EX-12 2 p9300410qex121.htm PACIFICORP 9/30/04 10-Q EXHIBIT 12.1

EXHIBIT 12.1

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

 

 

 

Six Months
Ended
September 30, 2004

 

 

 

 

 

 

Years ended March 31,

 

 

 

 

 

 

 

    

2004

    

2003

    

2002

    

2001

    

2000

 

 

 

 

 

 

 

 

 

Fixed Charges, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

131.1

 

$

256.3

 

$

270.2

 

$

228.1

 

$

290.4

 

$

341.4

 

Estimated interest portion of rentals charged to expense

 

 

4.3

 

 

9.8

 

 

7.0

 

 

10.2

 

 

2.9

 

 

5.2

 

Preferred dividends of wholly-owned subsidiaries *

 

 

—

 

 

18.5

 

 

47.7

 

 

45.3

 

 

(29.6

)

 

74.0

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

135.4

 

$

284.6

 

$

324.9

 

$

283.6

 

$

263.7

 

$

420.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, as defined:*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

112.8

 

$

249.0

 

$

142.0

 

$

293.4

 

$

(88.2

)

$

82.6

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

66.0

 

 

144.5

 

 

97.2

 

 

176.1

 

 

180.4

 

 

134.0

 

Minority interest

 

 

0.2

 

 

—

 

 

—

 

 

0.1

 

 

0.1

 

 

0.1

 

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

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1.4

 

 

2.6

 

Fixed charges as above

 

 

135.4

 

 

284.6

 

 

324.9

 

 

283.6

 

 

263.7

 

 

420.6

 

 

 

 

 

 

 

 

 

Total earnings

 

$

314.4

 

$

678.1

 

$

564.1

 

$

753.2

 

$

357.4

 

$

639.9

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

2.3

x

 

2.4

x

 

1.7

x

 

2.7

x

 

1.4

x

 

1.5

x

 

 

 

 

 

 

 

 

* Fixed charges represent consolidated interest charges, an estimated amount representing the interest factor in rents and preferred dividends of wholly-owned subsidiaries. Preferred dividends of wholly-owned subsidiaries 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.