Exhibit 12(f) | |||||||||||||||||||||||||||
KENTUCKY UTILITIES COMPANY | |||||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||
Successor (a) | Predecessor (b) | ||||||||||||||||||||||||||
6 Months | Year | Year | 2 Months | 10 Months | |||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Year Ended | ||||||||||||||||||||||
Jun. 30, | Dec. 31, | Dec. 31, | Dec. 31, | Oct. 31, | December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||||||
Income Before Income Taxes | $ | 173 | $ | 215 | $ | 282 | $ | 55 | $ | 218 | $ | 200 | $ | 226 | |||||||||||||
Adjustment to reflect earnings from | |||||||||||||||||||||||||||
equity method investments on a cash | |||||||||||||||||||||||||||
basis (c) | 33 | (1) | (4) | 11 | |||||||||||||||||||||||
Mark to market impact of derivative | |||||||||||||||||||||||||||
instruments | 1 | (1) | |||||||||||||||||||||||||
173 | 248 | 281 | 55 | 214 | 212 | 225 | |||||||||||||||||||||
Total fixed charges as below | 36 | 72 | 73 | 11 | 71 | 79 | 77 | ||||||||||||||||||||
Total earnings | $ | 209 | $ | 320 | $ | 354 | $ | 66 | $ | 285 | $ | 291 | $ | 302 | |||||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||||||
Interest charges (d) | $ | 34 | $ | 69 | $ | 70 | $ | 10 | $ | 69 | $ | 76 | $ | 74 | |||||||||||||
Estimated interest component of | |||||||||||||||||||||||||||
operating rentals | 2 | 3 | 3 | 1 | 2 | 3 | 3 | ||||||||||||||||||||
Total fixed charges | $ | 36 | $ | 72 | $ | 73 | $ | 11 | $ | 71 | $ | 79 | $ | 77 | |||||||||||||
Ratio of earnings to fixed charges | 5.8 | 4.4 | 4.8 | 6.0 | 4.0 | 3.7 | 3.9 |
(a) | Post-acquisition activity covering the time period after October 31, 2010. | |
(b) | Pre-acquisition activity covering the time period prior to November 1, 2010. | |
(c) | Includes other-than-temporary impairment loss of $25 million in 2012. | |
(d) | Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net. |
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