Progress Energy 2008 Annual Report Download - page 120

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
118
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Year ended December 31, 2006
(in millions) Parent
Subsidiary
Guarantor
Non-Guarantor
Subsidiary Other
Progress
Energy, Inc.
Operating revenues $– $4,637 $4,086 $1 $8,724
Operating expenses
Fuel used in electric generation –1,835 1,173 –3,008
Purchased power –766 334 –1,100
Operation and maintenance 14 684 930 (45) 1,583
Depreciation, amortization and accretion –406 571 34 1,011
Taxes other than on income –309 191 –500
Other –21 –14 35
Total operating expenses 14 4,021 3,199 37,237
Operating (loss) income (14) 616 887 (2) 1,487
Other income (expense)
Interest income 47 15 25 (28) 59
Allowance for equity funds used during construction –17 4 – 21
Other, net (80) 23 21 (1) (37)
Total other (expense) income, net (33) 55 50 (29) 43
Interest charges
Interest charges 276 187 217 (49) 631
Allowance for borrowed funds used during construction –(5) (2) –(7)
Total interest charges, net 276 182 215 (49) 624
(Loss) income from continuing operations before income
tax, equity in earnings of consolidated subsidiaries and
minority interest (323) 489 722 18 906
Income tax (benefit) expense (123) 174 265 23 339
Equity in earnings of consolidated subsidiaries 779 – – (779) –
Minority interest in subsidiaries’ income, net of tax –(16) – – (16)
Income (loss) from continuing operations 579 299 457 (784) 551
Discontinued operations, net of tax (8) 400 –(372) 20
Net income (loss) $571 $699 $457 $(1,156) $571