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New words:
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Filing tables
Filing exhibits
- 10-K Annual report
- 2.6 Exhibit 2.6
- 10.15 Exhibit 10.15
- 10.16 Exhibit 10.16
- 10.17 Exhibit 10.17
- 10.18 Exhibit 10.18
- 12 Exhibit 12.A
- 12 Exhibit 12.B
- 21 Exhibit 21
- 23 Exhibit 23
- 24 Exhibit 24
- 31 Exhibit 31.A
- 31 Exhibit 31.B
- 31 Exhibit 31.C
- 31 Exhibit 31.D
- 32 Exhibit 32.A
- 32 Exhibit 32.B
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Exhibit 12 (b)
TALEN ENERGY SUPPLY, LLC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes (a) | $ | (368 | ) | $ | 303 | $ | (420 | ) | $ | 665 | $ | 1,061 | ||||||||
Adjustments to reflect earnings from equity method investments on a cash basis | — | — | — | — | 1 | |||||||||||||||
(368 | ) | 303 | (420 | ) | 665 | 1,062 | ||||||||||||||
Total fixed charges as below | 236 | 161 | 226 | 238 | 259 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | 20 | 22 | 35 | 37 | 38 | |||||||||||||||
Interest expense and fixed charges related to discontinued operations | — | 10 | 14 | 12 | 6 | |||||||||||||||
Total fixed charges included in Income (Loss) from Continuing Operations Before Income Taxes | 216 | 129 | 177 | 189 | 215 | |||||||||||||||
Total earnings | $ | (152 | ) | $ | 432 | $ | (243 | ) | $ | 854 | $ | 1,277 | ||||||||
Fixed charges, as defined: | ||||||||||||||||||||
Interest charges | $ | 231 | $ | 156 | $ | 207 | $ | 214 | $ | 223 | ||||||||||
Estimated interest component of operating rentals | 5 | 5 | 19 | 24 | 36 | |||||||||||||||
Fixed charges of majority-owned share of 50% or less-owned persons | — | — | — | — | — | |||||||||||||||
Total fixed charges (b) | $ | 236 | $ | 161 | $ | 226 | $ | 238 | $ | 259 | ||||||||||
Ratio of earnings to fixed charges (a) | (0.6 | ) | 2.7 | (1.1 | ) | 3.6 | 4.9 | |||||||||||||
(a) | To facilitate the sale of the hydroelectric generating facilities in 2014, in December 2013, Talen Montana terminated a lease agreement which resulted in a $697 million charge. See Note 6 to the Financial Statements for additional information. As a result of these transactions, earnings were lower, which resulted in less than one-to-one coverage. Therefore, in 2013, the adjusted amount of the deficiency, or the amount of fixed charges in excess of earnings, was $469 million. | |
In 2015, $657 million of non-cash, pre-tax goodwill and other long-lived asset impairment charges were recorded. See Note 16 to the Financial Statements for additional information. As a result of these non-cash charges, earnings were lower, which resulted in less than one-to-one coverage. The adjusted amount of the deficiency, or the amount of fixed charges in excess of earnings, was $388 million. | ||
(b) | Interest on unrecognized tax benefits is not included in fixed charges. |