SOUTHERN CALIFORNIA EDISON Co - FORM 8-K - EX-12.1 - EXHIBIT 12.1 - March 8, 2016

Attached files

file filename
EX-5.1 - OPINION OF RICHARDS, LAYTON & FINGER, P.A., REGARDING VALIDITY OF THE TRUST PREF - SOUTHERN CALIFORNIA EDISON Cosceexhibit51.htm
EX-4.1 - CERTIFICATE OF DETERMINATION OF PREFERENCE OF THE COMPANY'S SERIES K PREFERENCE - SOUTHERN CALIFORNIA EDISON Cosceexhibit41.htm
EX-4.2 - AMENDED AND RESTATED DECLARATION OF TRUST OF SCE TRUST V - SOUTHERN CALIFORNIA EDISON Cosceexhibit42.htm
EX-8.1 - OPINION OF MUNGER, TOLLES & OLSON, LLP., DATED MARCH 8, 2016 - SOUTHERN CALIFORNIA EDISON Cosceexhibit81.htm
EX-4.3 - GUARANTEE AGREEMENT DATED MARCH 8, 2016 - SOUTHERN CALIFORNIA EDISON Cosceexhibit43.htm
EX-5.2 - OPINION OF BARBARA E. MATHEWS, DATED MARCH 8, 2016 - SOUTHERN CALIFORNIA EDISON Cosceexhibit52.htm
EX-5.3 - OPINION OF MUNGER, TOLLES & OLSON, LLP., RE: VALIDITY OF GUARANTEE - SOUTHERN CALIFORNIA EDISON Cosceexhibit53.htm
EX-1 - UNDERWRITING AGREEMENT AMONG THE COMPANY, THE TRUST AND THE UNDERWRITERS - SOUTHERN CALIFORNIA EDISON Cosceexhibit1.htm
8-K - FORM 8-K RE CLOSE SERIES K TRUST PREFERENCE STOCK OFFERING - SOUTHERN CALIFORNIA EDISON Cosceform8-kcloseseriesktrus.htm
EX-12.2 - EXHIBIT 12.2 - SOUTHERN CALIFORNIA EDISON Cosceexhibit12-2.htm
Exhibit 12.1

SOUTHERN CALIFORNIA EDISON COMPANY
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
 (in millions, except Ratio)
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
2011
 
2012
 
2013
 
2014
 
2015
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 $ 1,745

 
 $ 1,874

 
 $ 1,279

 
 $ 2,039

 
 $ 1,618

Less: Income from equity investees
0

 
0

 
0

 
0

 
0

Income from continuing operations before income
 
 
 
 
 
 
 
 
 
 
from equity investees, tax and noncontrolling interest
        1,745

 
        1,874

 
        1,279

 
        2,039

 
        1,618

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
           613

 
           667

 
           708

 
           727

 
           742

Amortization of capitalized interest
4

 
2

 
3

 
1

 
0

Distributed income of equity investees
 
—

 
—

 
—

 
—

 
—

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

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
(4
)
 
(8
)
 
(6
)
 
(2
)
 
(1
)
Preference security dividend requirements of
 
 
 
 
 
 
 
 
 
 
consolidated subsidiaries - pre-tax basis
(90
)
 
(103
)
 
(128
)
 
(146
)
 
(165
)
Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
—

 
—

 
—

 
—

 
—

Earnings as adjusted
 
 
 
 $ 2,268

 
 $ 2,432

 
 $ 1,856

 
 $ 2,619

 
 $ 2,194

 
 
 
 
 
 
—

 
—

 
—

 
—

 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 $ 463

 
 $ 499

 
 $ 523

 
 $ 533

 
 $ 526

Add: AFUDC
 
 
 
 
42

 
40

 
31

 
25

 
31

Interest expenses - net of capitalized interest
           505

 
           539

 
           554

 
           558

 
           557

Interest capitalized (1)
 
 
 
4

 
8

 
6

 
2

 
1

Interest portion of rental expense (2)
14

 
17

 
20

 
21

 
19

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
 
 
 
requirement - pre-tax basis
90

 
103

 
128

 
146

 
           165

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
 
 $ 613

 
 $ 667

 
 $ 708

 
 $ 727

 
 $ 742

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
          3.70

 
          3.65

 
          2.62

 
          3.60

 
          2.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.



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