 88 | 109 | 151 | 183 | |||||||||||||||||||||
Fixed Charges | $ | 242 | $ | 273 | $ | 529 | $ | 613 | $ | 666 | $ | 687 | $ | 706 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 2.0 | x | 2.1 | x | 2.3 | x | 1.7 | x | 1.4 | x | 1.1 | x | 1.7 | x | ||||||||||||||