EX-12.01 4 exhibit1201.htm PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

   
Six
                               
   
Months Ended
                               
   
June 30,
   
Year Ended December 31,
 
(in millions)
 
2016
   
2015
   
2014
   
2013
   
2012
   
2011
 
Earnings:
                                   
Net income
 
$
317
   
$
862
   
$
1,433
   
$
866
   
$
811
   
$
845
 
Income tax (benefit) provision
   
(172
)
   
(19
)
   
384
     
326
     
298
     
480
 
Fixed charges
   
641
     
1,260
     
1,176
     
971
     
891
     
880
 
Total earnings
 
$
786
   
$
2,103
   
$
2,993
   
$
2,163
   
$
2,000
   
$
2,205
 
Fixed charges:
                                               
Interest on short-term borrowings
                                               
  and long-term debt, net
 
$
614
   
$
1,208
   
$
1,125
   
$
917
   
$
834
   
$
824
 
Interest on capital leases
   
2
     
4
     
6
     
7
     
9
     
16
 
AFUDC debt
   
25
     
48
     
45
     
47
     
48
     
40
 
Total fixed charges
 
$
641
   
$
1,260
   
$
1,176
   
$
971
   
$
891
   
$
880
 
Ratios of earnings to fixed charges
   
1.23
     
1.67
     
2.55
     
2.23
     
2.24
     
2.51
 
                                                 
Note:
For the purpose of computing Pacific Gas and Electric Company's ratios of earnings to fixed charges, "earnings" represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest).  "Fixed charges" include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements.  Fixed charges exclude interest on tax liabilities.