Exhibit 12(e) | ||||||||||||||||||||||||||||
KENTUCKY UTILITIES COMPANY | ||||||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||||||||||
Predeces- | ||||||||||||||||||||||||||||
Successor (a) | sor (b) | |||||||||||||||||||||||||||
9 Months | Year | Year | Year | Year | 2 Months | 10 Months | ||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||
Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Oct. 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2010 | ||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 304 | $ | 355 | $ | 360 | $ | 215 | $ | 282 | $ | 55 | $ | 218 | ||||||||||||||
Adjustment to reflect earnings from | ||||||||||||||||||||||||||||
equity method investments on a cash | ||||||||||||||||||||||||||||
basis (c) | (2) | (1) | (1) | 33 | (1) | (4) | ||||||||||||||||||||||
302 | 354 | 359 | 248 | 281 | 55 | 214 | ||||||||||||||||||||||
Total fixed charges as below | 61 | 80 | 73 | 72 | 73 | 11 | 71 | |||||||||||||||||||||
Total earnings | $ | 363 | $ | 434 | $ | 432 | $ | 320 | $ | 354 | $ | 66 | $ | 285 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||||||
Interest charges (d) | $ | 58 | $ | 77 | $ | 70 | $ | 69 | $ | 70 | $ | 10 | $ | 69 | ||||||||||||||
Estimated interest component of | ||||||||||||||||||||||||||||
operating rentals | 3 | 3 | 3 | 3 | 3 | 1 | 2 | |||||||||||||||||||||
Total fixed charges | $ | 61 | $ | 80 | $ | 73 | $ | 72 | $ | 73 | $ | 11 | $ | 71 | ||||||||||||||
Ratio of earnings to fixed charges | 6.0 | 5.4 | 5.9 | 4.4 | 4.8 | 6.0 | 4.0 |
(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 loss on reacquired debt and amortization of debt discount, expense and premium - net. |
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