Attached files
| file | filename |
|---|---|
| EX-99 - EX-99 - DOMINION ENERGY, INC | d377987dex99.htm |
| EX-32.C - EX-32.C - DOMINION ENERGY, INC | d377987dex32c.htm |
| EX-32.B - EX-32.B - DOMINION ENERGY, INC | d377987dex32b.htm |
| EX-32.A - EX-32.A - DOMINION ENERGY, INC | d377987dex32a.htm |
| EX-31.F - EX-31.F - DOMINION ENERGY, INC | d377987dex31f.htm |
| EX-31.E - EX-31.E - DOMINION ENERGY, INC | d377987dex31e.htm |
| EX-31.D - EX-31.D - DOMINION ENERGY, INC | d377987dex31d.htm |
| EX-31.C - EX-31.C - DOMINION ENERGY, INC | d377987dex31c.htm |
| EX-31.B - EX-31.B - DOMINION ENERGY, INC | d377987dex31b.htm |
| EX-31.A - EX-31.A - DOMINION ENERGY, INC | d377987dex31a.htm |
| EX-12.3 - EX-12.3 - DOMINION ENERGY, INC | d377987dex123.htm |
| EX-12.2 - EX-12.2 - DOMINION ENERGY, INC | d377987dex122.htm |
| EX-10.3 - EX-10.3 - DOMINION ENERGY, INC | d377987dex103.htm |
| EX-4.3 - EX-4.3 - DOMINION ENERGY, INC | d377987dex43.htm |
| 10-Q - 10-Q - DOMINION ENERGY, INC | d377987d10q.htm |
Exhibit 12.1
Dominion Resources, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(millions of dollars)
| Three Months |
Twelve Months |
Years Ended December 31, | ||||||||||||||||||||||||||
| Ended March 31, 2017(a) |
Ended March 31, 2017(b) |
2016(c) | 2015(d) | 2014(e) | 2013(f) | 2012(g) | ||||||||||||||||||||||
| Earnings, as defined: |
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| Income from continuing operations including noncontrolling interest before income tax expense |
$ | 949 | $ | 3,106 | $ | 2,867 | $ | 2,828 | $ | 1,778 | $ | 2,704 | $ | 2,265 | ||||||||||||||
| Distributed income from unconsolidated investees, less equity in earnings |
(7 | ) | (34 | ) | (32 | ) | 12 | (8 | ) | 17 | (13 | ) | ||||||||||||||||
| Fixed charges included in income |
310 | 1,138 | 1,068 | 953 | 1,237 | 930 | 880 | |||||||||||||||||||||
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| Total earnings, as defined |
$ | 1,252 | $ | 4,210 | $ | 3,903 | $ | 3,793 | $ | 3,007 | $ | 3,651 | $ | 3,132 | ||||||||||||||
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| Fixed charges, as defined: |
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| Interest charges |
$ | 301 | $ | 1,102 | $ | 1,033 | $ | 920 | $ | 1,208 | $ | 899 | $ | 845 | ||||||||||||||
| Rental interest factor |
9 | 36 | 35 | 33 | 29 | 31 | 35 | |||||||||||||||||||||
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| Fixed charges included in income |
$ | 310 | $ | 1,138 | $ | 1,068 | $ | 953 | $ | 1,237 | $ | 930 | $ | 880 | ||||||||||||||
| Preference security dividend requirement of consolidated subsidiary |
8 | 10 | 2 | 10 | 17 | 25 | 25 | |||||||||||||||||||||
| Capitalized Interest |
35 | 134 | 124 | 67 | 39 | 28 | 24 | |||||||||||||||||||||
| Interest from discontinued operations |
0 | 0 | 0 | 0 | 0 | 85 | 80 | |||||||||||||||||||||
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| Total fixed charges, as defined |
$ | 353 | $ | 1,282 | $ | 1,194 | $ | 1,030 | $ | 1,293 | $ | 1,068 | $ | 1,009 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges |
3.55 | 3.28 | 3.27 | 3.68 | 2.33 | 3.42 | 3.10 | |||||||||||||||||||||
| (a) | Earnings for the three months ended March 31, 2017 include $34 million of net gains related to our investments in nuclear decommissioning trust funds; partially offset by a $3 million 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 three months ended March 31, 2017. |
| (b) | Earnings for the twelve months ended March 31, 2017 include a $197 million charge associated with ash pond and landfill closure costs; $74 million in transaction and transition costs associated with the Dominion Questar combination; a $23 million charge related to storm and restoration costs; and a $34 million charge related to other items; partially offset by $67 million of net gains related to our investments in nuclear decommissioning trust funds. 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 March 31, 2017. |
| (c) | Earnings for the twelve months ended December 31, 2016 include a $197 million charge associated with ash pond and landfill closure costs; a $65 million charge associated with an organizational design initiative; $74 million in transaction and transition costs associated with the Dominion Questar combination; a $23 million charge related to storm and restoration costs; and a $45 million charge related to other items; partially offset by $34 million of net gains related to our investments in nuclear decommissioning trust funds. 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, 2016. |
| (d) | Earnings for the twelve months ended December 31, 2015 include $85 million write-off of prior-period deferred fuel costs associated with Virginia legislation; a $99 million charge associated with ash pond and landfill closure costs; and a $78 million charge related to other items; partially offset by $60 million of net gains related to our investments in nuclear decommissioning trust funds. 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, 2015. |
| (e) | Earnings for the twelve months ended December 31, 2014 include a $374 million charge related to North Anna and offshore wind facilities; a $284 million charge associated with our liability management effort, which is included in fixed charges; a $121 million accrued charge associated with ash pond and landfill closure costs; and a $93 million charge related to other items; partially offset by a $100 million net gain on the sale of our electric retail energy marketing business; and $72 million of net gains related to our investments in nuclear decommissioning trust funds. Excluding net 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. |
| (f) | Earnings for the twelve months ended December 31, 2013 include a $55 million impairment charge related to certain natural gas infrastructure assets; a $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; a $28 million charge associated with our operating expense reduction initiative, primarily reflecting severance pay and other employee related costs; a $26 million charge related to the expected early shutdown of certain coal-fired generating units; and a $29 million charge related to other items; partially offset by $81 million of net gains related to our investments in nuclear decommissioning trust funds; a $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 a $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. |
| (g) | 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 $36 million of net gains 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. |