Xcel Energy (XEL)

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Xcel Energy 10-Q 2007

Documents found in this filing:

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2007

or

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-3034

Xcel Energy Inc.

(Exact name of registrant as specified in its charter)

Minnesota		41-0448030
(State or other jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

414 Nicollet Mall, Minneapolis, Minnesota		55401
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (612) 330-5500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer x

Accelerated Filer o

Non-Accelerated Filer o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at July 24, 2007
Common Stock, $2.50 par value		419,873,638 shares

TABLE OF CONTENTS

EXPLANATORY NOTE

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
CONSOLIDATED STATEMENTS OF INCOME (restated)
CONSOLIDATED STATEMENTS OF CASH FLOWS (restated)
CONSOLIDATED BALANCE SHEETS (restated)
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (restated)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (restated)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II — OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Submission of Matters to a Vote of Security Holders
Item 6. Exhibits
SIGNATURES
Certifications Pursuant to Section 302
Certifications Pursuant to Section 906
Statement Pursuant to Private Litigation

EXPLANATORY NOTE

As previously reported in our Current Report on Form 8-K filed on June 20, 2007, a settlement in principle was reached between Xcel Energy and representatives of the United States government on June 19, 2007 concerning a tax dispute related to corporate-owned life insurance (COLI) policies purchased on the lives of Public Service Company of Colorado (PSCo) employees. PSCo is a wholly owned subsidiary of Xcel Energy. PSR Investments, Inc. (PSRI), a wholly owned subsidiary of PSCo, owned and managed these COLI life insurance policies.

The terms of the settlement have been previously reported. The settlement has been implemented and the policies have been surrendered.

As a result of the settlement in principle, which required the surrender of the COLI policies, Xcel Energy had previously classified all amounts related to PSRI as a discontinued operation for all periods presented in its Form 10-Q for the period ended June 30, 2007.

This Amendment No. 1 on Form 10-Q/A (the “Report”) is being filed to amend and restate Xcel Energy’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, that was filed on July 27, 2007 (the “Original Report”). The purpose of this amendment is to reflect the restatement of Xcel Energy’s previously issued financial statement as of and for the three and six month periods ended June 30, 2007 and 2006, and update other information, including Management’s Discussion and Analysis to reflect the restatement, in each case to reflect PSRI as a continuing operation. These revised sections of this report have not otherwise been updated for events occurring after the date of the financial statements, except to reflect the COLI tax settlement and the related treatment of PSRI as a continuing operation and certain significant subsequent events included in Notes 5 and 15. All other information is unchanged and reflects the disclosures made at the time of the original filing. In addition, currently dated certifications from Xcel Energy’s Chief Executive Officer and Chief Financial Officer have been included as exhibits to this Form 10-Q/A.

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands of Dollars, Except Per Share Data)	2007 (As restated See Note 2)			2006 (As restated See Note 2)			2007 (As restated See Note 2)			2006 (As restated See Note 2)
Operating revenues
Electric utility	$	1,919,695		$	1,786,571		$	3,735,498		$	3,632,443
Natural gas utility	330,868			270,990			1,258,290			1,289,130
Nonregulated and other	16,729			16,312			37,166			40,404
Total operating revenues	2,267,292			2,073,873			5,030,954			4,961,977

Operating expenses
Electric fuel and purchased power — utility	1,031,899			951,214			2,011,470			1,945,909
Cost of natural gas sold and transported — utility	219,574			168,822			960,356			1,019,247
Cost of sales — nonregulated and other	3,702			4,437			9,727			12,667
Other operating and maintenance expenses — utility	436,301			443,137			897,565			878,383
Other operating and maintenance expenses — nonregulated	5,728			6,614			12,031			12,178
Depreciation and amortization	214,694			203,665			428,107			406,325
Taxes (other than income taxes)	66,237			71,326			144,413			149,861
Total operating expenses	1,978,135			1,849,215			4,463,669			4,424,570
Operating income	289,157			224,658			567,285			537,407

Interest and other income (expense), net	(648		)	921			168			537
Allowance for funds used during construction - equity	8,695			4,668			16,271			8,452

Interest charges and financing costs
Interest charges — includes other financing costs of $5,343, $6,393, $11,594 and $12,605, respectively	125,672			119,283			252,975			238,657
Interest and penalties related to COLI settlement	41,211			—			41,211			—
Allowance for funds used during construction - debt	(8,442		)	(7,509		)	(15,648		)	(13,882		)
Total interest charges and financing costs	158,441			111,774			278,538			224,775

Income from continuing operations before income taxes	138,763			118,473			305,186			321,621
Income taxes	71,068			20,537			118,977			73,873
Income from continuing operations	67,695			97,936			186,209			247,748
Income from discontinued operations, net of tax	1,082			339			2,279			1,825
Net income	68,777			98,275			188,488			249,573
Dividend requirements on preferred stock	1,060			1,060			2,120			2,120
Earnings available to common shareholders	$	67,717		$	97,215		$	186,368		$	247,453

Weighted average common shares outstanding (thousands)
Basic	412,710			405,434			410,370			404,783
Diluted	432,861			429,099			432,471			428,349
Earnings per share — basic
Income from continuing operations	$	0.16		$	0.24		$	0.44		$	0.61
Income (loss) from discontinued operations	—			—			0.01			—
Earnings per share — basic	$	0.16		$	0.24		$	0.45		$	0.61
Earnings per share — diluted
Income from continuing operations	$	0.16		$	0.24		$	0.44		$	0.59
Income (loss) from discontinued operations	—			—			0.01			0.01
Earnings per share — diluted	$	0.16		$	0.24		$	0.45		$	0.60

Cash dividends declared per common share	$	0.23		$	0.22		$	0.45		$	0.44

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Thousands of Dollars)

	Six Months Ended June 30,
	2007 (As restated See Note 2)			2006 (As restated See Note 2)
Operating activities
Net income	$	188,488		$	249,573
Remove income from discontinued operations	(2,279		)	(1,825		)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	444,673			422,695
Nuclear fuel amortization	23,636			22,395
Deferred income taxes	97,595			(41,460		)
Amortization of investment tax credits	(4,855		)	(4,902		)
Allowance for equity funds used during construction	(16,271		)	(8,452		)
Undistributed equity in earnings of unconsolidated affiliates	(1,413		)	(1,431		)
Share-based compensation expense	9,677			11,806
Net realized and unrealized hedging and derivative transactions	3,682			(16,934		)
Changes in operating assets and liabilities:
Accounts receivable	72,146			243,057
Accrued unbilled revenues	(36,224		)	215,336
Inventories	97,082			139,640
Recoverable purchased natural gas and electric energy costs	203,726			225,903
Other current assets	(7,415		)	11,289
Accounts payable	(148,909		)	(301,555		)
Net regulatory assets and liabilities	(28,491		)	(12,314		)
Other current liabilities	19,898			(18,396		)
Change in other noncurrent assets	(36,740		)	(285		)
Change in other noncurrent liabilities	32,082			11,107
Operating cash flows provided by discontinued operations	28,593			75,530
Net cash provided by operating activities	938,681			1,220,777

Investing activities
Utility capital/construction expenditures	(978,651		)	(733,187		)
Allowance for equity funds used during construction	16,271			8,452
Purchase of investments in external decommissioning fund	(313,102		)	(11,570		)
Proceeds from the sale of investments in external decommissioning fund	291,406			14,083
Nonregulated capital expenditures and asset acquisitions	(301		)	(433		)
Change in restricted cash	4,470			2,132
Other investments	8,898			3,833
Investing cash flows provided by discontinued operations	—			42,377
Net cash used in investing activities	(971,009		)	(674,313		)

Financing activities
Short-term borrowings — net	(6,069		)	(608,120		)
Proceeds from issuance of long-term debt	344,063			882,877
Repayment of long-term debt, including reacquisition premiums	(102,064		)	(570,426		)
Early participation payments on debt exchange	(4,859		)	—
Proceeds from issuance of common stock	7,683			3,628
Dividends paid	(183,702		)	(175,939		)
Net cash provided by (used in) financing activities	55,052			(467,980		)

Net increase in cash and cash equivalents	22,724			78,484
Net increase (decrease) in cash and cash equivalents -discontinued operations	(18,603		)	10,533
Cash and cash equivalents at beginning of year	37,458			72,196
Cash and cash equivalents at end of quarter	$	41,579		$	161,213
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	$	154,251		$	212,719
Cash paid (received) for income taxes (net of refunds received)	7,007			(7,083		)
Supplemental disclosure of non-cash investing transactions:
Property, plant and equipment additions in accounts payable	$	38,115		$	47,345
Supplemental disclosure of non-cash financing transactions:
Issuance of common stock for reinvested dividends and 401(k) plans	$	37,569		$	37,095
Issuance of common stock for senior convertible notes	125,632			—

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Thousands of Dollars)

	June 30, 2007 (As restated See Note 2)			Dec. 31, 2006 (As restated See Note 2)
ASSETS
Current assets:
Cash and cash equivalents	$	41,579		$	37,458
Accounts receivable, net of allowance for bad debts of $36,990 and $36,689, respectively	791,538			833,293
Accrued unbilled revenues	550,524			514,300
Materials and supplies inventories	167,682			158,721
Fuel inventories	104,643			95,651
Natural gas inventories	136,783			251,818
Recoverable purchased natural gas and electric energy costs	54,874			258,600
Derivative instruments valuation	140,238			101,562
Prepayments and other	207,522			205,743
Current assets held for sale and related to discontinued operations	115,942			177,040
Total current assets	2,311,325			2,634,186
Property, plant and equipment, at cost:
Electric utility plant	19,651,634			19,367,671
Natural gas utility plant	2,902,950			2,846,435
Common utility and other property	1,481,813			1,439,020
Construction work in progress	1,880,675			1,425,484
Total property, plant and equipment	25,917,072			25,078,610
Less accumulated depreciation	(9,983,843		)	(9,670,104		)
Nuclear fuel, net of accumulated amortization: $1,261,553 and $1,237,917, respectively	176,516			140,152
Net property, plant and equipment	16,109,745			15,548,658
Other assets:
Nuclear decommissioning fund and other investments	1,364,032			1,279,573
Regulatory assets	1,093,586			1,189,145
Prepaid pension asset	642,727			586,712
Derivative instruments valuation	413,641			437,520
Other	133,866			135,746
Noncurrent assets held for sale and related to discontinued operations	178,251			146,806
Total other assets	3,826,103			3,775,502
Total assets	$	22,247,173		$	21,958,346
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	295,512		$	336,411
Short-term debt	620,231			626,300
Accounts payable	935,444			1,101,270
Taxes accrued	190,018			252,384
Dividends payable	97,548			91,685
Derivative instruments valuation	77,882			83,944
Other	413,130			347,809
Current liabilities held for sale and related to discontinued operations	31,165			25,478
Total current liabilities	2,660,930			2,865,281
Deferred credits and other liabilities:
Deferred income taxes	2,364,419			2,256,599
Deferred investment tax credits	116,739			121,594
Asset retirement obligations	1,401,699			1,361,951
Regulatory liabilities	1,392,365			1,364,657
Pension and employee benefit obligations	685,215			704,913
Derivative instruments valuation	451,918			483,077
Customer advances	300,898			302,168
Other liabilities	157,198			119,633
Noncurrent liabilities held for sale and related to discontinued operations	7,571			5,473
Total deferred credits and other liabilities	6,878,022			6,720,065
Minority interest in subsidiaries	736			1,560
Commitments and contingent liabilities
Capitalization:
Long-term debt	6,614,813			6,449,638
Preferred stockholders’ equity - authorized 7,000,000 shares of $100 par value; outstanding shares: 1,049,800	104,980			104,980
Common stockholders’ equity - authorized 1,000,000,000 shares of $2.50 par value; outstanding shares: June 30, 2007 — 419,509,528; Dec. 31, 2006 — 407,296,907	5,987,692			5,816,822
Total liabilities and equity	$	22,247,173		$	21,958,346

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY

AND COMPREHENSIVE INCOME

(UNAUDITED)

(Thousands)

	Common Stock Issued								Accumulated
	Shares	Par Value		Additional Paid In Capital		Retained Earnings (As Restated See Note 2)			Other Comprehensive Income (Loss)			Total Common Stockholders’ Equity (As restated See Note 2)
Three months ended June 30, 2007 and 2006

Balance at March 31, 2006	405,087	$	1,012,719	$	3,994,628	$	625,283		$	(114,039	)	$	5,518,591
Net income						98,275						98,275
Net derivative instrument fair value changes during the period, net of tax of $7,005									10,320			10,320
Unrealized gain - marketable securities, net of tax of $4									6			6
Comprehensive income for the period												108,601
Dividends declared:
Cumulative preferred stock						(1,060		)				(1,060		)
Common stock						(90,235		)				(90,235		)
Issuances of common stock	473	1,182		7,459								8,641
Share-based compensation				10,712								10,712
Balance at June 30, 2006	405,560	$	1,013,901	$	4,012,799	$	632,263		$	(103,713	)	$	5,555,250

Balance at March 31, 2007	408,861	$	1,022,152	$	4,061,586	$	801,148		$	(16,635	)	$	5,868,251
Net income						68,777						68,777
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $104									406			406
Net derivative instrument fair value changes during the period, net of tax of $5,856									6,935			6,935
Comprehensive income for the period												76,118
Dividends declared:
Cumulative preferred stock						(1,060		)				(1,060		)
Common stock						(96,486		)				(96,486		)
Issuances of common stock	10,649	26,622		109,166								135,788
Share-based compensation				5,081								5,081
Balance at June 30, 2007 (As restated)	419,510	$	1,048,774	$	4,175,833	$	772,379		$	(9,294	)	$	5,987,692

See Notes to Consolidated Financial Statements

	Common Stock Issued					Accumulated
	Shares	Par Value		Additional Paid In Capital		Retained Earnings (As restated See Note 2)			Other Comprehensive Income (Loss)			Total Common Stockholders’ Equity (As restated See note 2)
Six months ended June 30, 2007 and 2006

Balance at Dec. 31, 2005	403,387	$	1,008,468	$	3,956,710	$	562,138		$	(132,061	)	$	5,395,255
Net income						249,573						249,573
Net derivative instrument fair value changes during the period, net of tax of $18,088									28,320			28,320
Unrealized gain - marketable securities, net of tax of $17									28			28
Comprehensive income for the period												277,921
Dividends declared:
Cumulative preferred stock						(2,120		)				(2,120		)
Common stock						(177,328		)				(177,328		)
Issuances of common stock	2,173	5,433		35,290								40,723
Share-based compensation				20,799								20,799
Balance at June 30, 2006	405,560	$	1,013,901	$	4,012,799	$	632,263		$	(103,713	)	$	5,555,250

Balance at Dec. 31, 2006	407,297	$	1,018,242	$	4,043,657	$	771,249		$	(16,326	)	$	5,816,822
FIN 48 adoption						2,207						2,207
Net income						188,488						188,488
Changes in unrecognized amounts of pension and retiree medical benefits, net of tax of $229									893			893
Net derivative instrument fair value changes during the period, net of tax of $3,968									6,135			6,135
Unrealized gain - marketable securities, net of tax of $2									4			4
Comprehensive income for the period												195,520
Dividends declared:
Cumulative preferred stock						(2,120		)				(2,120		)
Common stock						(187,445		)				(187,445		)
Issuances of common stock	12,213	30,532		121,428								151,960
Share-based compensation				10,748								10,748
Balance at June 30, 2007 (As restated)	419,510	$	1,048,774	$	4,175,833	$	772,379		$	(9,294	)	$	5,987,692

See Notes to Consolidated Financial Statements

XCEL ENERGY INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Xcel Energy Inc. and its subsidiaries (collectively, Xcel Energy) as of June 30, 2007, and Dec. 31, 2006; the results of its operations and changes in stockholders’ equity for the three and six months ended June 30, 2007 and 2006; and its cash flows for the six months ended June 30, 2007 and 2006. Due to the seasonality of Xcel Energy’s electric and natural gas sales, such interim results are not necessarily an appropriate base from which to project annual results.

1. Significant Accounting Policies

Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements included in Xcel Energy’s Current Report on Form 8-K/A filed on Dec. 13, 2007, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.

Income Taxes — Consistent with prior periods and upon adoption of Financial Accounting Standard Board (FASB) Interpretation No. 48 — “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109”, Xcel Energy records interest and penalties related to income taxes as interest charges in the Consolidated Statements of Income.

Reclassifications — Certain amounts in the Consolidated Statements of Cash Flows have been reclassified from prior-period presentation to conform to the 2007 presentation. The reclassifications reflect the presentation of unbilled revenues, recoverable purchased natural gas and electric energy costs and regulatory assets and liabilities and share-based compensation expense as separate items rather than components of other assets and other liabilities within net cash provided by operating activities. In addition, activity related to derivative transactions have been combined into net realized and unrealized hedging and derivative transactions. These reclassifications did not affect total net cash provided by (used in) operating, investing or financing activities within the Consolidated Statements of Cash Flows.

2. Restatement of Financial Statements

Subsequent to the issuance of Xcel Energy’s consolidated financial statements for the quarter ended June 30, 2007, management determined that PSR Investments, Inc. (PSRI), a wholly owned subsidiary of PSCo, should not have been presented as a discontinued operation, as previously reported in the Form10-Q, rather, PSRI should have been included as part of continuing operations. As a result, the accompanying consolidated financial statements have been restated.

As previously reported in our Current Report on Form 8-K filed on June 20, 2007, a settlement in principle was reached between Xcel Energy and representatives of the United States government on June 19, 2007 concerning a tax dispute related to corporate-owned life insurance (COLI) policies purchased on the lives of Public Service Company of Colorado (PSCo) employees. PSCo is a wholly owned subsidiary of Xcel Energy. PSRI owned and managed these COLI life insurance policies.

The terms of the settlement have been previously reported. The settlement has been implemented and the policies have been surrendered.

Pursuant to a routine review of Xcel Energy’s periodic reports by the staff of the Securities and Exchange Commission management reassessed the appropriateness of the treatment of PSRI as a discontinued operation under SFAS 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” and determined that PSRI operations, including the impact of the IRS settlement, should be presented as part of continuing operations for financial reporting purposes. The inclusion of PSRI as part of continuing operations impacted Xcel Energy’s effective tax rate, which caused a change in previously reported income taxes. The effect of presenting PSRI as part of continuing operations rather than as discontinued operations as previously reported in the Form 10-Q is reflected in the tables below:

Consolidated Statements of Income

For the Three Months Ended June 30,

	2007									2006
(Thousands of dollars)	As Previously Reported			Adjustment			As Restated			As Previously Reported		Adjustment			As Restated
Other operating and maintenance expenses-utility	$	434,912		$	1,389		$	436,301		$	442,093	$	1,044		$	443,137
Taxes (other than income taxes)	66,236			1			66,237			71,325		1			71,326
Total operating expenses	1,976,745			1,390			1,978,135			1,848,170		1,045			1,849,215
Operating income	290,547			(1,390		)	289,157			225,703		(1,045		)	224,658
Interest and other income, net	4,373			(5,021		)	(648		)	6,651		(5,730		)	921
Interest charges	125,672			—			125,672			119,208		75			119,283
Interest and penalties related to COLI settlement	—			41,211			41,211			—		—			—
Total interest charges and financing costs	117,230			41,211			158,441			111,699		75			111,774
Income from continuing operations before income taxes	186,385			(47,622		)	138,763			125,323		(6,850		)	118,473
Income taxes	62,282			8,786			71,068			27,234		(6,697		)	20,537
Income from continuing operations	124,103			(56,408		)	67,695			98,089		(153		)	97,936
Income (loss) from discontinued operations	(48,102		)	49,184			1,082			186		153			339
Net income	76,001			(7,224		)	68,777			98,275		—			98,275
Earnings available to common shareholders	74,941			(7,224		)	67,717			97,215		—			97,215
Earnings per share from continuing operations - basic	0.30			(0.14		)	0.16			0.24		—			0.24
Earnings per share from continuing operations - diluted	0.29			(0.13		)	0.16			0.24		—			0.24
Earnings per share from discontinued operations - basic	(0.12		)	0.12			—			—		—			—
Earnings per share from discontinued operations — diluted	(0.11		)	0.11			—			—		—			—
Earnings per share - basic	0.18			(0.02		)	0.16			0.24		—			0.24
Earnings per share — diluted	0.18			(0.02		)	0.16			0.24		—			0.24

	Consolidated Statements of Income
	For the Six Months Ended June 30,
	2007								2006
(Thousands of dollars)	As Previously Reported			Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Other operating and maintenance expenses-utility	$	895,335		$	2,230		$	897,565	$	876,363	$	2,020		$	878,383
Taxes (other than income taxes)	144,411			2			144,413		149,859		2			149,861
Total operating expenses	4,461,437			2,232			4,463,669		4,422,548		2,022			4,424,570
Operating income	569,517			(2,232		)	567,285		539,429		(2,022		)	537,407
Interest and other income, net	9,055			(8,887		)	168		10,393		(9,856		)	537
Interest charges	252,975			—			252,975		238,582		75			238,657
Interest and penalties related to COLI settlement	—			41,211			41,211		—		—			—
Total interest charges and financing costs	237,327			41,211			278,538		224,700		75			224,775
Income from continuing operations before income taxes	357,516			(52,330		)	305,186		333,574		(11,953		)	321,621
Income taxes	119,233			(256		)	118,977		92,366		(18,493		)	73,873
Income from continuing operations	238,283			(52,074		)	186,209		241,208		6,540			247,748
Income (loss) from discontinued operations	(42,571		)	44,850			2,279		8,365		(6,540		)	1,825
Net income	195,712			(7,224		)	188,488		249,573		—			249,573
Earnings available to common shareholders	193,592			(7,224		)	186,368		247,453		—			247,453
Earnings per share from continuing operations - basic	0.58			(0.14		)	0.44		0.59		0.02			0.61
Earnings per share from continuing operations - diluted	0.56			(0.12		)	0.44		0.58		0.01			0.59
Earnings (loss) per share from discontinued operations - basic	(0.11		)	0.12			0.01		0.02		(0.02		)	—
Earnings (loss) per share from discontinued operations – diluted	(0.10		)	0.11			0.01		0.02		(0.01		)	0.01
Earnings per share - basic	0.47			(0.02		)	0.45		0.61		—			0.61
Earnings per share - diluted	0.46			(0.01		)	0.45		0.60		—			0.60

	Consolidated Balance Sheet
	June 30, 2007							December 31, 2006
(Thousands of dollars)	As Previously Reported		Adjustment			As Restated		As Previously Reported		Adjustment			As Restated
Cash and cash equivalents	$	38,831	$	2,748		$	41,579	$	37,458	$	—		$	37,458
Accounts receivable	808,041		(16,503		)	791,538		816,093		17,200			833,293
Prepayments and other	180,179		27,343			207,522		189,658		16,085			205,743
Current assets held for sale and related to discontinued operations	148,531		(32,589		)	115,942		229,633		(52,593		)	177,040
Total current assets	2,330,326		(19,001		)	2,311,325		2,653,494		(19,308

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