EX-12 4 exhibit12-1.htm PACIFICORP 6-30-03 10-Q EXHIBIT 12.1

EXHIBIT 12.1

PACIFICORP
STATEMENTS OF COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
(IN MILLIONS OF DOLLARS)

 

 

 

Three Months
Ended
June 30, 2003

 

Years Ended March 31

 

Calendar Year
Ended
December 31, 1998

 

 

 

 

 

 

 

 

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

Fixed Charges, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

61.0

 

$

270.2

 

$

228.1

 

$

290.4

 

$

341.4

 

$

371.6

 

Estimated interest portion of rentals charged to expense

 

 

2.4

 

 

7.0

 

 

10.2

 

 

2.9

 

 

5.2

 

 

5.7

 

Preferred dividends of wholly owned subsidiary *

 

 

12.5

 

 

47.7

 

 

45.3

 

 

(29.6

)

 

74.0

 

 

42.9

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

75.9

 

$

324.9

 

$

283.6

 

$

263.7

 

$

420.6

 

$

420.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

63.5

 

$

142.0

 

$

293.4

 

$

(88.2

)

$

82.6

 

$

110.6

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

48.4

 

 

97.2

 

 

176.1

 

 

180.4

 

 

134.0

 

 

59.1

 

Minority interest

 

 

—

 

 

—

 

 

0.1

 

 

0.1

 

 

0.1

 

 

(0.7

)

Undistributed loss (income) of less than 50% owned affiliates

 

 

—

 

 

—

 

 

—

 

 

1.4

 

 

2.6

 

 

10.3

 

Fixed charges as above

 

 

75.9

 

 

324.9

 

 

283.6

 

 

263.7

 

 

420.6

 

 

420.2

 

 

 

 

 

 

 

 

 

Total earnings

 

$

187.8

 

$

564.1

 

$

753.2

 

$

357.4

 

$

639.9

 

$

599.5

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

2.5

x

 

1.7

x

 

2.7

x

 

1.4

x

 

1.5

x

 

1.4

x

 

 

 

 

 

 

 

 

*

“Fixed charges” represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred stock dividend requirements of majority-owned subsidiaries. “Preferred dividends of wholly owned subsidiary” represents preferred dividends multiplied by the ratio which pre-tax income from continuing operations bears to income from continuing operations. “Earnings” represent the aggregate of (a) income from continuing operations, (b) taxes based on income from continuing operations, (c) minority interest in the income of majority-owned subsidiaries that have fixed charges, (d) fixed charges and (e) undistributed income of less than 50% owned affiliates without loan guarantees.