EX-12.1 4 sceexhibit121.htm EXHIBIT 12.1 STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit
Exhibit 12.1

SOUTHERN CALIFORNIA EDISON COMPANY
 
 
 
 
 
 
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED AND PREFERENCE STOCK
 
 
 
 
 
 
 (in millions, except Ratio)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended in 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)
 
 
708

 
727

 
742

 
725

751

 
 
 
 
405

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
 
 
(128
)
 
(146
)
 
(165
)
 
(144
)
(121
)
 
 
 
 
(59
)
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

Preferred and preference stock dividend
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
requirement - pre-tax basis
 
 
128

 
146

 
165

 
144

121

 
 
 
 
59

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
 
 
 
 
$
708

 
$
727

 
$
742

 
$
725

$
751

 
 
 
 
$
405

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
 
 
 
 
 
2.62

 
3.60

 
2.96

 
3.22

2.31

 
 
 
 
2.42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 


Exhibit 12.1