Northeast Utilities and Subsidiaries |
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| Exhibit 12 | |
Ratio of Earnings to Fixed Charges |
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| For the Years Ended December 31, | |||||||||||||
(Thousands of Dollars) |
| 2014 |
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| 2013 |
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| 2012 (a) |
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| 2011 |
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| 2010 | |
Earnings, as defined: |
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| Net income | $ | 827,065 |
| $ | 793,689 |
| $ | 533,077 |
| $ | 400,513 |
| $ | 394,107 |
| Income tax expense |
| 468,297 |
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| 426,941 |
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| 274,926 |
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| 170,953 |
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| 210,409 |
| Equity in earnings of regional nuclear generating and transmission companies |
| (1,044) |
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| (1,318) |
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| (1,154) |
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| (671) |
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| (1,429) |
| Dividends received from regional equity investees |
| - |
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| 582 |
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| 733 |
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| 940 |
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| 1,488 |
| Fixed charges, as below |
| 386,451 |
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| 362,403 |
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| 353,616 |
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| 275,948 |
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| 263,393 |
| Less: Interest capitalized (including AFUDC) |
| (5,766) |
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| (4,062) |
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| (5,261) |
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| (11,758) |
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| (10,165) |
| Preferred dividend security requirements of consolidated subsidiaries |
| (12,532) |
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| (12,803) |
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| (11,715) |
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| (9,265) |
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| (10,170) |
Total earnings, as defined | $ | 1,662,471 |
| $ | 1,565,432 |
| $ | 1,144,222 |
| $ | 826,660 |
| $ | 847,633 | |
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Fixed charges, as defined: |
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| Interest on long-term debt (b) | $ | 345,001 |
| $ | 340,970 |
| $ | 316,987 |
| $ | 231,630 |
| $ | 231,089 |
| Interest on rate reduction bonds |
| - |
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| 422 |
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| 6,168 |
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| 8,611 |
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| 20,573 |
| Other interest (c) |
| 17,105 |
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| (2,693) |
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| 6,790 |
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| 10,184 |
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| (14,371) |
| Rental interest factor |
| 6,047 |
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| 6,839 |
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| 6,695 |
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| 4,500 |
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| 5,767 |
| Preferred dividend security requirements of consolidated subsidiaries |
| 12,532 |
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| 12,803 |
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| 11,715 |
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| 9,265 |
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| 10,170 |
| Interest capitalized (including AFUDC) |
| 5,766 |
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| 4,062 |
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| 5,261 |
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| 11,758 |
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| 10,165 |
Total fixed charges, as defined | $ | 386,451 |
| $ | 362,403 |
| $ | 353,616 |
| $ | 275,948 |
| $ | 263,393 | |
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Ratio of Earnings to Fixed Charges |
| 4.30 |
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| 4.32 |
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| 3.24 |
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| 3.00 |
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| 3.22 | |
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(a) NSTAR amounts were included in NU beginning April 10, 2012. |
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(b) Interest on long-term debt includes amortized premiums, discounts and capitalized expenses related to indebtedness. | |||||||||||||||
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(c) For all years presented, other interest includes interest related to accounting for uncertain tax positions. |
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10-K Filing
NSTAR Electric (NSARO) 10-K2014 FY Annual report
Filed: 25 Feb 15, 12:00am