Xcel Energy 2005 Annual Report Download - page 54

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SUMMARIZED FINANCIAL RESULTS OF DISCONTINUED OPERATIONS
Utility NRG All Other
(Thousands of dollars) Segment Segment Segment Total
2005
Operating revenue $ 6,579 $ – $ 63,206 $ 69,785
Operating and other expenses 6,131 – 68,669 74,800
Special charges and impairments ––––
Pretax income (loss) from operations of discontinued components 448 – (5,463) (5,015)
Income tax expense (benefit) 268 – (19,217) (18,949)
Income from operations of discontinued components 180 – 13,754 13,934
Estimated pretax gain on disposal of discontinued components ––––
Income tax benefit ––––
Gain on disposal of discontinued components ––––
Net income from discontinued operations $ 180 $ – $ 13,754 $ 13,934
2004
Operating revenue $72,232 $ – $179,890 $ 252,122
Operating and other expenses 68,305 – 194,605 262,910
Special charges and impairments 6,574 – 228,439 235,013
Pretax loss from operations of discontinued components (2,647) – (243,154) (245,801)
Income tax expense (benefit) 6,388 – (78,021) (71,633)
Loss from operations of discontinued components (9,035) – (165,133) (174,168)
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 loss from discontinued operations $ (9,035) $ – $(157,268) $(166,303)
2003
Operating revenue $51,723 $ – $298,550 $ 350,273
Operating and other expenses 46,539 – 330,538 377,077
Special charges and impairments (including net disposal losses) – (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) (90,688) (336,883)
Income tax expense (benefit) 1,667 – (414,826) (413,159)
Income (loss) from operations of discontinued components 3,517 (251,379) 324,138 76,276
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) $324,138 $ 99,568
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) 2005 2004
Cash $ 12,658 $ 33,228
Restricted cash –15,000
Trade receivables – net 6,101 24,364
Deferred income tax benefits 157,812 234,305
Other current assets 24,240 60,351
Current assets 200,811 367,248
Property, plant and equipment – net 29,845 155,428
Deferred income tax benefits 352,171 338,863
Other noncurrent assets 19,269 46,293
Noncurrent assets 401,285 540,584
Accounts payable – trade 7,657 29,451
Other current liabilities 36,000 83,480
Current liabilities 43,657 112,931
Long-term debt –24,800
Other noncurrent liabilities 6,936 64,442
Noncurrent liabilities $ 6,936 $ 89,242
52 XCEL ENERGY 2005 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS