Attached files

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EX-32.02 - EXHIBIT 32.02 - PG&E Corpexhibit322-033118.htm
EX-32.01 - EXHIBIT 32.01 - PG&E Corpexhibit321-033118.htm
EX-31.02 - EXHIBIT 31.02 - PG&E Corpexhibit312-033118.htm
EX-31.01 - EXHIBIT 31.01 - PG&E Corpexhibit311-033118.htm
EX-12.02 - EXHIBIT 12.02 - PG&E Corpexhibit122-033118.htm
EX-12.01 - EXHIBIT 12.01 - PG&E Corpexhibit121-033118.htm
EX-10.08 - EXHIBIT 10.08 - PG&E Corpexhibit108-033118.htm
EX-10.07 - EXHIBIT 10.07 - PG&E Corpexhibit107-033118.htm
EX-10.06 - EXHIBIT 10.06 - PG&E Corpexhibit106-033118.htm
EX-10.05 - EXHIBIT 10.05 - PG&E Corpexhibit105-33118.htm
EX-10.04 - EXHIBIT 10.04 - PG&E Corpexhibit104-033118.htm
EX-10.03 - EXHIBIT 10.03 - PG&E Corpexhibit103-033118.htm
10-Q - 10-Q - PG&E Corppge-033118x10q.htm


EXHIBIT 12.3

EXHIBIT 12.3
PG&E CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(in millions)
 
Three Months Ended
March 31,
 
Year Ended December 31,
Earnings:
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
Net income
 
$
445

 
$
1,660

 
$
1,407

 
$
888

 
$
1,450

 
$
828

Income tax provision (benefit)
 
51

 
511

 
55

 
(27
)
 
345

 
268

Fixed charges
 
372

 
1,598

 
1,440

 
1,284

 
1,206

 
1,012

Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries
 
(3
)
 
(15
)
 
(14
)
 
(14
)
 
(15
)
 
(16
)
Total earnings
 
$
865

 
$
3,754

 
$
2,888

 
$
2,131

 
$
2,986

 
$
2,092

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest on short-term borrowings and long-term debt, net
 
$
356

 
$
1,543

 
$
1,372

 
$
1,218

 
$
1,140

 
$
942

Interest on capital leases
 

 
2

 
3

 
4

 
6

 
7

AFUDC debt
 
13

 
38

 
51

 
48

 
45

 
47

Pre-tax earnings required to cover the preferred stock dividend of consolidated subsidiaries
 
3

 
15

 
14

 
14

 
15

 
16

Total fixed charges
 
$
372

 
$
1,598

 
$
1,440

 
$
1,284

 
$
1,206

 
$
1,012

Ratios of earnings to fixed charges
 
2.33

 
2.35

 
2.01

 
1.66

 
2.48

 
2.07

 
 
 
 
 
 
 
 
 
 
 
 
 

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.