Attached files
| file | filename |
|---|---|
| EX-12.2 - EX-12.2 - DOMINION ENERGY, INC | d194158dex122.htm |
| EX-31.C - EX-31.C - DOMINION ENERGY, INC | d194158dex31c.htm |
| EX-12.3 - EX-12.3 - DOMINION ENERGY, INC | d194158dex123.htm |
| EX-32.B - EX-32.B - DOMINION ENERGY, INC | d194158dex32b.htm |
| EX-31.D - EX-31.D - DOMINION ENERGY, INC | d194158dex31d.htm |
| EX-32.C - EX-32.C - DOMINION ENERGY, INC | d194158dex32c.htm |
| EX-32.A - EX-32.A - DOMINION ENERGY, INC | d194158dex32a.htm |
| EX-31.E - EX-31.E - DOMINION ENERGY, INC | d194158dex31e.htm |
| 10-Q - FORM 10-Q - DOMINION ENERGY, INC | d194158d10q.htm |
| EX-31.B - EX-31.B - DOMINION ENERGY, INC | d194158dex31b.htm |
| EX-31.F - EX-31.F - DOMINION ENERGY, INC | d194158dex31f.htm |
| EX-99 - EX-99 - DOMINION ENERGY, INC | d194158dex99.htm |
| EX-31.A - EX-31.A - DOMINION ENERGY, INC | d194158dex31a.htm |
Exhibit 12.1
Dominion Resources, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(millions of dollars)
| Years Ended December 31, | ||||||||||||||||||||||||||||
| Three Months Ended March 31, 2016(a) |
Twelve Months Ended March 31, 2016(b) |
2015(c) | 2014(d) | 2013(e) | 2012(f) | 2011(e) | ||||||||||||||||||||||
| Earnings, as defined: |
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| Income from continuing operations including noncontrolling interest before income tax expense |
$ | 710 | $ | 2,699 | $ | 2,828 | $ | 1,778 | $ | 2,704 | $ | 2,265 | $ | 2,262 | ||||||||||||||
| Distributed income from unconsolidated investees, less equity in earnings |
(5 | ) | 7 | 12 | (8 | ) | 17 | (13 | ) | (23 | ) | |||||||||||||||||
| Fixed charges included in income |
240 | 959 | 953 | 1,237 | 930 | 880 | 867 | |||||||||||||||||||||
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| Total earnings, as defined |
$ | 945 | $ | 3,665 | $ | 3,793 | $ | 3,007 | $ | 3,651 | $ | 3,132 | $ | 3,106 | ||||||||||||||
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| Fixed charges, as defined: |
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| Interest charges |
$ | 232 | $ | 925 | $ | 920 | $ | 1,208 | $ | 899 | $ | 845 | $ | 818 | ||||||||||||||
| Rental interest factor |
8 | 34 | 33 | 29 | 31 | 35 | 49 | |||||||||||||||||||||
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| Fixed charges included in income |
$ | 240 | $ | 959 | $ | 953 | $ | 1,237 | $ | 930 | $ | 880 | $ | 867 | ||||||||||||||
| Preference security dividend requirement of consolidated subsidiary |
0 | 0 | 0 | 17 | 25 | 25 | 25 | |||||||||||||||||||||
| Capitalized Interest |
25 | 80 | 67 | 39 | 28 | 24 | 11 | |||||||||||||||||||||
| Interest from discontinued operations |
0 | 0 | 0 | 0 | 85 | 80 | 99 | |||||||||||||||||||||
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| Total fixed charges, as defined |
$ | 265 | $ | 1,039 | $ | 1,020 | $ | 1,293 | $ | 1,068 | $ | 1,009 | $ | 1,002 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges |
3.57 | 3.53 | 3.72 | 2.33 | 3.42 | 3.10 | 3.10 | |||||||||||||||||||||
| (a) | Earnings for the three months ended March 31, 2016 include $70 million charge associated with an organizational design initiative; and $8 million net charge related to other items. Excluding the effect of these items from the calculation would result in a higher ratio of earnings to fixed charges for the three months ended March 31, 2016. |
| (b) | Earnings for the twelve months ended March 31, 2016 include $99 million charge associated with ash pond and landfill closure costs; $70 million charge associated with an organizational design initiative; and $52 million net charge related to other items. 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 March 31, 2016. |
| (c) | Earnings for the twelve months ended December 31, 2015 include $85 million write-off of prior-period deferred fuel costs associated with Virginia legislation; $99 million charge associated with ash pond and landfill closure costs; and $78 million charge related to other items; partially offset by $60 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, 2015. |
| (d) | 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 ash pond and landfill closure costs; and $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. |
| (e) | Earnings for the twelve months ended December 31, 2013 include $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; and $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; and $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. |
| (f) | Earnings for the twelve months ended December 31, 2012 include $438 million of impairment and other charges related the planned shut-down of Kewaunee; and $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. |
| (g) | 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 $45 million net charge related to other items; partially offset by $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. |