Duke Energy 2013 Annual Report Download - page 99

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81
PART II
Years Ended December 31,
(in millions) 2013 2012 2011
Operating Revenues $4,992 $4,706 $4,547
Operating Expenses
Fuel used in electric generation and purchased power 1,925 1,895 1,755
Operation, maintenance and other 1,357 1,494 1,191
Depreciation and amortization 534 535 514
Property and other taxes 223 219 211
Impairment charges 22 54 3
Total operating expenses 4,061 4,197 3,674
Gains on Sales of Other Assets and Other, net 1 1 3
Operating Income 932 510 876
Other Income and Expenses, net 57 79 80
Interest Expense 201 207 184
Income Before Income Taxes 788 382 772
Income Tax Expense 288 110 256
Net Income 500 272 516
Less: Preferred Stock Dividend Requirement — 3 3
Net Income Available to Parent $ 500 $ 269 $ 513
Net Income $ 500 $ 272 $ 516
Other Comprehensive (Loss) Income, net of tax
Net unrealized loss on cash flow hedges(a) —(4) (43)
Reclassification into earnings from cash flow hedges —4 5
Reclassification of cash flow hedges to regulatory assets(b) —71 —
Other Comprehensive Income (Loss), net of tax — 71 (38)
Comprehensive Income $ 500 $ 343 $ 478
(a) Net of $28 million tax benefit in 2011.
(b) Net of $46 million tax expense in 2012.
See Notes to Consolidated Financial Statements
DUKE ENERGY PROGRESS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME