SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES RATIOS OF EARNINGS TO FIXED CHARGES (Thousands of Dollars) Year Ended December 31, 3 Months 3 Months 12 Months ---------------------------------------------------------------- Ended Ended Ended 2000 2001 2002 2003 2004 03/31/04 03/31/05 03/31/05 -------- --------- ---------- -------- -------- --------- --------- -------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES: Income before interest expense (1) $(1,456,584) $3,192,815 $1,831,335 $1,339,147 $1,329,441 $206,356 $235,353 $1,358,440 Add: Taxes on income (2) (1,021,452) 1,658,033 641,786 388,120 438,008 68,503 65,289 434,794 Rentals (3) 2,905 2,128 1,240 638 776 178 270 865 Allocable portion of interest on long-term Contracts for the purchase of power (4) 1,699 1,659 1,616 1,568 1,515 384 370 1,501 Amortization of previously capitalized fixed charges 1,390 1,083 1,440 1,638 1,405 324 384 1,465 ----------- ---------- ---------- ----------- ---------- -------- -------- ---------- Total earnings before income taxes and fixed charges (A) $(2,472,042) $4,855,718 $2,477,417 $1,731,111 $1,771,145 $275,745 $301,666 $1,797,065 =========== ========== ========== =========== ========== ======== ======== ========== FIXED CHARGES: Interest and amortization $ 571,760 $ 784,858 $ 584,442 $ 451,792 $ 399,169 $102,819 $100,799 $ 397,149 Rentals (3) 2,905 2,128 1,240 638 776 178 270 865 Capitalized fixed charges - nuclear fuel (5) 1,538 756 520 97 839 253 61 647 Allocable portion of interest on long-term contracts for the purchase of power (4) 1,699 1,659 1,616 1,568 1,515 384 370 1,501 ----------- ---------- ---------- ----------- ---------- -------- -------- ---------- Total fixed charges (B) $ 577,902 $ 789,401 $ 587,818 $ 454,095 $ 402,299 $103,634 $101,500 $ 400,162 =========== ========== ========== =========== ========== ======== ======== ========== RATIO OF EARNINGS TO FIXED CHARGES (A) / (B): (4.28)(6) 6.15 4.21 3.81 4.40 2.66 2.97 4.49 =========== ========== ========== =========== ========== ======== ======== ========== (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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8-K Filing
SOUTHERN CALIFORNIA EDISON (SCE-PN) 8-KOther Events
Filed: 24 Jun 05, 12:00am