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As Of Filer Filing For·On·As Docs:Size 2/13/04 Norfolk Southern Corp 10-K 12/31/03 11:3.2M |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 1.50M
2: 10-K Annual Report -- nscf10k PDF 401K
3: EX-1 Underwriting Agreement HTML 28K
4: EX-2 Plan of Acquisition, Reorganization, Arrangement, HTML 25K
Liquidation or Succession
5: EX-3 Articles of Incorporation/Organization or By-Laws HTML 54K
6: EX-4 Instrument Defining the Rights of Security Holders HTML 26K
7: EX-5 Opinion re: Legality HTML 10K
8: EX-6 Opinion re: Discount on Capital Shares HTML 11K
9: EX-7 Opinion re: Liquidation Preference HTML 31K
10: EX-8 Opinion re: Tax Matters HTML 11K
11: EX-9 Voting Trust Agreement HTML 444K
| NSC 2003 Form 10-K Exhibit 12 |
Exhibit 12, Page 1 of 1 |
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NORFOLK SOUTHERN CORPORATION AND SUBSIDIARIES |
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Computation of Ratio of Earnings to Fixed Charges |
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(Millions of Dollars) |
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Year ended December 31, |
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2002 |
2001 |
2000 |
1999 |
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EARNINGS |
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Income from continuing operations before income taxes as reported |
$ |
586 |
$ |
706 |
$ |
553 |
$ |
250 |
$ |
351 |
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Add: |
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Total interest expenses (as detailed below) |
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609 |
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663 |
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674 |
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721 |
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708 |
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Amortization of capitalized interest |
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5 |
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6 |
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5 |
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5 |
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4 |
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Income (loss) of partially owned entities (1) |
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46 |
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36 |
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39 |
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60 |
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47 |
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Subsidiaries' preferred dividend requirements |
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-- |
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2 |
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2 |
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2 |
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2 |
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Income before income taxes, as adjusted |
$ |
1,246 |
$ |
1,413 |
$ |
1,273 |
$ |
1,038 |
$ |
1,112 |
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FIXED CHARGES |
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Interest expense on debt |
$ |
497 |
$ |
518 |
$ |
553 |
$ |
551 |
$ |
531 |
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Other interest expense |
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5 |
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32 |
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2 |
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42 |
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35 |
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Calculated interest portion of rent expense |
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39 |
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40 |
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41 |
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40 |
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35 |
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NS' share of Conrail interest |
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68 |
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73 |
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78 |
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88 |
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107 |
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Total interest expenses |
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609 |
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663 |
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674 |
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721 |
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708 |
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Capitalized interest |
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12 |
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11 |
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17 |
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18 |
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15 |
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Subsidiaries' preferred dividend requirement on a pretax basis |
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-- |
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4 |
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4 |
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4 |
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4 |
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Total fixed charges |
$ |
621 |
$ |
678 |
$ |
695 |
$ |
743 |
$ |
727 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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2.01 |
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2.08 |
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1.83 |
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1.40 |
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1.53 |
(1) Includes: (a) the distributed income of 20%-49% owned entities, net of equity recorded in undistributed income and the minority income of consolidated entities which have fixed charges; and (b) NS' share of Conrail's income before income taxes, net of equity in earnings of Conrail included in NS' income from continuing operations before taxes as reported.
The computations do not include $0.3 million of interest expense related to $7.8 million of debt guaranteed for a less than 50% owned entity.
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 2/13/04 | |||
| For Period End: | 12/31/03 | 4, 5 | ||
| List all Filings | ||||