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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
Year Ended Dec. 31
2015 2014 2013
Operating revenues
Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,275,986 $ 9,465,890 $ 9,034,045
Natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,672,081 2,142,738 1,804,679
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,419 77,507 76,198
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,024,486 11,686,135 10,914,922
Operating expenses
Electric fuel and purchased power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,762,953 4,210,142 4,018,672
Cost of natural gas sold and transported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904,794 1,372,479 1,082,751
Cost of sales — other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,216 34,352 33,323
Operating and maintenance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,329,670 2,334,379 2,273,532
Conservation and demand side management program expenses . . . . . . . . . . . . . . . . . . . . 224,679 301,772 260,726
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,124,524 1,019,045 977,863
Taxes (other than income taxes). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511,675 465,836 420,500
Loss on Monticello life cycle management/extended power uprate project . . . . . . . . . . . 129,463 — —
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,023,974 9,738,005 9,067,367
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,512 1,948,130 1,847,555
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 5,296 2,972
Equity earnings of unconsolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,390 30,151 30,020
Allowance for funds used during construction — equity. . . . . . . . . . . . . . . . . . . . . . . . . . . 55,936 89,750 87,683
Interest charges and financing costs
Interest charges — includes other financing costs of $24,175, $22,986 and
$30,135, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,282 566,608 575,199
Allowance for funds used during construction — debt . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,248)(38,402) (39,179)
Total interest charges and financing costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569,034 528,206 536,020
Income before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,527,204 1,545,121 1,432,210
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 542,719 523,815 483,976
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 984,485 $ 1,021,306 $ 948,234
Weighted average common shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507,768 503,847 496,073
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508,168 504,117 496,532
Earnings per average common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.94 $ 2.03 $ 1.91
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.94 2.03 1.91
Cash dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.28 $ 1.20 $ 1.11
See Notes to Consolidated Financial Statements