Xcel Energy 2008 Annual Report Download - page 159

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Quarter Ended
March 31, 2007 June 30, 2007 Sept. 30, 2007 Dec. 31, 2007
(Thousands of Dollars, except per share amounts)
Operating revenues ................................... $2,763,662 $ 2,267,292 $ 2,399,997 $ 2,603,219
Operating income ................................... 278,128 289,157 494,845 288,941
Income from continuing operations ......................... 118,514 67,695 254,720 134,969
Discontinued operations — income (loss) ...................... 1,197 1,082 97 (927)
Net income ....................................... 119,711 68,777 254,817 134,042
Earnings available to common shareholders ..................... 118,651 67,717 253,757 132,982
Earnings per share total — basic ........................... $ 0.29 $ 0.16 $ 0.60 $ 0.31
Earnings per share total — diluted .......................... 0.28 0.16 0.59 0.31
22. Revision of Financial Statements
During preparation of the Xcel Energy’s Annual Report on Form 10-K for the year ended December 31, 2008, it was
determined that the investment in WYCO should have been reported as cash used in investing activities versus cash
provided of $29.7 million as previously reported in the consolidated statement of cash flows for the year ended
Dec. 31, 2007. In addition, the change in other noncurrent assets should have reflected cash provided of $3.3 million
versus an outflow of $56.1 million. Net cash provided by operating activities was previously reported as $1,572 million
and revised to $1,632 million. Net cash used in financing activities was previously reported as $2,022 million and
revised to $2,082 million.
Xcel Energy determined that this revision was not material to its previously issued financial statements. As such, in
accordance with the provisions of SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year
Misstatements when Quantifying Misstatements in Current Year Financial Statements, Xcel Energy reflected the revision in
this Annual Report on Form 10-K.
Item 9 — Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure
During 2007 and 2008, and through the date of this report, there were no disagreements with the independent public
accountants on accounting principles or practices, financial statement disclosures, or auditing scope or procedures.
Item 9A — Controls and Procedures
Disclosure Controls and Procedures
Xcel Energy maintains a set of disclosure controls and procedures designed to ensure that information required to be
disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in SEC rules and forms. In addition, the disclosure controls
and procedures ensure that information required to be disclosed is accumulated and communicated to management,
including the chief executive officer (CEO) and chief financial officer (CFO), allowing timely decisions regarding
required disclosure. As of Dec. 31, 2008, based on an evaluation carried out under the supervision and with the
participation of Xcel Energy’s management, including the CEO and the CFO, of the effectiveness of its disclosure
controls and the procedures, the CEO and CFO have concluded that Xcel Energy’s disclosure controls and procedures
were effective.
Internal Controls Over Financial Reporting
No change in Xcel Energy’s internal control over financial reporting has occurred during the most recent fiscal quarter
that has materially affected, or is reasonably likely to materially affect, Xcel Energy’s internal control over financial
reporting. Xcel Energy maintains internal control over financial reporting to provide reasonable assurance regarding the
reliability of the financial reporting. Xcel Energy has evaluated and documented its controls in process activities, in
general computer activities, and on an entity-wide level. During the year and in preparation for issuing its report for
the year ended Dec. 31, 2008 on internal controls under section 404 of the Sarbanes-Oxley Act of 2002, Xcel Energy
conducted testing and monitoring of its internal control over financial reporting. Based on the control evaluation,
testing and remediation performed, Xcel Energy did not identify any material control weaknesses, as defined under the
standards and rules issued by the Public Company Accounting Oversight Board (PCAOB) and as approved by the SEC
and as indicated in Management Report on Internal Controls herein.
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