Attached files
| file | filename |
|---|---|
| EX-12.2 - EX-12.2 - DOMINION ENERGY, INC | d26009dex122.htm |
| EX-32.C - EX-32.C - DOMINION ENERGY, INC | d26009dex32c.htm |
| EX-31.F - EX-31.F - DOMINION ENERGY, INC | d26009dex31f.htm |
| EX-31.B - EX-31.B - DOMINION ENERGY, INC | d26009dex31b.htm |
| EX-31.D - EX-31.D - DOMINION ENERGY, INC | d26009dex31d.htm |
| EX-31.A - EX-31.A - DOMINION ENERGY, INC | d26009dex31a.htm |
| EX-32.A - EX-32.A - DOMINION ENERGY, INC | d26009dex32a.htm |
| EX-31.E - EX-31.E - DOMINION ENERGY, INC | d26009dex31e.htm |
| EX-32.B - EX-32.B - DOMINION ENERGY, INC | d26009dex32b.htm |
| EX-31.C - EX-31.C - DOMINION ENERGY, INC | d26009dex31c.htm |
| 10-Q - FORM 10-Q - DOMINION ENERGY, INC | d26009d10q.htm |
| EX-99 - EX-99 - DOMINION ENERGY, INC | d26009dex99.htm |
| EX-12.3 - EX-12.3 - DOMINION ENERGY, INC | d26009dex123.htm |
Exhibit 12.1
Dominion Resources, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(millions of dollars)
| Years Ended December 31, | ||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2015(a) |
Twelve Months Ended September 30, 2015(b) |
2014(c) | 2013(d) | 2012(e) | 2011(f) | 2010(g) | ||||||||||||||||||||||
| Earnings, as defined: |
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| Income from continuing operations including noncontrolling interest before income tax expense |
$ | 2,351 | $ | 2,575 | $ | 1,778 | $ | 2,704 | $ | 2,265 | $ | 2,262 | $ | 5,178 | ||||||||||||||
| Distributed income from unconsolidated investees, less equity in earnings |
(2 | ) | 1 | (8 | ) | 17 | (13 | ) | (23 | ) | (30 | ) | ||||||||||||||||
| Fixed charges included in income |
709 | 1,220 | 1,237 | 930 | 880 | 867 | 835 | |||||||||||||||||||||
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| Total earnings, as defined |
$ | 3,058 | $ | 3,796 | $ | 3,007 | $ | 3,651 | $ | 3,132 | $ | 3,106 | $ | 5,983 | ||||||||||||||
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| Fixed charges, as defined: |
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| Interest charges |
$ | 685 | $ | 1,188 | $ | 1,208 | $ | 899 | $ | 845 | $ | 818 | $ | 781 | ||||||||||||||
| Rental interest factor |
24 | 32 | 29 | 31 | 35 | 49 | 54 | |||||||||||||||||||||
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| Fixed charges included in income |
$ | 709 | $ | 1,220 | $ | 1,237 | $ | 930 | $ | 880 | $ | 867 | $ | 835 | ||||||||||||||
| Preference security dividend requirement of consolidated subsidiary |
— | 2 | 17 | 25 | 25 | 25 | 28 | |||||||||||||||||||||
| Capitalized Interest |
44 | 56 | 39 | 28 | 24 | 11 | 11 | |||||||||||||||||||||
| Interest from discontinued operations |
— | — | — | 85 | 80 | 99 | 94 | |||||||||||||||||||||
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| Total fixed charges, as defined |
$ | 753 | $ | 1,278 | $ | 1,293 | $ | 1,068 | $ | 1,009 | $ | 1,002 | $ | 968 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges |
4.06 | 2.97 | 2.33 | 3.42 | 3.10 | 3.10 | 6.18 | |||||||||||||||||||||
| (a) | Earnings for the nine months ended September 30, 2015 include $85 million write-off of prior-period deferred fuel costs associated with Virginia legislation; $45 million charge associated to future ash pond and landfill closure costs and $14 million charge related to other items; partially offset by $39 million of net gain related to our investments in nuclear decommissioning trust funds. Excluding the effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the nine months ended September 30, 2015. |
| (b) | Earnings for the twelve months ended September 30, 2015 include $281 million charge associated with our liability management effort, which is included in fixed charges; $166 million charge associated with future ash pond and landfill closure costs; $85 million write-off of prior-period deferred fuel costs associated with Virginia legislation; $44 million charge related to North Anna and offshore wind facilities and $44 million charge related to other items; partially offset by $58 million of net gain related to our investments in nuclear decommissioning trust funds. Excluding the effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended September 30, 2015. |
| (c) | Earnings for the twelve months ended December 31, 2014 include $374 million charge related to North Anna and offshore wind facilities; $284 million charge associated with our liability management effort, which is included in fixed charges; $121 million accrued charge associated with future ash pond and landfill closure costs; $93 million charge related to other items; partially offset by $100 million net gain on the sale of our electric retail energy marketing business and $72 million of net gain related to our investments in nuclear decommissioning trust funds. Excluding the effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2014. |
| (d) | Earnings for the twelve months ended December 31, 2013 include a $55 million impairment charge related to certain natural gas infrastructure assets; $40 million charge in connection with the Virginia Commission’s final ruling associated with its biennial review of Virginia Power’s base rates for 2011-2012 test years; $28 million charge associated with our operating expense reduction initiative, primarily reflecting severance pay and other employee related costs; $26 million charge related |
| to the expected early shutdown of certain coal-fired generating units; $29 million charge related to other items; partially offset by $81 million of net gain related to our investments in nuclear decommissioning trust funds; $47 million benefit due to a downward revision in the nuclear decommissioning asset retirement obligations for certain merchant nuclear units that are no longer in service; $29 million net benefit primarily resulting from the sale of Elwood. Excluding the net effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2013. |
| (e) | Earnings for the twelve months ended December 31, 2012 include $438 million of impairment and other charges related the planned shut-down of Kewaunee; $87 million of restoration costs associated with severe storms affecting our Dominion Virginia Power and Dominion North Carolina service territories; partially offset by a $36 million net gain related to our investments in nuclear decommissioning trust funds and $4 million net benefit related to other items. Excluding the net effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2012. |
| (f) | Earnings for the twelve months ended December 31, 2011 include $228 million of impairment charges related to electric utility generation assets; $96 million of restoration costs associated with Hurricane Irene; $43 million impairment of excess emission allowances resulting from a new EPA Air Pollution Rule; $31 million net charge in connection with the Virginia State Corporation Commission’s final ruling associated with its biennial review of Virginia Power’s base rates for 2009 and 2010 test years; $21 million of earthquake related costs, largely related to inspections following the safe shutdown of reactors at our North Anna nuclear power station; and a $45 million net charge related to other items; partially offset by a $24 million benefit related to litigation with the Department of Energy for spent nuclear fuel-related costs at our Millstone nuclear power station. Excluding the net effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the twelve months ended December 31, 2011. |
| (g) | Earnings for the twelve months ended December 31, 2010 include a $2.4 billion benefit resulting from the sale of our Appalachian exploration and production operations - primarily reflecting the gain on the sale partially offset by certain transaction costs and other related charges. Earnings for the period also include a $326 million charge related to the workforce reduction program primarily reflecting severance pay and other benefits to affected employees and $1 million net charge related to other items. Excluding the net effect of these items from the calculation would result in a lower ratio of earnings to fixed charges for the twelve months ended December 31, 2010. |