Attached files
Exhibit 12.3
WISCONSIN POWER AND LIGHT COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | |||||||||||||||||||||||
March 31, | Years Ended December 31, | ||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
EARNINGS: | |||||||||||||||||||||||
Net income | $47.0 | $45.1 | $177.6 | $181.1 | $179.1 | $172.7 | $163.5 | ||||||||||||||||
Income taxes (a) | 22.6 | 21.8 | 82.9 | 85.3 | 85.6 | 87.6 | 81.9 | ||||||||||||||||
Income before income taxes | 69.6 | 66.9 | 260.5 | 266.4 | 264.7 | 260.3 | 245.4 | ||||||||||||||||
Fixed charges as defined | 23.2 | 23.4 | 93.7 | 87.7 | 86.4 | 103.9 | 103.3 | ||||||||||||||||
Adjustment for undistributed equity earnings | (6.7 | ) | (1.3 | ) | (4.5 | ) | (6.4 | ) | (8.3 | ) | (7.9 | ) | (6.4 | ) | |||||||||
Total earnings as defined | $86.1 | $89.0 | $349.7 | $347.7 | $342.8 | $356.3 | $342.3 | ||||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||||
Interest expense | $22.9 | $23.1 | $92.4 | $86.4 | $85.0 | $80.2 | $79.9 | ||||||||||||||||
Estimated interest component of rent expense | 0.3 | 0.3 | 1.3 | 1.3 | 1.4 | 23.7 | 23.4 | ||||||||||||||||
Total fixed charges as defined | $23.2 | $23.4 | $93.7 | $87.7 | $86.4 | $103.9 | $103.3 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 3.71 | 3.80 | 3.73 | 3.96 | 3.97 | 3.43 | 3.31 |
(a) Includes net interest related to unrecognized tax benefits.
In the fourth quarter of 2015, WPL retrospectively applied a change in method of recording income taxes. Refer to Notes 1(c) and 1(q) of the Combined Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the year 2015 for further details. Financial statement impacts in 2013, 2012 and 2011 were not material.