Attached files
| file | filename |
|---|---|
| EX-25 - EX-25 - TUCSON ELECTRIC POWER CO | d622650dex25.htm |
| EX-23.2 - EX-23.2 - TUCSON ELECTRIC POWER CO | d622650dex232.htm |
| EX-23.1 - EX-23.1 - TUCSON ELECTRIC POWER CO | d622650dex231.htm |
| S-1 - S-1 - TUCSON ELECTRIC POWER CO | d622650ds1.htm |
Exhibit 12
Tucson Electric Power Company
Computation of Ratio of Earnings to Fixed Charges
| Six Months Ended |
Twelve Months Ended | |||||||||||||||||||||||||||
| June 30, | June 30, | December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||
| (in thousands) | 2018 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
| Net Income |
$ | 81,400 | $ | 176,374 | $ | 176,668 | $ | 124,438 | $ | 127,794 | $ | 102,338 | $ | 101,342 | ||||||||||||||
| Add: |
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| Income Tax Expense |
16,401 | 75,313 | 100,763 | 59,376 | 71,719 | 57,911 | 47,986 | |||||||||||||||||||||
| Interest Expense, Net (1) |
33,794 | 65,445 | 63,212 | 64,192 | 63,555 | 68,555 | 80,793 | |||||||||||||||||||||
| Estimated Interest Portion of Rental Expense (2) |
102 | 213 | 223 | 1,707 | 1,711 | 1,691 | 842 | |||||||||||||||||||||
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| Total Earnings before Taxes and Fixed Charges |
$ | 131,697 | $ | 317,345 | $ | 340,866 | $ | 249,713 | $ | 264,779 | $ | 230,495 | $ | 230,963 | ||||||||||||||
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| Fixed Charges: |
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| Interest Expense (before deducting capitalized interest) (3) |
$ | 35,187 | $ | 68,727 | $ | 67,128 | $ | 65,902 | $ | 69,179 | $ | 88,340 | $ | 85,591 | ||||||||||||||
| Estimated Interest Portion of Rental Expense (2) |
102 | 213 | 223 | 1,707 | 1,711 | 1,691 | 842 | |||||||||||||||||||||
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| Total Fixed Charges |
$ | 35,289 | $ | 68,940 | $ | 67,351 | $ | 67,609 | $ | 70,890 | $ | 90,031 | $ | 86,433 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges |
3.73 | 4.60 | 5.06 | 3.69 | 3.74 | 2.56 | 2.67 | |||||||||||||||||||||
| (1) | Interest on uncertain tax positions is included in Interest Expense, Net. |
| (2) | The Estimated Interest Portion of Rental Expense is calculated by using our estimated incremental borrowing rate times the present value of projected operating lease payments. |
| (3) | Excludes recognition of Allowance for Borrowed Funds Used During Construction. |