SOUTHERN CALIFORNIA EDISON COMPANY AND CONSOLIDATED UTILITY-RELATED SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
Year Ended December 31,
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1993 1994 1995 1996 1997 1998
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EARNINGS BEFORE INCOME TAXES
AND FIXED CHARGES:
Income before interest expense (1) $ 1,127,275 $ 1,081,800 $ 1,143,477 $ 1,108,410 $ 1,049,866 $ 999,910
Add:
Taxes on income (2) 408,033 452,091 509,632 511,819 520,468 442,356
Rentals (3) 3,463 3,512 4,018 3,269 2,639 2,208
Allocable portion of interest
on long-term Contracts for
the purchase of power (4) 1,890 1,870 1,848 1,824 1,797 1,767
Spent nuclear fuel interest (6) 487 68 - - - -
Amortization of previously capitalized
fixed charges 4,878 2,271 1,185 814 1,127 1,571
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Total earnings before income
taxes and fixed charges (A) $ 1,546,026 $ 1,541,612 $ 1,660,160 $ 1,626,136 $ 1,575,897 $ 1,447,812
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FIXED CHARGES:
Interest and amortization $ 449,230 $ 443,219 $ 463,786 $ 453,015 $ 444,272 $ 484,788
Rentals (3) 3,463 3,512 4,018 3,269 2,639 2,208
Capitalized fixed charges -
nuclear fuel (5) 978 254 1,531 1,711 2,398 1,294
Allocable portion of interest on
long-term contracts for
the purchase of power (4) 1,890 1,870 1,848 1,824 1,797 1,767
Spent nuclear fuel interest (6) 487 68 - - - -
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Total fixed charges (B) $ 456,048 $ 448,923 $ 471,183 $ 459,819 $ 451,106 $ 490,057
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RATIO OF EARNINGS TO
FIXED CHARGES (A) / (B): 3.39 3.43 3.52 3.54 3.49 2.95
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(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) Represents interest on spent nuclear fuel disposal obligation.