SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIOS TO EARNINGS TO FIXED CHARGES AND PREFERRED EQ - March 6, 2014

Attached files

file filename
8-K - FORM 8-K - SOUTHERN CALIFORNIA EDISON Coform8-kcloseserieshtrustpr.htm
EX-4.3 - GUARANTEE AGREEMENT DATED 3/6/2014, BY THE COMPANY - SOUTHERN CALIFORNIA EDISON Coexhibit43.htm
EX-4.2 - AMENDED AND RESTATED DECLARATION OF TRUST OF SCE TRUST III - SOUTHERN CALIFORNIA EDISON Coexhibit42.htm
EX-4.1 - CERTIFICATE OF DETERMINATION OF PREFERENCE OF THE COMPANY'S SERIES H PREFERENCE - SOUTHERN CALIFORNIA EDISON Coexhbit41.htm
EX-5.2 - OPINION OF BARBARA E. MATHEWS, DATED 3/6/2014 - SOUTHERN CALIFORNIA EDISON Coexhibit52.htm
EX-5.3 - OPINION OF MUNGER, TOLLES & OLSON, LLP RE VALIDITY OF GUARANTEE - SOUTHERN CALIFORNIA EDISON Coexhibit53.htm
EX-5.1 - OPINION OF RICHARDS, LAYTON & FINGER, P.A., REGARDING VALIDITY OF THE TRUST PREF - SOUTHERN CALIFORNIA EDISON Coexhibit51.htm
EX-8.1 - OPINION OF MUNGER TOLLES & OLSON, LLP DATED 3/6/2014, RE: CERTAIN TAX MATTERS - SOUTHERN CALIFORNIA EDISON Coexhibit81.htm
EX-1.1 - UNDERWRITING AGREEMENT AMONG THE COMPANY, THE TRUST AND THE UNDERWRITERS - SOUTHERN CALIFORNIA EDISON Coexhibit11.htm
EX-12.2 - STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - SOUTHERN CALIFORNIA EDISON Coexhibit122.htm

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.



SOUTHERN CALIFORNIA EDISON Co Reports