Exhibit 12(d) | ||||||||||||||||||||||||||||
LOUISVILLE GAS AND ELECTRIC COMPANY | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Oct. 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2010 | ||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 237 | $ | 272 | $ | 257 | $ | 192 | $ | 195 | $ | 29 | $ | 167 | ||||||||||||||
Mark to market impact of derivative | ||||||||||||||||||||||||||||
instruments | 1 | (20) | ||||||||||||||||||||||||||
237 | 272 | 257 | 192 | 195 | 30 | 147 | ||||||||||||||||||||||
Total fixed charges as below | 42 | 51 | 36 | 44 | 46 | 8 | 40 | |||||||||||||||||||||
Total earnings | $ | 279 | $ | 323 | $ | 293 | $ | 236 | $ | 241 | $ | 38 | $ | 187 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||||||
Interest charges (c) (d) | $ | 39 | $ | 49 | $ | 34 | $ | 42 | $ | 44 | $ | 8 | $ | 38 | ||||||||||||||
Estimated interest component of | ||||||||||||||||||||||||||||
operating rentals | 3 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
Total fixed charges | $ | 42 | $ | 51 | $ | 36 | $ | 44 | $ | 46 | $ | 8 | $ | 40 | ||||||||||||||
Ratio of earnings fixed charges | 6.6 | 6.3 | 8.1 | 5.4 | 5.2 | 4.8 | 4.7 |
(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 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. | |
(d) | Includes a credit for amortization of a fair market value adjustment of $7 million in 2013. |
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