EXHIBIT 12.1
BURLINGTON NORTHERN SANTA FE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Millions, Except Ratio Amounts)
(Unaudited)
Year Ended,
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1999 1998 1997
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Earnings:
Pre-tax income..................................... $1,819 $1,849 $1,404
Add:
Interest and fixed charges, excluding capitalized
interest........................................ 387 354 344
Portion of rent under long-term operating leases
representative of an interest factor............ 182 202 183
Amortization of capitalized interest............... 5 4 3
Less: Undistributed equity in earnings of
investments accounted for under the equity method. 13 18 17
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Total earnings available for fixed charges......... $2,380 $2,391 $1,917
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Fixed charges:
Interest and fixed charges......................... $ 400 $ 371 $ 362
Portion of rent under long-term operating leases
representative of an interest factor.............. 182 202 183
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Total fixed charges................................ $ 582 $ 573 $ 545
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Ratio of earnings to fixed charges................... 4.09x 4.17x 3.52x(1)
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(1) Earnings for the year ended December 31, 1997 include a special charge of
$90 million before-tax. Excluding this charge, the ratio for the year ended
December 31, 1997 would have been 3.68x.
E-5