EX-12.2 5 sce_ex122.htm EXHIBIT 12.2 STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12.2


SOUTHERN CALIFORNIA EDISON
RATIOS OF EARNINGS TO FIXED CHARGES (In millions, except Ratio)
 
 
 
Year Ended December 31,
 
Six months ended June 30,
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

 
$
635

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

 
635

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (see below)
 
 
580

 
581

 
577

 
581

 
630

 
346

Amortization of capitalized interest (3)
 
 
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
)
 
(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

 
$
980

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

 
$
533

 
$
526

 
$
541

 
$
589

 
$
319

Add: AFUDC
 
 
31

 
25

 
31

 
23

 
28

 
21

Interest expenses - net of capitalized interest
 
 
554

 
558

 
557

 
564

 
617

 
340

Interest capitalized (1)
 
 
6

 
2

 
1

 
1

 
1

 
1

Interest portion of rental expense (2)
 
 
20

 
21

 
19

 
16

 
12

 
5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
$
580

 
$
581

 
$
577

 
$
581

 
$
630

 
$
346

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
3.20

 
4.51

 
3.80

 
4.02

 
2.75

 
2.83


(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.
(3)    Based on guidance, no amortization of capitalized interest is required to be included in calculation of earnings for utility industry after 2015.