PG&E Corp - FORM 10-Q - EX-12.03 - PG&E CORPORATION COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - July 27, 2017

Attached files

file filename
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-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED F - PG&E Corpexhibit1202.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 12.3

PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 

 

 

Six

 

 

 

 

 

 

 

 

 

 

 

 

 

Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

Year Ended December 31,

(in millions)

 

2017

 

 

2016

 

2015

 

2014

 

2013

 

2012

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

989 

 

$

1,407 

$

888 

$

1,450 

$

828 

$

830 

Income tax provision (benefit)

 

243 

 

 

55 

 

(27)

 

345 

 

268 

 

237 

Fixed charges

 

655 

 

 

1,440 

 

1,284 

 

1,206 

 

1,012 

 

931 

Pre-tax earnings required to

 

 

 

 

 

 

 

 

 

 

 

 

 

cover the preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

dividend of consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

subsidiaries

 

(7)

 

 

(14)

 

(14)

 

(15)

 

(16)

 

(15)

Total earnings

$

1,880 

 

$

2,888 

$

2,131 

$

2,986 

$

2,092 

$

1,983 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on short-term

 

 

 

 

 

 

 

 

 

 

 

 

 

borrowings and long-term

 

 

 

 

 

 

 

 

 

 

 

 

 

debt, net

$

632 

 

$

1,372 

$

1,218 

$

1,140 

$

942 

$

859 

Interest on capital leases

 

1 

 

 

3 

 

4 

 

6 

 

7 

 

9 

AFUDC debt

 

15 

 

 

51 

 

48 

 

45 

 

47 

 

48 

Pre-tax earnings required to

 

 

 

 

 

 

 

 

 

 

 

 

 

cover the preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

    dividend of consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

subsidiaries

 

7 

 

 

14 

 

14 

 

15 

 

16 

 

15 

Total fixed charges

$

655 

 

$

1,440 

$

1,284 

$

1,206 

$

1,012 

$

931 

Ratios of earnings to

 

 

 

 

 

 

 

 

 

 

 

 

 

fixed charges

 

2.87 

 

 

2.01 

 

1.66 

 

2.48 

 

2.07 

 

2.13 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:

For the purpose of computing PG&E Corporation's ratios of earnings to fixed charges, “earnings” represent income from continuing operations adjusted for income taxes, fixed charges (excluding capitalized interest), and pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries.  “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 preferred stock dividends of consolidated subsidiaries.  Fixed charges exclude interest on tax liabilities.



Stock widget

Investing forum

PG&E Corp Reports