Financial Highlightsa
| (In millions, except per-share amounts) | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||
| Statement of Operations | |||||||||||||||
| Total operating revenues | $ | 13,207 | $ | 12,720 | $ | 10,607 | $ | 6,906 | $ | 6,357 | |||||
| Total operating expenses | 10,765 | 10,222 | 9,210 | 5,586 | 5,074 | ||||||||||
| Gains on sales of investments in commercial and multi-family real estate | — | — | 201 | 191 | 192 | ||||||||||
| Gains (losses) on sales of other assets and other, net | 69 | (5 | ) | 223 | (55 | ) | (435 | ) | |||||||
| Operating income | 2,511 | 2,493 | 1,821 | 1,456 | 1,040 | ||||||||||
| Total other income and expenses | 121 | 428 | 354 | 217 | 180 | ||||||||||
| Interest expense | 741 | 685 | 632 | 381 | 425 | ||||||||||
| Minority interest (benefit) expense | (4 | ) | 2 | 13 | 24 | (15 | ) | ||||||||
| Income from continuing operations before income taxes | 1,895 | 2,234 | 1,530 | 1,268 | 810 | ||||||||||
| Income tax expense from continuing operations | 616 | 712 | 450 | 375 | 192 | ||||||||||
| Income from continuing operations | 1,279 | 1,522 | 1,080 | 893 | 618 | ||||||||||
| Income (loss) from discontinued operations, net of tax | 16 | (22 | ) | 783 | 935 | 872 | |||||||||
| Income before cumulative effect of change in accounting principle and extraordinary items | 1,295 | 1,500 | 1,863 | 1,828 | 1,490 | ||||||||||
| Cumulative effect of change in accounting principle, net of tax and minority interest | — | — | — | (4 | ) | — | |||||||||
| Extraordinary items, net of tax | 67 | — | — | — | — | ||||||||||
| Net income | 1,362 | 1,500 | 1,863 | 1,824 | 1,490 | ||||||||||
| Dividends and premiums on redemption of preferred and preference stock | — | — | — | 12 | 9 | ||||||||||
| Earnings available for common stockholders | $ | 1,362 | $ | 1,500 | $ | 1,863 | $ | 1,812 | $ | 1,481 | |||||
| Ratio of Earnings to Fixed Charges | 3.4 | 3.7 | 2.6 | 2.4 | 1.6 | ||||||||||
| Common Stock Data | |||||||||||||||
| Shares of common stock outstanding b | |||||||||||||||
| Year-end | 1,272 | 1,262 | 1,257 | 928 | 957 | ||||||||||
| Weighted average — basic | 1,265 | 1,260 | 1,170 | 934 | 931 | ||||||||||
| Weighted average — diluted | 1,268 | 1,266 | 1,188 | 970 | 966 | ||||||||||
| Earnings per share (from continuing operations) | |||||||||||||||
| Basic | $ | 1.01 | $ | 1.21 | $ | 0.92 | $ | 0.94 | $ | 0.65 | |||||
| Diluted | 1.01 | 1.20 | 0.91 | 0.92 | 0.64 | ||||||||||
| Earnings (loss) per share (from discontinued operations) | |||||||||||||||
| Basic | $ | 0.02 | $ | (0.02 | ) | $ | 0.67 | $ | 1.00 | $ | 0.94 | ||||
| Diluted | 0.01 | (0.02 | ) | 0.66 | 0.96 | 0.90 | |||||||||
| Earnings per share (before cumulative effect of change in accounting principle and extraordinary items) | |||||||||||||||
| Basic | $ | 1.03 | $ | 1.19 | $ | 1.59 | $ | 1.94 | $ | 1.59 | |||||
| Diluted | 1.02 | 1.18 | 1.57 | 1.88 | 1.54 | ||||||||||
| Earnings per share (from extraordinary items) | |||||||||||||||
| Basic | $ | 0.05 | $ | — | $ | — | $ | — | $ | — | |||||
| Diluted | 0.05 | — | — | — | — | ||||||||||
| Earnings per share | |||||||||||||||
| Basic | $ | 1.08 | $ | 1.19 | $ | 1.59 | $ | 1.94 | $ | 1.59 | |||||
| Diluted | 1.07 | 1.18 | 1.57 | 1.88 | 1.54 | ||||||||||
| Dividends per share c | 0.90 | 0.86 | 1.26 | 1.17 | 1.10 | ||||||||||
Balance Sheet |
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| Total assets | $ | 53,077 | $ | 49,686 | $ | 68,700 | $ | 54,723 | $ | 55,770 | |||||
| Long-term debt including capital leases, less current maturities | $ | 13,250 | $ | 9,498 | $ | 18,118 | $ | 14,547 | $ | 16,932 |
| a | Significant transactions reflected in the results above include: 2007 spinoff of the natural gas businesses (see Note 1 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Summary of Significant Accounting Policies”), 2006 merger with Cinergy (see Note 3 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Acquisitions and Dispositions of Businesses and Sales of Other Assets”), 2006 Crescent joint venture transaction and subsequent deconsolidation effective September 7, 2006 (see Note 3 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Acquisitions and Dispositions of Businesses and Sales of Other Assets”), 2005 DENA disposition, 2005 deconsolidation of DCP Midstream effective July 1, 2005, 2005 DCP Midstream sale of TEPPCO and 2004 sale of the former DENA Southeast plants. |
| b | 2006 increase primarily attributable to issuance of approximately 313 million shares in connection with Duke Energy’s merger with Cinergy (see Note 3 to the Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K, “Acquisitions and Dispositions of Businesses and Sales of Other Assets”). |
| c | 2007 decrease due to the spinoff of the natural gas businesses to shareholders on January 2, 2007, as dividends subsequent to the spinoff were split proportionately between Duke Energy and Spectra Energy such that the sum of the dividends of the two stand-alone companies approximated the former total dividend of Duke Energy prior to the spinoff. |
See Notes to Consolidated Financial Statements in Duke Energy’s 2008 Form 10-K.