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22. Quarterly Financial Data (Unaudited)
The amounts in the above tables have been adjusted from previously reported amounts due to operations that were classified as discontinued operations as of the fourth quarter of 2003 (see Note 12) as well as other reclassifications made in 2003 (see Note 1). During the first quarter of 2003, Duke Energy recorded charges related to changes in accounting principles of $162 million, net of tax and minority interest (see Note 1). During the third quarter of 2003, Duke Energy recorded the following unusual or infrequently occurring items: goodwill impairment related to DENA’s trading and marketing business of $254 million (see Note 9), severance charges of $105 million for work force reductions; a regulatory action by the PSCSC which resulted in decreased earnings of $46 million at Franchised Electric (see Note 4); a $52 million tax benefit related to International Energy’s goodwill impairment recognized in 2002 for the gas trading business in Europe; and a settlement with the CFTC of $17 million, net of minority interest expense, by DENA (see Note 17). During the fourth quarter of 2003, Duke Energy recorded the following unusual or infrequently occurring items: impairments on DENA’s Southeastern plants and its deferred Western plants and charges for the re-designation of certain hedges at DENA from accrual to mark-to-market that were related to its impaired assets of $2,903 million (see Note 11); charges and impairments of $292 million to complete International Energy’s exit from the European market and the divestiture of its Australian assets (see Note 12); a $51 million write-off of an abandoned corporate risk management information system (see Note 11); severance charges of $48 million for workforce reductions; additional employee benefit expense of approximately $28 million; and right of way clearing costs of approximately $40 million at Franchised Electric. During the third quarter of 2002, Duke Energy recorded the following unusual or infrequently occurring items: charges at DENA for the termination of certain turbines on order and the write-down of other uninstalled turbines of $121 million (see Note 11), the partial write-off of site development costs (primarily in California) of $31 million (see Note 11), partial impairment of a merchant plant of $31 million (see Note 11), and demobilization costs related to the deferral of DENA merchant power projects of $12 million; charges of $91 million at International Energy for the write-off of site-development costs and the write-down of uninstalled turbines, primarily related to planned energy plants in Brazil (including amounts classified as discontinued operations, see Note 11 and Note 12); and severance charges of $33 million for work force reductions. During the fourth quarter of 2002, Duke Energy recorded the following unusual or infrequently occurring items: expenses at Franchised Electric associated with a December 2002 ice storm of $89 million, and a charge of $19 million for settlements with the NCUC and PSCSC (see Note 4); charges at DENA for information technology systems write-offs of $24 million (see Note 11), and demobilization costs related to the deferral of DENA merchant power projects of $10 million; impairment of goodwill at International Energy’s European trading and marketing business of $194 million (see Note 9); asset impairments at Field Services of $40 million ($28 million at Duke Energy’s 70% share) (see Note 11); and severance charges of $70 million for work force reductions. |
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