EX-12.01 4 exhibit1201.htm PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.01

 
EXHIBIT 12.1
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

                             
                             
   
Year Ended December 31,
(in millions)
 
2017
   
2016
   
2015
   
2014
   
2013
Earnings:
                           
Net income
 
$
1,691
   
$
1,402
   
$
862
   
$
1,433
   
$
866
Income tax provision (benefit)
   
427
     
70
     
(19
)
   
384
     
326
Fixed charges
   
1,572
     
1,417
     
1,260
     
1,176
     
971
Total earnings
 
$
3,690
   
$
2,889
   
$
2,103
   
$
2,993
   
$
2,163
Fixed charges:
                                     
Interest on short-term borrowings
                                     
  and long-term debt, net
 
$
1,532
   
$
1,363
   
$
1,208
   
$
1,125
   
$
917
Interest on capital leases
   
2
     
3
     
4
     
6
     
7
AFUDC debt
   
38
     
51
     
48
     
45
     
47
Total fixed charges
 
$
1,572
   
$
1,417
   
$
1,260
   
$
1,176
   
$
971
Ratios of earnings to fixed charges
   
2.35
     
2.04
     
1.67
     
2.55
     
2.23

Note:
For the purpose of computing Pacific Gas and Electric Company's ratios of earnings to fixed charges, "earnings" represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest).  "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 the preferred stock dividend requirements.  Fixed charges exclude interest on tax liabilities.