Xcel Energy 2014 Annual Report Download - page 96
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78
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
Year Ended Dec. 31
2014 2013 2012
Operating revenues
Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,465,890 $ 9,034,045 $ 8,517,296
Natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,142,738 1,804,679 1,537,374
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,507 76,198 73,553
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,686,135 10,914,922 10,128,223
Operating expenses
Electric fuel and purchased power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,210,142 4,018,672 3,623,935
Cost of natural gas sold and transported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,372,479 1,082,751 880,939
Cost of sales — other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,352 33,323 29,067
Operating and maintenance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,334,379 2,273,532 2,176,095
Conservation and demand side management program expenses . . . . . . . . . . . . . . . . . . . . 301,772 260,726 260,527
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,019,045 977,863 926,053
Taxes (other than income taxes). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,836 420,500 408,924
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,738,005 9,067,367 8,305,540
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,948,130 1,847,555 1,822,683
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,296 2,972 6,175
Equity earnings of unconsolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,151 30,020 29,971
Allowance for funds used during construction — equity. . . . . . . . . . . . . . . . . . . . . . . . . . . 89,750 87,683 62,840
Interest charges and financing costs
Interest charges — includes other financing costs of $22,986,
$30,135 and $24,087, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566,608 575,199 601,552
Allowance for funds used during construction — debt . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,402)(39,179) (35,315)
Total interest charges and financing costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528,206 536,020 566,237
Income before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545,121 1,432,210 1,355,432
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523,815 483,976 450,203
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,021,306 $ 948,234 $ 905,229
Weighted average common shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503,847 496,073 487,899
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,117 496,532 488,434
Earnings per average common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.03 $ 1.91 $ 1.86
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.03 1.91 1.85
Cash dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.20 $ 1.11 $ 1.07
See Notes to Consolidated Financial Statements