PG&E Corp - FORM 10-Q - EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED F - July 27, 2017

Attached files

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EX-10.04 - RESTRICTED STOCK UNIT AWARD AGREEMENT BETWEEN PG&E CORPORATION AND ANTHONY F. EA - PG&E Corpexhibit1004.htm
10-Q - FORM 10-Q - PG&E Corpform10q.htm
EX-32.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpexhibit3202.htm
EX-32.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpexhibit3201.htm
EX-31.02 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpexhibit3102.htm
EX-31.01 - CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER OF - PG&E Corpexhibit3101.htm
EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - PG&E Corpexhibit1203.htm
EX-12.01 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHAR - PG&E Corpexhibit1201.htm
EX-10.09 - SEPARATION AGREEMENT BETWEEN PACIFIC GAS AND ELECTRIC COMPANY AND DESMOND BELL - PG&E Corpexhibit1009.htm
EX-10.08 - NON-ANNUAL RESTRICTED STOCK UNIT AWARD AGREEMENT BETWEEN PG&E CORPORATION AND NI - PG&E Corpexhibit1008.htm
EX-10.07 - RESTRICTED STOCK UNIT AGREEMENT FOR 2017 GRANTS TO NON-EMPLOYEE DIRECTORS - PG&E Corpexhibit1007.htm
EX-10.06 - PERFORMANCE SHARE AWARD AGREEMENT SUBJECT TO SAFETY AND FINANCIAL GOALS BETWEEN - PG&E Corpexhibit1006.htm
EX-10.05 - PERFORMANCE SHARE AWARD AGREEMENT BETWEEN PG&E CORPORATION AND ANTHONY F. EARLEY - PG&E Corpexhibit1005.htm
EX-10.03 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN PERFORMANCE SHARE AWARD AGREEMENT - PG&E Corpexhibit1003.htm
EX-10.02 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN PERFORMANCE SHARE AWARD AGREEMENT - PG&E Corpexhibit1002.htm
EX-10.01 - PG&E CORPORATION 2014 LONG-TERM INCENTIVE PLAN RSU ANNUAL AWARD AGREEMENT - PG&E Corpexhibit1001.htm

EXHIBIT 12.2

PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 

 

 

Six

 

 

 

 

 

 

 

 

 

 

 

 

 

Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

Year ended December 31,

(in millions)

 

2017

 

 

2016

 

2015

 

2014

 

2013

 

2012

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

978 

 

$

1,402 

$

862 

$

1,433 

$

866 

$

811 

Income tax provision (benefit)

 

256 

 

 

70 

 

(19)

 

384 

 

326 

 

298 

Fixed charges

 

643 

 

 

1,417 

 

1,260 

 

1,176 

 

971 

 

891 

Total earnings

$

1,877 

 

$

2,889 

$

2,103 

$

2,993 

$

2,163 

$

2,000 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on short-term borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

and long-term debt, net

$

627 

 

$

1,363 

$

1,208 

$

1,125 

$

917 

$

834 

Interest on capital leases

 

1 

 

 

3 

 

4 

 

6 

 

7 

 

9 

AFUDC debt

 

15 

 

 

51 

 

48 

 

45 

 

47 

 

48 

Total fixed charges

$

643 

 

$

1,417 

$

1,260 

$

1,176 

$

971 

$

891 

Preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax deductible dividends

$

4 

 

$

9 

$

9 

$

9 

$

9 

$

9 

Pre-tax earnings required to cover 

 

 

 

 

 

 

 

 

 

 

 

 

 

non-tax deductible preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

stock dividend requirements

 

3 

 

 

5 

 

5 

 

6 

 

7 

 

7 

Total preferred stock dividends

 

7 

 

 

14 

 

14 

 

15 

 

16 

 

16 

Total combined fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

and preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

dividends

$

650 

 

$

1,431 

$

1,274 

$

1,191 

$

987 

$

907 

Ratios of earnings to combined

 

 

 

 

 

 

 

 

 

 

 

 

 

  fixed charges and preferred

 

 

 

 

 

 

 

 

 

 

 

 

 

  stock dividends

 

2.89 

 

 

2.02 

 

1.65 

 

2.51 

 

2.19 

 

2.21 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

For the purpose of computing Pacific Gas and Electric Company’s ratios of earnings to combined fixed charges and preferred stock dividends, “earnings” represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest).  “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements.  Fixed charges exclude interest on tax liabilities.



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