Exhibit 12.1 | ||||||||||||||||||||||
Kansas City Southern | ||||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||
Dollars in millions | ||||||||||||||||||||||
2014 (ii) | 2013 | 2012(iii) | 2011(iv) | 2010 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Pretax income from continuing operations, excluding equity in earnings of unconsolidated affiliates (i) | $ | 692.0 | $ | 532.8 | $ | 597.1 | $ | 436.8 | $ | 269.5 | ||||||||||||
Interest expense | 72.8 | 80.6 | 100.4 | 129.1 | 158.1 | |||||||||||||||||
Portion of rents representative of an appropriate interest factor | 25.4 | 35.5 | 36.2 | 40.2 | 42.3 | |||||||||||||||||
Distributed income of equity investments | 25.5 | 12.5 | 19.8 | 18.1 | 19.5 | |||||||||||||||||
Pretax income as adjusted | $ | 815.7 | $ | 661.4 | $ | 753.5 | $ | 624.2 | $ | 489.4 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest expense | $ | 72.8 | $ | 80.6 | $ | 100.4 | $ | 129.1 | $ | 158.1 | ||||||||||||
Capitalized interest | 0.9 | 1.1 | 0.9 | 1.0 | 1.3 | |||||||||||||||||
Portion of rents representative of an appropriate interest factor | 25.4 | 35.5 | 36.2 | 40.2 | 42.3 | |||||||||||||||||
Fixed charges before preference dividends | 99.1 | 117.2 | 137.5 | 170.3 | 201.7 | |||||||||||||||||
Preference security dividend as defined by Item 503(d)(B) of Regulation S-K | 0.3 | 0.3 | 0.3 | 2.2 | 17.7 | |||||||||||||||||
Total fixed charges | $ | 99.4 | $ | 117.5 | $ | 137.8 | $ | 172.5 | $ | 219.4 | ||||||||||||
Ratio of earnings to fixed charges and preference dividends | 8.2 | 5.6 | 5.5 | 3.6 | 2.2 | |||||||||||||||||
Ratio of earnings to fixed charges | 8.2 | 5.6 | 5.5 | 3.7 | 2.4 | |||||||||||||||||
Note: Excludes amortization of capitalized interest due to immateriality. | ||||||||||||||||||||||
(i) During 2014, 2013, 2012, 2011 and 2010, the Company recognized pre-tax debt retirement costs of $6.6 million, $119.2 million, $20.1 million, $38.7 million and $68.3 million, respectively, related to debt restructuring activities that occurred during the periods. (ii) During 2014, the Company recognized pre-tax lease termination costs of $38.3 million, due to the early termination of certain operating leases and the related purchase of equipment. (iii) During 2012, the Company recognized a pre-tax gain of $43.0 million within operating expenses for the elimination of deferred statutory profit sharing liability, net as a result of the organizational restructuring during the period. (iv) During 2011, the Company recognized a pre-tax gain of $25.6 million within operating expenses for insurance recoveries related to hurricane damage. |
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10-K Filing
Kansas City Southern (KSU) 10-K2014 FY Annual report
Filed: 30 Jan 15, 12:00am