EX-12.1 3 kmi-2017x10kxexh121.htm EXHIBIT 12.1
Exhibit 12.1
KINDER MORGAN, INC. AND SUBSIDIARIES
EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions except ratio amounts)

| Year Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings: |  |  |  |  |  |  |  |  |
Pre-tax income before adjustment for net income attributable to noncontrolling interests and earnings from equity investments (including amortization of excess cost of equity investments) per statements of income | $ | 1,644 |  |  | $ | 1,200 |  |  | $ | 439 |  |  | $ | 2,730 |  |  | $ | 3,150 |
Add: |  |  |  |  |  |  |  |  |
Fixed charges | 1,959 |  |  | 1,977 |  |  | 2,174 |  |  | 1,921 |  |  | 1,785 |
Amortization of capitalized interest | 13 |  |  | 13 |  |  | 9 |  |  | 5 |  |  | 6 |
Distributed income of equity investees | 426 |  |  | 431 |  |  | 391 |  |  | 381 |  |  | 398 |
Less: |  |  |  |  |  |  |  |  |
Interest capitalized from continuing operations | (66 | ) |  | (77 | ) |  | (71 | ) |  | (75 | ) |  | (52 | )
Preference security dividend requirements of consolidated subsidiaries | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |
Noncontrolling interest in pre-tax income of subsidiaries with no fixed charges | (12 | ) |  | (11 | ) |  | (4 | ) |  | (377 | ) |  | (390 | )
Income as adjusted | $ | 3,956 |  |  | $ | 3,533 |  |  | $ | 2,938 |  |  | $ | 4,585 |  |  | $ | 4,897 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest and debt expense, net per statements of income (includes amortization of debt discount, premium, and debt issuance costs); also excludes gain or loss on early extinguishment of debt and includes capitalized interest | $ | 1,904 |  |  | $ | 1,931 |  |  | $ | 2,126 |  |  | $ | 1,882 |  |  | $ | 1,742 |
Add: |  |  |  |  |  |  |  |  |
Portion of rents representative of the interest factor | 47 |  |  | 46 |  |  | 48 |  |  | 39 |  |  | 43 |
Preference security dividend requirements of consolidated subsidiaries | 8 |  |  | — |  |  | — |  |  | — |  |  | — |
Fixed charges | $ | 1,959 |  |  | $ | 1,977 |  |  | $ | 2,174 |  |  | $ | 1,921 |  |  | $ | 1,785 |
Ratio of earnings to fixed charges | 2.02 |  |  | 1.79 |  |  | 1.35 |  |  | 2.39 |  |  | 2.74 |