EX-12.03 13 exhibit1203.htm PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.3

PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 

 

 

Six

 

 

 

 

 

 

 

 

 

 

 

 

 

Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

Year Ended December 31,

(in millions)

 

2017

 

 

2016

 

2015

 

2014

 

2013

 

2012

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

989 

 

$

1,407 

$

888 

$

1,450 

$

828 

$

830 

Income tax provision (benefit)

 

243 

 

 

55 

 

(27)

 

345 

 

268 

 

237 

Fixed charges

 

655 

 

 

1,440 

 

1,284 

 

1,206 

 

1,012 

 

931 

Pre-tax earnings required to

 

 

 

 

 

 

 

 

 

 

 

 

 

cover the preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

dividend of consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

subsidiaries

 

(7)

 

 

(14)

 

(14)

 

(15)

 

(16)

 

(15)

Total earnings

$

1,880 

 

$

2,888 

$

2,131 

$

2,986 

$

2,092 

$

1,983 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on short-term

 

 

 

 

 

 

 

 

 

 

 

 

 

borrowings and long-term

 

 

 

 

 

 

 

 

 

 

 

 

 

debt, net

$

632 

 

$

1,372 

$

1,218 

$

1,140 

$

942 

$

859 

Interest on capital leases

 

1 

 

 

3 

 

4 

 

6 

 

7 

 

9 

AFUDC debt

 

15 

 

 

51 

 

48 

 

45 

 

47 

 

48 

Pre-tax earnings required to

 

 

 

 

 

 

 

 

 

 

 

 

 

cover the preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

    dividend of consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

subsidiaries

 

7 

 

 

14 

 

14 

 

15 

 

16 

 

15 

Total fixed charges

$

655 

 

$

1,440 

$

1,284 

$

1,206 

$

1,012 

$

931 

Ratios of earnings to

 

 

 

 

 

 

 

 

 

 

 

 

 

fixed charges

 

2.87 

 

 

2.01 

 

1.66 

 

2.48 

 

2.07 

 

2.13 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

For the purpose of computing PG&E Corporation's ratios of earnings to fixed charges, “earnings” represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries.  “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover preferred stock dividends of consolidated subsidiaries.  Fixed charges exclude interest on tax liabilities.