-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, WNkRRcBbdACCNBLaNdZoh3zNMcQ0/j4lgxa//zMq14BCiP1PcxTtxZ8PWkUqenQ2 t6CDQfjXRBUZtQkWlW6q5Q== 0000017797-95-000003.txt : 19950607 0000017797-95-000003.hdr.sgml : 19950607 ACCESSION NUMBER: 0000017797-95-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19950123 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950123 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAROLINA POWER & LIGHT CO CENTRAL INDEX KEY: 0000017797 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560165465 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03382 FILM NUMBER: 95502342 BUSINESS ADDRESS: STREET 1: 411 FAYETTEVILLE ST CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 9195466111 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 23, 1995 CAROLINA POWER & LIGHT COMPANY _________________________________________________________________ (Exact name of registrant as specified in its charter) North Carolina 1-3382 56-0165465 _____________________________________________________________________ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 411 Fayetteville Street, Raleigh, North Carolina 27601 _________________________________________________________________ (Address of principal executive offices) Registrant's telephone number, including area code (919) 546-6111 Item 7. Financial Statements, Pro forma Financial Information and Exhibits _______________________________________________________________ (a) Interim financial statements (unaudited), including statements of income, balance sheets and statements of cash flows, for the period ended December 31, 1994. (b) No pro forma financial information is filed herewith. (c) Exhibits - Computation of Ratio of Earnings to Fixed Charges 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 hereunto duly authorized. CAROLINA POWER & LIGHT COMPANY Registrant By: Charles D. Barham, Jr. Executive Vice President Date: January 23, 1995 EX-99 2
Carolina Power & Light Company (ORGANIZED UNDER THE LAWS OF NORTH CAROLINA) INTERIM FINANCIAL STATEMENTS (NOT AUDITED BY INDEPENDENT AUDITORS) DECEMBER 31, 1994 STATEMENTS OF INCOME (In thousands Three Months Ended Twelve Months Ended except per share amounts) ------------------ ------------------- December 31 December 31 ----------- ----------- 1994 1993 1994 1993 ---- ---- ---- ---- Operating Revenues.......................................... $ 639,266 $ 658,557 $ 2,876,589 $ 2,895,383 --------- --------- ---------- ---------- Operating Expenses Operation - fuel for generation........................... 93,858 123,183 471,967 524,366 deferred fuel cost (credit), net.............. 17,760 (6,446) 38,171 27,364 purchased power............................... 94,462 95,777 414,300 368,092 other......................................... 139,584 134,539 539,959 498,333 Maintenance............................................... 57,278 61,507 206,733 235,449 Depreciation and amortization............................. 86,508 106,665 397,735 413,646 Taxes other than on income................................ 29,276 38,153 138,540 142,871 Income tax expense........................................ 34,792 20,601 198,535 189,317 Harris Plant deferred costs, net.......................... 6,681 10,866 26,329 27,575 --------- --------- ---------- ---------- Total Operating Expenses............................ 560,199 584,845 2,432,269 2,427,013 --------- --------- ---------- ---------- Operating Income............................................ 79,067 73,712 444,320 468,370 --------- --------- ---------- ---------- Other Income (Expense) Allowance for equity funds used during construction....... 313 2,568 6,074 8,999 Income tax credit (expense) (Note 4)...................... 4,050 3,200 9,425 (392) Harris Plant carrying costs............................... 2,311 15,461 9,754 27,143 Harris Plant disallowance - Power Agency.................. - - - (20,645) Interest income (Note 4).................................. 838 5,259 14,569 36,196 Other income, net (Note 4)................................ 5,991 12,517 25,592 42,465 --------- --------- ---------- ---------- Total Other Income.................................. 13,503 39,005 65,414 93,766 --------- --------- ---------- ---------- Income Before Interest Charges.............................. 92,570 112,717 509,734 562,136 --------- --------- ---------- ---------- Interest Charges Long-term debt............................................ 44,098 46,770 183,891 205,182 Other interest charges.................................... 2,727 3,772 16,119 16,419 Allowance for borrowed funds used during construction..... (130) (1,697) (3,443) (5,961) --------- --------- ---------- ---------- Net Interest Charges............................... 46,695 48,845 196,567 215,640 --------- --------- ---------- ---------- Net Income.................................................. 45,875 63,872 313,167 346,496 Preferred Stock Dividend Requirements....................... (2,403) (2,403) (9,609) (9,609) --------- --------- ---------- ---------- Earnings for Common Stock................................... $ 43,472 $ 61,469 $ 303,558 $ 336,887 ========= ========= ========== ========== Average Common Shares Outstanding (Notes 4 and 5)........... 147,204 160,737 149,614 160,737 Earnings per Common Share (Notes 4 and 5)................... $ 0.30 $ 0.38 $ 2.03 $ 2.10 Dividends Declared per Common Share......................... $ 0.440 $ 0.425 $ 1.715 $ 1.655 -------------------- See Supplemental Data and Notes to Financial Statements.
EX-99 3
Carolina Power & Light Company BALANCE SHEETS December 31 (In thousands) ----------- 1994 1993 ---- ---- ASSETS Electric Utility Plant Electric utility plant in service......................$ 9,190,874 $ 8,789,518 Accumulated depreciation............................... (3,196,139) (2,897,832) ------------ ------------ Electric utility plant in service, net.......... 5,994,735 5,891,686 Held for future use.................................... 13,195 13,300 Construction work in progress.......................... 170,390 309,713 Nuclear fuel, net of amortization...................... 171,164 217,488 ------------ ------------ Total Electric Utility Plant, Net............... 6,349,484 6,432,187 ------------ ------------ Current Assets Cash and cash equivalents.............................. 80,239 23,607 Accounts receivable.................................... 302,218 321,309 Fuel................................................... 96,136 62,029 Materials and supplies................................. 122,720 111,052 Prepayments............................................ 52,988 46,869 Other current assets................................... 24,129 18,591 ------------ ------------ Total Current Assets............................ 678,430 583,457 ------------ ------------ Deferred Debits and Other Assets Income taxes recoverable through future rates.......... 384,375 385,515 Abandonment costs...................................... 71,079 125,361 Harris Plant deferred costs............................ 127,824 144,399 Unamortized debt expense............................... 63,302 63,898 Miscellaneous other property and investments........... 360,611 264,165 Other assets and deferred debits....................... 176,058 185,209 ------------ ------------ Total Deferred Debits and Other Assets.......... 1,183,249 1,168,547 ------------ ------------ Total Assets.................................$ 8,211,163 $ 8,184,191 ============ ============ CAPITALIZATION AND LIABILITIES Capitalization Common stock equity....................................$ 2,586,179 $ 2,632,116 Preferred stock - redemption not required.............. 143,801 143,801 Long-term debt, net.................................... 2,530,773 2,584,903 ------------ ------------ Total Capitalization............................ 5,260,753 5,360,820 ------------ ------------ Current Liabilities Current portion of long-term debt...................... 275,050 162,630 Notes payable (principally commercial paper)........... 68,100 76,000 Accounts payable....................................... 285,610 293,093 Interest accrued....................................... 54,569 54,770 Dividends declared (Note 4)............................ 70,658 74,111 Deferred fuel credit (cost)............................ 28,344 (9,827) Other current liabilities.............................. 71,811 88,423 ------------ ------------ Total Current Liabilities....................... 854,142 739,200 ------------ ------------ Deferred Credits and Other Liabilities Accumulated deferred income taxes...................... 1,628,430 1,585,490 Accumulated deferred investment tax credits............ 252,051 263,588 Other liabilities and deferred credits................. 215,787 235,093 ------------ ------------ Total Deferred Credits and Other Liabilities.... 2,096,268 2,084,171 ------------ ------------ Commitments and Contingencies (Note 6) Total Capitalization and Liabilities.........$ 8,211,163 $ 8,184,191 ============ ============ SCHEDULES OF COMMON STOCK EQUITY (In thousands) Common stock (Note 5)..................................$ 1,510,956 $ 1,622,277 Unearned ESOP common stock............................. (204,947) (220,725) Capital stock issuance expense......................... (790) (790) Retained earnings...................................... 1,280,960 1,231,354 ------------ ------------ Total Common Stock Equity.......................$ 2,586,179 $ 2,632,116 ============ ============ - --------------------- See Supplemental Data and Notes to Financial Statements.
EX-99 4
Carolina Power & Light Company STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended Twelve Months Ended December 31 December 31 1994 1993 1994 1993 --------------------- --------------------- Operating Activities Net income..................................................... $ 45,875 $ 63,872 $ 313,167 $ 346,496 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization.............................. 110,308 124,552 473,481 460,094 Harris Plant deferred costs................................ 4,370 (4,595) 16,575 432 Harris Plant disallowance - Power Agency................... - - - 20,645 Deferred income taxes...................................... 42,011 37,762 37,240 71,352 Investment tax credit adjustments.......................... (2,884) (2,958) (11,537) (12,806) Allowance for equity funds used during construction........ (313) (2,568) (6,074) (8,999) Deferred fuel cost (credit)................................ 17,760 (6,446) 38,171 27,364 Net (increase) decrease in receivables, inventories and prepaid expenses....................................... (23,823) 69,171 (73,891) (7,803) Net decrease in payables and accrued expenses.............. (50,207) (49,374) (51,441) (62,013) Miscellaneous.............................................. (23,364) (16,949) (4,935) 10,882 --------- --------- --------- --------- Net Cash Provided by Operating Activities................ 119,733 212,467 730,756 845,644 --------- --------- --------- --------- Investing Activities Gross property additions....................................... (82,901) (110,732) (274,777) (341,122) Nuclear fuel additions......................................... (10,527) (19,512) (25,849) (48,001) Contributions to external decommissioning trust................ (3,164) (9,792) (21,625) (20,878) Contributions to retiree benefit trusts........................ - (1,250) (18,917) (3,750) Loan transactions with SPSP Trustee, net (Note 4).............. - 9,125 - 21,134 Allowance for equity funds used during construction............ 313 2,568 6,074 8,999 Miscellaneous.................................................. (6,094) - (6,094) - --------- --------- --------- --------- Net Cash Used in Investing Activities.................... (102,373) (129,593) (341,188) (383,618) --------- --------- --------- --------- Financing Activities Proceeds from issuance of long-term debt....................... 49,886 44,761 318,211 582,030 Net decrease in pollution control bond escrow.................. - - - 2,127 Net increase (decrease) in short-term notes payable (maturity less than 90 days)........................ 53,100 71,000 (7,900) 29,200 Retirement of long-term debt................................... (3) (268,593) (268,380) (790,376) Purchase of Company common stock (Note 5)...................... (23,315) - (110,047) - Dividends paid on common stock (Note 4)........................ (62,808) (65,043) (255,206) (262,749) Dividends paid on preferred stock.............................. (2,400) (2,268) (9,614) (9,474) --------- --------- --------- --------- Net Cash Provided by (Used in) Financing Activities...... 14,460 (220,143) (332,936) (449,242) --------- --------- --------- --------- Net Increase (Decrease) in Cash and Cash Equivalents............. 31,820 (137,269) 56,632 12,784 Cash and Cash Equivalents at Beginning of the Period............. 48,419 160,876 23,607 10,823 --------- --------- --------- --------- Cash and Cash Equivalents at End of the Period................... $ 80,239 $ 23,607 $ 80,239 $ 23,607 ========= ========= ========= ========= Supplemental Disclosures of Cash Flow Information Cash paid during the period - interest........................... $ 40,405 $ 51,641 $ 188,754 $ 218,801 income taxes....................... 105,298 42,878 180,759 113,523 - ---------------------- See Supplemental Data and Notes to Financial Statements.
EX-99 5
Carolina Power & Light Company SUPPLEMENTAL DATA Three Months Ended Twelve Months Ended ------------------ ------------------- December 31 December 31 ----------- ----------- 1994 1993 1994 1993 ---- ---- ---- ---- Operating Revenues (in thousands) Residential.............................$ 199,919 $ 211,293 $ 915,986 $ 943,697 Commercial.............................. 137,248 139,920 595,573 592,973 Industrial.............................. 184,834 187,338 741,662 744,016 Government and municipal................ 18,404 18,900 78,317 78,616 Wholesale - standard rate schedules..... 15,315 25,420 84,775 100,062 Power Agency contract requirements...... 13,932 20,090 115,262 134,258 NCEMC contract requirements............. 53,870 46,340 266,733 253,859 Other utilities......................... 4,027 2,425 33,789 11,232 Miscellaneous revenue................... 11,717 6,831 44,492 36,670 --------- --------- ---------- ---------- Total Operating Revenues..........$ 639,266 $ 658,557 $ 2,876,589 $ 2,895,383 ========= ========= ========== ========== Energy Sales (millions of kWh) Residential............................. 2,472 2,576 11,147 11,398 Commercial.............................. 2,019 2,000 8,690 8,548 Industrial.............................. 3,652 3,494 14,030 13,557 Government and municipal................ 294 294 1,263 1,248 Wholesale - standard rate schedules..... 495 547 1,983 2,144 Power Agency contract requirements...... 474 662 2,589 3,505 NCEMC contract requirements............. 1,074 1,084 4,885 4,778 Other utilities......................... 186 81 985 327 --------- --------- --------- --------- Total Energy Sales................ 10,666 10,738 45,572 45,505 ========= ========= ========== ========== Energy Supply (millions of kWh) Generated - coal........................ 3,660 6,270 21,001 25,807 nuclear..................... 5,729 2,917 18,511 13,691 hydro....................... 155 117 883 784 combustion turbines......... (1) (2) 67 84 Purchased............................... 1,460 1,879 7,040 7,110 --------- --------- --------- --------- Total Energy Supply (Company Share)................. 11,003 11,181 47,502 47,476 ========= ========= ========== ========== Detail of Income Taxes (in thousands) Included in Operating Expenses Income tax expense - current............$ (2,659) $ (15,733) $ 182,646 $ 138,622 Income tax expense - deferred........... 40,335 38,098 27,426 62,307 Income tax expense - investment tax credit adjustments................. (2,884) (1,764) (11,537) (11,612) --------- --------- ---------- ---------- Subtotal.......................... 34,792 20,601 198,535 189,317 --------- --------- ---------- ---------- Harris Plant deferred costs - investment tax credit adjustments...... (74) 244 (297) 218 --------- --------- ---------- ---------- Total Included in Operating Expenses.... 34,718 20,845 198,238 189,535 --------- --------- ---------- ---------- Included in Other Income Income tax expense (credit) - current... (5,726) (1,670) (19,239) (7,459) Income tax expense (credit) - deferred.. 1,676 (336) 9,814 9,045 Income tax expense (credit) - investment tax credit adjustments...... - (1,194) - (1,194) --------- --------- ---------- ---------- Total Included in Other Income.... (4,050) (3,200) (9,425) 392 --------- --------- ---------- ---------- Total Income Tax Expense........$ 30,668 $ 17,645 $ 188,813 $ 189,927 ========= ========= ========== ========== FINANCIAL STATISTICS Ratio of earnings to fixed charges........ 3.31 3.23 Return on average common stock equity..... 11.55 % 13.03 % Book value per common share............... $ 17.59 $ 17.75 Capitalization ratios Common stock equity................... 49.16 % 49.10 % Preferred stock - redemption not required......................... 2.73 2.68 Long-term debt, net................... 48.11 48.22 ---------- ---------- Total......................... 100.00 % 100.00 % ========== ========== - -------------------------- See Notes to Financial Statements.
EX-99 6 Carolina Power & Light Company NOTES TO FINANCIAL STATEMENTS 1. Except as described in Note 4 below, these interim financial statements are prepared in conformity with the accounting principles reflected in the financial statements included in the Company's 1993 Annual Report to Shareholders and the 1993 Annual Report on Form 10-K. These are interim financial statements, and because of temperature variations between seasons of the year and the timing of outages of electric generating units, especially nuclear-fueled units, the amounts reported in the Statements of Income for periods of less than twelve months are not necessarily indicative of amounts expected for the year. Certain amounts for 1993 have been reclassified to conform to the 1994 presentation. 2. In December 1994, the Company established a wholly-owned subsidiary, CaroNet, Inc., and the subsidiary joined a regional partnership led by BellSouth Personal Communications, Inc. (BellSouth). BellSouth is bidding for a Federal Communications Commission license to operate a personal communications services (PCS) system covering most of North Carolina and South Carolina and a small portion of Georgia. PCS, a wireless communications technology, is expected to provide high-quality mobile communications. Wireless technology could also support automated meter reading, automated service connection and disconnection, and control and monitoring of certain aspects of the Company's electric transmission and distribution systems. The results of the license auction may be known by the end of the first quarter of 1995. 3. On January 1, 1995, the Company retired $125 million principal amount of First Mortgage Bonds, 5.20% Series, which matured on that date. 4. In January 1994, the Company implemented Statement of Position (SOP) 93-6, "Employers' Accounting for Employee Stock Ownership Plans," on a prospective basis. This SOP required the following changes in accounting for the Company's leveraged employee stock ownership plan (ESOP): 1) ESOP shares that have not been committed to be released to participants' accounts are no longer considered outstanding for the determination of earnings per common share; 2) dividends on unallocated ESOP shares are no longer recognized for financial statement purposes; 3) all tax benefits of ESOP dividends are now recorded to non-operating income tax expense, whereas previously a portion of the tax benefits was recorded directly to retained earnings; 4) interest income related to the qualified ESOP loan is no longer recognized; and 5) the difference between the acquisition and allocation prices of ESOP shares, which was previously recorded as other income, net, is now recorded directly to common stock. In addition, ESOP loan transactions between the Company and the Stock Purchase-Savings Plan (SPSP) Trustee are no longer reflected in the Statements of Cash Flows. The implementation of SOP 93-6 resulted in an increase in earnings per common share of approximately $.04 for the twelve months ended December 31, 1994. 5. In July 1994, the Board of Directors of the Company authorized the Executive Committee of the Board to repurchase up to 10 million shares of the Company's common stock on the open market. In accordance with the stock repurchase program, the Company has purchased approximately 4.4 million shares through December 31, 1994. The decrease in average common shares outstanding resulted in an increase in earnings per common share of approximately $.01 and $.02 for the three and twelve month periods ended December 31, 1994, respectively. 6. Contingencies existing as of the date of these statements are described below. No significant changes have occurred since December 31, 1993, with respect to the commitments discussed in Note 9 of the financial statements included in the Company's 1993 Annual Report to Shareholders. a) In the Company's retail jurisdictions, provisions for nuclear decommissioning costs are approved by the North Carolina Utilities Commission and the South Carolina Public Service Commission and are based on site-specific estimates that included the costs for removal of all radioactive and other structures at the site. In the wholesale jurisdiction, the provisions for nuclear decommissioning costs are based on amounts agreed upon in applicable rate settlements. Decommissioning cost provisions, which are included in depreciation and amortization, were $29.5 million in 1994 and $34.0 million in 1993. Accumulated decommissioning costs, which are included in accumulated depreciation, were $252.7 million at December 31, 1994, and $221.6 million at December 31, 1993, and include amounts funded internally and amounts funded in an external decommissioning trust. The balance of the external decommissioning trust, which is included in miscellaneous other property and investments, was $67.6 million at December 31, 1994, and $44.5 million at December 31, 1993. Trust earnings, which increase the trust balance with a corresponding increase in accumulated decommissioning, were $1.5 million in 1994 and $1.2 million in 1993. Based on the site-specific estimates discussed below, and using an assumed after-tax earnings rate of 8.5% and an assumed cost escalation rate of 4%, current levels of rate recovery for nuclear decommissioning costs are adequate to provide for decommissioning of the Company's nuclear facilities. The Company's most recent site-specific estimates of decommissioning costs were developed in 1993, using 1993 cost factors, and are based on prompt dismantlement decommissioning, which reflects the cost of removal of all radioactive and other structures currently at the site, with such removal occurring shortly after operating license expiration. These estimates, in 1993 dollars, are $257.7 million for Robinson Unit No. 2, $235.4 million for Brunswick Unit No. 1, $221.4 million for Brunswick Unit No. 2 and $284.3 million for the Harris Plant. These estimates are subject to change based on a variety of factors including, but not limited to, cost escalation, changes in technology applicable to nuclear decommissioning, and changes in federal, state or local regulations. The cost estimates exclude the portion attributable to North Carolina Eastern Municipal Power Agency, which holds an undivided ownership interest in certain of the Company's generating facilities. Operating licenses for the Company's nuclear units expire in the year 2010 for Robinson Unit No. 2, 2016 for Brunswick Unit No. 1, 2014 for Brunswick Unit No. 2 and 2026 for the Harris Plant. b) As required under the Nuclear Waste Policy Act of 1982, the Company entered into a contract with the U. S. Department of Energy (DOE) under which the DOE agreed to dispose of the Company's spent nuclear fuel. The Company cannot predict whether the DOE will be able to perform its contractual obligations and provide interim storage or permanent disposal repositories for spent nuclear fuel and/or high-level radioactive waste materials on a timely basis. With certain modifications, the Company's spent fuel storage facilities are sufficient to provide storage space for spent fuel generated on the Company's system through the expiration of the current operating licenses for all of the Company's nuclear generating units. Subsequent to the expiration of the licenses, dry storage may be necessary. c) The Company is subject to federal, state and local regulations addressing air and water quality, hazardous and solid waste management and other environmental matters. Various organic materials associated with the production of manufactured gas, generally referred to as coal tar, are regulated under various federal and state laws, and a liability may exist for their remediation. There are several manufactured gas plant (MGP) sites to which the Company and certain entities that were later merged into the Company may have had some connection. In this regard, the Company, along with other entities alleged to be former owners and operators of MGP sites in North Carolina, is participating in a cooperative effort with the North Carolina Department of Environment, Health and Natural Resources, Division of Solid Waste Management (DSWM) to establish a uniform framework for addressing those sites. It is anticipated that the investigation and remediation of specific MGP sites will be addressed pursuant to one or more Administrative Orders on Consent between DSWM and individual potentially responsible parties. To date, the Company has not entered into any such orders. The Company has recently been approached by another North Carolina public utility concerning a possible cost-sharing arrangement with respect to the investigation and, if necessary, remediation of four MGP sites. The Company is currently engaged in discussions with the other utility regarding this matter. In addition, a current owner of property that was the site of one MGP owned by Tidewater Power Company (Tidewater Power), which merged into the Company in 1952, and the Company have entered into an agreement to share the cost of investigation and, if necessary, the remediation of this site. The Company has also been approached by a North Carolina municipality that is the current owner of another MGP site that was formerly owned by Tidewater Power. The Company is engaged in discussions with that municipality concerning a possible cost-sharing arrangement with respect to the investigation and, if necessary, the remediation of that site. The Company is continuing its investigation regarding the identities of parties connected to several additional MGP sites, the relative relationships of the Company and other parties to those sites and the degree, if any, to which the company should undertake shared voluntary efforts with others at individual sites. The Company has been notified by regulators of its involvement or potential involvement in several sites, other than MGP sites, that require remedial action. Although the Company cannot predict the outcome of these matters, it does not anticipate significant costs associated with these sites. In December 1994, the Company accrued a liability for the estimated costs associated with investigation and remediation activities for certain MGP sites and for sites other than MGP sites. This accrual was not material to the results of operations of the Company. Due to the lack of information with respect to the operation of MGP sites for which a liability has not been accrued and due to the uncertainty concerning questions of liability and potential environmental harm, the extent and cost of required remedial action, if any, are not currently determinable. The Company cannot predict the outcome of these matters or the extent to which other MGP sites may become the subject of inquiry. PAUL S. BRADSHAW Vice President and Controller Raleigh, NC 27602 January 23, 1995 EX-12 7
EXHIBIT 12 CAROLINA POWER & LIGHT COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS COMBINED AND RATIO OF EARNINGS TO FIXED CHARGES ----------------------------------- Twelve Months Ended December 31, ----------------------------------- 1994 1993 -------------- -------------- (Thousands of Dollars) Earnings, as defined: Net income............................................. $ 313,167 $ 346,496 Fixed charges, as below................................ 213,821 237,098 Income taxes, as below................................. 180,518 181,653 -------------- -------------- Total earnings, as defined........................... $ 707,506 $ 765,247 ============== ============== Fixed Charges, as defined: Interest on long-term debt............................. $ 183,891 $ 205,182 Other interest......................................... 16,119 16,419 Imputed interest factor in rentals-charged principally to operating expenses.................... 13,811 15,497 -------------- -------------- Total fixed charges, as defined...................... $ 213,821 $ 237,098 ============== ============== Earnings Before Income Taxes............................. $ 493,685 $ 528,149 ============== ============== Ratio of Earnings Before Income Taxes to Net Income...... 1.58 1.52 Income Taxes: Included in operating expenses......................... $ 198,238 $ 189,535 Included in other income............................... (9,425) 392 Included in AFUDC - deferred taxes in nuclear fuel amortization and book depreciation.............. (8,295) (8,274) -------------- -------------- Total income taxes................................... $ 180,518 $ 181,653 ============== ============== Fixed Charges and Preferred Dividends Combined: Preferred dividend requirements........................ $ 9,609 $ 9,609 Portion deductible for income tax purposes............. (312) (312) -------------- -------------- Preferred dividend requirements not deductible......... $ 9,297 $ 9,297 ============== ============== Preferred dividend factor: Preferred dividends not deductible times ratio of earnings before income taxes to net income......... $ 14,689 $ 14,131 Preferred dividends deductible for income taxes...... 312 312 Fixed charges, as above.............................. 213,821 237,098 Total fixed charges and preferred dividends -------------- -------------- combined......................................... $ 228,822 $ 251,541 ============== ============== Ratio of Earnings to Fixed Charges and Preferred Dividends Combined..................................... 3.09 3.04 Ratio of Earnings to Fixed Charges ...................... 3.31 3.23
EX-27 8 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (INTERIM FINANCIAL STATEMENTS AS OF DECEMBER 31, 1994) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000017797 CAROLINA POWER & LIGHT COMPANY QTR-4 DEC-31-1994 DEC-31-1994 PER-BOOK $6,349,484 $360,611 $678,430 $646,580 $176,058 $8,211,163 $1,306,009 ($790) $1,280,960 $2,586,179 $0 $143,801 $2,530,773 $0 $0 $68,100 $275,050 $0 $0 $0 $2,607,260 $8,211,163 $2,876,589 $198,535 $2,233,734 $2,432,269 $444,320 $65,414 $509,734 $196,567 $313,167 $9,609 $303,558 $256,021 $183,891 $730,756 $2.03 $2.03
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