PPL ELECTRIC UTILITIES CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars) | |||||||||||||||||||||||||
2002 (b) | 2001 (b) | 2000 (b) | 1999 | 1998 | |||||||||||||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||||
Interest on long-term debt | $ | 209 | $ | 220 | $ | 223 | $ | 205 | $ | 188 | |||||||||||||||
Interest on short-term debt and other interest | 3 | 4 | 16 | 12 | 14 | ||||||||||||||||||||
Amortization of debt discount, expense and premium - net | 7 | 6 | 4 | 3 | 2 | ||||||||||||||||||||
Interest on capital lease obligations | |||||||||||||||||||||||||
Charged to expense | 4 | 9 | 8 | ||||||||||||||||||||||
Capitalized | 1 | 2 | |||||||||||||||||||||||
Estimated interest component of operating rentals | 7 | 8 | 14 | 19 | 18 | ||||||||||||||||||||
Preferred stock dividends of subsidiaries on a pre-tax basis | 13 | 23 | 23 | 23 | 23 | ||||||||||||||||||||
Total fixed charges | $ | 239 | $ | 261 | $ | 284 | $ | 272 | $ | 255 | |||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||||
Net income (a) | $ | 39 | $ | 114 | $ | 250 | $ | 444 | $ | 361 | |||||||||||||||
Preferred security dividend requirements | 16 | 26 | 26 | 37 | 48 | ||||||||||||||||||||
55 | 140 | 276 | 481 | 409 | |||||||||||||||||||||
Add: | |||||||||||||||||||||||||
Income taxes | 18 | 65 | 171 | 151 | 273 | ||||||||||||||||||||
Amortization of capitalized interest on capital leases | 2 | 2 | 2 | ||||||||||||||||||||||
Total fixed charges as above (excluding capitalized interest, capitalized interest on capital lease obligations and preferred stock dividends of subsidiaries on a pre-tax basis) | 225 | 238 | 257 | 243 | 222 | ||||||||||||||||||||
Total earnings | $ | 298 | $ | 443 | $ | 706 | $ | 877 | $ | 906 | |||||||||||||||
Ratio of earnings to fixed charges (c) | 1.2 | 1.7 | 2.5 | 3.2 | 3.6 | ||||||||||||||||||||
(a) | Net income excludes extraordinary item and the cumulative effect of a change in accounting principle. | ||||||||||||||||||||||||
(b) | Due to the corporate realignment on July 1, 2000, data in 2000 and subsequent years are not comparable to prior years. See Note 19 to the Financial Statements for additional information. | ||||||||||||||||||||||||
(c) | Ratio of earnings to fixed charges for years 2001 and prior were recalculated to give proper effect of preferred security dividends of subsidiaries on a pre-tax basis. |
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10-K Filing
PPL (PPL) 10-K2002 FY Annual report
Filed: 3 Mar 03, 12:00am