EX-12.C 10 ppl-9302018_ex12c.htm EXHIBIT 12.C Exhibit


Exhibit 12(c)

LG&E AND KU ENERGY LLC AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
Nine Months Ended September 30,
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings, as defined:
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
$
460

 
$
691

 
$
686

 
$
603

 
$
553

 
$
551

Adjustment to reflect earnings from equity method investments on a cash basis
—

 
1

 
(1
)
 
(1
)
 
(1
)
 
(1
)
 
460

 
692

 
685

 
602

 
552

 
550

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges as below
179

 
224

 
223

 
189

 
173

 
151

 
 
 
 
 
 
 
 
 
 
 
 
Total earnings
$
639

 
$
916

 
$
908

 
$
791

 
$
725

 
$
701

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
 
 
Interest charges (a) (b)
$
172

 
$
215

 
$
214

 
$
181

 
$
167

 
$
145

Estimated interest component of operating rentals
7

 
9

 
9

 
8

 
6

 
6

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
$
179

 
$
224

 
$
223

 
$
189

 
$
173

 
$
151

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.6

 
4.1

 
4.1

 
4.2

 
4.2

 
4.6


(a)
Includes interest on long-term and short-term debt, as well as amortization of loss on reacquired debt and amortization of debt discount, expense and premium - net.
(b)
Includes a credit for amortization of a fair market value adjustment of $7 million in 2013.