Duke Energy Return

Item 6. Selected Financial Data.


     2002 2001 2000 1999 (a) 1998
   
(in millions, except per share amounts)
Income Statement                              
Operating revenues (b)    $ 15,663   $ 18,197   $ 15,342   $ 10,135   $ 8,636  
Operating expenses (b)      13,212     14,494     12,253     8,560     6,278  
Gains on sale of other assets, net      49     238     214     132     48  
                                
Operating income      2,500     3,941     3,303     1,707     2,406  
Other income and expenses, net      369     315     711     336     241  
Interest expense      1,110     785     911     601     514  
Minority interest expense      107     327     307     142     96  
                                  
Earnings before income taxes      1,652     3,144     2,796     1,300     2,037  
Income taxes      618     1,150     1,020     453     777  
                                  
Income before extraordinary item
   and cumulative effect of change
   in accounting principle		      1,034     1,994     1,776     847     1,260  
Extraordinary gain (loss), net of tax      —       —       —       660     (8 )
Cumulative effect of change in
   accounting principle, net of tax		      —       (96 )   —       —       —    
                                  
Net income      1,034     1,898     1,776     1,507     1,252  
Preferred and preference stock
   dividends		      13     14     19     20     21  
                                  
Earnings available for common
   stockholders		    $ 1,021   $ 1,884   $ 1,757   $ 1,487   $ 1,231  
                    
Ratio of Earnings to Fixed Charges      2.1     3.8     3.6     2.7     4.5  
                    
Common Stock Data (c)                                 
Shares of common stock outstanding                                 
Year-end      895     777     739     733     726  
Weighted average      836     767     736     729     722  
Earnings per share (before
   extraordinary item and
   cumulative effect of change
   in accounting principle)		                                 
      Basic    $ 1.22   $ 2.58   $ 2.39   $ 1.13   $ 1.72  
      Diluted      1.22     2.56     2.38     1.13     1.71  
Earnings per share                                 
      Basic    $ 1.22   $ 2.45   $ 2.39   $ 2.04   $ 1.70  
      Diluted      1.22     2.44     2.38     2.03     1.70  
Dividends per share      1.10     1.10     1.10     1.10     1.10  
                                  
Balance Sheet                                 
Total assets    $ 60,966   $ 48,531   $ 58,232   $ 33,409   $ 26,806  
Long-term debt, less current
   maturities		      20,221      12,321     10,717      8,683      6,272  

(a)		  
Financial information reflects a pre-tax $800 million charge for estimated injuries and damages claims. The earnings-per-share effect of this charge was $0.67 per share.
(b)   Operating revenues and expenses have been updated to the extent required to show the impact of the gross versus net presentation of revenues under the partial consensus reached in June 2002 on Emerging Issues Task Force Issue No. 02-03, “Issues Involved in Accounting for Derivative Contracts Held for Trading and Risk Management Activities.” In the calculation of net revenues, Duke Energy has continued to enhance its methodologies around the application of this complex accounting literature since the third quarter of 2002 when these trading revenues were first reported on a net basis. (See Note 1 to the Consolidated Financial Statements, “Summary of Significant Accounting Policies,” for further discussion.)
(c)   Amounts prior to 2001 were restated to reflect the two-for-one common stock split effective January 26, 2001.

 
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