| Year ended December 31, | ||||||||||||||||
| (dollars in millions) |
2001 |
2000 |
1999 |
1998 |
1997 | |||||||||||
| Earnings: |
||||||||||||||||
| Net income (loss) |
$ |
1,015 |
$ |
(3,483 |
) |
$ |
788 |
$ |
729 |
$ |
768 | |||||
| Adjustments for minority interest in losses of less than 100% owned affiliates and the Company’s equity in undistributed income
(losses) of less than 50% owned affiliates |
|
— |
|
— |
|
|
— |
|
— |
|
— | |||||
| Income tax expense (benefit) |
|
596 |
|
(2,154 |
) |
|
648 |
|
629 |
|
609 | |||||
| Net fixed charges |
|
1,019 |
|
648 |
|
|
637 |
|
673 |
|
628 | |||||
| |
|
|
|
|
|
|
|
|
|
| ||||||
| Total earnings |
$ |
2,630 |
$ |
(4,989 |
) |
$ |
2,073 |
$ |
2,031 |
$ |
2,005 | |||||
| |
|
|
|
|
|
|
|
|
|
| ||||||
| Fixed charges: |
||||||||||||||||
| Interest on short-term borrowings and long-term debt, net |
$ |
981 |
$ |
616 |
|
$ |
604 |
$ |
635 |
$ |
586 | |||||
| Interest on capital leases |
|
2 |
|
2 |
|
|
3 |
|
2 |
|
2 | |||||
| AFUDC debt |
|
12 |
|
6 |
|
|
7 |
|
12 |
|
17 | |||||
| Earnings required to cover the preferred stock dividend and preferred security distribution requirements of majority owned
trust |
|
24 |
|
24 |
|
|
24 |
|
24 |
|
24 | |||||
| |
|
|
|
|
|
|
|
|
|
| ||||||
| Total fixed charges |
$ |
1,019 |
$ |
648 |
|
$ |
638 |
$ |
673 |
$ |
629 | |||||
| |
|
|
|
|
|
|
|
|
|
| ||||||
| Ratios of Earnings to Fixed Charges |
|
2.58 |
|
(7.70 |
)(1) |
|
3.25 |
|
3.02 |
|
3.19 | |||||
| |
|
|
|
|
|
|
|
|
|
| ||||||
Note: |
For the purpose of computing Pacific Gas and Electric Company’s ratios of earnings to fixed charges, “earnings” represent net income adjusted for the minority
interest in losses of less than 100% owned affiliates, cash distributions from and equity in undistributed income or loss of Pacific Gas and Electric Company’s less than 50% owned affiliates, income taxes and fixed charges (excluding
capitalized interest). “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 of subordinated
debentures held by trust, interest on capital leases, and earnings required to cover the preferred stock dividend requirements. |
(1) |
The ratio of earnings to fixed charges indicates a deficiency of less than one-to-one coverage aggregating $5,637 million. |