Dominion Power 2007 Annual Report Download - page 61

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Selected Financial Data
Year Ended December 31, 2007(1) 2006(2) 2005(3) 2004(4) 2003(5)
(millions, except per share amounts)
Operating revenue $15,674 $16,297 $17,809 $13,675 $11,802
Income from continuing operations before extraordinary item and cumulative effect of changes
in accounting principles 2,705 1,530 1,033 1,255 908
Income (loss) from discontinued operations, net of tax(6) (8) (150) 6 (6) (601)
Extraordinary item, net of tax (158) ————
Cumulative effect of changes in accounting principles, net of tax —— (6) — 11
Net income 2,539 1,380 1,033 1,249 318
Income from continuing operations before cumulative effect of changes in accounting principles
per common share—basic 4.15 2.19 1.51 1.91 1.43
Net income per common share—basic 3.90 1.97 1.51 1.90 0.50
Income from continuing operations before cumulative effect of changes in accounting principles
per common share—diluted 4.13 2.17 1.50 1.90 1.42
Net income per common share—diluted 3.88 1.96 1.50 1.89 0.50
Dividends paid per share 1.46 1.38 1.34 1.30 1.29
Total assets 39,123 49,269 52,660 45,418 43,546
Long-term debt 13,235 14,791 14,653 15,507 15,776
(1) Includes a $1.5 billion after-tax net income benefit from the disposition of our non-Appalachian E&P operations as discussed in Note 6 to our Consolidated
Financial Statements. Also includes a $252 million after-tax impairment charge associated with the sale of Dresden and a $158 million after-tax extra-
ordinary charge resulting from the reapplication of SFAS No. 71, to the Virginia jurisdiction of our utility generation operations as discussed in Note 2 to our
Consolidated Financial Statements. Also includes a $137 million after-tax charge resulting from the termination of the long-term power sales agreement asso-
ciated with State Line.
(2) Includes a $164 million after-tax impairment charge related to Peaker facilities that were sold in March 2007 and a $104 million after-tax charge resulting
from the write-off of certain regulatory assets related to the planned sale of two of our regulated gas distribution subsidiaries. See Note 6 to our Consolidated
Financial Statements.
(3) Includes a $272 million after-tax loss related to the discontinuance of hedge accounting for certain gas and oil derivatives, resulting from an interruption of
gas and oil production in the Gulf of Mexico caused by the 2005 hurricanes. Also in 2005, we adopted a new accounting standard that resulted in the recog-
nition of the cumulative effect of a change in accounting principle. See Note 3 to our Consolidated Financial Statements.
(4) Includes a $112 million after-tax charge related to our interest in a long-term power tolling contract that was divested in 2005 and a $61 million after-tax
loss related to the discontinuance of hedge accounting for certain oil derivatives, resulting from an interruptionofoilproductionintheGulfofMexico caused
by Hurricane Ivan, and subsequent changes in the fair value of those derivatives during the third quarter.
(5) Includes $122 million of after-tax incremental restoration expenses associated with Hurricane Isabel. Also in 2003, we adopted SFAS No. 143, EITF
No. 02-3, Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Manage-
ment Activities, Statement 133 Implementation Issue No. C20, Interpretation of the Meaning of ‘Not Clearly and Closely Related’ in Paragraph 10(b)
regarding Contracts with a Price Adjustment Feature, and FIN 46R, which resulted in the recognition of the cumulative effect of changes in accounting prin-
ciples.
(6) Reflects the net impact of the discontinued operations of certain DCI operations sold in August 2007, Canadian E&P operations sold in June 2007, Peaker
facilities sold in March 2007 and telecommunications operations sold in May 2004. See Note 6 to our Consolidated Financial Statements.
Dominion 2007 Annual Report 59