EX-12.C 14 ppl-3312018_ex12c.htm EXHIBIT 12.C
Exhibit 12(c)
LG&E AND KU ENERGY LLC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)

| Three Months Ended March 31, |  | Years Ended December 31,
| 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings, as defined: |  |  |  |  |  |  |  |  |  |  |
Income from Continuing Operations Before Income Taxes | $ | 181 |  |  | $ | 691 |  |  | $ | 686 |  |  | $ | 603 |  |  | $ | 553 |  |  | $ | 551 |
Adjustment to reflect earnings from equity method investments on a cash basis | — |  |  | 1 |  |  | (1 | ) |  | (1 | ) |  | (1 | ) |  | (1 | )
| 181 |  |  | 692 |  |  | 685 |  |  | 602 |  |  | 552 |  |  | 550 |
Total fixed charges as below | 57 |  |  | 224 |  |  | 223 |  |  | 189 |  |  | 173 |  |  | 151 |
Total earnings | $ | 238 |  |  | $ | 916 |  |  | $ | 908 |  |  | $ | 791 |  |  | $ | 725 |  |  | $ | 701 |
Fixed charges, as defined: |  |  |  |  |  |  |  |  |  |  |
Interest charges (a) (b) | $ | 55 |  |  | $ | 215 |  |  | $ | 214 |  |  | $ | 181 |  |  | $ | 167 |  |  | $ | 145 |
Estimated interest component of operating rentals | 2 |  |  | 9 |  |  | 9 |  |  | 8 |  |  | 6 |  |  | 6 |
Total fixed charges | $ | 57 |  |  | $ | 224 |  |  | $ | 223 |  |  | $ | 189 |  |  | $ | 173 |  |  | $ | 151 |
Ratio of earnings to fixed charges | 4.2 |  |  | 4.1 |  |  | 4.1 |  |  | 4.2 |  |  | 4.2 |  |  | 4.6 |

(a) | 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.

(b) | Includes a credit for amortization of a fair market value adjustment of $7 million in 2013.