PG&E Corp - FORM 10-Q - EX-12.02 - PACIFIC GAS AND ELECTRIC COMPANY COMPUTATION OF RATIOS OF EARNINGS TO COMBINED F - November 2, 2017

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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-10.01 - SEPARATION AGREEMENT BETWEEN PG&E CORPORATION AND HYUN PARK - PG&E Corpexhibit1001.htm
10-Q - FORM 10-Q - PG&E Corpform10q.htm

EXHIBIT 12.2
PACIFIC GAS AND ELECTRIC COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

   
Nine
                                
   
Months Ended
                                
   
September 30,
    
Year ended December 31,
  
(in millions)
  
2017
    
2016
    
2015
    
2014
    
2013
    
2012
  
Earnings:
                                    
Net income
  
$
1,491
    
$
1,402
    
$
862
    
$
1,433
    
$
866
    
$
811
  
Income tax provision (benefit)
    
394
      
70
      
(19
)
    
384
      
326
      
298
  
Fixed charges
    
1,177
      
1,417
      
1,260
      
1,176
      
971
      
891
  
Total earnings
  
$
3,062
    
$
2,889
    
$
2,103
    
$
2,993
    
$
2,163
    
$
2,000
  
Fixed charges:
                                                
Interest on short-term borrowings
                                                
and long-term debt, net
  
$
1,148
    
$
1,363
    
$
1,208
    
$
1,125
    
$
917
    
$
834
  
Interest on capital leases
    
2
      
3
      
4
      
6
      
7
      
9
  
AFUDC debt
    
27
      
51
      
48
      
45
      
47
      
48
  
Total fixed charges
  
$
1,177
    
$
1,417
    
$
1,260
    
$
1,176
    
$
971
    
$
891
  
Preferred stock dividends:
                                                
Tax deductible dividends
  
$
7
    
$
9
    
$
9
    
$
9
    
$
9
    
$
9
  
Pre-tax earnings required to cover
                                                
non-tax deductible preferred
                                                
stock dividend requirements
    
4
      
5
      
5
      
6
      
7
      
7
  
Total preferred stock dividends
    
11
      
14
      
14
      
15
      
16
      
16
  
Total combined fixed charges
                                                
and preferred stock
                                                
dividends
  
$
1,188
    
$
1,431
    
$
1,274
    
$
1,191
    
$
987
    
$
907
  
Ratios of earnings to combined
                                                
  fixed charges and preferred
                                                
  stock dividends
    
2.58
      
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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