EX-12.1 10 exhibit121.htm STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQ Exhibit 121

Exhibit 12.1


SOUTHERN CALIFORNIA EDISON COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
(Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 2009
 
 2010
 
2011
 
2012
 
 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
 
$1,620
 
$1,532
 
$1,745
 
$1,874
 a
$1,279
Less: Income from equity investees
 
 
 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
 
1,620

 
1,532

 
1,745

 
1,874

 a
1,279

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
 
 
 
        535

 
        565

 
      613

 
      667

 *
708

Amortization of capitalized interest
 
 
 
2

 
2

 
4

 
2

 c
3

Distributed income of equity investees
 
 
—

 
—

 
—

 
—

 
—

Loss of equity investees for which charges arising from
 
 
 
 
 
 
 
 
 
 
 
guarantees are included in fixed charges
 
 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
 
 
 
           (4)

 
           (7)

 
        (4)

 
        (8)

 d
(6
)
Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
 
 
         (73)

 
         (73)

 
      (90)

 
     (103)

 e
             (128)

Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
 
 
 
         (94)

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
 
 
 
$1,986
 
$2,019
 
$2,268
 
$2,432
 
$1,855
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
$420
 
$429
 
$463
 
$499
 a
$523
Add: AFUDC
 
 
 
 
 
32

 
43

 
42

 
40

 a
31

Interest expenses - net of capitalized interest
 
 
        452

 
        472

 
      505

 
      539

 
554

Interest capitalized (2)
 
 
 
 
            4

 
            7

 
         4

 
         8

 b
6

Interest portion of rental expense (3)
 
 
 
            6

 
          13

 
       14

 
       17

 e
20

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
requirement - pre-tax basis
 
 
 
          73

 
          73

 
       90

 
      103

 e
128

Total fixed charges
 
 
 
 
$535
 
$565
 
$613
 
$667
 *
$708
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
 
       3.71

 
       3.57

 
     3.70

 
     3.65

 
2.62

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Interest expenses associated with income taxes are reflected as a component of income tax expense
 
and are excluded from the determination of fixed charges.
 
 
 
 
 
 
(2)
Includes fixed charges associated with Nuclear Fuel and capitalized interest of 15.8% owned partnership.
(3)
Rentals include the interest factor relating to certain significant rentals plus one-third of all remaining annual rentals,
 
except for amounts allocated to power purchase contracts that are classified as operating leases.