EX-12.8 11 duk-20171231x10kxexx128.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PIEDMONT NATURAL GAS COMPANY Exhibit


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - PIEDMONT
The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.
 
 
Year
 
Two Months
 
 
 
 
 
 
 
 
 
 
Ended
 
Ended
 
 
 
 
 
 
 
 
 
December 31,
 
Years Ended October 31,
(in millions)
2017
 
2016
 
2016
 
2015
 
2014
 
2013
Earnings as defined for fixed charges calculation
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations(a)
 
$
207

 
$
84

 
$
289

 
$
193

 
$
206

 
$
194

Fixed charges
 
93

 
15

 
84

 
81

 
73

 
60

Distributed income of equity investees
 
5

 
1

 
26

 
25

 
24

 
22

Total earnings
 
$
305


$
100

 
$
399


$
299


$
303


$
276

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on debt, including capitalized portions
 
$
91

 
$
15

 
$
83

 
$
80

 
$
72

 
$
58

Estimate of interest within rental expense
 
2

 
—

 
1

 
1

 
1

 
2

Total fixed charges
 
$
93

 
$
15

 
$
84

 
$
81

 
$
73

 
$
60

Ratio of earnings to fixed charges
 
3.3

 
6.6

 
4.7

 
3.7

 
4.2

 
4.6

(a)
Excludes amounts attributable to income or loss from equity investees.