EXHIBIT 12.1 | ||||||||||||||||
SEMPRA ENERGY | ||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||||||||||||
AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||
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| 2010 |
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| 2011 |
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| 2012 |
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| 2013 |
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| 2014 | |
Fixed charges and preferred stock dividends: |
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Interest |
| $ | 492 |
| $ | 549 |
| $ | 601 |
| $ | 620 |
| $ | 636 | |
Interest portion of annual rentals |
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| 3 |
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| 2 |
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| 2 |
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| 2 |
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| 3 | |
Preferred dividends of subsidiaries (1) |
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| 11 |
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| 10 |
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| 6 |
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| 6 |
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| 1 | |
Total fixed charges |
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| 506 |
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| 561 |
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| 609 |
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| 628 |
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| 640 | |
Preferred dividends for purpose of ratio |
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| - |
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| - |
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| - |
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| - |
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| - | |
Total fixed charges and preferred dividends for purpose of ratio |
| $ | 506 |
| $ | 561 |
| $ | 609 |
| $ | 628 |
| $ | 640 | |
Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees |
| $ | 1,078 |
| $ | 1,747 |
| $ | 1,255 |
| $ | 1,399 |
| $ | 1,443 | |
Add: |
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Total fixed charges (from above) |
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| 506 |
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| 561 |
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| 609 |
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| 628 |
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| 640 | |
Distributed income of equity investees |
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| 260 |
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| 96 |
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| 50 |
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| 51 |
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| 61 | |
Less: |
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Interest capitalized |
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| 74 |
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| 27 |
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| 53 |
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| 23 |
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| 40 | |
Preferred dividends of subsidiaries (1) |
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| 11 |
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| 10 |
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| 6 |
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| 6 |
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| 1 | |
Total earnings for purpose of ratio |
| $ | 1,759 |
| $ | 2,367 |
| $ | 1,855 |
| $ | 2,049 |
| $ | 2,103 | |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
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| 3.48 |
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| 4.22 |
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| 3.05 |
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| 3.26 |
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| 3.29 | |
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Ratio of earnings to fixed charges |
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| 3.48 |
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| 4.22 |
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| 3.05 |
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| 3.26 |
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| 3.29 | |
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(1) | In computing this ratio, “Preferred dividends of subsidiaries” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods. |
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10-K Filing
San Diego Gas & Electric 10-K2014 FY Annual report
Filed: 26 Feb 15, 12:00am