Line No. Description Source Amount. 1 Rate Base Exh. A-2, Sch. B1 $ 3,395, Adjusted Net Operating Income Exh. A-3, Sch.
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1 Historical Revenue Deficiency (Sufficiency) Schedule: A1 For the Historical Year Ended December 31, 2016 Witness: M. A. Suchta ($000) Page: 1 of 1 (a) (b) (c) No. Description Source Amount 1 Rate Base Exh. A-2, Sch. B1 $ 3,395,937 2 Adjusted Net Operating Income Exh. A-3, Sch. C1 230,461 3 Overall Rate of Return % 4 Required Rate of Return Exh. A-4, Sch. D1 5.68% 5 Income Requirements 1 x 4 $ 192,916 6 Income Deficiency / (Sufficiency) 5-2 $ (37,545) 7 Revenue Conversion Factor Exh. A-3, Sch. C Revenue Deficiency / (Sufficiency) 6 x 7 $ (61,829)
2 Historical Financial Metrics* - Financial Basis Schedule: A2 Page 1 of 6 1 Operating Revenue $ 1,293 $ 1,448 $ 1,603 $ 1,356 $ 1,308 2 Operating Expenses (1,061) (1,181) (1,313) (1,103) (1,022) 3 Pre-Tax Operating Income Income Taxes (50) (77) (77) (72) (78) 5 Net Operating Income Other Income and deductions AFUDC - (1) (1) (1) (4) 8 Interest Charges Preferred Stock Dividends Net Income Available for Common Average Common Equity 1,044 1,090 1,145 1,191 1, Earned Rate of Return on Common Equity 11.8% 12.1% 13.6% 10.1% 11.2% 13 Authorized Rate of Return on Common Equity 11.0% 10.5% 10.5% 10.5% 10.5% * Each rating agency has its own methodology for calculating financial ratios. The adjustments used by the rating agencies are not readily available. The standard methodology for calculating ratios has been used in the financial metric calculations above.
3 Historical Financial Metrics* - Financial Basis Schedule: A2 Page 2 of 6 EBIT Interest Coverage Ratio 14 Pre-Tax Operating Income Other Income and deductions AFUDC - (1) (1) (1) (4) 17 Total EBIT Interest Charges EBIT Interest Coverage Ratio EBITDA Interest Coverage Ratio 20 Total EBIT Depreciation and Amortization Total EBITDA Interest Charges EBITDA Interest Coverage Ratio Funds Flow from Operations (FFO) Interest Coverage Ratio 25 Net Operating Income Depreciation and Amortization Deferred Income Tax AFUDC - (1) (1) (1) (4) 29 Other Major Recurring Non-Cash Items Interest Paid Less: Operating Lease Adjustment to Depreciation Subtotal Interest Charges FFO Interest Coverage Ratio * Each rating agency has its own methodology for calculating financial ratios. The adjustments used by the rating agencies are not readily available. The standard methodology for calculating ratios has been used in the financial metric calculations above.
4 Historical Financial Metrics* - Financial Basis Schedule: A2 Page 3 of 6 Overall Fixed Charge Coverage Ratio 36 Net Income Available for Common $ 114 $ 141 $ 138 $ 132 $ Interest Charges Subtotal Numerator Interest Charges Preferred Stock Dividends Subtotal Denominator Overall Fixed Charge Coverage Ratio Cash Flow Coverage of Dividends Ratio 43 Net Income Available for Common Depreciation and Amortization Deferred Taxes Subtotal Common Dividends Cash Flow Coverage of Dividends Ratio Common Dividends Payout Ratio 49 Common Dividends Net Income Available for Common Common Dividends Payout Ratio 72% 56% 63% 70% 70% Permanent Capitalization 52 Long Term Debt 919 1,029 1,099 1,119 1, Preferred Stock Common Equity Total Permanent Capital 919 1,029 1,099 1,119 1, Long Term Debt 919 1,029 1,099 1,119 1, Preferred Stock Common Equity 1,059 1,120 1,169 1,213 1, Total Permanent Capital $ 1,978 2,149 2,268 2,332 2, Total Permanent Capital-Debt % 46.5% 47.9% 48.5% 48.0% 46.5% * Each rating agency has its own methodology for calculating financial ratios. The adjustments used by the rating agencies are not readily available. The standard methodology for calculating ratios has been used in the financial metric calculations above.
5 Historical Financial Metrics - Ratemaking Basis Schedule: A2 Page 4 of 6 60 Operating Revenue 1,293 1,447 1,603 1,356 1, Operating Expenses (1,060) (1,181) (1,313) (1,102) (1,019) 62 Pre-Tax Operating Income Income Taxes Net Operating Income Tax Impact on Pro-Forma Interest on NOI AFUDC Interest Charges (59) (58) (57) (61) (60) 68 Preferred Stock Dividends Net Income Available for Common and JDITC Return Assignable to JDITC Net Income Available for Common Average Common Equity 1,044 1,090 1,145 1,191 1, Earned Rate of Return on Common Equity 10.9% 12.9% 12.0% 11.1% 10.4% 74 Authorized Return on Equity 11.0% 10.5% 10.5% 10.5% 10.5%
6 Historical Financial Metrics - Ratemaking Basis Schedule: A2 Page 5 of 6 EBIT Interest Coverage Ratio 75 Pre-Tax Operating Income $ 232 $ 266 $ 290 $ 254 $ AFUDC Total EBIT Interest Charges EBIT Interest Coverage Ratio EBITDA Interest Coverage Ratio 80 Total EBIT Depreciation and Amortization Total EBITDA Interest Charges EBITDA Interest Coverage Ratio Funds Flow from Operations (FFO) Interest Coverage Ratio 85 Net Operating Income Depreciation and Amortization Deferred Income Tax AFUDC Other Major Recurring Non-Cash Items Interest Paid Less: 91 Operating Lease Adjustment to Depreciation Subtotal Interest Charges FFO Interest Coverage Ratio
7 Historical Financial Metrics - Ratemaking Basis Schedule: A2 Page 6 of 6 Overall Fixed Charge Coverage Ratio 95 Net Income Available for Common $ 114 $ 141 $ 138 $ 132 $ Interest Charges Subtotal Numerator Interest Charges Preferred Stock Dividends Subtotal Denominator Overall Fixed Charge Coverage Ratio Cash Flow Coverage of Dividends Ratio 102 Net Income Available for Common Depreciation and Amortization Deferred Taxes Subtotal Common Dividends Cash Flow Coverage of Dividends Ratio Common Dividends Payout Ratio 108 Common Dividends Net Income Available for Common Common Dividends Payout Ratio 72% 56% 62% 70% 70% Permanent Capitalization 111 Long Term Debt (Excluding Securitization) 916 1,024 1,094 1,119 1, Preferred Stock Common Equity Total Permanent Capital 916 1,024 1,094 1,119 1, Long Term Debt (Excluding Securitization) 916 1,024 1,094 1,119 1, Preferred Stock Common Equity 1,060 1,120 1,170 1,213 1, Total Permanent Capital $ 1,976 2,145 2,264 2,332 2, Total Permanent Capital-Debt % 46.4% 47.8% 48.3% 48.0% 46.4%
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