EX-12 5 ex12ratioearningstofixedch.htm STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12

SOUTHERN CALIFORNIA EDISON
RATIO OF EARNINGS TO FIXED CHARGES (In millions, except Ratio)
 
 
 
Year Ended December 31,
 
Six Months Ended in June 30, 2017
Earnings:
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
 
$
1,874

 
$
1,279

 
$
2,039

 
$
1,618

 
$
1,755

 
$
787

Less: Income from equity investees
 
 
—

 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income from equity investees, tax and noncontrolling interest
 
 
1,874

 
1,279

 
2,039

 
1,618

 
1,755

 
787

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
 
564

 
580

 
581

 
577

 
581

 
306

Amortization of capitalized interest
 
 
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
 
 
(8
)
 
(6
)
 
(2
)
 
(1
)
 
(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
 
 
$
2,432

 
$
1,856

 
$
2,619

 
$
2,194

 
$
2,335

 
$
1,093

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
 
$
499

 
$
523

 
$
533

 
$
526

 
$
541

 
$
287

Add: AFUDC
 
 
40

 
31

 
25

 
31

 
23

 
13

Interest expenses - net of capitalized interest
 
 
539

 
554

 
558

 
557

 
564

 
300

Interest capitalized (1)
 
 
8

 
6

 
2

 
1

 
1

 
—

Interest portion of rental expense (2)
 
 
17

 
20

 
21

 
19

 
16

 
6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
$
564

 
$
580

 
$
581

 
$
577

 
$
581

 
$
306

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
4.31

 
3.20

 
4.51

 
3.80

 
4.02

 
3.57


(1)    Includes fixed charges associated with Nuclear Fuel.
(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.