SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
6 Months 6 Months 12 Months
Ended Ended Ended
Earnings: 2005 2006 2007 2008 2009 June 30, 2009 June 30, 2010 June 30, 2010
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Income from continuing operations
before tax and noncontrolling interest 1,379 1,540 1,400 1,246 1,620 689 625 1,556
Less: Income from equity investees - - - - - - - -
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+a Income from continuing operations before income
from equity investees, tax and noncontrolling
interest 1,379 1,540 1,400 1,246 1,620 689 625 1,556
Add:
+b Fixed charges (see below) 373 425 466 445 462 237 238 463
+c Amortization of capitalized interest 1 1 2 2 2 1 1 2
+d Distributed income of equity investees - - - - - - - -
+e Loss of equity investees for which charges arising
from guarantees are included in fixed charges - - - - - - - -
Subtract:
- -a Interest capitalized (1) (2) (3) (3) (4) (1) (4) (7)
- -b Preference security dividend requirements of
consolidated subsidiaries - pre-tax basis - - - - - - - -
- -c Noncontrolling interest of subsidiaries that have
not incurred fixed charges - pre-tax basis (334) (275) (305) (170) (94) (34) - (60)
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Earnings as adjusted 1,418 1,689 1,560 1,520 1,986 892 860 1,954
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Fixed Charges (1):
Interest expenses - net of capitalized interest an 356 399 429 407 420 215 206 411
Add: AFUDC 14 19 25 27 32 18 22 36
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Interest expenses - net of capitalized interest 370 418 454 434 452 233 228 447
Interest capitalized (2) 1 3 3 3 4 1 4 7
Interest portion of rental expense (3) 1 2 8 7 5 2 5 8
Allocable portion of interest on long-term contracts
for purchased power (4) 1 2 1 1 1 1 1 1
Preferred and preference stock dividend
requirement - pre-tax basis - - - - - - - -
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Total fixed charges 373 425 466 445 462 237 238 463
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Ratio 3.80 3.97 3.35 3.42 4.30 3.76 3.61 4.22
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(1) Interest expenses associated with income taxes are reflected as a component of income tax expense
and are excluded from the determination of fixed charges.
(2) Includes fixed charges associated with Nuclear Fuel and capitalized interest of fifty-percent owned
partnership. The amount for 2006 is restated.
(3) Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals,
except for amounts allocated to power purchase contracts that are classified as operating leases.
(4) Allocable portion of interest included in annual minimum debt service requirement of supplier.
SOUTHERN CALIFORNIA EDISON (SCE-PN)
Filed: 27 Aug 10, 12:00am