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49
CONSOLIDATED BALANCE SHEETS
At December 31,
(Thousands of Dollars) 2005 2004
Liabilities and Capitalization
Current Liabilities:
Notes payable to banks $ 32,000 $ 180,000
Long-term debt – current portion 22,673 90,759
Accounts payable 972,368 825,247
Accrued taxes 95,210 —
Accrued interest 47,742 49,449
Derivative liabilities – current 402,530 130,275
Counterparty deposits 28,944 57,650
Other 272,252 212,239
Liabilities of assets held for sale 101,511 —
1,975,230 1,545,619
Rate Reduction Bonds 1,350,502 1,546,490
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,306,340 1,434,403
Accumulated deferred investment tax credits 95,444 99,124
Deferred contractual obligations 358,174 413,056
Regulatory liabilities 1,273,501 1,070,187
Derivative liabilities – long-term 272,995 58,737
Other 364,157 267,895
3,670,611 3,343,402
Capitalization:
Long-TermDebt 3,027,288 2,789,974
Preferred Stock of Subsidiary – Non-Redeemable 116,200 116,200
Common Shareholders’ Equity:
Common shares, $5 par value – authorized 225,000,000
shares; 174,897,704 shares issued and 153,225,892
shares outstanding in 2005 and 151,230,981 shares
issued and 129,034,442 shares outstanding in 2004 874,489 756,155
Capital surplus, paid in 1,437,561 1,116,106
Deferred contribution plan – employee stock ownership plan (46,884) (60,547)
Retained earnings 504,301 845,343
Accumulated other comprehensive income/(loss) 19,987 (1,220)
Treasury stock, 19,645,511 shares in 2005
and 19,580,065 shares in 2004 (360,210) (359,126)
Common Shareholders’ Equity 2,429,244 2,296,711
Total Capitalization 5,572,732 5,202,885
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization $12,569,075 $11,638,396
The accompanying notes arean integral partof these consolidated financial statements.