EX-12.2 5 exhibit12-2.htm EXHIBIT 12.2 Exhibit 12-2
EXHIBIT 12.2

SOUTHERN CALIFORNIA EDISON COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES
 (in millions, except Ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* SEC requires disclosure of five full years
 
Six Months ended
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30-Jun
Earnings:
 
 
 
 
 
2,010
 
2,011
 
2,012
 
2,013
 
2,014
 
2,015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
before tax and noncontrolling interest
 
$
1,532

 
$
1,745

 
$
1,874

 
$
1,279

 
$
2,039

 
$
860

Less: Income from equity investees
 
—

 
—

 
—

 
—

 
 
 
—

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
 
—

 
from equity investees, tax and noncontrolling interest
 
1,532

 
1,745

 
1,874

 
1,279

 
2,039

 
860

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—

Fixed charges (see below)
 
492

 
523

 
564

 
580

 
581

 
293

Amortization of capitalized interest (3)
 
2

 
4

 
2

 
3

 
1

 
—

Distributed income of equity investees
 
—

 
—

 
—

 
—

 
—

 
—

Loss of equity investees for which charges arising from
 
 
 
 
 
 
 
 
 
 
 
—

 
guarantees are included in fixed charges
 
—

 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—

Interest capitalized
 
 
 
 
(7
)
 
(4
)
 
(8
)
 
(6
)
 
(2
)
 
(1
)
Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
—

 
consolidated subsidiaries - pre-tax basis
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
$
2,019

 
$
2,268

 
$
2,432

 
$
1,856

 
$
2,619

 
$
1,152

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
$
429

 
$
463

 
$
499

 
$
523

 
$
533

 
$
266

Add: AFUDC
 
43

 
42

 
40

 
31

 
25

 
15

Interest expenses - net of capitalized interest
472

 
505

 
539

 
554

 
558

 
281

Interest capitalized (1)
 
 
7

 
4

 
8

 
6

 
2

 
1

Interest portion of rental expense (2)
 
 
13

 
14

 
17

 
20

 
21

 
11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
 
 
$
492

 
$
523

 
$
564

 
$
580

 
$
581

 
$
293

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
 
4.10

 
4.34

 
4.31

 
3.20

 
4.51

 
3.93

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Includes fixed charges associated with Nuclear Fuel and capitalized interest of 15.8% owned partnership.
(2) 
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.