EXHIBIT (12)A
PACIFICORP
STATEMENTS OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31,
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1991 1992 1993 1994 1995
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Fixed Charges, as defined:*
Interest expense.................................. $ 428.0 $ 409.7 $ 377.8 $ 336.8 $ 378.7
Estimated interest portion of rentals charged to
expense.......................................... 20.4 17.1 20.1 19.5 16.7
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Total fixed charges........................... $ 448.4 $ 426.8 $ 397.9 $ 356.3 $ 395.4
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Earnings, as defined:*
Income from continuing operations................. $ 446.8 $ 150.2 $ 422.7 $ 468.0 $ 505.0
Add (deduct):
Provision for income taxes...................... 176.7 90.8 187.4 249.8 238.8
Minority interest............................... 14.1 8.4 11.3 13.3 18.9
Undistributed income of less than 50% owned
affiliates..................................... (1.8) (5.7) (16.2) (14.7) (15.0)
Fixed charges as above.......................... 448.4 426.8 397.9 356.3 395.4
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Total earnings................................ $ 1,084.2 $ 670.5 $ 1,003.1 $ 1,072.7 $ 1,143.1
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Ratio of Earnings to Fixed Charges.................. 2.4x 1.6x 2.5x 3.0x 2.9x
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* "Fixed charges" represent consolidated interest charges and an estimated
amount representing the interest factor in rents. "Earnings" represent the
aggregate of (a) income from continuing operations, (b) taxes based on income
from continuing operations, (c) minority interest in the income of
majority-owned subsidiaries that have fixed charges, (d) fixed charges and (e)
undistributed income of less than 50% owned affiliates without loan
guarantees.
S-1