SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES RATIOS OF EARNINGS TO FIXED CHARGES (Thousands of Dollars) Year Ended December 31, ----------------------------------------------------------------------------- 1998 1999 2000 2001 2002 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 $1,339,147 Add: Taxes on income (2) 442,356 438,006 (1,021,452) 1,658,033 641,786 388,120 Rentals (3) 2,208 1,901 2,905 2,128 1,240 638 Allocable portion of interest on long-term Contracts for the purchase of power (4) 1,767 1,735 1,699 1,659 1,616 1,568 Amortization of previously capitalized fixed charges 1,571 1,508 1,390 1,083 1,440 1,638 ----------- ----------- ------------ ----------- ----------- ----------- Total earnings before income taxes and fixed charges (A) $1,447,812 $1,435,504 $(2,472,042) $4,855,718 $2,477,417 $1,731,111 =========== =========== ============ =========== =========== =========== FIXED CHARGES: Interest and amortization $ 484,788 $ 482,933 $ 571,760 $ 784,858 $ 584,442 $ 451,792 Rentals (3) 2,208 1,901 2,905 2,128 1,240 638 Capitalized fixed charges - nuclear fuel (5) 1,294 1,211 1,538 756 520 97 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,767 1,735 1,699 1,659 1,616 1,568 ----------- ----------- ------------ ----------- ----------- ----------- Total fixed charges (B) $ 490,057 $ 487,780 $ 577,902 $ 789,401 $ 587,818 $ 454,095 =========== =========== ============ =========== =========== =========== RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): 2.95 2.94 (4.28)(6) 6.15 4.21 3.81 =========== =========== ============ =========== =========== =========== (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 $3,049,944,000 in earnings before income taxes and fixed charges to achieve a 1.00 ratio ..
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10-K Filing
SOUTHERN CALIFORNIA EDISON (SCE-PN) 10-K2003 FY Annual report
Filed: 15 Mar 04, 12:00am