Dominion Power 2006 Annual Report Download - page 58

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SELECTED FINANCIAL DATA
2006(1)2005(2)2004(3)2003(4)2002
(millions, except per shareamounts)
Operating revenue $16,482 $17,971 $13,929 $12,035 $10,191
Income from continuing operations before cumulative effect of changes
in accounting principles 1,563 1,047 1,2739421,364
Loss from discontinued operations, net of tax(5) (183) (8) (24) (635) (2)
Cumulative effect of changes in accounting principles, net of tax —(6) — 11 —
Net income 1,380 1,033 1,249 318 1,362
Income from continuing operations before cumulative effect of changes
in accounting principles per common share—basic 4.47 3.06 3.87 2.97 4.85
Net income per common share—basic 3.95 3.02 3.80 1.00 4.85
Income from continuing operations before cumulative effect of changes
in accounting principles per common share—diluted 4.45 3.04 3.85 2.95 4.83
Net income per common share—diluted 3.93 3.00 3.78 1.00 4.82
Dividends paid per share2.76 2.68 2.60 2.58 2.58
Total assets 49,269 52,660 45,418 43,546 39,239
Long-term debt(6) 14,791 14,653 15,507 15,776 12,060
Preferred securities of subsidiary trusts(6) ————1,397
(1) Includes a$164 million after-tax impairment charge resulting from the classi-
fication of three of our natural gas-fired merchant generation peakingfacilities
(Peaker facilities) as held for sale and a$104 million after-tax charge resulting
from the write-off of certain regulatory assets related to the pending sale of two
of our regulated gas distribution subsidiaries. See Note 9 to our Consolidated
Financial Statements.
(2) Includes a$272 million after-tax loss related to the discontinuance of hedge
accounting for certain gas and oil hedges, resulting from an interruption of gas
and oil production in the Gulf of Mexico caused by Hurricanes Katrina and
Rita. Also in 2005, we adoptedanew accounting standard that resulted in the
recognition of the cumulative effect of achange in accounting principle. See
Note 3 to our Consolidated Financial Statements.
(3) Includes a$112 million after-tax charge related to our interest in along-term
power tolling contract that was divested in 2005 and a$61million after-tax
loss related to the discontinuance of hedge accounting for certain oil hedges,
resulting from an interruption of oil production in the Gulf of Mexico caused by
Hurricane Ivan, and subsequent changes in the fair value of those hedges
during the third quarter.
(4) Includes $122 million of after-tax incremental restoration expenses associated
with Hurricane Isabel. Also in 2003, we adoptedSFAS No. 143, Accounting
for Asset Retirement Obligations,EITF Issue No. 02-3, Issues Involved in
Accounting for DerivativeContracts Held for Trading Purposes and Contracts
Involved in Energy Trading andRiskManagement Activities, Statement 133
Implementation Issue No. C20,Interpretation oftheMeaning of‘Not Clearly
and Closely Related’ in Paragraph 10(b) regardingContracts with aPrice
Adjustment Feature, and FASB Interpretation No. 46 (revised December
2003), Consolidation of Variable Interest Entities (FIN 46R), which resultedin
the recognition of the cumulative effect of changes in accounting principles.
(5) Reflects the netimpact of our discontinued operations resulting from the
pending sale of the Peaker facilities and the net impact of our discontinued
telecommunications operations that were sold in May 2004. See Note 9 to our
Consolidated Financial Statements.
(6) Upon adoption of FIN 46R on December 31, 2003 with respect to special
purpose entities, we began reportingaslong-term debt our junior sub-
ordinated notes held by five capital trusts, rather than the trust preferred secu-
rities issued by those trusts.
DOMINION2006 Annual Report 57