EX-12 6 sce_ex12.htm STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12

SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES (In millions, except Ratio)
 
 
 
Year Ended December 31,
 
Three months ended March 31,
Earnings:
 
 
2013
 
2014
 
2015
 
2016
 
2017
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
before tax and noncontrolling interest
 
 
$
1,279

 
$
2,039

 
$
1,618

 
$
1,755

 
$
1,106

 
$
310

Less: Income from equity investees
 
 
—

 
—

 
—

 
—

 
—

 
—

Income from continuing operations before income from equity investees, tax and noncontrolling interest
 
 
1,279

 
2,039

 
1,618

 
1,755

 
1,106

 
310

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
 
580

 
581

 
577

 
581

 
630

 
167

Amortization of capitalized interest
 
 
3

 
1

 
—

 
—

 
—

 
—

Distributed income of equity investees
 
 
—

 
—

 
—

 
—

 
—

 
—

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

 
—

 
—

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
 
(6
)
 
(2
)
 
(1
)
 
(1
)
 
(1
)
 
—

Preference security dividend requirements of consolidated subsidiaries - pre-tax basis
 
 
—

 
—

 
—

 
—

 
—

 
—

Noncontrolling interest of subsidiaries that have not incurred
 
 
 
 
 
 
 
 
 
 
 
 
 
fixed charges - pre-tax basis
 
 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings as adjusted
 
 
$
1,856

 
$
2,619

 
$
2,194

 
$
2,335

 
$
1,735

 
$
477

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expenses - net of capitalized interest and AFUDC
 
 
$
523

 
$
533

 
$
526

 
$
541

 
$
589

 
$
155

Add: AFUDC
 
 
31

 
25

 
31

 
23

 
28

 
10

Interest expenses - net of capitalized interest
 
 
554

 
558

 
557

 
564

 
617

 
165

Interest capitalized (1)
 
 
6

 
2

 
1

 
1

 
1

 
—

Interest portion of rental expense (2)
 
 
20

 
21

 
19

 
16

 
12

 
2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
$
580

 
$
581

 
$
577

 
$
581

 
$
630

 
$
167

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
3.20

 
4.51

 
3.80

 
4.02

 
2.75

 
2.86


(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.