Duke Energy 2014 Annual Report Download - page 104

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PART II
Years Ended December 31,
(in millions) 2014 2013 2012
Operating Revenues $5,176 $4,992 $4,706
Operating Expenses
Fuel used in electric generation and purchased power 2,036 1,925 1,895
Operation, maintenance and other 1,470 1,357 1,494
Depreciation and amortization 582 534 535
Property and other taxes 174 223 219
Impairment charges (18) 22 54
Total operating expenses 4,244 4,061 4,197
Gains on Sales of Other Assets and Other, net 3 11
Operating Income 935 932 510
Other Income and Expenses, net 51 57 79
Interest Expense 234 201 207
Income Before Income Taxes 752 788 382
Income Tax Expense 285 288 110
Net Income 467 500 272
Less: Preferred Stock Dividend Requirement — —3
Net Income Available to Parent $ 467 $ 500 $ 269
Net Income $ 467 $ 500 $ 272
Other Comprehensive (Loss) Income, net of tax
Net unrealized loss on cash fl ow hedges ——(4)
Reclassifi cation into earnings from cash fl ow hedges ——4
Reclassifi cation of cash fl ow hedges to regulatory assets(a) ——71
Other Comprehensive Income, net of tax — —71
Comprehensive Income $ 467 $ 500 $ 343
(a) 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