PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars) | |||||||||||||||||||||||||||||
12 Months Ended March 31, | 12 Months Ended December 31, | ||||||||||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 (b) | 1998 (b) | ||||||||||||||||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||||||||
Interest on long-term debt | $ | 208 | $ | 209 | $ | 220 | $ | 223 | $ | 205 | $ | 188 | |||||||||||||||||
Interest on short-term debt and other interest | 3 | 3 | 4 | 16 | 12 | 14 | |||||||||||||||||||||||
Amortization of debt discount, expense and premium - net | 8 | 7 | 6 | 4 | 3 | 2 | |||||||||||||||||||||||
Interest on capital lease obligations | |||||||||||||||||||||||||||||
Charged to expense | 4 | 9 | 8 | ||||||||||||||||||||||||||
Capitalized | 1 | 2 | |||||||||||||||||||||||||||
Estimated interest component of operating rentals | 7 | 7 | 8 | 14 | 19 | 18 | |||||||||||||||||||||||
Preferred securities distributions of subsidiaries on a pre-tax basis | 7 | 13 | 23 | 23 | 23 | 23 | |||||||||||||||||||||||
Total fixed charges | $ | 233 | $ | 239 | $ | 261 | $ | 284 | $ | 272 | $ | 255 | |||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||||||||
Net income (a) | $ | 48 | $ | 39 | $ | 114 | $ | 250 | $ | 444 | $ | 361 | |||||||||||||||||
Preferred security dividend requirements | 11 | 16 | 26 | 26 | 37 | 48 | |||||||||||||||||||||||
59 | 55 | 140 | 276 | 481 | 409 | ||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Income taxes | 21 | 18 | 65 | 171 | 151 | 273 | |||||||||||||||||||||||
Amortization of capitalized interest on capital leases | 2 | 2 | 2 | ||||||||||||||||||||||||||
Total fixed charges as above (excluding capitalized interest, capitalized interest on capital lease obligations and preferred stock dividends of subsidiaries on a pre-tax basis) | 225 | 225 | 238 | 257 | 243 | 222 | |||||||||||||||||||||||
Total earnings | $ | 305 | $ | 298 | $ | 443 | $ | 706 | $ | 877 | $ | 906 | |||||||||||||||||
Ratio of earnings to fixed charges | 1.3 | 1.2 | 1.7 | 2.5 | 3.2 | 3.6 | |||||||||||||||||||||||
(a) | Net income excludes extraordinary items and the cumulative effect of a change in accounting principle. | ||||||||||||||||||||||||||||
(b) | Due to the corporate realignment on July 1, 2000, data in 2000 and subsequent years are not comparable to prior years. See Note 19 in PPL Electric's Form 10-K for the year ended December 31, 2002 for additional information. |
- Company Dashboard
- Financials
- Filings
- Transcripts
-
10-Q Filing
PPL Electric Utilities 10-Q2003 Q1 Quarterly report
Filed: 14 May 03, 12:00am