Exhibit 12(c) | |||||||||||||||||||
LG&E AND KU ENERGY LLC AND SUBSIDIARIES | |||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||
Year | Year | Year | Year | Year | |||||||||||||||
Ended | Ended | Ended | Ended | Ended | |||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings, as defined: | |||||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 691 | $ | 686 | $ | 603 | $ | 553 | $ | 551 | |||||||||
Adjustment to reflect earnings from equity method investments on a cash basis | 1 | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||
692 | 685 | 602 | 552 | 550 | |||||||||||||||
Total fixed charges as below | 224 | 223 | 189 | 173 | 151 | ||||||||||||||
Total earnings | $ | 916 | $ | 908 | $ | 791 | $ | 725 | $ | 701 | |||||||||
Fixed charges, as defined: | |||||||||||||||||||
Interest charges (a) (b) | $ | 215 | $ | 214 | $ | 181 | $ | 167 | $ | 145 | |||||||||
Estimated interest component of operating rentals | 9 | 9 | 8 | 6 | 6 | ||||||||||||||
Total fixed charges | $ | 224 | $ | 223 | $ | 189 | $ | 173 | $ | 151 | |||||||||
Ratio of earnings to fixed charges | 4.1 | 4.1 | 4.2 | 4.2 | 4.6 |
(a) | Includes interest on long-term and short-term debt, as well as amortization of debt discount, expense and premium - net. |
(b) | Includes a credit for amortization of a fair market value adjustment of $7 million in 2013. |