Xcel Energy 2004 Annual Report Download - page 57

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NOTES to CONSOLIDATED FINANCIAL STATEMENTS
Xcel Energy Annual Report 2004
55
Summarized Financial Results of Discontinued Operations
All Other
(Thousands of dollars) Utility Segment NRG Segment Segment Total
2004
Operating revenue $72,232 $ – $ 89,167 $ 161,399
Operating and other expenses 68,305 – 106,198 174,503
Special charges and impairments 6,574 – 228,439 235,013
Pretax income (loss) from operations of discontinued components (2,647) – (245,470) (248,117)
Income tax expense (benefit) 6,388 – (75,672) (69,284)
Income (loss) from operations of discontinued components (9,035) – (169,798) (178,833)
Estimated pretax gain on disposal of discontinued components – – 961 961
Income tax benefit – – 6,904 6,904
Gain on disposal of discontinued components – – 7,865 7,865
Net income (loss) from discontinued operations $ (9,035) $ – $(161,933) $ (170,968)
2003
Operating revenue $51,723 $ – $ 210,304 $ 262,027
Operating and other expenses 46,539 – 246,017 292,556
Special charges and impairments – (1,664) 58,700 57,036
Equity in NRG losses – 253,043 – 253,043
Pretax income (loss) from operations of discontinued components 5,184 (251,379) (94,413) (340,608)
Income tax expense (benefit) 1,667 – (415,535) (413,868)
Income (loss) from operations of discontinued components 3,517 (251,379) 321,122 73,260
Estimated pretax gain on disposal of discontinued components 40,072 – – 40,072
Income tax expense 16,780 – – 16,780
Gain on disposal of discontinued components 23,292 – – 23,292
Net income (loss) from discontinued operations $26,809 $ (251,379) $ 321,122 $ 96,552
2002
Operating revenue and equity in project income $73,455 $ 3,010,557 $ 193,688 $ 3,277,700
Operating and other expenses 50,923 3,173,598 224,123 3,448,644
Special charges and impairments (including net disposal losses) – 3,459,406 26,962 3,486,368
Pretax income (loss) from operations of discontinued components 22,532 (3,622,447) (57,397) (3,657,312)
Income tax expense (benefit) 8,742 (172,517) (718,352) (882,127)
Income (loss) from operations of discontinued components 13,790 (3,449,930) 660,955 (2,775,185)
Estimated pretax gain on disposal of discontinued components – 2,814 – 2,814
Income tax benefit – (2,992) – (2,992)
Gain on disposal of discontinued components – 5,806 – 5,806
Net income (loss) from discontinued operations $13,790 $(3,444,124) $ 660,955 $(2,769,379)
The major classes of assets and liabilities held for sale and related to discontinued operations as of Dec. 31 are as follows:
(Thousands of dollars) 2004 2003
Cash $ 26,828 $ 39,995
Restricted Cash 15,000 –
Trade receivables – net 16,326 55,057
Deferred income tax benefits 234,305 580,626
Other current assets 51,673 52,378
Current assets 344,132 728,056
Property, plant and equipment – net 135,541 399,271
Deferred income tax benefits 338,863 314,670
Other noncurrent assets 15,758 14,789
Noncurrent assets 490,162 728,730
Current portion of long-term debt ––
Accounts payable – trade 26,752 68,056
NRG settlement payments –752,000
Other current liabilities 69,804 23,493
Current liabilities 96,556 843,549
Long-term debt 24,800 25,000
Minority interest –5,363
Other noncurrent liabilities 57,228 42,186
Noncurrent liabilities $ 82,028 $ 72,549