SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For Quarter Ended September 30, 1995
DUKE POWER COMPANY
422 South Church Street
Charlotte, North Carolina 28242-0001
704-594-0887
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1995 Commission File Number 1-4928
DUKE POWER COMPANY
(Exact name of registrant as specified in its charter)
North Carolina 56-0205520
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
422 South Church Street,
Charlotte, N.C. 28242-0001
(Address of principal executive office)
(Zip Code)
Registrant's telephone number, including area code 704-594-0887
No Change
(Former name, former address and former fiscal year,
if changed since last report)
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. Yes (check mark) No ___
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Number of shares of Common Stock, without par value, outstanding at
September 30, 1995 ..... 204,859,339 shares
<PAGE>
DUKE POWER COMPANY
INDEX
<TABLE>
<CAPTION>
PAGE
<S> <C>
PART I. FINANCIAL INFORMATION
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 1995 and 1994........ 2
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 1995 and 1994............... 3
Consolidated Balance Sheets - September 30, 1995 and December 31, 1994................................... 4-5
Consolidated Statements of Capitalization - September 30, 1995 and December 31, 1994...................... 6
Notes to Consolidated Financial Statements............................................................... 7-8
Management's Discussion and Analysis of Financial Condition and Results of Operations.................... 9-11
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.............................................. 11
Item 6. Exhibits and Reports on Form 8-K................................................................. 11
SIGNATURES............................................................................................... 12
</TABLE>
<PAGE>
Part 1. FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
DUKE POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Operating revenues $ 1,379,978 $ 1,272,525 $ 3,543,446 $ 3,454,837
Operating expenses
Fuel used in electric generation 222,689 198,198 559,465 550,274
Net interchange and purchased power 122,287 146,373 358,443 422,867
Other operation and maintenance 348,307 317,180 954,800 944,491
Depreciation and amortization 115,055 115,903 341,490 348,142
General taxes 67,133 64,010 191,451 189,199
Total operating expenses 875,471 841,664 2,405,649 2,454,973
Operating Income 504,507 430,861 1,137,797 999,864
Interest expense and other income
Interest expense (72,119) (68,959) (217,327) (199,595)
Allowance for funds used during construction and other deferred returns 31,328 28,693 95,636 79,664
Other, net 3,426 4,191 7,634 11,719
Total interest expense and other income (37,365) (36,075) (114,057) (108,212)
Income before income taxes 467,142 394,786 1,023,740 891,652
Income taxes 181,942 151,045 399,741 346,292
Net Income 285,200 243,741 623,999 545,360
Preferred and preference stock requirements 12,409 12,472 37,821 37,179
Earnings for common stock $ 272,791 $ 231,269 $ 586,178 $ 508,181
Common stock data
Average common shares outstanding (thousands) 204,859 204,859 204 859 204,859
Earnings per share $ 1.33 $ 1.13 $ 2.86 $ 2.48
Dividends per share $ 0.51 $ 0.49 $ 1.49 $ 1.43
See Notes to Consolidated Financial Statements
2
<PAGE>
DUKE POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in Thousands)
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended
September 30
1995 1994
<S> <C> <C>
Cash flows from operating activities
Net Income $ 623,999 $ 545,360
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash items
Depreciation and amortization 499,998 480,562
Deferred income taxes and investment tax credit amortization 21,780 102,500
Allowance for equity funds used during construction (18,200) (19,062)
Purchased capacity levelization (31,011) (140,968)
Other, net 18,490 (1,325)
(Increase) Decrease in
Accounts receivable (70,988) 10,490
Inventory. 5,039 (13,955)
Prepayments (2,279) 1,967
Increase (Decrease) in
Accounts payable (65,313) (128,769)
Taxes accrued 82,656 29,482
Interest accrued and other liabilities (24,028) (10,079)
Total adjustments 416,144 310,843
Net cash provided by operating activities 1,040,143 856,203
Cash flows from investing activities
Construction expenditures and other property additions (545,443) (553,992)
External funding for decommissioning (42,353) (39,393)
Investment in nuclear fuel (31,209) (67,674)
Investment in joint ventures (43,645) (312)
Net change in investment securities 25,626 3,190
Net cash used in investing activities (637,024) (658,181)
Cash flows from financing activities
Proceeds from the issuance of
First and refunding mortgage bonds 173,839 144,390
Short-term notes payable, net (52,900) (12,900)
Construction loans and other 30,983 27,205
Payments for the redemption of
First and refunding mortgage bonds (117,065) (81)
Preferred stock (100,516) (1,500)
Construction loans and other (7,792) (9,013)
Dividends paid (330,306) (330,550)
Other (1,140) (3,960)
Net cash used in financing activities (404,897) (186,409)
Net increase (decrease) in cash (1,778) 11,613
Cash at beginning of period 37,430 33,812
Cash at end of period $ 35,652 $ 45,425
See Notes to Consolidated Financial Statements
3
<PAGE>
DUKE POWER COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Thousands)
</TABLE>
<TABLE>
<CAPTION>
September 30 December 31
1995 1994
<S> <C> <C>
ASSETS
Current assets
Cash $ 35,652 $ 37,430
Short-term investments 100,422 132,692
Receivables (less allowance for losses: 1995 - $6,708;1994 - $6,637) 623,853 552,865
Inventory - at average cost 320,277 319,385
Prepayments and other 18,000 15,722
Total current assets 1,098,204 1,058,094
Investments and other assets
Investments in joint ventures 151,975 108,330
Other investments, at cost or less 89,871 83,226
Nuclear decommissioning trust funds 248,346 172,390
Pre-funded pension cost 80,000 80,000
Total investments and other assets 570,192 443,946
Property, plant and equipment
Electric plant in service (at original cost)
Production 7,062,774 6,747,397
Transmission 1,483,778 1,439,435
Distribution 4,074,967 3,965,393
Other 1,036,097 1,020,192
Electric plant in service 13,657,616 13,172,417
Less accumulated depreciation and amortization 5,062,804 4,810,004
Electric plant in service, net 8,594,812 8,362,413
Nuclear fuel 704,769 757,983
Less accumulated amortization 458,362 415,560
Nuclear fuel, net 246,407 342,423
Construction work in progress (including nuclear fuel in process:
1995 - $38,977; 1994 - $52,273) 454,118 558,730
Total electric plant, net 9,295,337 9,263,566
Other property - at cost (less accumulated depreciation:
1995 - $27,854; 1994 - $24,137) 344,121 302,383
Total property, plant and equipment, net 9,639,458 9,565,949
Deferred debits
Purchased capacity costs 963,335 932,324
Debt expense, primarily refinancing costs, being amortized over the terms of related debt 183,726 186,306
Regulatory asset related to income taxes 490,822 489,292
Regulatory asset related to DOE assessment fee 107,670 102,467
Other 123,544 83,850
Total deferred debits 1,869,097 1,794,239
Total assets $ 13,176,951 $ 12,862,228
</TABLE>
See Notes to Consolidated Financial Statements
4
<PAGE>
DUKE POWER COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
September 30 December 31
1995 1994
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 251,295 $ 343,688
Notes payable 54,200 107,100
Taxes accrued 112,655 29,999
Interest accrued 70,887 72,157
Current maturities of long-term debt and preferred stock 52,565 93,759
Other 111,534 121,539
Total current liabilities 653,136 768,242
Long-term debt (Note 4) 3,695,018 3,567,122
Accumulated deferred income taxes 2,382,216 2,348,631
Deferred credits and other liabilities
Investment tax credit 264,167 272,594
DOE assesssment fee 107,670 102,467
Nuclear decommissioning costs externally funded 248,346 172,390
Other 332,269 318,453
Total deferred credits and other liabilities 952,452 865,904
Preferred and preference stock with sinking fund requirements (Note 4) 234,000 279,500
Preferred and preference stock without sinking fund requirements (Note 4) 450,000 500,000
Common stockholders' equity
Common stock, no par 1,926,909 1,926,909
Retained earnings 2,883,220 2,605,920
Total common stockholders' equity 4,810,129 4,532,829
Total liabilities and stockholders' equity $ 13,176,951 $ 12,862,228
</TABLE>
See Notes to Consolidated Financial Statements
5
<PAGE>
DUKE POWER COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
September 30 December 31
1995 1994
<S> <C> <C>
Common Stock Equity
Common stock, no par, 300,000,000 shares authorized; 204,859,339 shares outstanding
for 1995 and 1994 $ 1,926,909 $ 1,926,909
Retained earnings 2,883,220 2,605,920
Total common stock equity 4,810,129 4,532,829
Preferred and preference stock (At September 30,1995 and December 31,1994 12,500,000 shares
of preferred stock, 10,000,000 shares of preferred stock A, and 1,500,000 shares of
preference stock were authorized with or without sinking fund requirements)
Without sinking fund requirements 450,000 500,000
With sinking fund requirements 234,000 281,000
Less current sinking fund requirements -- (1,500)
Subtotal preferred and preference stock with sinking fund requirements 234,000 279,500
Total preferred and preference stock 684,000 779,500
Long-term debt
First and refunding mortgage bonds 3,506,581 3,440,505
Capitalized leases 24,900 26,039
Other long-term debt 130,000 130,000
Unamortized debt discount and premium, net (62,843) (62,918)
Current maturities of long-term debt (45,053) (81,926)
Subtotal long-term debt 3,553,585 3,451,700
Subsidiary long-term debt
Crescent Resources, Inc 115,507 92,102
Nantahala Power and Light Company 33,438 33,653
Current maturities of long-term debt (7,512) (10,333)
Subtotal subsidiary long-term debt 141,433 115,422
Total consolidated long-term debt 3,695,018 3,567,122
Total capitalization $ 9,189,147 $ 8,879,451
6
</TABLE>
See Notes to Consolidated Financial Statements
<PAGE>
DUKE POWER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Total income taxes paid for the quarter ended September 30
were $116,370,000 and $91,706,000 for 1995 and 1994, respectively. For
the nine months ended September 30, 1995 and 1994, income taxes paid
were $336,456,000 and $261,109,000, respectively. Interest paid, net of
amounts capitalized, for the quarter ended September 30 was $65,510,000
and $68,988,000 for 1995 and 1994, respectively. For the nine months
ending September 30, 1995 and 1994, interest paid, net of amounts
capitalized, was $195,080,000 and $182,326,000, respectively.
2. The North Carolina statute allowing rate adjustments for past
over- or under- recovery of fuel costs was set to expire in 1997. The
North Carolina legislature repealed this expiration provision in March
1995.
3. The Company and North Carolina Municipal Power Agency Number
1 (NCMPA) and Piedmont Municipal Power Agency (PMPA), two of the four
other joint owners of the Catawba Nuclear Station, entered into a
settlement in September 1995 which, if approved by regulators, will
resolve outstanding issues related to how certain calculations affecting
bills under the Catawba joint ownership contractual agreements should be
performed. As part of the settlement, the Company agreed to purchase
additional megawatts (MW) of Catawba capacity during the period 1996
through 1999 and remove certain restrictions related to sales of surplus
energy by these two joint owners. The additional capacity purchases are
215 MW in 1996, 165 MW in 1997, 120 MW in 1998 and 100 MW in 1999. If
approved by regulators, the Company expects to recover a substantial
portion of the costs associated with this settlement as part of the
purchased capacity levelization consistent with prior orders of the
retail regulatory commissions. Therefore, the Company believes the
ultimate resolution of these matters should not have a material adverse
effect on the results of operations or the financial position of the
Company.
The Company is involved in legal, tax and regulatory proceedings
before various courts, regulatory commissions and governmental agencies
regarding matters arising in the ordinary course of business, some of
which involve substantial amounts. Where appropriate, the Company has
made accruals in accordance with Statement of Financial Accounting
Standards No. 5 "Accounting for Contingencies," in order to provide
for such matters. Management is of the opinion that the final disposition
of these proceedings will not have a material adverse effect on the
results of operations or the financial position of the Company.
4. The carrying amounts and estimated fair values of long-term
debt and preferred stock are listed below in thousands of dollars. The
majority of estimated fair value amounts were obtained from independent
parties. Judgment is required in interpreting market data to develop
the estimates of fair value. Accordingly, the estimates determined as
of September 30, 1995 and December 31, 1994, are not necessarily
indicative of the amounts the Company could have realized in current
market exchanges.
<TABLE>
<CAPTION>
September 30, 1995 December 31, 1994
Carrying Amount Fair Value Carrying Amount Fair Value
<S> <C> <C> <C> <C>
Long-term debt $ 3,785,526 $ 3,774,000 $ 3,696,260 $ 3,392,000
Preferred stock $ 684,000 $ 682,000 $ 781,000 $ 697,000
</TABLE>
7
<PAGE>
5. In the Consolidated Statements of Income and Consolidated
Statements of Cash Flows, certain prior period information has been
reclassified to conform with current classifications.
6. These are quarterly financial statements and the amounts
reported in the Consolidated Statements of Income are not necessarily
indicative of amounts expected for the respective years. These amounts
may be affected by seasonal temperature variations, timing of scheduled
and unscheduled maintenance of certain electric generating units, and
the Company's policy of accruing estimates for certain other expenses
ratably over twelve months until final amounts are determined.
7. In the opinion of the Company, the accompanying financial
statements contain adjustments of a normal recurring nature such that
the financial statements present fairly the financial position of the
Company as of the respective dates shown and the results of its
operations for the respective periods then ended.
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity And Capital Resources
During the period January 1, 1995 through September 30, 1995,
additions to property (including nuclear fuel) of $531 million and
retirements of $158 million resulted in a net increase in gross plant of
$373 million.
The Company is building a combustion turbine facility in Lincoln
County, North Carolina to provide capacity during periods of peak
demand. During the first six months of 1995, four units of the Lincoln
Combustion Turbine Station began commercial operation. An additional
four units began commercial operation in the third quarter, two units on
July 18, 1995 and two units on September 1, 1995. Current plans call
for another four units to begin commercial operation during 1995, with
the remaining four units to come on line in 1996. The estimated total
cost of the project is approximately $500 million.
The Company and North Carolina Municipal Power Agency Number 1
(NCMPA) and Piedmont Municipal Power Agency (PMPA), two of the four
other joint owners of the Catawba Nuclear Station, entered into a
settlement in September 1995 which, if approved by regulators, will
resolve outstanding issues related to how certain calculations affecting
bills under the Catawba joint ownership contractual agreements should be
performed. As part of the settlement, the Company agreed to purchase
additional megawatts (MW) of Catawba capacity during the period 1996
through 1999 and remove certain restrictions related to sales of surplus
energy by these two joint owners. The additional capacity purchases are
215 MW in 1996, 165 MW in 1997, 120 MW in 1998 and 100 MW in 1999.
If approved by regulators, the Company expects to recover a
substantial portion of the costs associated with this settlement as part
of the purchased capacity levelization consistent with prior orders of
the retail regulatory commissions. Therefore, the Company believes the
ultimate resolution of these matters should not have a material adverse
effect on the results of operations or the financial position of the
Company.
The Company is involved in legal, tax and regulatory proceedings
before various courts, regulatory commissions and governmental agencies
regarding matters arising in the ordinary course of business, some of
which involve substantial amounts. Where appropriate, the Company has
made accruals in accordance with Statement of Financial Accounting
Standards No. 5 "Accounting for Contingencies," in order to provide
for such matters. Management is of the opinion that the final disposition
of these proceedings will not have a material adverse effect on the
results of operations or the financial position of the Company.
The Federal Energy Regulatory Commission (FERC) on October 6,
1995 issued an order accepting the Company's open access transmission
tariff, ordering a hearing on the rates for transmission service under the
tariff, and denying the application filed by both the Company and its
affiliates for authorization to sell power at market-based rates,
without prejudice to the later submittal of such applications. The FERC
stated that the non-rate terms and conditions in the Company's proposed
transmission tariff are not consistent with the pro forma tariff in the
Open Access Notice of Proposed Rulemaking (NOPR). On October 17, 1995,
the Company refiled the transmission tariff and applications for
market-based rates. In addition, the Company requested a rehearing of the
October 6, 1995 FERC order.
The Company has announced that it will reduce its workforce by
900 to 1,000 employees. Such reduction represents approximately 5
percent of its 16,100 employees and will occur by the end of the first
quarter of 1996. Termination benefits associated with the reduction
will result in a charge of approximately $50 million, depending on the
specific employees impacted, which will be recorded in the fourth
quarter of 1995.
9
<PAGE>
The Company normally experiences seasonal peak loads in the
summer and winter which are relatively in balance. On August 14, 1995,
the Company experienced a new all-time peak load of 16,706. The
Company's peak load includes the load of the other joint owners of the
Catawba Nuclear Station (the Other Catawba Joint Owners) and excludes
the load of Nantahala Power and Light Company.
Fixed charges coverage for the twelve months ended September 30,
1995, using the SEC method, was 4.93 times. Internal cash generation for
the twelve months ended September 30, 1995 was 70 percent.
The Company reacquired 30,000 shares of its 7.12% Series Q
Preferred Stock to satisfy sinking fund requirements in January 1995,
including 15,000 shares for current sinking fund requirements. As a
result of favorable market conditions, the Company issued $78 million in
April 1995 in medium-term notes, the proceeds of which were used to
refinance higher cost long-term debt. In August 1995, the Company
issued $100 million in long-term debt. Also in August 1995, the Company
retired 440,000 shares of 7.50% Series Q Preferred Stock and 500,000
shares of Adjustable Rate Series A Preferred Stock.
Results Of Operations
Earnings per share for the third quarter and year-to-date
September 1995 were $1.33 and $2.86, respectively, up 17.7% and 15.3%
compared to the same periods in 1994.
Revenues for third quarter and year-to-date September 1995
increased by $107.5 and $88.6 million, respectively, when compared to
the same periods in 1994. Total sales increased 6.5% from the third
quarter 1994 primarily due to higher sales to the Company's residential
and general service customers. Residential sales were up 9.3%, and
general service sales were up 6.2% resulting from warm summer weather.
Textile sales were down 2.8%, with overall industrial sales up 1%. For
year-to-date September 1995, total revenues increased primarily due to
higher sales to the Company's residential, general service, textile, and
other industrial customers. The Associated Enterprises Group business
units also contributed to this increase, primarily due to increased land
sales by the Company's real estate subsidiary, Crescent Resources, Inc.
Fuel expense for third quarter and year-to-date September 1995
increased by $24.5 and $9.2 million, respectively, compared to the same
periods during 1994. These increases were attributable to increased
production. The year-to-date increase was partially offset by higher
levels of nuclear generation as a percentage of total generation.
Net interchange and purchased power expense decreased $24.1 and
$64.4 million for third quarter and year-to-date September 1995,
respectively, compared to the same periods in 1994. These decreases
were primarily due to a decline in power purchased from the Other
Catawba Joint Owners.
Operating and maintenance expenses increased $31.1 million for
the third quarter 1995 compared to the same period in 1994. This 9.8%
increase was primarily due to increased distribution costs for right of
way maintenance and service reliability and the timing of an annual
payment to FERC. Year-to-date September 1995 operating and maintenance
expenses increased $10.3 million compared to the same period in 1994.
Higher distribution costs and costs incurred in connection with the
increased activity of the Associated Enterprises Group business units
also contributed to this year-to-date increase.
Interest expense for third quarter and year-to-date September
1995 increased $3.2 and $17.7 million, respectively, compared to the
same periods in 1994. These increases were primarily due to the
issuance of additional long-term debt in 1994.
10
<PAGE>
Allowance for funds used during construction (AFUDC) and other
deferred returns increased $2.6 and $16.0 million for the third quarter
and year-to-date September 1995, respectively, compared to the same
periods during 1994. These increases were largely due to the accrued
return on the deferred purchased capacity costs.
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of the security
holders of the Company during the third quarter of 1995.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
(27) Financial Data Schedule (included in electronic filing only)
(B) Reports on Form 8-K
The Company filed no Form 8-K reports during the third quarter
of 1995.
11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
DUKE POWER COMPANY
Date: November 10, 1995 ______________________________________
Richard J. Osborne
Senior Vice President and Chief Financial Officer
Date: November 10, 1995 ______________________________________
Jeffrey L. Boyer
Controller
12
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED
STATEMENTS OF CASH FLOWS, CONSOLIDATED BALANCE SHEETS AND
CONSOLIDATED STATEMENTS OF CAPITALIZATION FOR THE 3 MONTHS ENDED
09/30/95 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000030371
<NAME> DUKE POWER COMPANY
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 9295337
<OTHER-PROPERTY-AND-INVEST> 914313
<TOTAL-CURRENT-ASSETS> 1098204
<TOTAL-DEFERRED-CHARGES> 1869097
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 13176951
<COMMON> 1926909
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 2883220
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4810129
234000
450000
<LONG-TERM-DEBT-NET> 3695018
<SHORT-TERM-NOTES> 54200
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 52565
0
<CAPITAL-LEASE-OBLIGATIONS> 26653
<LEASES-CURRENT> 1753
<OTHER-ITEMS-CAPITAL-AND-LIAB> 1498823
<TOT-CAPITALIZATION-AND-LIAB> 13176951
<GROSS-OPERATING-REVENUE> 1379978
<INCOME-TAX-EXPENSE> 181942
<OTHER-OPERATING-EXPENSES> 875471
<TOTAL-OPERATING-EXPENSES> 1057413
<OPERATING-INCOME-LOSS> 504507
<OTHER-INCOME-NET> 34754
<INCOME-BEFORE-INTEREST-EXPEN> 357319
<TOTAL-INTEREST-EXPENSE> 72119
<NET-INCOME> 285200
12409
<EARNINGS-AVAILABLE-FOR-COMM> 272791
<COMMON-STOCK-DIVIDENDS> 104478
<TOTAL-INTEREST-ON-BONDS> 58116
<CASH-FLOW-OPERATIONS> 1040143
<EPS-PRIMARY> 1.33
<EPS-DILUTED> 0
</TABLE>
