EX-12.D 8 exhibit12d.htm EXHIBIT 12(D) exhibit12d.htm
Exhibit 12(d)
LG&E AND KU ENERGY LLC AND SUBSIDIARIES
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
                                             
Predeces-
             
Successor (a)
    
sor (b)
             
Year
  
Year
  
Year
  
Year
  
2 Months
    
10 Months
             
Ended
  
Ended
  
Ended
  
Ended
  
Ended
    
Ended
             
Dec. 31,
  
Dec. 31,
  
Dec. 31,
  
Dec. 31,
  
Dec. 31,
    
Oct. 31,
             
2014
  
2013
  
2012
  
2011
  
2010
    
2010
Earnings, as defined:
                                      
   
Income from Continuing Operations
                                      
     
Before Income Taxes
  
$
 553
  
$
 551
  
$
 331
  
$
 419
  
$
 70
    
$
 300
   
Adjustment to reflect earnings from
                                      
     
equity method investments on a cash
                                      
     
basis (c)
    
 (1)
    
 (1)
    
 33
    
 (1)
            
 (4)
   
Mark to market impact of derivative
                                      
     
instruments
    
 
                      
 2
      
 (20)
           
 552
    
 550
    
 364
    
 418
    
 72
      
 276
                                                 
   
Total fixed charges as below
    
 173
    
 151
    
 157
    
 153
    
 25
      
 158
                                                 
       
Total earnings
  
$
 725
  
$
 701
  
$
 521
  
$
 571
  
$
 97
    
$
 434
                                                 
Fixed charges, as defined:
                                      
   
Interest charges (d) (e)
  
$
 167
  
$
 145
  
$
 151
  
$
 147
  
$
 24
    
$
 153
   
Estimated interest component of
                                      
     
operating rentals
    
 6
    
 6
    
 6
    
 6
    
 1
      
 5
                                                 
       
Total fixed charges
  
$
 173
  
$
 151
  
$
 157
  
$
 153
  
$
 25
    
$
 158
                                                 
Ratio of earnings to fixed charges
    
 4.2
    
 4.6
    
 3.3
    
 3.7
    
 3.9
      
 2.7

(a)
  
Post-acquisition activity covering the time period after October 31, 2010.
(b)
  
Pre-acquisition activity covering the time period prior to November 1, 2010.
(c)
  
Includes other-than-temporary impairment loss of $25 million in 2012.
(d)
  
Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net.
(e)
  
Includes a credit for amortization of a fair market value adjustment of $7 million in 2013.

 340