Exhibit 12(a) | |||||||||||||||||||||||||
PPL CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Millions of Dollars) | |||||||||||||||||||||||||
2005 | 2004 (c) | 2003 (c) | 2002 (c) | 2001 | |||||||||||||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||||
Interest on long-term debt | $ | 465 | $ | 491 | $ | 417 | $ | 486 | $ | 351 | |||||||||||||||
Interest on short-term debt and other interest | 29 | 20 | 25 | 70 | 44 | ||||||||||||||||||||
Amortization of debt discount, expense and premium - net | 23 | 8 | 41 | 25 | 17 | ||||||||||||||||||||
Estimated interest component of operating rentals | 32 | 34 | 45 | 38 | 36 | ||||||||||||||||||||
Preferred security distributions of subsidiaries on a pre-tax basis | 5 | 5 | 45 | 79 | 64 | ||||||||||||||||||||
Total fixed charges | $ | 554 | $ | 558 | $ | 573 | $ | 698 | $ | 512 | |||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||||
Net income (a) | $ | 744 | $ | 721 | $ | 740 | $ | 444 | $ | 167 | |||||||||||||||
Preferred security dividend requirements | 3 | 3 | 30 | 66 | 52 | ||||||||||||||||||||
Less undistributed income (loss) of equity method investments | (14 | ) | (14 | ) | (19 | ) | (23 | ) | 20 | ||||||||||||||||
761 | 738 | 789 | 533 | 199 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||||
Income taxes | 121 | 203 | 179 | 214 | 261 | ||||||||||||||||||||
Total fixed charges as above (excluding capitalized interest and preferred security distributions of subsidiaries on a pre-tax basis) | 540 | 547 | 521 | 598 | 419 | ||||||||||||||||||||
Total earnings | $ | 1,422 | $ | 1,488 | $ | 1,489 | $ | 1,345 | $ | 879 | |||||||||||||||
Ratio of earnings to fixed charges | 2.6 | 2.7 | 2.6 | 1.9 | 1.7 | ||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (b) | 2.6 | 2.7 | 2.6 | 1.9 | 1.7 | ||||||||||||||||||||
(a) | Net income excludes minority interest, loss from discontinued operations and the cumulative effects of changes in accounting principles. | ||||||||||||||||||||||||
(b) | PPL, the parent holding company, does not have any preferred stock outstanding; therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges. | ||||||||||||||||||||||||
(c) | Certain line items have been revised due to the May 2005 sale of the Sundance plant and the related reclassification of prior period operating losses to "Loss from Discontinued Operations." |
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10-K Filing
PPL Electric Utilities 10-K2005 FY Annual report
Filed: 3 Mar 06, 12:00am