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Six |
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Months |
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Year Ended December 31 |
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Ended |
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6/30/99 |
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1998 |
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1997 |
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1996 |
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(Millions, except for ratio and percent) |
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Net income |
|
$ |
225 |
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$ |
443 |
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$ |
417 |
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$ |
309 |
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Taxes based on income: |
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Income taxes |
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27 |
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154 |
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257 |
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221 |
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Municipal and state |
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2 |
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3 |
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4 |
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3 |
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Total taxes based on income |
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29 |
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157 |
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261 |
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224 |
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Fixed charges: |
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Interest expense |
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165 |
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319 |
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297 |
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291 |
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Allowance for funds used during construction |
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3 |
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— |
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— |
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— |
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Interest factor of rents |
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17 |
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34 |
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34 |
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34 |
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Preferred stock dividend factor |
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— |
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7 |
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18 |
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26 |
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Total fixed charges |
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185 |
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360 |
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349 |
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351 |
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Earnings before taxes based on income and fixed charges |
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$ |
439 |
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$ |
960 |
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$ |
1,027 |
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$ |
884 |
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Ratio of earnings to fixed charges |
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2.37 |
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2.67 |
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2.94 |
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2.52 |
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Preferred stock dividends |
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$ |
— |
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$ |
6 |
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$ |
12 |
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$ |
16 |
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Dividends meeting requirement of IRC Section 247 |
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$ |
— |
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$ |
4 |
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$ |
4 |
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$ |
4 |
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Percent deductible for income tax purposes |
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— |
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40.00 |
% |
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40.00 |
% |
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40.00 |
% |
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Amount deductible |
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— |
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2 |
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2 |
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2 |
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Amount not deductible |
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— |
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4 |
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10 |
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14 |
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Ratio of pretax income to net income |
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— |
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1.35 |
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1.61 |
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1.69 |
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Dividend factor for amount not deductible |
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— |
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5 |
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16 |
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24 |
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Amount deductible |
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— |
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2 |
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2 |
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2 |
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Total preferred stock dividend factor |
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$ |
— |
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$ |
7 |
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$ |
18 |
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$ |
26 |
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