Dominion Power 2015 Annual Report Download - page 24

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DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT
22
GAAP RECONCILIATION OF 2016 OPERATING EARNINGS GUIDANCE
In providing its full-year 2016 operating earnings guidance, the company notes that there could be differences between expected reported
(GAAP) earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in
accounting principles. At this time, Dominion management is unable to estimate the aggregate impact, if any, of these items on reported
earnings. Accordingly, Dominion is unable to provide a corresponding GAAP equivalent for its operating earnings guidance.
RECONCILIATION OF OPERATING EARNINGS (NON-GAAP) TO REPORTED EARNINGS (GAAP)
(MILLIONS, EXCEPT PER SHARE AMOUNTS)
2011 2012 2013 2014 2015
Operating Earnings (non-GAAP)* $ 1,743 $ 1,774 $ 1,881 $ 2,003 $ 2,040
Items excluded from operating earnings (after-tax):
Loss from discontinued operations (58) (1,125) (92) — —
Charges associated with North Anna and offshore wind facilities — — — (248) —
Producer Services repositioning — — (76) (193) —
Charges associated with liability management exercise — — — (174) —
Impairment of generation assets (139) (269) — — —
Future ash pond and landfill closure costs — — — (74) (60)
Other items (138) (78) (16) (4) (81)
Total after-tax items (335) (1,472) (184) (693) (141)
Reported Earnings (GAAP) $ 1,408 $ 302 $ 1,697 $ 1,310 $ 1,899
Earnings per common share — diluted:
Operating Earnings (non-GAAP)* $ 3.03 $ 3.09 $ 3.25 $ 3.43 $ 3.44
Items excluded from operating earnings (0.58) (2.56) (0.32) (1.19) (0.24)
Reported Earnings $ 2.45 $ 0.53 $ 2.93 $ 2.24 $ 3.20
*Dominion uses operating earnings as the primary performance measurement of its earnings outlook and results for public communications with analysts and investors.
Dominion management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.