SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES (In millions, except Ratio)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, |
| Earnings: | | | 2012 | | 2013 | | 2014 | | 2015 | | 2016 |
| | | | | | | | | | | | |
| Income from continuing operations | | | | | | | | | | | |
| before tax and noncontrolling interest | | | $ | 1,874 |
| | $ | 1,279 |
| | $ | 2,039 |
| | $ | 1,618 |
| | $ | 1,755 |
|
| Less: Income from equity investees | | | — |
| | — |
| | — |
| | — |
| | — |
|
| Income from continuing operations before income from equity investees, tax and noncontrolling interest | | | 1,874 |
| | 1,279 |
| | 2,039 |
| | 1,618 |
| | 1,755 |
|
| Add: | | | | | | | | | | | |
| Fixed charges (see below) | | | 564 |
| | 580 |
| | 581 |
| | 577 |
| | 581 |
|
| Amortization of capitalized interest | | | 2 |
| | 3 |
| | 1 |
| | — |
| | — |
|
| Distributed income of equity investees | | | — |
| | — |
| | — |
| | — |
| | — |
|
| Loss of equity investees for which charges arising from guarantees are included in fixed charges | | | — |
| | — |
| | — |
| | — |
| | — |
|
| Subtract: | | | | | | | | | | | |
| Interest capitalized | | | (8 | ) | | (6 | ) | | (2 | ) | | (1 | ) | | (1 | ) |
| Preference security dividend requirements of consolidated subsidiaries - pre-tax basis | | | — |
| | — |
| | — |
| | — |
| | — |
|
| Noncontrolling interest of subsidiaries that have not incurred | | | | | | | | | | | |
| fixed charges - pre-tax basis | | | — |
| | — |
| | — |
| | — |
| | — |
|
| | | | | | | | | | | | |
| Earnings as adjusted | | | $ | 2,432 |
| | $ | 1,856 |
| | $ | 2,619 |
| | $ | 2,194 |
| | $ | 2,335 |
|
| | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | |
| Interest expenses - net of capitalized interest and AFUDC | | | $ | 499 |
| | $ | 523 |
| | $ | 533 |
| | $ | 526 |
| | $ | 541 |
|
| Add: AFUDC | | | 40 |
| | 31 |
| | 25 |
| | 31 |
| | 23 |
|
| Interest expenses - net of capitalized interest | | | 539 |
| | 554 |
| | 558 |
| | 557 |
| | 564 |
|
Interest capitalized (1) | | | 8 |
| | 6 |
| | 2 |
| | 1 |
| | 1 |
|
Interest portion of rental expense (2) | | | 17 |
| | 20 |
| | 21 |
| | 19 |
| | 16 |
|
| | | | | | | | | | | | |
| Total fixed charges | | | $ | 564 |
| | $ | 580 |
| | $ | 581 |
| | $ | 577 |
| | $ | 581 |
|
| | | | | | | | | | | | |
| Ratio | | | 4.31 |
| | 3.20 |
| | 4.51 |
| | 3.80 |
| | 4.02 |
|
(1) Includes fixed charges associated with Nuclear Fuel.
| |
(2) | 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. |
