EXHIBIT 12.1 | ||||||||||||||||||||||||||
SEMPRA ENERGY | ||||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||
September 30, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||
Pretax income from continuing operations before income or loss | ||||||||||||||||||||||||||
from equity investees, noncontrolling interests and preferred | ||||||||||||||||||||||||||
dividends of subsidiaries | $ | 1,154 | $ | 1,824 | $ | 1,600 | $ | 1,443 | $ | 1,399 | $ | 1,255 | ||||||||||||||
Add: | ||||||||||||||||||||||||||
Total fixed charges (from below) | 576 | 706 | 681 | 640 | 628 | 609 | ||||||||||||||||||||
Amortization of capitalized interest(1) | — | — | — | — | — | — | ||||||||||||||||||||
Distributed income of equity investees | 34 | 53 | 83 | 61 | 51 | 50 | ||||||||||||||||||||
Pretax losses of equity investees for which charges arising from | ||||||||||||||||||||||||||
guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest capitalized | 48 | 90 | 69 | 40 | 23 | 53 | ||||||||||||||||||||
Preference security dividend requirements of consolidated | ||||||||||||||||||||||||||
subsidiaries(2) | 1 | 2 | 2 | 1 | 6 | 6 | ||||||||||||||||||||
Noncontrolling interest in pretax income of subsidiaries that have | ||||||||||||||||||||||||||
not incurred fixed charges | — | — | — | — | — | — | ||||||||||||||||||||
Total earnings for purpose of ratio | $ | 1,715 | $ | 2,491 | $ | 2,293 | $ | 2,103 | $ | 2,049 | $ | 1,855 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||
Interest expensed and capitalized and amortization of premiums, | ||||||||||||||||||||||||||
discounts and capitalized expenses related to indebtedness(1) | $ | 572 | $ | 701 | $ | 677 | $ | 636 | $ | 620 | $ | 601 | ||||||||||||||
Estimate of interest within rental expense | 3 | 3 | 2 | 3 | 2 | 2 | ||||||||||||||||||||
Preference security dividend requirements of consolidated | ||||||||||||||||||||||||||
subsidiaries(2) | 1 | 2 | 2 | 1 | 6 | 6 | ||||||||||||||||||||
Total fixed charges | $ | 576 | $ | 706 | $ | 681 | $ | 640 | $ | 628 | $ | 609 | ||||||||||||||
Ratio of earnings to fixed charges | 2.98 | 3.53 | 3.37 | 3.29 | 3.26 | 3.05 | ||||||||||||||||||||
(1 | ) | In computing this ratio, our public utilities that follow FASB ASC Topic 980, Regulated Operations, do not add amortization of capitalized interest in determining Earnings or reduce Fixed Charges by allowance for funds used during construction. | ||||||||||||||||||||||||
(2 | ) | In computing this ratio, “Preference security dividend requirements of consolidated subsidiaries” represents the pretax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods. |
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10-Q Filing
Southern California Gas 10-Q2017 Q3 Quarterly report
Filed: 30 Oct 17, 12:00am