Exhibit 12(c) | ||||||||||||||||||||||||||||
LG&E AND KU ENERGY LLC AND SUBSIDIARIES | ||||||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||||||||||
Predeces- | ||||||||||||||||||||||||||||
Successor (a) | sor (b) | |||||||||||||||||||||||||||
9 Months | Year | Year | Year | Year | 2 Months | 10 Months | ||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||
Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Oct. 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2010 | ||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||||||
Income from Continuing Operations | ||||||||||||||||||||||||||||
Before Income Taxes | $ | 491 | $ | 553 | $ | 551 | $ | 331 | $ | 419 | $ | 70 | $ | 300 | ||||||||||||||
Adjustment to reflect earnings from | ||||||||||||||||||||||||||||
equity method investments on a cash | ||||||||||||||||||||||||||||
basis (c) | (2) | (1) | (1) | 33 | (1) | (4) | ||||||||||||||||||||||
Mark to market impact of derivative | ||||||||||||||||||||||||||||
instruments | 2 | (20) | ||||||||||||||||||||||||||
489 | 552 | 550 | 364 | 418 | 72 | 276 | ||||||||||||||||||||||
Total fixed charges as below | 134 | 173 | 151 | 157 | 153 | 25 | 158 | |||||||||||||||||||||
Total earnings | $ | 623 | $ | 725 | $ | 701 | $ | 521 | $ | 571 | $ | 97 | $ | 434 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||||||
Interest charges (d) (e) | $ | 128 | $ | 167 | $ | 145 | $ | 151 | $ | 147 | $ | 24 | $ | 153 | ||||||||||||||
Estimated interest component of | ||||||||||||||||||||||||||||
operating rentals | 6 | 6 | 6 | 6 | 6 | 1 | 5 | |||||||||||||||||||||
Total fixed charges | $ | 134 | $ | 173 | $ | 151 | $ | 157 | $ | 153 | $ | 25 | $ | 158 | ||||||||||||||
Ratio of earnings to fixed charges | 4.6 | 4.2 | 4.6 | 3.3 | 3.7 | 3.9 | 2.7 |
(a) | Post-acquisition activity covering the time period after October 31, 2010. | |
(b) | Pre-acquisition activity covering the time period prior to November 1, 2010. | |
(c) | Includes other-than-temporary impairment loss of $25 million in 2012. | |
(d) | Includes interest on long-term and short-term debt, as well as amortization of loss on reacquired debt and amortization of debt discount, expense and premium - net. | |
(e) | Includes a credit for amortization of a fair market value adjustment of $7 million in 2013. |
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