PEPCO HOLDINGS LLC - FORM 10-Q - EX-99.1 - October 30, 2014

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EXCEL - IDEA: XBRL DOCUMENT - PEPCO HOLDINGS LLCFinancial_Report.xls

Exhibit 99.1

PEPCO HOLDINGS, INC.

 

            For the Year Ended December 31,  
     Nine Months
Ended
September 30,
2014		      2013     2012     2011      2010     2009  
     (millions of dollars)  

Earnings

               

Net income from continuing operations

    $ 207      $ 110     $ 218      $ 222       $ 91     $ 163   

Preferred stock dividend

      —          —         —         —           —         —     

(Income) or loss from equity investees

      —          (2 )      (1 )      3         1       (2 ) 

Minority interest loss

      —          —         —         —           —         —     

Income tax expense (benefit) related to continuing operations

      125        319       103       114         (14 )      80   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Pre-tax income for common stock

      332        427       320       339         78        241   

Add: Fixed charges*

      223        301       286       275         312        332   

Add: Distributed income of equity investees

      —          —         —         —           —          —     

Subtract: Interest capitalized

      —          —         —         —           —          —     

Subtract: Pre-tax preferred stock dividend requirement

      —          —         —         —           —          —     
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Earnings

    $ 555       $ 728      $ 606      $ 614       $ 390      $ 573   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

*Fixed Charges

               

Interest on long-term debt

    $ 197      $ 265     $ 249     $ 239       $ 269      $ 286   

Interest capitalized

      —          —         —         —           —          —     

Other interest

      —          —         —         —           —          —     

Amortization of debt discount, premium, and expense

      9        14       16       14         21        23   

Interest component of rentals

      17        22       21       22         22        23   

Pre-tax preferred stock dividend requirement

      —          —         —         —           —          —     
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Fixed charges

    $ 223      $ 301     $ 286     $ 275       $ 312      $ 332   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges (a)

      2.49        2.42       2.12       2.23         1.25        1.73   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) Pepco Holdings, Inc. issued certain preferred equity securities in the second quarter of 2014 that are excluded from equity since the securities contain conditions for redemption that are not solely within the control of PHI. The cumulative and unpaid dividends associated with the preferred equity securities, which were immaterial for the nine months ended September 30, 2014, are included in fixed charges as a component of interest on long-term debt. Accordingly, the ratio of earnings to fixed charges is equal to the ratio of earnings to combined fixed charges and preferred stock dividends.

PEPCO HOLDINGS LLC Reports