CenterPoint Energy 2015 Annual Report Download - page 54

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• changes in technology, particularly with respect to efficient battery storage or the emergence or growth of new, developing or alternative sources of
generation;
• thetimingandoutcomeofanyaudits,disputesandotherproceedingsrelatedtotaxes;
•theeffectivetaxrates;
• theeffectofchangesinandapplicationofaccountingstandardsandpronouncements;and
• otherfactorswediscussunder“RiskFactors”inItem1AofthisreportandinotherreportswefilefromtimetotimewiththeSecuritiesandExchange
Commission.
CONSOLIDATED RESULTS OF OPERATIONS
Alldollaramountsinthetablesthatfollowareinmillions,exceptforpershareamounts.
Year Ended December 31,
2015
2014
2013
Revenues $ 7,386
$ 9,226
$ 8,106
Expenses 6,453
8,291
7,096
OperatingIncome 933
935
1,010
Gain(Loss)onMarketableSecurities (93)
163
236
Gain(Loss)onIndexedDebtSecurities 74
(86)
(193)
InterestandOtherFinanceCharges (352)
(353)
(351)
InterestonTransitionandSystemRestorationBonds (105)
(118)
(133)
EquityinEarnings(Losses)ofUnconsolidatedAffiliates (1,633)
308
188
OtherIncome,net 46
36
24
Income(Loss)BeforeIncomeTaxes (1,130)
885
781
IncomeTaxExpense(Benefit) (438)
274
470
NetIncome(Loss) $ (692)
$ 611
$ 311
BasicEarnings(Loss)PerShare $ (1.61)
$ 1.42
$ 0.73
DilutedEarnings(Loss)PerShare $ (1.61)
$ 1.42
$ 0.72
2015 Compared to 2014
Net Income. Wereportedanetlossof$692million($(1.61)perdilutedshare)for2015comparedtonetincomeof$611million($1.42perdilutedshare)
forthesameperiodin2014.
Thedecreaseinnetincomeof$1,303millionwasduetothefollowingkeyfactors:
•a$1,941milliondecreaseinequityearningsofunconsolidatedaffiliates,whichincludedimpairmentchargesof$1,846million,discussedfurtherinNote
9toourconsolidatedfinancialstatements;and
• a$256millionincreaseinthelossonourmarketablesecurities.
Thesedecreaseswerepartiallyoffsetby:
• a$712milliondecreaseinincometaxexpense;
• a$160millionincreaseinthegainonourindexeddebtsecurities;
• a$13milliondecreaseininterestexpenserelatedtoourtransitionandsystemrestorationbonds;and
• an$10millionincreaseinotherincome.
50