Exhibit 12(b) | |||||||||||||||||||||||||||||
PPL ENERGY SUPPLY, LLC AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of Dollars) | |||||||||||||||||||||||||||||
12 Months Ended June 30, | 12 Months Ended December 31, | ||||||||||||||||||||||||||||
2005 | 2004 (b) | 2003 (b) | 2002 (b) | 2001 | 2000 | ||||||||||||||||||||||||
Fixed charges, as defined: | |||||||||||||||||||||||||||||
Interest on long-term debt | $ | 264 | $ | 255 | $ | 149 | $ | 169 | $ | 36 | $ | 54 | |||||||||||||||||
Interest on short-term debt and other interest | 31 | 23 | 25 | 52 | 33 | 75 | |||||||||||||||||||||||
Amortization of debt discount, expense and premium - net | (3 | ) | (6 | ) | 31 | 9 | 2 | 11 | |||||||||||||||||||||
Estimated interest component of operating rentals | 14 | 17 | 31 | 21 | 19 | 9 | |||||||||||||||||||||||
Preferred securities distributions of subsidiaries on a pre-tax basis | 8 | 12 | |||||||||||||||||||||||||||
Total fixed charges | $ | 306 | $ | 289 | $ | 244 | $ | 263 | $ | 90 | $ | 149 | |||||||||||||||||
Earnings, as defined: | |||||||||||||||||||||||||||||
Net income (a) | $ | 668 | $ | 673 | $ | 733 | $ | 515 | $ | 168 | $ | 246 | |||||||||||||||||
Preferred security dividend requirement | 5 | 8 | |||||||||||||||||||||||||||
Less undistributed income (loss) of equity method investments | (12 | ) | (13 | ) | (15 | ) | (22 | ) | 20 | 74 | |||||||||||||||||||
680 | 686 | 753 | 545 | 148 | 172 | ||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Income taxes | 157 | 207 | 194 | 270 | 274 | 125 | |||||||||||||||||||||||
Total fixed charges as above (excluding capitalized interest and preferred security distributions of subsidiaries on a pre-tax basis) | 301 | 285 | 230 | 231 | 66 | 135 | |||||||||||||||||||||||
Total earnings | $ | 1,138 | $ | 1,178 | $ | 1,177 | $ | 1,046 | $ | 488 | $ | 432 | |||||||||||||||||
Ratio of earnings to fixed charges | 3.7 | 4.1 | 4.8 | 4.0 | 5.4 | 2.9 | |||||||||||||||||||||||
(a) | Net income excludes minority interest, loss from discontinued operations and the cumulative effects of changes in accounting principles. | ||||||||||||||||||||||||||||
(b) | Certain line items have been revised due to the June 2005 sale of the Sundance plant and the related reclassification of prior period operating losses to "Loss from Discontinued Operations." | ||||||||||||||||||||||||||||
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10-Q Filing
PPL (PPL) 10-Q2005 Q2 Quarterly report
Filed: 4 Aug 05, 12:00am