National Grid 2006 Annual Report Download - page 31

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The accompanying notes are an integral part of these consolidated financial statements.
31
National Grid USA / Annual Report
NATIONAL GRID USA AND SUBSIDIARY COMPANIES
Consolidated Statements of Income
(In thousands of dollars)
For the years ended March 31,
2006 2005 2004
Operating revenues:
Electric 7,193,299$ 6,263,607$ 6,414,325$
Gas 1,037,081 808,015 779,600
Total operating revenues 8,230,380 7,071,622 7,193,925
Operating expenses:
Purchased energy:
Electricity purchased 3,544,029 2,911,101 3,145,135
Gas purchased 741,419 509,543 478,647
Contract termination charges and nuclear unit shutdown
charges 73,364 149,140 145,517
Other operation and maintenance 1,480,366 1,346,684 1,567,866
Depreciation and amortization 393,849 382,758 375,995
Amortization of stranded costs 532,987 318,844 264,824
Other taxes 323,974 322,259 343,534
Income taxes 316,052 306,229 269,667
Total operating expenses 7,406,040 6,246,558 6,591,185
Operating income 824,340 825,064 602,740
Other income (deductions), net (4,756) 5,675 (21,085)
Operating and other income 819,584 830,739 581,655
Interest:
Interest on long-term debt 172,740 207,791 263,616
Other interest 84,779 69,250 51,955
Total interest expense 257,519 277,041 315,571
Net income 562,065$ 553,698$ 266,084$
Consolidated Statements of Comprehensive Income
(In thousands of dollars)
For the years ended March 31,
2006 2005 2004
Net income 562,065$ 553,698$ 266,084$
Other comprehensive income:
Unrealized gains on securities, net of taxes 6,217 2,858 7,982
Hedging activity, net of taxes 4,009 (4,629) 2,425
Change in additional minimum pension liability, net of taxes 182,489 14,557 67,292
Reclassification adjustment for gains
included in net income, net of taxes (24,810) (7,102) (525)
Total other comprehensive income 167,905 5,684 77,174
Comprehensive income 729,970$ 559,382$ 343,258$