SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK (Thousands of Dollars) 9 Months 9 Months Year Ended December 31, Ended Ended ----------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 Sept 30, 2002 Sept 30, 2003 -------------- -------------- -------------- -------------- ------------- ----------------------------------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $ 999,910 $ 992,354 $ (1,456,584) $ 3,192,815 $ 1,831,335 $ 1,546,504 $ 1,055,561 Add: Taxes on income (2) 442,356 438,006 (1,021,452) 1,658,033 641,786 561,904 443,602 Rentals (3) 2,208 1,901 2,905 2,128 1,240 1,072 471 Allocable portion of interest on long-term Contracts for the purchase of power (4) 1,767 1,735 1,699 1,659 1,616 1,216 1,181 Amortization of previously capitalized fixed charges 1,571 1,508 1,390 1,083 1,440 1,040 1,215 -------------- -------------- -------------- ------------------------------ --------------- ----------------- Total earnings before income taxes and fixed charges (A) $ 1,447,812 $ 1,435,504 $ (2,472,042) $ 4,855,718 $ 2,477,417 $ 2,111,736 $ 1,502,030 ============== ============== ============== ============== ============= =============== ================= FIXED CHARGES: Interest and amortization $ 484,788 $ 482,933 $ 571,760 $ 784,858 $ 584,442 $ 456,441 $ 343,646 Rentals (3) 2,208 1,901 2,905 2,128 1,240 1,072 471 Capitalized fixed charges - nuclear fuel (5) 1,294 1,211 1,538 756 520 326 - Allocable portion of interest on long-term contracts for the purchase of power (4) 1,767 1,735 1,699 1,659 1,616 1,216 1,181 Preferred and preference stock dividend requirements - pre-tax basis 45,784 41,753 33,754 37,907 29,119 23,073 18,564 -------------- -------------- -------------- -------------- ------------- --------------- ----------------- Total fixed charges (B) $ 535,841 $ 529,533 $ 611,656 $ 827,308 $ 616,937 $ 482,128 $ 363,862 ============== ============== ============== ============== ============= =============== ================= RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): 2.70 2.71 (4.04)(6) 5.87 4.02 4.38 4.13 ============== ============== ============== ============== ============= =============== ================= (1) Includes allowance for funds used during construction and accrual of unbilled revenue. (2) Includes allocation of federal income and state franchise taxes to other income. (3) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals. (4) Allocable portion of interest included in annual minimum debt service requirement of supplier. (5) Includes fixed charges associated with Nuclear Fuel. (6) Ratio for 2000 is less than 1.00. In 2000, SCE needed an additional $3,083,698,000 in earnings before income taxes and fixed charges to achieve a 1.00 ratio.
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8-K Filing
SOUTHERN CALIFORNIA EDISON (SCE-PN) 8-KOther events
Filed: 9 Jan 04, 12:00am