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{{#Wiki_filter:1 q- l f ATTACHMENT 10-1 l 1974 UPDATED FINANCIAL AND OPERATING SUfHARIES OF THE 104 CONSUMER-0WNED PARTICIPANTS i 4 l. S 8409270289 840824 PDR FOIA PDR COHEN 84-603 ffcA Q.<.k %. IC
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- k, FINANCIAL DATA IS-MISSING FOR Consolidated Irrigation District No. 19 c: -
City-'of Minidoka, Idaho PUD No. 1 of Whatcom County, Washington E 4 e 'S
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*I MONTHLY FINANCIAL AND GPERATlHG REPORT ,-
FOR MONTH ENDING DECEMBER 31.-1974 DISTRIBUTOR CITY OF IDAHO FALLS . . . . , . . . , l.........__. ti e v - ts.f t * ---.'Y ra i !. i . ~ r LI 5 -TArs:n Cit: Tut.'t% LIA !.Tich
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.. .j 122,984 1,292,134 7,739,257 . .
87,033,238 9,728 9., f . e. il r. Fir e.i . .. . . . . . 502,426. . 48,280,064 1,996
...i t =c n..: ) . total elec.tric, j. 65,203... .q.5,773,405.._...l ,
.i. 40,236 347,972 .3,081,937 .. 29,708,135 239 I l .i Co:nmercialtotal cicctric.. .[ 67,561,859 1,186 8
.,.: . 30 k. '.*A :c W. ! 105,336 ;.. ,1,179,446. g. 5,632,580 : .
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.i 2,849 .l 38,303. ; 74,618 ,.
17,200 189,552 1,563,000 I 19,558,776~ . 6 l .. :...r.e; . 15,403 46,870 371,982 100' Security lighting i 1,681. ; .
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5,212. !. 44,038 - ! 325,706 1. 2,819,857 { 1 2 r c i p ., . , :.g.: .,..j . . . . ............[ *
, U , : . c e. . . . . . . 10,666 . 137,199 1,546,283 20,960,827 } 'l .
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' 606 4,912 '
48,634 432,285 34 In :::.... ..
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' orm e.mt:w :vr f ir .10 j 374,203 3,807,246 i.i. Interest on investments...... -
11,301 .; ' " '; e "~t e + ' :'" r 1
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144,771 ; 1,676,317f
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..ui m . .ovi.':.iv . 144,771 l 1,676,317 72,127 814,955 t U A's: < Piver,. i - . i- 229,432j 2,130,929 i, ..~,...i.a..., aA l i
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j i 14,233 l 191,297 ' I i . 8.0 c. r - s ' :t'.' ; r ~ ' " ' .
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. Contribution gen. fund : 83,585 i 1,003,000
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'. Capital outlay 42,752 - 1,418,589 i,c . .. . . . . '. -
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.9 Peg 2 DALANCE SHEET DPA 110 .
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DECD:nER 31, 1974 . CITY.0F IDAHO FALLS
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i 72,127
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- e. C:.... er ve si m a u 55,855. 5::. Ar w.n. sc:c.i.c, cur .
- j. 263,862.
<: . Customer deposits. ..
l C . .o.u. I 55,855 I y, j ? .. .
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- Ana rut o Acc.ounts (i n. ,i n cem rc e:T AHo Acenuto As3tTs i
- t. Due to.other funds .[ I 5,875..
! 74,350 -<..
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I 13 Terrc cr ::y inve 2 ne.its & spcon' dept cic Go i t .> i Ai ce :6; ..- .4 c.: i.ia:. u :..
..c,,a 397,719 _ _ _
? _402,382_.
i /.:- s . e..c. .v ::e.nrrs t 355,405 + tw t. r: e s. O t r '. 5.. 46,977
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u Other cecevnts & netes rec. 5__ .1,878.. ..
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4 s e. : Ix.r in :.: cf jear ; 747,927.. ...I
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.- Investments in fixed assets .l9,891,511
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TO T AL SURrI.u'. 7 m W s fric P4T / CO.Mun :. ! 57 d u 'i - 0,213,218 .
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Pep 3 c eA sto ELECTRIC ENERGY STATEMENT t, CITY OF TDAE0 FAT.ts rticTnic nivrsio1 -- nx.c u .:u e r wa..r: t10 NTH OF DECEMBER 1g 74
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ENERGY GENERATED, PURCHASED, AND lMTERCHANGED THIS HONTH YEAR TO DATE _ Ge:i.c r... t .i on ..f o r ..s t.c.t .i g n A .s g ( 32,811 . kwr.)
.Ne t . gene r,q t. ion .(c.xcludin.g. s t a t lor. .usc) :
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. .I.lyd r.o . 3.65L779 8 44.047,490
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To t al. . ne t . genera t i.gn . 3.651.779 I 44.047,490 Furchcsed energy: rice. Unneville 1" wor . Adr. itis t ret iar. 29.328.000 254.902,000 Tre.n ethorst (' int) l tl Total rur.ghoses. . 29.328.000 254.902,000
...In t e r.c h en ges- i n (gross) I!
Toto'. onergy conorcted, pu r e t c.ced o.nd .inte rchanged. , 32.979.779 l 298,949,490
.,Disposi t ion o.f cno r,qy ganc.ro t ed, purchased
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' Intel colec ,cf o.icet ric cncrgy 'fren rcGe 1) . *25.832 ,290 277,732,131 In t e r cha n go,s-.ou t (gross) . .. ..
Energy used, by cloctric ut 111ty (excluding s t e t i.cn .une ) , , l T.o.t ol .onergy, occour t esi for,, I
. Total erargy lenses , .. .
Total disposition of eno;qy (totul energy,,gane,rqted, purchased and i n't e r ch a n ced l 60 System puck demcnd (xx-ninute 58,320
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't EXHIBIT A Unity Light & Power Company (An Idaho non-profit corporation)
STATEMENT OF FINANCIAL CONDITION December 31, 1974 ASSETS CURRENT ASSETS: Cash on hand $175.35 Cash in Bank of Idaho - checking 15,356.25 Cash in Idaho Bank & Trust - checking 5.522.06 Accounts receivable 49,484.57 Notes receivable 35,582.26 Nite guard accounts 2,297.05 Inventory supplies and r.erchandisc 107,037.01 Total current assets $215,45L.55 PROPERTY AND EQUIPMENT, COST: Land 3,800.00 Distribution system $744,555.21 Tools and trucks 71,068.76 Building, furniture and fixtures 63,571.83 879,195.80 Less accumulated depreciation 343,908.21 535,287.53 539,087.53
$754,542.0S LiABlLITIES $ CURRENT LI ABILITIES:
Accounts. payable $15,473.80 1 NET WORTH: Memberships $148,050.00 i Patronage capital: i Balance, January 1, 1974 $523,318.71 Net carnings for the twelve months cnded December 31, 1974 67,699.52 591,018.28 739,066.28 j i 4754,542.08 l l l 1 4
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DONALD E. WESTFALL CERTIFIED PUBLIC ACCOUNTANT BURLEY, IDAllO B331R 1329 ALBION AVENUE nttruone 208 - 678-8758 January 17, 1975 Board of Directors Unity Light & Power Company Burley, Idaho Gentlemen: I have examined the Statement of Financial Condition of UNITY LIGHT & POWER COMPANY as of December 31, 1974, and the related Statement of Earnings for the year then ended. My examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as I considered necessary in the circumstances. in my opinion, the accompanying statement of financial condition and related statement of earnings present fairly the financial position of UNITY LIGHT & POWER COMPANY as of December 31, 1974, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceeding period. Very truly yours, Ah saftL ? !I'0 $PN 'd Donald E. Westfall *
' i F.AS~. F*iD Ml!I'JAL ELECTRIC CO. , LTD. A131TF.D FI!.*.ECIf L STATICEC S
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Rupert, Idaho 1:ovember 30,'1974 _II:DU. Fare F ror.tispi _ - 2 a Index s. Audi. ors' Opinion Diibit A *
. Co:.parstive Balance Sheet 5 Exhibit B Statert.ent of Chsndes in Members' Ecuit.y 6 Fxhibit C Co ;arative Statement of dperations 7 D11 bit D Statement of Changes in Financial Positien : gs i
':ows t o Finane' a; Jtaterr.en* s t
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- 7 AFJf FI!..'t:CI AL IfiF0RF.'c; 10 Schedule ;
l ' Schedule of :-ix d Assets i l' i Schedule of Certificates of Depocit Schedule 2 ' and Interest Receivable Schedule 3 l' Scheaule of. In: rar.:e Coverstge Schedule I, 23 informa: ion.
- t. Organiza. ion sai Creners) i I
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WALSTON,~ REINCKE & OSTERH UT i- ' CEbflFlLD PUDLIC ACCOUNT A*4f 5 t 22 2 5 CVC RL AND A*.* *.UE DOI Pl? f _ T OED AUNG BUI.C NG BURLEY,IDA,tc 333% EOs det , R: Pt se t t1 A r* O P 13 S fs January 10, 1975 vcwnoNE en.2m r u .u.'.o 42c 2:25, I i To The Boar.i of Dir:c* ors East End Mututi Electric Co., Ltd. itupert, Idaho 83MO l W have examined the Comparative Bala:.ce Shee: of East End Mutual Electric Co. , Ltd. (an . idaho '.ax Exempt Corporation) as of !!ovc:isr 30,19'?4 and the related Comparativ- Statement of Operations and S*,atement of Changes in Financial Fost. ion for the year then enlei. 0 r examination was maae in acco:d-i ance with generally secep*.ei suditing st,andarar., and accordir.Gv, included such *est of the accot.n-ing raconds and such other auditinc procecures as we consider ~ necessar-t .'r. the cire_::.c ances . In our opinion, the accompanying Comparative E 4. ance St. et l ! an! Compara:ive "t.aiement of Operations and Statement of Chances in Financial Position present fairly tne financial position of East End Mutual Electric Co., Ltd. as of November 30, 1971. and the results of its operations for the year then nded in con-formity wi* h e nerally accey.ea accounting princip.ac applie: l on a basis consistent with that o: the ; receding year.
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.i F.AST E!!D XUTUAL ELECTIRC CO., LTD. Exhibit A Rupert, Idaho Page 4
. 00:!Pl.RATIVE Ba!.ANCF SHEET -!974 llovember 30, 1974 Year 'inded Ine: rase Decemt<.r 3], _
(Lecrease) 1973 Ic74
~ _
. AssErs DISTRIBUTIG:' LII 6,000.00 5 23,783
'1):f:S & r ACILITIES~ $ 6,000.0c $ 113,100.23 35 (Thie 1) (Schedua > 136,973 4S 678.60
~ Laru 14,371.16 23,82.56 -0 Facilities in Service 2,379.1 ( _
Mobile i.quipment 2,370.11 2 m ,461 M T 159,714.7[ 3 d 40,639.0i 5,2 2.F0 _ 5,G6 33
.0ffice Equipment 55,254.3_
A m m.Isted Depreciation f. . M 1.'. 4 p 18,SLc.o2 iess: $ 104.460.3i Ect Ecor. ,a:ut, or Fixco Asse.s 6,v84. 50 S 'f,031.98 J( 2,0L'! .;8)
$ 29,000.C0 ( 5,000.00)
' Current Assets: < 24,000.00 1,261.24 Cash on Hand and in Chee. ing Account (Schedule 2) 7;6.~34 Certificates of Deposi: 2,057.58 .58 159 41 '/,'.r37 04 159.99 15,053 96 24,991.00 Receivables Jnventory (Note 3) from Cur *.omersInterest 1,847.50 income '1,84'/.) Reculvable (Sc
( 1,80 .-C) (' 1,84'i . '.t -) 452.80) Current Less: Portion of Pucp Contracts ReceivableReserve 4J.Q [ 54,%3.M 42 ! . 83 _( 4 for 3,' 6.'4Contra: Prepaid Insurance (Sche.hrle 3) 1 58,tt3.It Total Curre:.t Asst. s 60.00 0 tu.00 $ 136.31 Other f.sset s: 186.31 1,84'/ . 50)
~ Der.osit with Project Mutual Telephone Co. 6,102.50 7.%0.00 (
Capital e.mership with United Cc-op 7, no.00) 1. W/ .10 Tertion of M=p Corn. mets ( 6,302. C) ( -G-2Lt.31 6 Eue.31 1 Non:n.rrentneserve Less: for Contracts-Moncurrer- 1
*ict a: Other /ssets $ H.O.22L.(3 $ h .M . 20, .
$ 163,369.83 - w ._
h_- TOTAL ASTE UI'IT _LT ABIL1'IES AMD IS'BERS' iD 2,;34.21 0 .78.40 CUi!RE'M LIlBI:.1 TIES:
$ 2,732.6'7 0 457.8; .ra.n
' Accounts Payable 1,329 12 0- _
-0 _
Payrol'. & Salus lax l ayable
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3,492.01 3 5e".72
~ Cuctomer 11eter l'eposits 1 4,061.~i ?
- iotal Liatilitier. 100.00
$ 26.640.O*, 4 '.126,pic.CO C ,7 92 . i.'
i 21,8~4.Q IE!ERS ' r. ?? T~ :Me::lership Ut :tificates 3 232,6e f B) (Fxhibit 0a ( ! ote 5) j .:.vc ea T.quity (fxhibit B) 159,3CB.i '~5',332.C 2 W , N . /.1 14 embers' - To.a: Members' Eq ity t
$ 163,369.83 O43,824.Q $ f2f4 @
1 7 TUTAL LI ASILII!Er & l'RGM' E',UI'. The accompanying !!otes To Financial 3tatements are an , integral part of the financini statemen* s.
F EAST END MUTUAL ELECTRIC CO., LTD. ,
' Rupert, Idaho .
Exhibit B Page 5-
. STATDZ;T OF CHANGES IN MEMBEDS' EQUITY For the Year ended November 30, 1974 MDTERSHIP CERTIFICATES
$ 26,540.00
- Membership Certificates December 1,1973 (Exhibit A)
New Members added during the period: 100.00 Terry Eawson $ 26,640.00
- M1mbership Cer,ificates I;ovember 30, 1974 (Exhibit A)
MEMBERS' I! NESTED FOUITV
$ 110,792.61 Balance Decerber 1,1973
/
Additions: Excess of revenues over cost of oper- $ 20,233 10 ations (Exhibit C) _ 1,6L2.33_ _ 21,8"'..LJ O*.her Income f 132,(M.Ch
'iotal Menbers' invested Equity
,S 15%2 309.C
. ,L T0fAL IG3EP.S' EQUITY (EXHIBIT A) i
EAST END ICTUAL ELECTRIC CO., LTD. Rupert, Idaho hhibit C Page 6 COMPARATIVE STATEMDIT OF OPERATIO"5 Year Ended 1974
* !!overier 30 Increase 1974 1973 (Decrease)
Operatine Revenues: Electrical Ener,v Sales - (Notes 2 & 4) Residential $ 79,322.16 $ 69,8o9.:.3 5 9,452.88 - Irrigation 22,038.6C 11,195.18 10.8L3.42 Total Energy Sales $ 101,360.76 7 81,064.46 $ 20,296.30 Iess: Cost of Electric Energy 24.726.00 22,218.00 2,508.00 Gross Eevenue - Electrical Energy $ 76,634.76 $ 58,846.L6 $ 17,788.30 Less: 20f Discount Allowance 14,890.1L 13,830.46 1.079.68 Net Revenue - Electrical Energy $ 61,744.62 S 45,036.00 8 16.70E.t.2 Other I.evenues & Costs: Material Sold $ 4,151,13 $ 3,160.01 S 991.12 Cost of Materials Sold 3,904.07 2,937.84 966.21 Ilet Revenue from Materials. $ 247 06 $ 222.17 $ 24.89 Labor Sales 1,174.00 641.7L 532.26 Total Other Revenue $ 1,421.06 $ 863.91 $ 557.15 Total Revenue from Operations $ 63,165.68 $ 45.899.91 S 17.265.77 Oparatinr &penses: Salaries, P.anager & laborers $ 13,612.75 $ 14,271.00 $( 650.25) Payroll Tax Expense 970.03 964.37 5.66 Line Maintenance & Improvements 7,003.35 3,433.55 3,569.80 Truel.s & Equipment hpense 1,398.17 1,630.21 ( 232.04) Property Tax and Licenses 2,517.73 2,459.82 57.91 Use Tax 784.36 672.37 131.99 Depreciation 5,616.33 4,711.9J 906.38 Total Operating Expen::es & 31,902.72 & 28,143 27 f 3,7t9.41 Adminis'.rative & General brenses: Office Salary & Payroll Tax $ 4,934.03 $ 4,733.54 $ 200.49 Office Supplies, Hent & Utilities 1,637.31 1,460 51 176.80 Directors Fees 1,020.00 915.00 105.00 Legal and Accounting 988.75 1,393.00 ( 404.25) Annual and Special Meetings 57 97 696.76 ( 638.79) Insurance 2,391.80 1,900.67 491.23 Total Administrative & General Expenses 8 11,029.86 S 11.099 68 $( th.e2) Total Expenses - 3 42,932 58 8 39,242.75 $ 3,t * .83 Excess Operating Revenue Over Total Expences 3 20,233.10 $ 6,657.16 6 13,575.uk other Inceme: - Interest earned en Cer.ificates of Deposit $ 1,569.33 $ 1,615 96 5( 46.63) Pole hental 73.00 73.00 Total Other Income $ 1,642 33 $ 1,688.96 5( 46.63) NET EXCESS PET;UES OVER EXPD!SB (hhibit B) $ 21,875.43 $ 8,346.12 3 13.529.31 The accompanying I;otes to Financial Statements are an integral part of this statement.
EASI E!D MlTTUAL ELECTRIC CO., LTD. EGIIBIT D Rupert, Idaho- - Pagh 7 STATEST OF C'{ANGE IN FINANCIAL POSITIO* For the Year Ended November 30,19~4 S urces of Me Working Capital From Operations: $ 20,233 10 Net Income from Operations 1,569.33 Interest Income (Exhibit C) 73 00 Pole Rental & 21,875 43 Net Excess of Revenues over Expenses Add Depreciation expense not requiring outlay 5,616.33 of working capital in current period
$ 27,4M .76 Working Capital provided from ope' rations Wroking Capital provided from new 100.00 Membership certificates ~
$ 27,391.76 Total Sources of Working Capital .
Uses of Workin: Capital: Distributton lines and related equipment $ Z.,L61.05 placed in service
$ 3,224.81 I11 CREASE IN ORKING CAPITAL The accompanying Notes to Financial Statements are an integral part of this statement.
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Page 3 EAST END M!rrUAL ELECTRIC Co., LTD.- '. Rupert, Idaho .
!WTES *10 FINANCIAL SfATDIE"If
. November 30, 1974-1 0;+ rations: t ;n cxe r.pt 26,1918, as an .1da .o Corporat. o ,
The company v.as incorporated January Operations consis:. of dis.r* buttor. or fro federa. ans s. ate income taxation. elec.rica] cnercy on a non-profit basis. f t!.e Compn :
, 2 -- Followine is a summary of the significant accounting policies o ized on the accr:a1 Ass <<ts and liabilities, ara revenues and expenses arefivet an acer.a]
re:ogn b 2 2//- tasis of accoun ing, with the exception that Therefore, any misstaten.ent revenues
!!ow-electricity distribu:ed to cur,tomers t withbut not prior bille yests.
aver, this practice is consisten ef revenue is considered insignificant. Ir.ven orles are carr16d at cost on a first-in, first-out b6 sis. [ mobi'.e ey.ipnent compa' i Fixed asset s. consiscarrial . .in,. ofa distri'tution cost, lines 2ess accumulated and faci.ities depreela'io::
. and office eculpaent ars dee Scr.edule . for detalis of depreciati<:n rates and o:. a straight-lina cethod, est e.',orie s .
3 - ir.vontories at Mcvuter 3t, 1974 and 1973 consisted of: 1973 _ 1974 _ 3 3,302.67 1 2,102.N Foles, ott.bu & crossarms 4,551.56 2.085 42 h' ire 8,329 62 3,355 32 Iransferrors ':27.55 949 83 Feters '/.797.22 d.893./" Materiah E l'> ,053.M;
$ 24.991.OC Total Inventory 4 F.ilowatt Hours Purchased and Sold:
P.esi- 1.ine Irri- Loss f Delivered Sold to dential by BP/. Customers ration Year 1,0., : ,700 12 . '- 1,489.,990 5,566,110 10.) 3,1G1,00 7,056,100 5,179,215 '03 045 1974 6,102,L55 923,240 1973 6,e06,. 00 1963 5,458,868 3 0. *. Thru 4,197,58' 41,664,471 51,313,926 45,855,05e 1974
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. Page 9 Pags 2 s
~ East En, "utual Elect ric Co. , Ltd. Notes to Financial S lietents (11/30/71.)
.5 ,7.edership Certificates:
Eecherships at !!oveder 30, 1974, totaled 256 voting mer. ers. However, a few merhers own more than one certificate es a result of buyir.;; property for which ano:her medcrship certificate existed. In such instances, however, a :r.etter owr.ir.c r. ore ,han one membership certificate is limited :.o only one vote ir. coperate busin-ss. This is in accordance with Article 7.1, Section 7, of .he Corporate Dv;aws as revised 1971. 6 l s. O 8 t
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ATTACHMEHT9(a)-1 )
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I h FIVE INVESTOR-0WNED COMPANIES 1974 l ANNUAL REPORT TO STOCKHOLDERS f' l
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. Oormet,cr 31.1974.md 1973 (Thouundsof Dollars)
Electric Utility Plant: in servi:e. at original cost (Note 9) . . . . . . . . . . . .'. . . . . . . . . . . . $ 5 89,03 G $527.525 i
- 1 Less-Reserve for depreciation (Note 1) . . . . . . . . . . . . . . . . . . . _97,95G _ 80.344 491,080 438.18 t Construction work in progress. including S217.273.000 for the Trojan Nuclear Plant at December 31,1974 (Note 9) . . . 264,847 213.685 N uc l ear f u e l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,385 16.470
- 785,312 668.33G Other Property and l'nvestments: Nonutility property, substantially at . cost, less reserve. . . . . . . . . , 2,202 1.786 Sales contracts receivable and other. . . . . . . . . . . . . . . . . . . . . . . 3,004 3.805
*
- 5,206 5.681 Current Assets: ,
Cash (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,703 12.195
' Receivables:
Customers' accounts . . . ,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,251 8.376
. Other accounts and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,249 2.531 Reserve for uncollectible accounts . . . . . . . . . . . . . . . . . . . . . (355) (355)
Materials and supplies, at average cost: F u el oi l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,112 3.315 Other. ............,................................. 6,707 4.054 Property taxes applicable to subsequent periods. . . . . . . . . . . . . 6,774 5.558 Pre payme nt s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040 1.113 52,481 37.387 ' Deferr:d Charges: . Preliminary engineering and survey costs on - proposed generating pf ants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,154 2.229 Unamonized debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,522 2.098 ' Other deferred chargc3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,277 2.471 _ 7,953 6.798 8850_ 952 S718.202 ,
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l Capitalization ~ . (sco accompanying statements): Common st ock. equity . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . 6241,905 $187 740 l
- Cumulative pr ef erred stock . . . . . . . . . . . . . . . . . . ~. . . . . . . . . . 80,000 8' "s00 Long terrn debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _3 3 5,0 4 4 326 ',B3 Total capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . _C_57,309 59': 820 Current Liabilitics! Long-term debt maturing within one year . . . . . . . . . . . . . . . . *. . . 27,199 -
Current sinking fund requirements on long-term debt . . . . . 2,38G 2308
. Short-term notes payable (Note 10). . . . . . . . . . . . . . . . . . . . . . . . 95,791 60.114 Accounts and wages payable . . . . . . . *. . . . . . . . . . . . . . . . . . . . . . 29,253 30.142 Dividend s payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,774 5529 Accrued general taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,821 8 903 Accrued income taxes (Note 2). . . . . . . . . . . . . . . . . . . . . . . . . . . 406 822 Accr ued int erest . . . . . . . '. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,346 4 296 177,976 112.119 Other: Deferred income taxes-accelerated amortization (Note 4). . . . 7,008 7.549 Deferred investment tax credits (Note 3). . . . . . . . . . . . . . . . . . . 4,417 2.413 Possible additional income taxes and other 1,989 contingencies (Note 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9S9 Deferred revenue-excess power costs (net of income taxes) . 1,937 -
. M iscellan eous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 303
- l. Commitments and contingent liabilities (Note 15). . . . . . . . . . . . - -
15,667 12.254
$850,952 $718.202
- The accbmpanying notes are an integral part of these statements.
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< Oxbbor 31,1974 and 1973
~
,1974 1973
, (Thousand:.of Dc' tars) s .~
Common Siock Equity: Common stock. S3 75 par value per share. 20.000 000 shares authorized. . 13.500.000 and 10.500.000 shar.es outstanding (!)ote 12) . .. .. . . . $ 50,625 S 39.375 Other paid in capital (Note 12). , , . . . . . . . 108,146 72.183 Capital stock expense. . ............ (1,432) (1.264) Retainod earnings (Note 13) . . . . . . . . . . . . .- 84,626 77.452 Total common stock equity. . . . . . 241,965 36.8% 187.74G 31.6% ' Cumulative Preferred Stock. S100 Par . Valu3 Per Share,2.000.000 Shares .
- Authorized (Note 12): Series outstanding (redeemable at the Company's op' ion): .
9.76% 100.000 Shares. redecmable to November 1,1980 at $110 and at reduced amounts thereaf ter . . . . . . . . . . 10,000 10.000 7.95% 300.000 Shares, redeemable to July 1,1977 at $108 and at reduced amounts thereafter. . . . . . . . . . . . . . . . 30,000 30.000 7.88% 200.000 Shares. redeemable to April 1.1978 at $108 and at reduced amounts thereafter. ............... 20,000 20.000 8.20% 200.000 Shares. redeemable fo July 1.1978 at $108 and at reduced amounts thercaf ter. . . . . . . . . . . . . . . . . . 20,000 20.000 Total cumulative preferred stock. 80.000 12.2 80.000 13.5 Long. Term Debt: First mortgage bonds: 3% % Series due July 1,1975 . . . . . . . . . . 27,199 27.220 3M %Scries due Novcmber 1.1977. . . . . 5,906 6.10G 3M *4Socond Series due Nov.1.1977. . . 2,798 2.798 3% % Scrics due November 1.1984. . . . . 8,183 8.383 4% % Scrics due September 1.1986. . . . 12,160 12.480 4% % Series duc June 1.1987. . . . . . . . . 7,800 8.000 SX % Series due June 1.1990. . . . . . . . . . 12,300 12.600 SM *4 Series due November .1.1991. . . . . 10.800 10.950 4% % Series due February 1.1993. . . . . . 13,872 14.000
. 4M % Series due June 1.1993. . . . . . . . . . 16,650 16.875 4% % Series due April 1.1994. . . . . . . . . . 16,875 17.100
. 4.70% Series due March 1.1995. . . . . . . . . 13,300 13.475 SM % Series duc June 1.1996. . . . . . . . . 11,550 11.700
. 6.60!; Series due October 1.1997. . . . . . . 22.725 23.088 8M % Serics d'.se April l.1977. . . . . . . . . . 20,000 20.000 9% % Series due November 1. 2000. . . . . 20.000 20.000 8% Series duo November 1. 2001. . . . . 20.000 20.000 7M % Series due November 1. 2002. . . . . 20,000 20.000 7.05% Series duc April 1. 2003. . . . . . . . . . 35,000 35.000 8% % Series due October 1, 2003. . . . . . . 17,000 17.000 104 % Series due December 1.1980. . . . 40.000 SM% Sinkin0 fund debentures. due 1983. . . 10,500 10.875 Real estato purchaso contracts . . . . . . . . . . . 606 041 305,224 328.711
. Unamortized premium on long term debt. . . 17 32
. , Unamortized discount on lon0 term debt. . . ,, ,,(312) (352)
- 364.929 ,_328.391 Less- Amounts included in curront liabilities (Note 14).
Lon0 termdebimaturingwithinoneycar. (27,199) - Cur rent siniang lund r eauir ements . . . . . . . (2.380) (2.308) Totat long term debt . . ... 335.344 G1.0 ,.3?G083 610 Total capitafitation. . . 6G57.300 100.0'& $503 U20 100 0. 20 I The accompanying notes are an integral part of these statements
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D ino Yt. 3 Ended Docember 31 , 1974. 1973 1972 1971 1970 l C (Thousands of Do!!ars) l Operating ncvenues . . . . . . .. .. $146.001 5124 B33 5112.443 $_104 919 -..SEB;M l Operating Expenses and ianes: Operation
. Pcr..cr Purchasec and antorchange-on 37.385 30.799 24E49 22.204 19.477 Production -
7.675 5.941 2.357 2.1M 1.928 Transmisse,n and castntation . 7.914 6.742 5.988 SEO 4.70? Ad%niste: /e and other . . 14.80G 12.762 12.437 11.781 1CU4 PAaintenance and repairs itioto 1) . . . . . . 6.397 5.749 4.969 4.636 3 FO? Depreciation annuity and intcrest on 5% sinking fund rne:hoo f No:e 1). 12.000 11.290 9.962 9.231, 8.175 Taxes other tr.pn income tant.s 'J!cte 16) . 14.322 12.74G 11.964 10.849 10.C35 Tases on income (Notes 2. 3. 4 and 8). State . . , . .. .. ' (09) 281 722 921 434 Fede'a!. . .. (732) 1.938 5.408 6.749 3.100 Disposition of utility plant . . . 10 (858) (125) - - Total operating expenses and taxes. .. 99.738 87.389 78.531 74.091 C2.415 Utstity operating income. 46.263 37444 33.912 30.C78 25.875 ,, Other income: Allowance for funds used during construction itJote 5). . 17,004 11.090 4.610 1.789 792 6i Other income and ceductions-net. .. 255 310 338 99 332 i Gross income . 63.522 48.844 38.8C0 32.716 20.929 .i Interest Char 0cs: Interest on fong. term debt. .
. . 20.734 18.591 15.132 13.067 11.377 Interest on short-term no:cs payab!c. 9.488 3.279 848 658 1.779 Other interest and amortaation . 382 358 311 108 102 Totalinterest charges. . 30,604 22.228 16.291- 14.433 13.258 Net income. .. .. .. . .. .. . . 32.918 26.616 22.569 18.283 13.741 Preferred Dividend Recuirement. . . .. . . 6.577 5.247 2.106 976 152 Income Available for Common Stock. .. . .. .. ... . . .. 8 2G.341 $ 21.369 5 20.373 5 17.307 $13 589 Averoso Common Ehares Outstandino. . . 12.125.000 10.500.000 9.656.C37 8.CCS.007 8.350.000 Earnings Per Average Common Share. . . . . . . . $2.17 $2.04 32.11 52.00 51.C3 Dividends Dociated Por Common Share. .. , . . .... .. $1.52 $1.48 51.42 $1.38 51.30 Management's Discussion and Analysis of Statements of Income
- follows Notes to FinanciaiSta!cments.
Statements of Retained Earnings 1974 For the Years Ended December 31 1973 1972 1971 1970
, (Thousands of Dollars)
Belar.co at Doginning of Period. ... . .. .. .. . . . . . 8 77.452 571.980 $65.509 560.933 $58.556 Add-Netincome. . . . . ........... .... ... . . .. .. 32.918 26.616 22.569 18.283 _13.741 110.370 98.596 88.378 79.216 72.297 Deduct: Dividt'nds declared. .
. On commen s:o:k.. . . . 18.810 15.540 13.845 12.075 10.855'
, On preferred stock. . 6,577 5 247 2.196 976 152 WitNf t iever *he hs egear per,Od ended 1974)of a pertion of envestment in e:ter nonstility property in comphance witn Federal Power
, , Commissien reowremen!s; . 357 357 357 356 357 25.744 21.144 16.393 13.407 11 364 Balanc';at End of Pcrio.d (Note 12) . 3 84.626 577.152 571.980 m609 5.60.933 ,
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For tho Years Ended Dctemtdr 31 '! 1974 1973 1972 1971 1970 (Thousands of Dottars) Funds Generated Internally: Income available for . , common stock. . . .. ..S 26,341 5 21.369 S 20.373 517.307 $13 539 Depreciation (including amounts charged to other accounts)(Note 1) . . . 12,S15 12.095 10.681 9.914 8.739 Investment tax credit adjustments (Note 3). . . . . . 2,004 1.350 1,063 - (184) l
. Income taxes deferred in il I
prior years (Note 4) . . . . . (541) (541) (541) (541) (541) Allowance for funds used , durin9 construction . . . . . . . (17,004) (11.090) (4.610) (1.789) (792) 23,715 23 183 26.966 24.891 20.811 ' Less: Dividends declared on common stock. . . . . . . . 18,810 1! 1 13.845 12.075 10.855 Total funds generated internally. . . . . . . . 4,905 7.643 13.121 12.816 9.95G i Fur.ds Provided from Outside Sources: Long. term debt. . .... .... 40,000 52.000 20.000 20.000 39.900 Preferred stock. . . . . . . . . . . - 40.000 30.000 - 10.000 Common stock. .... 47,213 - 20.075 19,650 11.955 Short-term notes payab!e. . . 122,232 113.984 79.750 21.280 21.100 Refinancing of short. term I notes payable with
- long-term financing . . . . . . . (86,555) (81.370) (52.250) (24.480) (56.050)
Total funds from . outside sources. .. . 122,890 124.614 97.575 36.450 26.905 i Other Funds Provided (Used); Retirement oflong-term debt. (3,152)" (3.299) (4.615) (2.673) (2.772) Chango in net current assets excluding long-term debt due within one year and short-term notes payable. .. . . . . . . . . . . (1'2,191) 14.568 827 1,546 (1.305) Reimbursement bylessor of ! 1973 construction t expenditures. . . . . . . . . . 22,800 - - -
- j.
Allowance for funds used i durin9 construction . . . . 17,004 11.090 4.610 1,789 792 Other-net. . . .......... 1,325 (2.418) (1,087) 370 979 Total other funds t provided (used). .... 25,7fd 19.941 (265) 1.032 (2.306) Funds invested in Electric Utility Plant . . . . . . . . . . . . . . . . . . . . . . 6153,5 81 S152.198 S110.431 $50.293 S34.555 The accompanying notes are an integral part of these statements. !;
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- Company's Si.gnificant
' Accounting Policies. .
Provisions for depreciation of utility plant f other than transcortation cauipment) have Not) 1. Depreciation. been computed on the 5% sinking fund method. as approved by the Pubhc Utihty
- Commissioner of Oregon (the " Commissioner"), and are based upon the estimated i service lives of the various classes of property. For regulatory accounting purposes the annuity portion of such provisions is charged to Operating Expenses. whereas the portion representing interest on the depreciation reserve is included in I..terest Charges. In the accompanying Statements of Income the annyity and interest portions have been combined under Operating Expenses. The percentages of provisions for depreciation (including the annuity and interest portions) to tne total average 6 ociable plant-in-service balancos were 2.0% in 1970. 2.1% in 1971.'2.2% in 1972,2.3% in 1973 and 2.3% in 1974. The Company's sinking fund method of depreciation yields depreciation provisions that are substantially the same as provisions resulting from the use of straight-line depreciation on a group or composite basis as practiced by the majority of utilities. Provisions for depreciation of
. . transportation equipment and nonutility property have been computed at straight-hne rates based upon the estimated service lives of these properties.
The Company charges maintenance with the cost of repairs and minor renewals. plant account with the cost of renewals and replacement of property units. and the depreciation reserve with the cost, less net salvage, of property units retired other than land. Not3 2. The Company. with the approval of the Commissioner. follows flow-through accounting Fed:ral and State income Taxes.' (other than as discussed in Notes 3 and 4) for reductions of income taxes resulting fromvarious provisionsin the tax laws which has the effect of passing such reductions on to the Company's cus:omers. See Note 8 for details of income tax reductions. Noto 3. As authorized by the Commissioner. the Company followed flow-through accounting invtstment Tax Credits. for investment tcx credits prior to 1972. which had "1e effect of decreasing income tax expense by S184.000 in 1970 and S423.000 in 1971 after giving effect to the following adjustments: during 1968. the Company deferred two-thirds (estimated at
$368.000) of the investment tax credit realized in 1968 arising from the completion of the Company's portion of the 500.000-volt Pacific Northwest-Southwest Intertie; the deferred investment tax credit was taken into income over a two-year penod
. commencing January 1,1969, this deferment was approved by the Commissioner.
Eff ective January 1.1972 the Company. with the approval of the Commissioner. elected to defer the tax reductions resulting from job development investment tax credits.
- Had the Company continued to use flow-through accounting ,or such credits. income tax expense would have been decreased by S1.063.000 in 1972. by $1.350.000 in 1973 and by S2.004.000 in 1974. As a result of the accounting change. however.
. . Income tax expense was decreased by $37.000 in 1972, by 580.000 in 1973 and by
$15G 000 in 1974 af ter the deferral (less related amortization) of S1.100.000.
$1.430.000 and S2.160.000 of such credits. The deferred tax reductions are being amortized to income over a 30-year period, the approximate life of the related properties.
Had the Company followed deferred accounting for investment tax credits prior to 1 1972, income tax expense as reported would have been increased by 533.000 in l 1970. S258.000 in 1971 and decreased by S165.000 in 1972.1973 and 1974. Nots 4. Prior years' tax reductions attributable to the excess of five year amortization of Amortization of Defenso Facilities. defense facilities over depreciation computed substantially on the sum of the years-digits method were deferred by crediting the reductions to Deferred Income Taxes-Accelerated Amortization. Pursuant to an order of the Commissioner. the amounts deferred are being restored to income over the twenty-five years following the amortization period. t 23
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b) .'CJQ Gd h li.&s Jc.e~nr4e4 t., ~ a L i_C,aC J w4G& ~"U !!I.Gi Q'b N f&.,m ct.W 7-N.d L % es, z) Note 5. ADC is def.ned in the Federal Power Commission (FPC) Uniform System cf Accoun's ' i
' Allowanco for funds Used 'as the r.et cost for the penod cf construction of borrowed funds used for construstion t
Duling Construction (ADC). purposes and a reasonable rate on other funds when so used. ADC is capitebred v. part of the cost of utshty p! ant and is credited to Other income. ADC is not capi:n'w.d for income tax purposes The Comp 3ny is currently using a 7% rate. which has been in effect since 1968. on construction expenditures other than nuc! car fuel which is capitalized at the actual interest rate of the nu' clear core notes. See Note 10:d). The amount of ADC capitalized has increased substantially subsequent to 1970. reflecting
. the increase in the Company's construction program expenditures.
Nit 26. Debt premium. discount and expense are being amortized over the lives of the Dcbt Pr:mium, Discount and Expense, respective issues. N ta 7. The Company has a retirement plan for the benefit of its employees. The Company Retir& ment Plan. funds pension costs ccerued. Prior s?rvice costs of the plan are being amortized over a 25-year period. Such unfunded prior service costs at December 31,1973. (latest
~
actuarial valuation date), which are not recorded in the accounts, are estimated to be
$1.758.000 before income tax offsets. This amount had not changed materially at December 31.1974. Retirement plan costs were as fo!!ows:
For the Years Endod Docernber 31 1974 1973 1972 1971 1970 (Thousands of Dollars) Charged to: Operations. ... ...8 738 s 749 $ 746 5 650 $ 018 Other than incorne accourts. ... . 823 730 711 579 544 Total cost. . 8 1.561 s 1.479 $ 1.457 5 1229 !_1.1f 2 NotD 8. For the Company's accounting policies relating to income taxes see Notes 2. 3 and 4. The following table shows the detail of taxes on income and the items used in computing the differences between the statutory Federal income tax rate and the Company's offective rate. For the Years Ended December 31 1974 1973 1972 1971 19?G (Thousandsof Dotiars) i State incomeTaxes: ' Charged to Operating Expenses and Taxes-Currently payable. .. 8 (91) $ 269 8 730 $ 929 $ 442 Deferred in prior years. .. . . . .. (8) (8) (8) (8) (8) 6 (99) $ 281 5 722 5 921 5 434 Char 9ed to 0:hcr income and . Deductions-Net. .. ....... 8 34 S 25 $ 18 5 5 $ 14 Federal inccme Taxes: Charged to Operating Expenses and Taxes: Currentry payable. . . . 8(2.203) 5 1.121 5 4.878 $ 7.282 $3.877 Deferred in prior years. .. . . (533) (533) (533) (533) (533) tnvestment tax credit adjustments. . 2,004 1.350 1.0G3 - (181) (732) 1.938 5.408 6.749 3.160 Charged to Other incorre and Deductions-Net. . . .. ... . . .. 219 67 10 (20) 21 Total . .. . . 8 (513) $ 2.005 5 5.418 5 6.729 $31S* Computed Federaf income taxes applying statutory rate (48%) to sncome before income taxes. . 815.523 $13.885 513.789 $12.450 $8.333 Reductions in tases resulting from: Excess tas ever txw cepreciation. . .... 4.662 3.668 3.27G 2.794 2.923 Co>ts can:taleed for tsus and espensed for tax . 1.9G8 1.537 951 511 408 l Allowance fer fun:ts used curing construction. , 8.162 5.323 2.213 859 3SO l Investment tax cecoit- . 156 60 37 423 18-5 !
. income lases defen ed in prior years . . . 533 533 ' 533 533 533 l
. State ricome
- ises (19) 158 400 452 229 l Adiustmentsef pr:0r ycars accruedincome tases. (277) BG. 608 (137) 207 T'iones ty tmes emenseo-escess tas over tuA SIG IG 130 219 00 l Othe's muler items. 335 479 223 67 137 1G.036 _11.600 , 8.371 5.721 5.1 N Fetterat enetwo taxes .. . . 8 (513) 5,2.005 55.48 $ 6.7.'9 53. It.1 Cmiruny s ef fortwe e.ite (1.6%) 6 9 ', 18 0*. 25 9', 16 F.,
I he Camkuly tiaes net aateci;ute !!ut the cash euttay fes incens' tacs tuli substantially esceest the amnunts lO l%*.tNetiett.ls sneertg= lag espastisg* fer llks )egt thsgse ge,s.$
Nol; 9. The Compar /s irdenture of INitqagr: and Deed of Tant, dated Jul/1.1945 au j.i SupplearAntrA. sostinq the first rnoitq1qr: bonds issued b/ the Company, corr.htuta a direct f arsi rrortgry; lign on culhtan; ally all proper!/ and f ranchises, c1her than
], '
. exprez,1y cr. coted property. owned by the Cornpany.
; fjob 10.'
Short.tcrm borrowings consist ( d of the fo!!owing: 1974 1'iT3 Doccmtscr 31 lhousands of Dollars)
~ Oank k,a .sIai .. . ..,. . .- ... ,. $52.100 $2E Ma
- Commerc.at rcer (b) ... . .. .. .
- 5.5u0 27.000 27.000 Pollution cor.tv tends c) .. . .
- i Less tond br 4 by Co- pany. ." . .. ... (8.125) .
fords t.eid en tv.t . . . .. . . . . . . .. . (2A53) (14J00) i fJuclear core r* xs (dj. .. . . . .. . .. . . 27.275- 3400 Totaishort-term borromngs(c).. ., .... .. . . .... .. . $95.791, $63.11_4 l (a) Bank loans. At Deccmber 31,1973. the Company had credit agreements'with banks. maturing August 31.1974. which provided that the Company could borrow at the prime commercial rate in effect on the date of borrowing. prepay and reborrow from time to time up to a maximum amourit ,of $150.000.000. The credit agrecments provided for a commitment fee of n of 1% per annum on the unused commitment. The Ccmpany has a new credit agreement with banks. effective August 30.1974 and maturing August 31.1976. which provides that the Company may borrow. prepay and reborrow from time to time up to a maximum amount of $150.000.000. The interest rate on the first S75.000.000 of the commitment is the prime commercial rate in offect from time to time and on the balance 115% of the prime commercial rate in ' etf ect from time to time.The new credit agreement provides for a commitment fee of h of 1% per annum on the unused commitment and a service fee determined by multiplying S1.875.000 at the end of each quarter by the average daily prime commercial rate percentage in effect during such auarter. The unused commitments were S121.500.000 at December 31.1973 and $97.900.000 at December 31.1974. It is understood that the Company will maintain compensating cash balances under the credit agreements; however, there are no legal restrictions to the withcirawal of such balances. The compensating balances were calculated as follows: December 31 1974 1973 (Thousands of Do:!a.s; Compensating cash balance requiremcnts. . . .. ..... . . .. . ... $10,500 $ 10.000 Less-Floatt . . .... . . .. . . .. . . ... .... ... 3.119 1.257 5 7.381 5 8.743
'" Float"is the difference beh een the balances recorded on the Company's books and the bafances sho.vn on the bank statements.
(b) Commercial paper. The Company issues commercial paper from time to time at varying interest rates. The Company expects that a sum equal to the amount of commercial paper outstanding at any time will not be borrowed under the credit agreement discussed above, but will be reserved by the Company for the purpose
. of back-up support for such commercial paper.
(c) Pollution control bonds. The Company has entered into an agreement with the Port of St. Helens. Oregon (the " Port") to provide up to $60.000.000 of financing for - the pollution control facilities at the Trojan Nuclear Plant. The Company will lease the facilities to the Port and in turn sublease the facilities from the Port. At December 31.1973. the Port had issued $27.000.000 of 64% short-term po!!ution control bonds to a bank on a private placement basis. The short. term pollutien centrol bonds matured in November 1974 and the Port issued $27.000.000 of 8% short-terrn refunding pollution contro! bonds. The Company had received S12.714.000 at December 31.1973 and S24.541.000 at December 31.1974 for completed pollution control facilities; the balance of the proceeds having been placed in trust for investment pending completion of the facilities. The ' Port plans to issue up to 500.000.000 of long-term pollution control bonds to the public. and a portion of the proceeds will be used to refinance the 527.000.000 of short term refunding pollution control bonds. On December 10.1974 the Supreme Court of the State of Oregon refused to review the decision of an intermediate appellate ceurt cenfirming the ught Of the Port to issue such pollution contiel bonds. The issuance of the long-term pollutien control bonds is contingent uren receivmg a 1
. favorable las ruimg ftom the Internal lievenue Service. If a favorabic tas runna is not ,
received. the lease and sublea<e will be terminated and the Company will teray the shott teim aefunding pellution contiel bonds then outstanding and compensate the bank for the taxable status of the intesest thereon. 25 4 a
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' (d) Nuclear core notes. The Company has entered into an agreement which may be terminated re ach year. to finance Trojan Plant nuclear cores up to a maximum of S36 0CQ000 Under the agreement. a trust issues its short-term notes sucpr.,rteci ty a bank's irrevccable letters of credit.The agreement provides for the Corrpany to rc cay thenuclearcorenotescu standingasthenuclearcores areconsumed Tne.ntercst raic on the nu:: lear core notes is the current rate in effect for the trust s short-term no:es.
In addition. the Company must pay a fee of N of 1% per annum on the average da!iy outstanding amount of such notes. l In June 1974 the Company entered into an agreernent to finance nuclear cores for n second nuclear p! ant up to a maximum amount of S40 000.00 agreement are substantially identical to those in thereement. TrojanTheag,0. firstThe term financing under th.s agreement took place in August 1974. (e) Aggregate short. term borrowings. The weighted average interest rate for the outstanding short-term borrowings was 8.5% at December 31.1973 and 10.1% at December 31.1974. The maximum amount of such borrowings outstanding was
$62.664.000 during 1973 and $141.076.000 during 1974. the average daily amounts outstanding were 533112.000 and S84.808.000 and the weighted avercge daily interest rates were 8.1% and 101% for the respective years. The interest rates are calculated by using the rates of such borrowings but excluding the fees discussed above and the effect of the compensating cash balances.
N:ta 11.- Provisions for Possible Additional income Taxes and Other Contingencies were provided from income in years prior to 1970 as directed by the Commissioner. The Commissioner has assumed jurisdiction over this item and has ordered that no portion of it shall be disposed of without his permission. but has indicated that he will permit it to be used for additional income taxes or for any other purpose from which the Company's customers may derive benefit. Nota 12. The following changes occurred in the Common Stock. Cumulative Preferred Stock and Other Paid-in Capital accounts (Dollar Amounts in Thousands): i-Cumutat;vs Common Stock f Preferred stock _
- Number $3.75 Number $100 Otter of Pcr of Par Paid-in Shares Wiue Shares Wlue Cap;tal Outstanding. December 31,1969 . .
7.900.000 $29.625 - S -S 30.253 Salesof stock. . 600.000 2.250 100.000 10.000 9.705 ' Outstand ng. December 31,1970. . . 8.500.000 31.875 100.000 10.000 39.958 Safes of stock . . . . . .. 1.000.000 3.750 - - 15.900 Outstanding. December 31.1971. 9.500.000 35625 100.000 10.000 55.65a Sa!es of suk. .
... _ 1.000.000 3.750 300.000 30.000 _16.325 Outstand'ng. December 31,1972. .10.500.000 39.375 400.000 40.003 72.183 Sales of stock. 400.000 40.000 -
Outstanding December 31.1973.. .10.500.000 39375 S00.000 63.000 72.183 Sales of stock. . . . 3.000.000 11.250 - - 35.963 Outstanding. December 31.1974. .
. .. 13.500.000 550.625 600.000 SS0 000 $10G 146
{ 1 On January 23.1975 the Company issued 300.000 shares of 11.50% Series Cumulative Preferred Stock for net proceeds of $29.020.000. Not213. fictained Eamings of S74.660.000 at December 31.1973 and $82.052.000 at December 31,1974 are not restricted for cash dividends under the provisions of the Indenture of Mortgage and Deed of Trust. dated July 1.1945, securing the Company's first mortgage bonds. J
- 26' -
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% sertFwvfw was @r%EF#fRures st: curing Wys Comp 0nyMirs0 morM:ivi WitJi H 2 debentures. the folio.ving prinop;il amounts of bond , cod debentures lu.ome due
- for red <:rnpfen through "smking funds and maturi!d:s curing the years 195
? . , through 1973.
sinking Fund neup - it s _,_, _ Bonds
, Reacquired Fir 51 as of fict nonwning Mortery:
Aggregate Docember 31 sin'ring Fund DW Rcquirements 1974 Requirements Matundes (Trousands of Do::ars) 1975. .. . .' .53.463 51.082 52.386
- s27.1 %
1976 . . . 3.378 61' 2.767- - 1977. 3.028 75 3.553-2a.100 1978. . . . 3.S98 - 3.598- - 1979. .. . ... 4.249 -- 4.249* -
' Sinker.g funds en e-sounts of $250 000 in 1976. 5725 000 in 1977. 51050.000 sn 1978 ar.d 51.701000 M 1979 rnay t.e f aMf:ed b/ p' edging avaifable ad$tions couct to 166% of thO s@ king fu.1d r60utre"On!.
Nota 15. (a) New construction for the year 1975 is estimated at $140.000.000. excluding the proposed new headquarters complex wh,ich is expected to be financed by a sale-lease back arrangement. Purchase commitments outstanding. relating princi;; ally to construction. totaled approximately 5251.500,000 at December 31,1973 and
$241.700.000 at December 31.1974. The Company has made substantial commitments under long-term agreements to provide nuclear cores for its Trojan Nuclear Piant and its proposed additional nuclear plants. Such agreements may be terminated and would require payment of termination charges.
(b) The Company has entered into long-term power purchase contracts. expiring from 2005 to 2018. for portions of power from public utility districts
- plants on the Columbia River. Power purchase prices are based on a proportionate share of the operating and debt service costs of each project whether or not operaole. The agreements provide that the districts insure the plants to the extent deemed adequate by them.
Significant statistics regarding these projects are as fol!ows: Kilowatts available to the Company (name p! ate rating). . . .. . . 874.700 Estimated current annual operating and debt service costs. .. .$ 13.500.000 (c) All of the Company's hydroelectric plants are licensed by the FPC. Upon the expiration of a major license, a new license may be granted to the Company or upon payment to the Company of its ' net investroent" therein, not to exceed ' fair value" plus severance damages. the projects may be taken over by the United States or licensed to a new licensee. The licenses provide that after an initial 20-year period earnings in excess of a specified retur n are to be set aside in an amortization reserve which may reduce-the " net investment" in the projects. The original license on the Oak Grove Hydroelectric Plant-Project No.135 expired in 1972 and the Company made application for a new license for that Project. The United States has not acted to take over the Project or to issue a new license. Annual licenses have been issued on the same terms and conditions as the original license. Preliminary J studies of " net investment ~ cn Project No.135 have been made by the Company and the FPC staff. In the opinion of management. the final determination of " net investment"as of the expiration of the annual license will not have a significant effect on the financial position of the Company. The remaining major licenses expire from 2001 to 2006. The minor part license on the Bull Run Hydroelectric Plant-License 477-expired in November 1974. An annual license has been issued on the same terms and conditions as the originallicense.
- The Company holds state licenses covering all or portions of certain hydroelectric
~
projects which are also covered by licenses underihe Federal Power Act. Such licenses expire between 2002 and 2011. Each of the state licenses. except one. contains provisions similar to the Federal Power Act licenses with respect to amorteation reserves and authorizes the State of Oregon to take over the project when it is fully amortized. Under state law. the state or any municipality may acquire a project
- subject to sta'e license upon not less than two years' notice at the fair value thereof but not exceeding the then " net investment." or otherwise may acquire a project by condemnation procce6ngs.
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(UOnwM.S.p[) w i.wu . (d) The minimum annual rental commitments of 1he Company under all noncancetab!c leases at December 31.1974 are as follows: Non- Suty
+
capitalized Icaso Financing Rentats
- Basic Leases (Credit) Tctal (Thousandsof Do'lars) 1975. .. . . . .. . .... $ 1.103 5 4.308 5 (50) S 5.421 1976. . . . .... . 1.049 4.365 (50) 5.364 1977. .. . . . . . .. . . 918 4.363 (12) 5.269 1978. .. . .. . .. .. .. .. 854 4.303' -
5.217 1979....., . . . .. .. .. 688 4.363 - 5.051 198051984. .... . ... 3.442 21.812 - 25.251
. 1985 1969 . . . .. .. ... . 1.973 21.812 -
23.755 1990 1994. . .. ... .. . .. .. 1.606 21.713 - 23.319 Remainder. . .. ... . . .. . . 7.031- 18.442 -
'25.473 Total . .... . ... . .. . . . .. $18.6G4 5105.601 $(112) 5124.153 During 1973 the Company entered into 25. year leases of combustion turbines located at two of its generating plants. In August 1974 the Company entered into 25-year leases of combustion turbines located at its Beaver plant site. The tota! ! ease commitments for the combustion turbines represent $104.196.000 of the amount
'shown above as noncapitalized financing leases. The present value of these leases computed upon the 5.9); interest rates (1973 leases) and 6.5636 interest rates (1974 leases) implicit in the leases was approximately 524.744.000 at December 31.1973 and $53.155.000 at December 31.1974. In the event of certain contingencies the Company may be required to purchase the turbines from the lessor at a maximum price of $59.281.000 in 1975 and at decreasing amounts thereafter. Such purchase would reduce the S104.196.000 of lease commitments to the extent of lease payments then remaining. At the expiration of each lease the Company has options to (i) renew the lease for five years at the then fair rental value or (ii) purchase the turbines at the then fair market value. Substantially all other leases with options to renew provide for negotiation of the amount of rental at the time of exercising such options. Other
. leases with options to purchase are not material.
If all noncapitali2cd financing leases had been capitalized during the years 1972. 1973 and 1974. the effect on the Company's average net income would have been less than 35; during such years. If all present noncapitalized financing leases were capitalized, the Company does not, anticipate that the impact on net income in future years would exceed 3?; of average net income. N;ta 16. Suppicmentary income Information: For the Yoars Ended December 31 1974 1973 1972 1971 1970 (Thousandsof Dollars) Taxes other than income taxes. Charged p directly to tax expense: Property. . ... . ...... . 410,790 $ 9J00 5 9.330 $ 8.613 7 8.007 Payro!! . .. . ... . . .. . .. . 807 692 521 452 415 City taxes and license fees. . . .. .. . 2,446 2.131 1.886 1.674 1.50G CMher.. . . . 279 223 227 110 107 r . Total. . . . $14.322 512J46 $11.964 $10 s49 $ 10.035 Rentals charOcd to operation expense accounts? Dasic rentals . . .S 991 5 960 5 922 5 902 $ 870 ; Contingent renats" . .. . 166 141 172 154 141 i Noncap.taleed financing leases. . . 2.869 455 14 15 15 l , Total. , . ..
. S 4.026 5J556 5 1.103 5 1071 5,_1.026 l
*See Note 15 di for detatts concerning the Company s long-term tease comm.tments "Dased on kuh ef 9ross generat on M certain Commny hydro &ctric c o;ects b l The amounts of maintenance and repairs. deprec:3 tion and taxes other than income taxes included in the Statements of income but not set out separately therein are ;
not materia! ; f' The amounts of depreciation and amortization of intangible assets. advertising costs atid sescatch .1nd development costs were not matersal. l
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E va !! k. bI.4.! 'D To the Boarc! of Directors and Stockholders of Portland General Electric Company: We have examined the balance sheets and statements of capitalization of Portland General Electric Con 5pany(an Oregon corporation) as of December 31.1974 and 1973, and the related statements of income. retained earnings and sources of funds invested in electric utility plant for the five years ended December 31,1974. Our
, examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considerec' necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the financial position of Portland General Electric Company as of December 31,1974 and 1973. and the results of its operations and sources of funds invested in electric utility plant for "1e five years ended December 31,1974 in conformity with generally accepted accounting principles applied. except for the change (with which we concur)in the
. method of accounting for investment tax credits as described in Note 3. on a consistent basis during the periods.
Portland. Oregon. Februaiy 14,1975.
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- Numerical Notes refer to Notes to Financial Statements. .
(a) Operating Revenues: Total operating revenues increased S7.524.000 during 1972. S12.390.000 during 1973 and 521.168.000 during 1974. The 1972 increase was primarily due to an increase in total kilowatt-hour sales in 1972 over 1971. Energy conservation measures resulted in lower than anticipated sales to ultimate customers in 1973 and 1974. i -- To the extent that the reduction occurred during the winter months of 1973-1974 and l reduced the necessity to oberate the Company's combustion turbines, the result was a lower cost of power produced. The 1973 and 1974 increases are primarily dua to the impact of general rate increases. In October 1973. the Company was granted a rate increase of 22.5%. inc!uding an 11% interim increase in April 1973. Commencing , in September 1974 the Company was permitted to add 2.0 milis per kwh to all bilis !- in order to recover the cost of pcr.ver in excess of 4.8 mi!!s per kwh during the 19741975 winter. Excess power costs amounted to S2.866.000 during the last four months of 1974. all of which is included in 1974 revenues. The 9.7% rate increase granted the Company in late December 1974 had no effect on 1974 revenues. (b) P w:r Purchased and . These costs increased $2.842.000 during 1972. 59.533.000 during 1973 and int:rchange-Net and Production: S8.321,000 during 1974. The increase in 1972 was primarity due to the related increase in total kilowatt-hour sales referred to in (a) above. The increase in 1973 and 1974 results from several factors. Until September 1.1973. the Bonneville Power !, Administration ("Bonneville ') was contrEctually obligated to supply all of the i6-Company's firm power requi ements in excess of its other power resources. Since 1< that date this resource has been replaced by other energy sources, generally at - costs in excess of Bonneville rates. During 1973 and 1974 the Company added combustion turbine generating capacity. The combustion turbines were acquired ? under long-term leases and the lease payments are included as production expenses. Although the cot.ibustion turbines have been operated for relatively minor periods, i such operation together with the lease payments have increased the Company's ' production expenses. t , i i t
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e , (c) Oth r Operation and Expenses in these categories have increased due to the effect of inflation and the M;intenance Expenses: increase in the number of customers And the number of Company emplogees._ These taxes have increased in all periods. primarily because of additions to elec:r.c (d) Tax:s Other Than income Taxes: utility p! ant and increased operating revenues. Taxes on income decreased 51.540.000 during 1972. S3.911.000 during 1973 anc (:) Tax:s on income: S3.050.000 during 1974.-Changes in Federal and state income taxcs are genera':y related to changes in income before income taxes; however the Company's incere tax accounting policies do not utilize full interperiod income tax allocation. The it.c most significant items resulting in differences between book and tax inccme are excess tax over book depreciation and allowance for funds used during constre:.:.ca (ADC) which is not taxable for income tax purposes. During 1972.1973 and 1974 ADC resulted in a significant portion of the decrease in taxes on income. See NC es 2,3 and 4 for the Company's income tax accountir.g policies and Note 8 for detads of taxes on income. Reference is also made to Note 3 for the change. effective January 1.1972. in the accounting principles with respect to the method of accoun:ing I for investment tax credits. ADC increased S2.821.000 during 1972. S6.480.000 during 1973 and S5.914.000 _ l (f) Allowance for Funds Used during 1974. The increases are related to the substantial increase in the Company s During Construction (ADC): construction program expenditures. See Note 5. (g) Int: rest Charges on Long-Term Debt The Company's annual cons *ruction expenditures have increased significantly since and Short-Term Notes Payable and 1970. This has required substantial external financings.through the sale of long-te-m Pr:ferred Dividend Requirements: debt and equity securities and the use of short-term notes payable. These financing
- requirements resultbd in increased interest charges on borrowings of St.655.000 b during 1972. S5.890.000 during i973 and S8.352.000 during 1974 and resulted in increased preferred dividend requirements of S1.220.000. S3.051.000 and S1.333.000 during such years. A part of these increases has been capitalized. See (f) above.
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- Puget Sound Power & Light Cbmpany
.~ . Balanco Shoots
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Assets . December 31 December 31 . 1974 1973 (Thousands of Dollars) UTILITY PLANT (Notes 1,2,8 and 14):
- Electric p! ant. at original cost. . . . . . . . . . . . . . . . . . . . . . . . . . . S672,2 69 $576.912 Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . 92,766-
- 81,074 Net ut ility plant '. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579,503 495,838 OTHER PROPERTY AND INVESTMENTS:
- Nonutility property. at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 879 796 2,843 2,700 Investment in and advances to subsidiaries (Ncte 1) . . . . . . . . . .
Other investments, at cost . . . .' . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680 1,465 Total other property and investments . ........ ..... 4,602 4,961 CURRENT ASSETS: Cash (N ot e 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,701 1,294 . Accounts receivabic (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,904 13.172 Matericts and supplies, at evera00 cost. . . . . . . . . . . . . . . . . . . . 9,433 5,596
- Current portion of deferred income taxes (Note 1) . . . . . . . . . . . . . 900 -
Prepaym e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,326 1,195 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,264 21,257 DEFERRED CHARGES: Advance under power contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . 906 937 Unamortized debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069 772 Accumulated income taxes (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . 829 703' T hermal plant feasibility costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 707 Prepaid power costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 2,573 Other................................... ........... 1,104 1.524 Total deferred charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.908 7,216
$621.277 S529.272 The accompany.ng notcs are a part of the financial s:atements.
o 0 18
ti 19 l l w.
- L.labilitics and Capital December 31 De.embe* 31 1974 1973 l CAPITAllZATION: (Thousands of D ,'larsi )
Shareholders' investment: Cornmon s!cck fNote's 6 and 13). . . . . . . . . . . . . . . . . . . . . S 4 9,97 9 S 43.853 Additional paid in capital (Notes 7 and 13) ........ . .... 34,689 26.976
. Earnings reinvested in the business (Note 3) . . . . . . . . . . . . . . . 81.391 73.202 Total comrnon equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166.059 1:4.02s
- Preferred stock (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,122 39,345 Convertible preference stock (Note 5) . . . . . . . . . . . . . . . . . . . . 14,814 14,814 Total sharehotders' investment. . . . . . . . . . . . . . . . . . . . . . . 217,995 193.187 Long-term debt (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . 318,749 256.116
. Total capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536,744 454.303 NOTES PAYABLE TO BANKS (Note 9) . . . . . . . . . . . . . . . . . . . . . . . . 30,500 41.003 CURRENT LIABILITIES:
Commercia l p a pe r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,700 6,000 Acco u nts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,704 .4,679 Accrued expcases: Taxes....... ....................................... 12,457 9,649 Sala ries an d wa ges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,667 1,547 I n te r e s t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,226 2,175 Other................................................ 2,441 653 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,195 24.703 DEFERRED TAX CREDITS (Note 1): Accumulated investment tax credits . . . . . . . . . . . . . . . . . . . . . . . 3.754 2,449 Accumulated income tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . 1,223 833 Total deferred tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,977 3.282 OTHER DEFERRED CREDITS: Customer advances for construction (Note 1). . . . . . . . . . . . . . . . . 3.213 2.942 Other................................................ 2,572 1.230 Total other deferred credits. . . . . . . . . . . . . . . . . . . . . . . . 5.785 4,172 ACCUMULATED PROVISION FOR SELF. INSURANCE. . . . . . . . . . . 2,076 1,812 COMMITMENTS AND CONTINGENCIES (Notes 2 and 11). . . . . . .
$621.277 $529.272
~#
19 p . .. _
U- - Puget 5',und Power & Light Company
. Statomonts of Incomo . .
Years Ended Do" ember 31 1974 1973 (Thuse"ds of Dollars)
.......... . ... ... S142.393 S116 902
.' OPERATING REVENUES (Note 1). . .
- OPERATING EXPENSES: .
- Ops ation: 32,163 25.582 Purchased and interchariged power - net . . . . . . . .........
t .... 26,024 23.148 0: hor.......................................... 6,401- 6.140 ; M a' .t e n a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,850 12.331_ : Dep eciation (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,042 14.861 Tayss other than Federal income taxes. . . . . . . . . . . . . . . . . . . . Federalincome taxes (Notes I and 10): 7,335 2.958 ,_ Payab'e curre ntly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919 :: 1,305 Deferred investment tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . 266 Deferred - other . . . . . . . . . . . . . . . . . . . . . . . . . ......... (637) 103,483 86.205 Total operating expenses . . . . . . . . . . . . . . . . . . ...... 38,910 30.697 : OPERATING INCOME . . . . . . . . . . . . . . . . . . . . . . . . . ... OTHER INCOME - NET: 1,899 Allowance for funds used dunng construction (Note 1) . . . . . . . . . . . 4,423 .; 1,795 1.414 -l-Miscellaneous - net. . . . ................... .......... 6,218 3.313 Total other income - net . . . . . . . . . .... .... . .... I' 45,128 34.010 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . . . . . . . >; i* INTEREST CHARGES: Interest and amortization on long term debt . . . . . . ........... 18,723 15.670 3f
......... ... .... . 5.020 2.877 :j : '
Other ......... .............. 23,743 18.547 0 !' Total interest charges . . . . . . . . . . . . . . . . . ..... 21,385 15.463 N ET INCOM E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . ....
- N, .
t LESS OlVIDEND ACCRUALS: Preferred stock . . . . . . . . . ........... ... .. ........ 2,240 1.495 j.. , 1.074 1.074 ;: ! Convertible preference stock . .. . .. . .. .... ... . ..... i 3.314 2.569 (' Total dividend accruals . . . . . . . . . . . . . . . . . . . . . . .
. . . . U 8,071 S 12.894 I NET INCOME FOR COMMON STOCK . . . . . . . . . . . . . . . . . -
COMMON SHARES-WEIGHTED AVERAGE: 4,379.882 l-4,483.216 O ut sta n d i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,828.806 l Assuming full conversion of preference stock. . . . . . . . . . . . . . . . . 4,932,140 . EARNINGS PER COMMON SHARE (Note 1): S2.94 ;h Assuming no conversion of preference stock . . . . . . . . . . . . . . . . . . $4.03
$3.88 S2.89 t11 Assuming full conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ! ji :,
Inc .T' Cont 3* tying nolCS Orc a part Of thi' f n3'1Cl31 $*Jtcn1C"'*S. }l i!
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Statements of Earnings Rainvestodin the Busincss ! Year , Ended De'.emtAr 31 ] 1974 1973 (Thousands o' DollEs) BALANCE AT BEGINNING OF YEAR .~ . . . . . . . . . . . . . . . . . . . . . . . . $ 73,202 3 68 778
~ N ET IN CO I A E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,385 15.463-Total............................................. 94,587 84 241 DEDUCTIOfJS:
Cash dividends paid: Pre fe rred sto c k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,307 1.294 Convertible preference stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,074 1.074 - Co m m on s t o c kt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,693 8.671 Expenses relating to issuance of equity securities: 8% Preferred stock, 150,000 shares....................... 248 - Common stock. 600,000 shares.... ...................... 874 - Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.196 11.039 BALANCE AT END OF YEAR (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . $ 81,3 91 S 73.202 11974 and 1973 S t.95 per share. The accompanying notes are a part of the financial s'a'ements. i 6 . 21 L_.
m - g - 3 a - _ Puget Sosnd Puvert Light Corr.pany, l l 11 Statements of Changos in FinancialPosition Years Ended December 31 1974 1973 (Tho sands of Dollars) ', Funds Provided by Operations. - S 15,4F3s . N e t ir.c ome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 21.3 85 . +
- Add (deduct) items not affec ng werking capitalin the '
current period: , Depreciation. including amour.ts charged to other 14,751 _ 13.131 expense accounts . (730) Equity portion of allowance for funcs used during construction (1.701) . 1.568 1.185 Deferred investment ta/. cred4s and income taxes - net. . . . . 803 238 Other............................................. 36.806 29.267 Total f rom Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Funds Provided (Applied): . 60.000 Issuance of first mortgage b:nds. . . . . . . . . . . . . . . . . . . . . . . . . . 15,253 13.183 Issuance of equity securities .............................. (10.500) 25.000 increase (decrease) in notes payable to banks. . . . . . . . . . . . . . . . 2,738
'3.852 Proceeds of pollution control boncs - net . . .................
Additions to utility plant - net of e ;uity portion of a!!owance (62,330) for funds used during construction. . . . . . . . . . . . . . . . . . . . . . (97.094) 2.573 (2,573) (Increase) decrease in prepaid power costs. . . . . . . . . . . . . . . . . . (11,039) Payrnent of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.074) (2.152) (569) Reacquired securities . . . . ..................... ....... 1,343 920 Miscellaneous -- net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S (2,850) Decrease in working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (4.4 8 6) Changes in components of working capital: ' increase (decrease) in current assets: ' Cash................ .... .......................... $ 2.407 4.732 S -(2.6S0) . 724 l~ Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.453 Materials and supplies . .............. ............... 3.837 i* 900 - . Current portion of deferred inccme taxes. . . . . . . . . . . . . . . . . . . 399 !! 131 Prepayments . . .. . ... . .. ..... ..... ........... l (Increase) decrease in current liacilities: (9.725) (3.649) :- Commercial paper and accounts payable. . . . . . . . . . . . . . . 1,093 Accrued expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.768) .;
$ (4.486) S (2.660) l 9
The accompanying notcs are a part cf the f,'tancia* Statements. .U
-g 4
E 3 h I n \ c
g Puget Sound Power G Light Company o ,
- Notas to Financial Statcments .
j
- 1) SUfAf/AfW OF ACCOUNTING POLICIES- The Company's accounting oche es cor,'orm ts (;cncra:l/ accccMa secoun mg pnnc:ptes and t', acctunting rec. cme- s ;
cf regu'atory authontics. Sign.f cant LSaciec arc cescr. Led t,elow. ! Utility Plant - UShty p! ant inc:uces tc/es incurrc0 and n::ovinces for funds used du* Pg cons rucSon. !!is the genere: p;lcy cf :he Company tc charge the cost of ma **ena ;e and repairs to operating expen;es and c:her app spria e accounts. The cost c' ener,a s and betterments is ch1rged !? apptcpriaM utih:/ plant accoun:L exceot l's cos Of minor rcp'acements whie.h it cnarged to raainM7ance expense. The c'igire cos: of operat.ng property retired cr c:terw se c:soosed of and :ne ctst of terr . cal, ess ' sa' sage,is charged to accumu'ated deprec.abon. Hows /er, q the case of the tale ".' a signit cant cperating unit or system, accumulated dcorecia:icn is cha'ged Only 't th the accumu!ated depreciaSon re!ated !o the property sold and the net gain ;'lost On disposition is credited or charged to incorr.e. Investment in Subsidiaries-Tne investment in subsidiar:es is stated on 57 ec. y bas:s. The assets, revenues. earnings. anc earnings reinvested in the business of ne subsidianes are not material in relat on to those of the Company. Accounts Receivable and Operating Revenues - The Cornpany bills i:s ces::mers on a mon:h!y and bi-monthly cyc:ical basis. Accounts receivab'c ard operatinc 'ever.es include only cmounts billed. Tney do not include an estimate: accrual f ser ce bet?,een the last cyclical bilbng and the eno of the year. Customer Advances for Construction-Customer advances for constructic- may bc refunded in whoto or in part er may be trans' erred to ublity p! ant. Such credits epresent amounts paid by customers and others toward utility pte .mprovements. ; .ncips:!y underground distribution facili:ies. Depreciation and Amortization - The Company provides for depreciation on a straignt-line basis for all depreciable property, except for 15.6% of such property (p .ncipaly , hydro.e!cetric production property) which is depreciated on a 6 percent ccmpou-d-interest method. The annual depreciation provisions recorded in the Company's acco'-ts v.ere equivalent to tho following percentages cf the original cost of depreciable ut ty p!a9t:
- 1974 1973 Straig ht-line m ethod (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 3.0 Compound interest method (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 .81 Federal income Taxes-In computing decreciat;on for Feceral income tax c;rposes, the Company uses depreciaten methods and es:imated asset hves which c"er f :m those used in its hnancial statements. In a:dition. the allonance for funcs uss: du ng construction and certain taxes CJnng ConstruClien are treate d;tferently for i*:ome tax anc financial statement purposes. Pnncipany as a resu': of trese factors. :he C:mpa'.'s effective tax rate varies from the statutory Federat inceme las rate (see Note .'t.
The Company norma!izes. *.c.th the approvai of the Wasningt:n Utilit.es a : Tra s-portation Commission, the tax effects of (1) libc'alized an: asse deprecia::n ra ;e depreciation on production precerty adoittons at:er 1969 and 1970, respec: .ely: .2) job development investment credits: (3) the prevision for self insuranco in escess of deductible losses; and (4) cer:ain accrucc property taxes. Allowance for Funds Used During Construction - The allocance for funds used dur ng construction represents the est. mated portion of interest and equity Costs Of cap tal funds which are appheable to utihty plant while uncer construction. The c0mpos te rate used by the Company to capitah:e the cost of funds devoted to constru: Don was, 7.8% for 1974 and 1973. Earnings per Common Share - Earnings per common share are computed as folleus:
. Earnings per common share assuming no conversion of preference stock: the net income for common stock is divided by the weighted average number of common shares outstanding.
Earnings per common share assuming full conversion: the aggregate cf the net income for common stock plus the dmdends accrued on convertible preference stock is divided by the aggregate of the weighted average number of common shares cutsta9d-ing plus the number of shares that would be outstanding if the converbble preference stock were fully converted
- 2) UTILITY PLANT EXPENDITURES - Espenditurcs for utihty p! ant during 1975 are espected to approumate SN.700.000. The Company's censtruction program for the years 1976 through 1977, sutyect to centinuing review and adiustment is es: matec at S301.300.000. Certam purchase commitments have been made in connect on with tne ,
construction program. ,
- i 23 l l
l
e - _ y . Puget Sr>und Power & Li0h! Company
- 3) EARfilNGS REINVESTED IN THE BUSINESS - Eaming", reiniested in the bus:' css unre:.it::Sc as to payment of cash cmcen :: on c'.mm'.n s:cek a~' sun! 5 approm re:y 551.10 % 00 et December 31, 1974 t.ncer prom .:',ns cf the most restr.;t ve cover nts app: cat /c to the preferred and preference stocks and long. term cett.
- 4) PREFERRED STOCK. 5100 PAR VALUE - 1.000.000 SHARES AUTHORIZED:
Nur-cor c' Sha os 4.84 % 4.70'o E' Authorized for each series. . . . . . . . . . . . . . . . . . . . . . 150.000 150'.00 15'. '. 30 Outstand;ng, January 1.1974 . . . . . . . . . . . . . . . . . . 120.012 123 437 15C '.30 Acquirec for sinking fund during 1974. . . . . . . . . . . . 4.407 820 17 ".30 Outstaning. December 31.1974 . . . . . . . . . . . . . . . 115.605 122 617 133 '.';0 Availab:e for future sinking fund requirements. . . . . . 7.395 6 333 17 ~.30 The preferred stock may be redeemed by the Company at the foliotting recem;: on prices per share plus accrued dividends: 4.84% Series- S103 prior to f/a715.1977 and S102 thereafter, j 4.70% Series-S102 prior to May 15,1979 and S101 Increafter. i 8% Series-S108. S105 and 5103 poor to February 15,1978,1983 and 1938. I respectively. and $101 tnereafter. j The Company is required to depcsit funds annua.!y in a sin'dng it.nd sufficie ; to ; redeem the fol;owing number of shares of each series at S*C0 per snare p!us acc .ed dividends: 4.84% series and 4.70% series. 3.000 shares each: 65 series. 4.000 sta es from 1975 through 1984 and 5.000. 6.000 and 1.000 shares thrcegn 1989. 2003 a-d 2004, respective y.These requirements may be satisfied oy ac:ivery cf reacquired sha es.
- 5) CONVERTIBLE PREFERENCE STOCK. S50 PAR VALUE - Sha os 700,000 SHARES AUTHORIZED: 7.25 %
Authorized for the 7.25% series. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 300 :30 Outstanding January 1. and December 31. 19 7 4 . . . . . . . . . . . . . . . . . . . . . . 29 6 2 90 The convertible preference stcck may be receemed at par clus accruco c:vice :s. The Company must keep availab!c for conversion of its preference stock 448 924 shares of its authorized and unissued SIC par value common stock. base: on convers on values for preference s!,ck and common stock of S50 and S33, respect.vely.
- 6) COMMON STOCK, $10 PAR VALUE: Sha es Au t h o riz ed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.000 000 Outstanding January 1. 19 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 8 5150 issued to tres:ec of employee investment plan . . . . . . . . . . . . . . . . . . . . . . . . . 12502 Sold to pu o:ic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 :00 Outstanding December 31, 19 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.99 7 5 52 s
- 7) ADDITIONAL PAID IN CAPITAL: (g u ,a, Balance January 1.1974 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S26 976 [
Excess cf proceeds over par value of common stock ! issued to trustee of employee inves: ment p:an . . . . . . . . . . . . . . . . . . . . . . . . . 156 Excess of preceeds over par value et common stock is sued to th e pu blic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.900 t Excess of par va!ue over cost of preferred stock reacquired for I annual sinking fund requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657 l Balance December 31, 1974 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S34 93 9 Outstam ng . 85 LONG-TERM DEBT AT DECEMBER 31.1974: First Mortgage bonds: (Thousa .ds of Dolla's) 10% % series, due 1983 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 30.000 3n e b se ries, du e 1984 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.000 4 n % s erics. duc 198 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.000 4 % 'a ser ies. d u c 19 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.000 I 4 t e % series duc 1993 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.000 : 4 % % s e ries, d uc 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.000 5 % % s e r ies, d u c 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.000 6 %% ser ies duc 199 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.000 7 0 % s e r ies. d u c 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.000 9 0 % s e r ies d u e 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.700
. 7 % % series, duc 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.000 24 .
L
. Notes to Financial Statements (Continued)
~
8 % % series, due 2004. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 30 Z0 Total First FAortga;o t;oncs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 700 De ,e nt ve s. 5 % % . duc 1953 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4B6 5 's'Mo r. /:uhon control revenue tones. seres 1973. duc '998 f 520.r40.000 not of funds on depos.t witn :rustes of 513 409 00). . . . . . . 6 591 . f R,: e s pa ya bl o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525' 320.392
- Less unamortized discount - not of premium . . . . . . . . . . . . . . . . . . . . . . . 1.553 ,
l Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5318. 7 4 9 The effective interest cost approximates 'he cc.;pon rt'a du :ng the life of :nc b0nds. The Company is requireo to make ann:.at sind ng an: imp * ,/emo .t fune payrents to the trusico equal to one percent of the aggrc;t:e pr ncipa amou .! of each series of first rnortgage bonds outstandmg. as pr0ndec n the 'esocRve indentures, cy:ept for the 10%% series, due 1983. wn;ch has no s:r<ing f.nd p ovision. The aggregato amount of such requirements for 1975 is 52.447.000 ar: for each ci the years 1976 through 1970 is S2.747.000. This requ:rement may oc me; by tPe substitution of certain credits as provided in the r%rtgage. . The Company is also recuired to make an anual s nking 'und payment suffeient to redeem (at special redemphen prices nct to excecc 100.75 percent of prine cal) S375.000 principal amount of deten:ures en November 1 of each year thrcugh 1082. Th:s requirement may be satisfied by dehve y of 'sacqu *ed decentures. At December 31, 1974. S889.000 of reacquitec cebentures we o avaiable :o meet future sinking - fund requirements. Substantially ait properties of the Company are subject to the lion of the first mortgage bonds.
- 9) NOTES PAYABLE TO BANKS-N0tes pajab!c:o banks rep esent : orrow;ngs under ,
a credit agreement with twenty onc canks. unich p ovides for a maximum c:mmi: .ent - by tno banks of $50.000.003 w.th interest en boro vings at 1C5% c: the prime rate. The agreement also provices for a fee of S of 15 per annurn en the unuse: commit- ' mont. The borrowings carry an average interest ra:e of 1Fo at 'ecemoer 31.1972 and mature April 1.1975. It is informaily uncers: cod : at the Com:any w ;t maintain com-pensating batances on a yearly average basis cc.al to 5% c' the I:tal line of c edit based on monthly bank statement ca:ances. The nortra: de af in eneck c'eara .ces 4: through the copository banss sucstan:: ally ncets :nis c:mpc sating calan:e rec. ire-ment. On April 1.1975 loans oL:s:anc.ng c acr tre agreemen: . vill te refinance with notes due April 1.1976 un:cr a nca creci: agreement c:mple:ed in .'.tarch 1975 isee t: pa;e 12), i; The Company has a surpiementa! cre: t ag eemen; with ' .e ba-ks p vidir; for an addibona! cred.!line of 55 000.C03 with r: ercs: :n bo"owin;5 at 1C7% c the r .me rate. This credit line expires March 31.19 5. The Comeany Pas infe~nally agrees to i: ma:ntain compensating ba!ances equal to 15fo of :nis steplerrental lec. :,
- 10) FEDERAL INCOME TAXES - Tne Cc pany s ettert.ve Federa' incore tax rate ;:
was 27.2% for 1974 and 21.1*o for 1973. Tre dit erence octacen these efte:tive rates , and the 48% Federal income tax statutory rate ccmprises: 1974 1973 Items on which the tax effect has not been dcferred , in accordance with regulatory requ.remen s: r Depreciation expenso cecucted for inceme tax purposes !- in excess of depreciation egense me!Lced m :ne l financial statements, net of Lberati:ed ceprec.ation treated ;: as a timing dif ference . . . . . .*. . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1 *o 16.4 % ll l- Allowance for funds used during construction .ncluced 1,: as income in the financial statements and excluded from 4.7
. t a xable inc o m o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Certain taxes included in the ecst of utiity pla"t in the financial statements and deducted for income tax purposes. . . . 2.7 3.5 -
( Ot h e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 0 2 ) 2.3 i. 20 8'o 069% ;. l - 11) CONTINGENCIES - By ecmriaat fifed m IPc Unite.1 States Omnet Ccurt cated July 18.1972. the Mucklesheel Indian Int'c has s..cd the Comrany fer S45W0.000 for diversion and conversion el a. iter liOm tt c h!e Stues flive:. and for an mjunction i-
'hl i.
23
Puget Sound Power & Light Company
~ - . - ,.
u . Notes to Financial Statements (Continued) , against further diversions. In the opmicn of geners' councel, "e Cc npan/ ha. ub-stanhof defenses in this Llagation and there is httte hkcliiood ,f signif4 cant re,./ cry against the Company. The Montana Department of f aturaf Pesources and Cc servaSon tas re.om-mended the denial of the apphca:icn for a constr;ctic, pe ~4t f.r two ad cna'
' generating units at Colstop. Mcnia .a. in which tne C , npat/ is 5 haie a 255 ir:t est. .
Hearir.gs are to be held in connecScn with the apphcation. In tr e evc-: the app::t .or - is u'Sma:e!y denied; the Compan/ may have :o charge Opera:ons ti:th cance t or . charges of approximately S1,600.000 and cons:ruct:cn excend::;res of S2.:00.C.,'in- .l curred to da:c. Should any such cnarges to coeratiors be recessary :ne Cc pa f wil: tcquest the approval of the Wasnington Utih::es a*.d Transpc atier Commiss .n to amort.ze the charges over a persed cf years.
- 12) EMPLOYEE PENSION PLAN-The Company has a-roncc .:ributory pensio otan 1 covering substantia!!y all of its employees.The total cost of this van fcr 1974 anc 973 i was 52.300.000 and S1.800,000, respectively, inclucing apprormate'y S725.00 and S587,000, respectivofy, charged ic construction. Effective Janua /1.1974 the p!s /tas amenced to increase p!an benc':s which had nc material s'fect on net in::me.
Unfunded prior service costs are teing amortized over a perioc of accroxir ately :nirty years. The Company's policy is to fund pension cost accrued. At December 31 ~97a, unfunded past service costs viere a;; proximate!y S10.392.000. The actuarially corr:;ted value of vested benefits exceeds by approximate'y S8.600,000 the va!ue (base 1 pri arily on market) of the pension fund.
- 13) EMPLOYEE INVESTMENT PLAN-The Company has a qua'if cd employee ir test- .
ment plan under which prescribed payroil ceductions as designated cy the emp':jees are deposited monthly with a trustee and are used to purchase a diversified inves: ent j portfoho. The Company makes a monthly contribution to the trust fu-d equal to 35% of the basic contribut:on of each parbeipatmg. cmc oyee. The casic contribut :n is limited to 6% of the cmployce's reputar earnings. Uncer the invcs: ment clan agree ent. all Company contributions are usec by the trusice to purchase comracn stcck c *ectly from the Company at a value established by sa:es at spec fied cates on the Nev. York Stock Exchange. . During 1974 and 1973 the Company contributed approx: mate'y S240.000 and
$253.000, respectively. in cash to the plan and the trustee purenasec from such :on-tributions 12.602 and 9,706 shares. respectively, of common stoc<. Prcceeds fror f ach sales were credited to the common stock and additonal paid 4n cap.tal accour:s on the books of the Company.
- 14) RESTATEMENTS-In accordance with regulatery recuircr ents effect.ie Jr. ary 1,1974. contnbunons in aid of corst uction have bec reclassif4ec as a reduchon c' the cost o' utility plant Utility plant as cf December 31.1973 has bec resta:ed to eflec: *nis change resulting in a reduction cf S12.954.000. Previous:y sucn centnbu:.ons i.ere shown separately among the liab:hties.
I i-(l i i w"' S O 6 26
~ J
; Auditors' Rcport
+c' .
_ To the shareholders of Puget Sound Power & Light Company l Y/c have examined the ba'ance sheet of Puget Sound Potter & Light Company as
' 6f , Der;ernt>er 31, 1974 and the rMaten statements of income, earnings rein-v%Md in thri business and cnanges in f:nancial position for the year then ended.
Our erammahon was mace in accordance with generally accepted auditing standards and. according!/ . included such tests of the accounting records and such cther auditing procei;res as we considered ,nccessary in the circum-stances. We previously era-tned and reported on the financial statements of the Company for the year 1973. In our opinion. the aforementioned financial statements present fairly the financial position of Puget Scund Power & Light Company at December 31,1974 and 1973. and its results of cperations and changes in financial position for the years then ended. in conformity with generally accepted accour. ting principles . applied on a consistent basis.- In addition, we have read certain historical accounting information included in the nonfinancial statement sections of this annual report, as identified therein: have compared it to data ta'<en from the audited financial statements: have
-subjected it to audit procedures: have verified its mathematical accuracy. In our opinion, such data is fairly stated in relation to the audited financial state-ments taken as a whole.
CODPERS & LYBRAND February 12,1975, except as to Note 9 with respect to which the date of this report is March 25,1975. > Seattle, Washington Fiscal Agonts Common Stock: Trans!ce Agents. The Chase Manhattan Bank, N.A., New York, and Rainier National Bank, Seattle; Registrars, Irving Trust Company, New York, and Pacific National Bank of Washington, Seattle. Convertiblo Preference Stock: Transfer Agents, The Chase Manhattan Bank, N.A., New York, and Rainier NationalBank, Seattle; Registrars, Irving Trust Com-pany, New York, and Pacific National Bank of Washington, Seattle. Preferred Stock: 4.84% and 4.70% series: Transfer Agent, Rainier National : Bank. Seattle; Registrar. Pacific National Bank of Washington, Seattle. Bo o series: Transfer Agents and Reg;strats. Manufacturers Hanover Trust Company. New York, and Rainier Nat~cnal Bani<. Seattic. l First Mortgage Bonds: Trus:ee and Registrar. The First National Bank of Boston. Boston. i Debentures: Trustee and Registrar, ContinentalIllinois National Bank and Trust Company, Chicago. . i i l I 2 i
- 27. .
- , , r e
n Hist rical Summary of Operation's and Statistical Rec 2rd \ SUMMAlt ( Ol; OPLilAlloiri f Iriouwnd , of in:'ar .; 1974 1973 1972 il Operat ng revenues: S 72.722 ?. 65.249 S (.1 A21 [
- ; R<jsdential . . .. .. . ... ... ......... .
36.230 32.920 23.849 Co mme r cial . . . . . . . . . . . . . . . . . . . . . . . . . ..... . 15.14G 12.502 11 AC'. In d u st r ia l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. ... 18,295 6.231 5A24 1 r
Other. . . . ............. ............. .. 142,393 116.902 1 G.14 ', Total operating revenues . . . . .............. . 64,588 54.670 f.1.212 Operation and maintenance . . . . . . . . . . . . . . . . . . . . .
'13.850 12.331 11.204 D e p re c ia tio n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -L 17,042 14.861 13.257 Taxes other than income taxes . . . . . . . . . . . . . . . . . . . . .
3,926 8,003 4.143 Federat income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total operating expenses . . ............ ... 103,483 86 205 79.599 f, 38,910 30.697 23.547 . L Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i 6,218 3.313 2.217 Other income - net. . . . . . . . . . .................. - income before interest charges. . . . . . . . . . . . . . . . . . . . . 45,128 34.010 30.764 Interest charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,743 18.547 14.72C , N et in co m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,385 15.463 ~ 6.044 Preferred and convertible preference stock dividend i 3,314 -2,569 2.296 , a c c r u al . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' Net income on common stock . . . . . . . . . . . . . . . . . . . . . S 18,071 5 12.854 S 13.7E , Common shares outstanding -weighted average. . . 4,483,216 4.379,582 4,367.055 4 Earnings per common share - assuming no conversion. . S4.03 S2.94 S3.15
- assuming fu!I conversion . $3.88 S2.89 S3.0E :
Dividends per share of common stock . . ..... . ..... $1.98 St.98 S1.91 i 49.1 % 67.3 % 60. Sib ,5 ; Pay.out ratio on common stock. . . . . . ... .......... STATISTICAL RECORD .
~!
KWH generated, purchased and interchanged (Millions): Total Company generated . . . . . . . . . . . . . . . . . . . . . . . 1,794 1,490 1.435 [ Purchased power . . . . ..... .. . .... ......... 10,350 9.225 9.140
- Interchanged power (net) . . . . . . . . . . . . . . . . . . . . . 474 (737) (897) .
Total output . . . . . . . ... .. ............. 12,618 9.978 9.67E Losses and Company use . . . . . . . . . . . . . . . . . . . . . . (847) (658) (793) Total energy sales . . . . . . . . . . . . . . . . . . . '.... 11,771 9.320 8.885 Electric energy sales - KWH (Millions): h-Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,040* 4.913' 4.856 2,043* 2.049' 1.869 ,
. Commercial . ......... .... . ................
ind ustrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 2,050* 2.041* 1.865 2,633* t 317* 295 Other....................................... , Total energy sales . . . . . . . . . ....... ..... . 11,771* 9.320* S.885 l Total average number of customers. . . . . . . . . . . . . . . . 403,409 393.553 379.72? Per residential customer: 13,856 13.S63 14.151 Annual use (KWH) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annual reve nue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S199.94 S184.09 S178.99 Average rate per kilowatt-hour. . . . . . . . . . . . . . . . . . . . 1.440* 1.33C
- 1.260 2.058 2.077 2.115 Peak load - Kilowatts (thousands) . . . . . . . . . . . . . . . . . . . .
Capability at time of peak load - Kilowatts (thousands) . . . 2,379 2.283 2.280 Capitalization ratios:* l Long. term (excluding bank loans) . . . . . . . . . . . . . . . . . . 59.4 % 56.4 % 58.7 % ~ 6.9 8.6 5.S Prefe rred stoc k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Convertible preference stock . . . . . . . . . . . . . . . . . . . . . 2.8 3.3 3.4 30.9 31.7 32.1 Common shareholders' investment. . . .............. Total...................................... 100.0 % 100.0 % 1000% Totai regular employees (December 31) . . . . . . . . . . . . . 1,819 ' 1.779 1.692
'Aud.t recedures applied. See Aud,: Ors' Repmt tincludes 2.3M MW!tm M0ns) of fam arJ non.* n enew 502 to 0:~ct w ::es 26 L
s
.- 1971 1970 196') 1964
- S.54.432 5 49.8's? 5 47,025 S 30.783 f/AflAGEf/Ef4TS' DISCUSSION AND AtJALYSIS OF
'~
26.222 24.0D 21.906 13.833 TnE SW/r/ARY CF OPELATICH3 FOR Tiit YEAt13 "7' ^NU 073 8.986- 8.8M 8.520 6.018 2.247
* * "~ **'7c'# ' " '"5'0 ' ' " " ' '
4.461 3.878 - 3.448 at.. 51: .2 mji .n o' < int cans: $ one ating 94.101 86.652 80 899 52.931 rwe c. '.- ton The g,r.cra! Oc int W,0 in; in 45.274 41,7;3 39820 27.219
'"* 2 ""i ""M ' ' V " " ""5 5 ' *7' "8
incrcew re e,ue; ' ,r 197i in. ea:co 4.37a,. o: m . 10.467 8.5. .:3 7.860 .. v i, c..cr u
.es enounm for n a;;:.onai . 10.851- 10.8 0 10.052 6.480 si: me . ci i : cav.: 1974 spera .2 reisnues.
1,692 40 721 952 At~;,gh : e Cor any <.,tects *: sell r, ,ner S ,ther ut. es in e fu:. s. tu amoc or 5 ., sa n ec-68.284 '61,627 58.453 39.026 pe n pn ,.sy c :nc a.s aduf of pee.sr in secess cr : e cc anyt v;um ents. 25.817 25,055 22.446 13.905 Tn - case n on am a s ma -:ena a ex-1.914 1,0D 723- 747 pe Its Icr
- 374 it :ue t, *creal%3 pur:~asc0 lower 27,731 26.1'5 23,169 14,652 ccs:s anc n intia::,ary 't: tors ssuitin; :n in: eased 13,103 6.279 wa;s rates and r a:ena a-3 su::Iy ces:s.
13.868 11.441 The , : ease n ce . sciatic, exps se fc 1974 13,863 13,0
- a. 11,728 8,373 an: 1973. s due :s in: sased :epre: acte e ectne pfa : anc n an in: ease :epre: ation a:es in 1974.
2,333 2,356 1,454 1,370 Taxes ::her : an Fe:tralint: ne tases increased
'"""*""73"'*#*****"'"*"'*PY S 11,530 S 10.679 5 10 274 S 7.003 wa'.t:.ons and sa aries n3 wages ue:n wh.:n the 4,112,676 3.953,729 etes taxes are' essed, n;cthe witn nereased tax 3 953 501 3.593.501 ra es.
S2.80 S2.73 $2.60 St.95 Fema sco e taxn e<m s pea,tly Wes S2 76 S2 67 S2 59 - 19R pnma-ly due to the nercase in taxab!c se:ome. S1.82 St.76 S1.70 S1.60 The ir:reases in ot-e inco e for n74 a : 1973 65.09b 65.2 /3 65.4 % 82.1 /o we e due = 1) in: eases n the a! iowa :e f: funds UJed dur. .g co strue::n wh.ch is attrib. table to h;her 'stels c' cons: : tion expen::ures and 2) an inmase in in:cwst ir:me fr:m funn inves:ed by 1,404 1,250 1'238 1'136 the trustee Of the :,90% ::llutic- contr:! bon:s. 7*606 7*1r_a 7*153 4*172 The t ;her ;~eres: :9arges in 10'J an: 1973 (177) (226) (701) (626) are sac te cher eveis :'shor::erm ce:t as weit as 7,600 hig er sh: : terrr 9 teres: rates and te :he iss,ance 8,833 8.159 4 682
' ' # # "
- D "" '" #7 ""d " "'#
(806) (732) (749) (594) fates in ex ess of :rior a.erage 3tes. 8.027 7.C7 6.941 4.088 Earnings Per Common Share and Operating Revenues by Quarter for 1974 and 1973 4,557 4.1 c4 3.928 2.460 E arnings Oreea: ; Ea*- ;s C:e antig 1,722 1.525 1.392 737 eer mam rc <<.eaues c:mmo,r housa ce ocre- :s cor on tTo :.:.~iam shrer sanes 1,506 1.,,92 1,449 760 mr. 242 206 179- 131 0 '"" s s 3nn su2 s sans
'"e S ' aJ Ova :e"- 51 '.'15
. 36 0 * .t s.153 The': ovat .54 331!- .23 04 553 8.027 7.,. . G.941 4.088 ro<- ou.te,- .: . .es 3422- es 29.rss
- rc the ita . 54 03* Sl42 37.t* s274* $ 116.902
- 357.741 354.752 339.560 258.940 tsased urz, ase age ::mmo snares outs:2eng a!5.mrn; *o Co*.t? SIC 29 CrCTenct 3 ock.
13.711 13.042 12.919 10.556 Common Stock Price Ranges and Dividends S163.77 S155.23 S154.67 S132.09 Per Share by Quarter for 1974 and 1973 1.19C 1.20C 1.200 . 1.250 1.850 1.711 1,613 1.139 "'7 "'Z' H, D$"0 2,186 1,896 1,807 1.372 n' ova"r - - -
!' e- -85' *d'' n Sec"c%s Qua-:ce . . 25 193' a A9's Th,ri: Quaric . 21 4 - 18's J91:
' """ "'"" '#'~"
56.39b 5819b 55.99o 53.99;o 6.5 69 7.8 11.8 ~ p,,,, no,y o m,,,,, 3.8 39 4.3 - H e Lo= Persaa<. 4
'"" " " ' ' '
- 5 "" '
=
33 4
- - - - 30 -?.
32.0 34 3 ,T::L%:;c:~ .
's';% - ' ; %
100.0'o 100 0'.o 100 0?o. 100.0 % rom ouace . . 29 -2rs 49 9 1.665 1,673 1,724 1,564 29 l
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g h l s..-.... . .I a A e-, O D e G G e f THE WASHINGTON WATER POWER COMPANY
~
E A S T 1411 M I S S I'O N SP O K AN E, W AS HIN GTO N 9 9207
- D
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- it.t 0:*r 1,M !: < .r. linit 1 's 7?. 1973 1972- 1071 t '. ' -
; f arrangs t.r:r 9 n tz. ,
. D ,95. s 2 11 2.04 1.96 1.88 9..
Av'erre .. . Outea".d e.g . . ... . . ,.. .. . D-Aar s 2.11 ?.02 1.9G 1.8G : ., . L Divider'ds p.r s.nare . . ... ... .D ;: tars 1.4 t* 1.44 1.39 1.36 '; Payout ratio .. . .... . . . . . . .Per Cent 71
- 71 71 72 - ^1
.- Book sa'ue rar share . . . . . .......Do!!ars 20 14 19.60 19 03 18.38 17.- -
Shares o tstarcr g . . .. . . . . . . , Mi!! ions 6.8 6.8 6.5 6.4 (2 On V! hat V!c S':d Total revenues . . . . . . . . . . . . . . .Mitfions of $ 110 0 93.0 82.8- 77.0 72 - Gas revenues . . . . . . . . . . . . Millions of S 33.6 26.4 25.8 23.0 2: 2 Electric revenues: Total . . ...... .. .. Millions of S 74.5 65.2 55.6 .52.6 C'. 7 General business. .. .. .. . .. . Millions of S 53.3 50.7 48.6 46.0 0? Kilo vatt. hours: Total .. . . . . . . Millions of Kwh 7.923 6.803 6.402 5,795 5.f!! General business. . .JAdlions of Kwh 4.873 4.747 4.604 4.344 4.; !
. Residential: .
Use per customer . . . . . . . . . . . . . .Kwh 12.E57 12.667 12.498 11.960 11.26 Rev e nue p er Aw h . . . . . . . . . . . . . . Cents 1.21 1.19 1.19 1.21 1 25 On E>penses end Provisions Operating expenses .. .. . . Millions of $
. 20.7 18.1 14.4 13.3 12 5.
Depreciationandraaintenance. .Milhons of S 12.7 11,4 97 9.5 E1 Purchased power. .. . .. . . . Millions of $ 9.7 8.9 7.4 6.2 0? Purc,hnsed gas .. . .... . . Millions of $ 23.5 . 15.3 15.0 12.2 10 6 Taxes. . . . . . . . . . . . . . . . . . . . Millions of S 14.9 14.1 12.4 13.6 13.3 On Our Power' Resources Availat'le resources . . . . . . . . . Megawatts 1.112 1.135 1.133 1.121 1.13? Other purchascs (safes) .. . .Megawat:s . . 55 (28) (58) (S) (~ H.) Available resources net. .. . . . . Megawatts 1.167 1.107 1.075 1.113 E!1 Peak demand . .. .. .... . . Megawatts 1.C65 1.062 1.076 934 555 Annual lead factor . . . . . . . . . . . . . Per Ce n t 61 60 58 63 6.: Requirements . . . . . Millions of Kwh 5.721 5.557 5.456 5.134 4.f 2 Our Property invettment Plant evenditures .. .. .Milhons of S 27.1 25.0 23 4 24.5 2 ' i-Plant imestment . . . ...Milhons of $ 171.4 446.3 423 9 407.0 SsJ i-
. Net p! ant .. .. . . . . . . . . . .Mithens of $ 333 5 366.0 349.1 335.9 Sif t'
=
( ) Der:0tes Decie.u.e s1 i i
~ .. . .. .- ._ . . _ ._ . . _ . . _ _ . . . _ _ . . i
~.: ,
a:*' . . H ATE OF GROWTil 5 Years 10 Year - 19s4-19'A 1rM t ij r,7 19 r,r, 1er r,5 ,
,19,c9 74 3954 74
- 'd *i 1 58 1.48 1.39 .1.34 20 57 1.76 1 (A .
118 14S 1.39 1.34 24 51
.- 1.70 16B 1.12 1.06 1.06 16 41
.1.23 1 21 . 1.10 ..
73 72 75 76 78 79 (3) (10)
.16.32 16 01 15.76 15.71- 16 29
- , -17.37- - 16.71 ~
58- 5.8 .58- 5.8- 5.7 10 19 6.2 l 69.0 65'4 61.5 55 2 = 52.0 50.2 59 119 1 18.9 - 17.2 - 14.0 11.9 11.2 10.8 78 211 48.8 47,0 46.5 42.2 39.7 38.4 53 ~ 94 l 42.8 40.4 38.3 37.3 35.7 34.5 25 54 ' 5.438 5.413 6.202 4,443 4.105 4,116- 46 92 3.952 3.681 3.400 3.323 3.150 3.055 23 60 11,129 10.413 ' 9.952 9.861 9,735 9,712 16 32 1.29 1.33 1.36. 1.36 1.36 1.35 (6) (10)
~
11.6 10.9 11.0 10.1 9.8 9.9 78 109 7.7 7.3 7.3 6.6 6.2 5.8 65 119 6.5 62 6.7 5.8 5.5 4.0 49 143 9.9 9.6 7.8 5.9 5.7 . 5.7 137 312 13.6 13.0 11.0 9.8 8.7 9.3 10 60 1,075 1.0S'O '1,141 1,145 1,140 1,121 (125) _ (125) (215) .(230) (160J (125) 950 955 926 915 980 996 835 917 750 684 672 764 64 56 63 67 64 55 4.681 4.474 4.143 4.016 3,776 3.673 22 56 il l l 16.9 13.3 '10.1 11.9 11.7 8.1 60 234 l 363 8 348 3 ^ 33G.1 3208 317.0 306 8 30 54 ! 300.1 288 8 . 281.0 276.2 269.3 262.3 28 46 ll I l
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3 N _ _% Condcrd:od Bbicnca Shsat at Dccamber.31st I(Tl nusuruds of D') tars)^ . 1974 1973 1972 1971 ASSETS Plant investment:
$195.816 $188.159 $182.122 5180.002 Electnc p cducion p' ant . . . . . . . . . . . . . . . 172.403 Other elecinc p! ant . . . . . . . . . . . . . . . . . . . . ,
103.932, j85,6.87 1G1.731, 394,748 373,846 354.525 341.739 Tot al ef ec tric . . . . . . . . . . . . . . . . . . . . . . . . ' 63.544 60.157 57.963 54.403 G a s pf a nt . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' 13.149 12.331 11.379 10.FJ2 O'5cr piant ... . .. ................. 471.441 446.334 423.867 406.964 Tot al . . . . , .. .. .. ... ...... ...... 87.97G 80,325 74.777 _ 71.074 Deprecistion ced amortizahon .. .... . 366.009 349.090 335.003 Net plant . .. ........ ... ...... . . .383.465 16.256 15.973 10.433 9.055 - Other inves'ments . ..... ... . ...... 12.781 16.906 ' 13,662 12.052 Current asscis . . .... ........... . .... 2,584 2.670 3d26 3,159 Other . . . . . . . . . . ........ .. .
$420.053 $398.803 $374.159 S300.404-c_.
Total . .. .... ...... . .... . ..
?
- Lf/.DILITIES -
t. j Capitatization:
$111,702 $110.795 $105.383 5 85.027 Common stock. ..... . ........... ...
25.535 21.863 18.408 35.221_ Fictained camings . . . . . . . . . . . . . . . . . . . . . . . . 137.237 132.658 123,791 120.248 To tal eq u ity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200.3_7 0 200.370 180.370 . 180.370 First mor tg age bonds. . . . . . . . . . . . . . . . . . . 34.604 35.342 36.047 36.818 Debent ure bonds . . . . . . . . . . . . . . . . . . . . . . 27.000 12.000 15.000 8.000 Bants notes .. ..........................
- Unamortized debt premium . . . . . . . . . . . . . . 525 Total capitalization . . .'. . . . . . . . . . . . . . . . . . 309.736 330.370 355.203 345.435 17.445 13,463 14.509 11,73G Cur rent liabilities . . . . . . . . . . . . . . . . . . . . . . . . .
2.872 -1.732 1.675 649 Other. . . . . ............. ......... .... 3.218 2.767 2.5S3 Contrit'utions in aid of construction. .. .
$420.053 $308.603 ' $374.159 53G0.404 Total . . . . ...........................
iI d CAPITALIZATION ftATIOS - 34 5
' Eqinty . . ..... .....'....... ..... 34.4 34.9 34 9 05 ?
65 6 65.1 65.1
,; Debt . . . . , . .. .. .. .... ..... ;i .. .
e64 Ui
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a 1964 icGti % 57 O 19C6 1905_ 1j'h, 1970 " 'M (ti'n9 ' s om yye ; . n ,a> > .. i .j 1 . .
' $146,958 S146,032 . . $146,303
. 5167,549 '5155.315 - $148.985 -
S;46545 ; I' 129 438 ~122,793 154,374- 1'8 024 - 142 793' '137 498 ~ 132 E5's ' >
.'291,778 ^ 279.504 275.470 '269,107 .
321,923 303.339 284.456~ ,
'42.603.
M38,5'45 33,224 29.914 51.114 50.438 - :47.017 ' ' 8,781 8,256 - 7,839 10,431- , 10 C07 9.534 ' 9 070 326,830 316,950 306,000'
'386,468 353.764 348.329 ' 336.129 55.113 50.659 47,622 44.528 67.843 63 6C5_ 59.495' 318,625 281.016 276.171 269,328 '202.3?2 300.119. 288.834' 2.969 ~ 2,791 2,760 2,599 7,604- 6.096 3.708.
11,172- 11.051 - 10,310 15.594 / 29.265- 13.6149 12.191 3.302 3,079 2,917
--2.593 3 092- 6.984 3.630
$314.140 $299 B06 $293.436 $286223B Sg8258 S344f g p. {33E575) -
i
- \.
l ]
. r S 79,183 S 70,557 5 70.297 S,70,0G8 S 69,878 S 69,617 i ;S 79,356 2G,646 24.441 22.684 21,177 21,068 31,393 28.948
'# 92,752 ; 91,155 90,6S5 >
110,749 108,131 97,203 94.738.. 180,370 160.370 ' 160,370 ,160.370 ' 160 370 140.370 140,370 22,556- 23.274 24.032 24,620 25.208 25,795 25,259 16,160 18,360 7,360 2,300 16,000 e 6,000 14,000 307,935 299,965 287,088 280.630 , 273,320 262,314 327,675- , 11,982 10.869 11,017 - 11.082 14,050
,, 14.094 28.199 456 380 127 129 199 192 )
576 1.9; j 1.813 1.722 1.660 1.637 1.602 l _ 2,276 S293.43_6; S286 233 S278,1[S, _ $314.621 $33857j 5314J40 $_2f9.806 e 4
' ' ,I -
. 35.1 324 3!!O 33.1 33.4 34.6
- 33 8
/ 64 0 67.6 67.0 66.9 66.6 -65.4 66 2
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e L *, ]T1COft1U Did2 . (Tijou:,urod:, 0! 00rlars) [ _ti;74 - '1973- 1972 - -1971 Opcirtir'g fievt7.m: . Electrici . . .. . . .... ............ 5 74.533 $65.167 555.618 $52.578 G as . . . . . . ... ..... .... ............... 3'3.596 - 26.424 25.808 23.033 Water. ...
....... . , ............. 677' 549 471 423
- St ea m He a t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.292, 859 '. 3 57 953 Total .... ........ ....... .. . .. . - 110.65B - - ,999 92 82.854 - 76.9P7 s
Op:;rsting F.wonuc Deductions: - Maintenance . . .. .. .............. ....' 4.502 3.650 3,287 _ 3.172 Power pu chan: . ....... ............... 9.686 8.900 7.410 6.230 Gas purchased. .. ... . .. ...... . .. 23.491 15.280 14.944 12.103 Other operating er r,enses . . . . . . . . . . . . . . . . . 23.747 18,069 14.434 13.314 Tederal and state mcome taxes . . ... . . . .. . 5.665 4.731 5.115 5.638 Other taus . .. ...... ... ... ....... 9.031 9.350 8.325. 7.917 Depreciation . . . ... .......... ... ...... 8J6.3 7.779 6,445' ' G.320 Total . . . .. .... ............ . S1.656 67.759 60.026 54,771 O per ati n g income . . . . . . . . . . . . . . . . . . . . . . . . . 28442 25,240 22.834 22.216
- Other Income (D dections):
- Equity in subsid.ary earnings .. . .. .. . (405) 576 Allowance for funds used during construction 701 466 2,049 1,471 Other-not . . . .. . . .. . . .. 6 116 (504) (290)
Total other income (deductions)-not . . 302 1,158 1.545 1.181 Interest Charges: 1 Interest on long , term debt... . ..... . .... 14.612 13.125 12.U75 11.634 Other. . .. .......... ... . . ... . . . 123 169 81 233 I Total interest charges . . ., . . . . .. ... . 14.035 13.294 12.156 11.067 l Income before the f ol!owing item . . . . . . . . . . . 13.609 13.104 12.223 11.533 Transferred frem retained earnings-restricted certain reductions in Federal income taxes. . . . . . . . ...... . 542 542 542 542 l i
- I' Net income asailhte fer dividends and other ccrparate purposes . ... . . . 14.331 13.646 12.765 12.072 '
Common c:udends . .. . . 10.1 # g 049 ' 9.03G 3,736 ( -1 liot f.gt.ie . , .. 11 '
. - ,,a. . . . . . _ , . . . . . . . . . . ~ .._...4 . .
e .- _ .
;4-1970 ' _10 t 9 1%8' 1907 1956 RM 19C4-550.665 548.649 S47,037 ' 546,4G8 $42.234 539,733 S38.408 20.161 18.939 17,215 14.027 11.89G -11,193 10.835 44G- 434 40J 393 461 416 . .268 821 -770 705 640 596 620 650 72.093 68 932 65.3G1 61.525 _55.187 51.967 50.161 2,581 2,494 2.228 2,476 2,001 1,880 1,753 6.704 6.526 6.246 6,729 5.832 5,466 3.966 10.550 9,678 9.551 7,751 5,911 S.C62 5.664
.12,468 11.576 10.881 10,961 10.132 9,834- 9.883
' 6,003 6,544 0.252 4.461 3.670 2.872 3,625 7,413 7,091 0.794 6.539 6,175 5,848 5.691
- 5.566 5.199 5.075 4.853 4.547 4.290 4.095 51,345 43.303 47,027 43,770 38,268 35,852 34,674 20,748 19,684 18.334 17,755 16,919 1'6,115 15,487 e 0 921 403 463 40 96 99 16 393 (245) (361) (372) (433) (848) (629) 1,314 158 102 (332) (337) (749) (613) 11,300 9.751 9.126 8,761 8,433 7,831 7,639 94 82 74 63 101 58 45 11,394 9.833 9.200 8.824 8.534 7,889 7,684 10.663 10.009 9.23G 8.599 8.048 7,477 7,190 !
l
-542 542 542 542 542 542 542 l 11.210 10.551 9.778 9.141 8.590 8.019 7,732 8.223 7,707 7.030 6.843 , 6.485 6.242 6,108' 0
- l
- n. -- _
.. I ' .
- I
- - -
.. S hl0 % D ald 1- .
1974 ' 1973 1972 1471
'_Revenucs (in thov*.t *.ds):
Electric Resider.tial . ...' ,, , . .. ..... S 25.803 524.504 $23.452 521.874 I Corr mucial . ................... .... 16.108 15.482 15.050 14.201 Industria! ..... .... .. . ........ . 10.359 9.702 9.191 8.677 Street and tnghway lighting. .. .. ...... 979 _ 929- CBS -03.0 Total generc' business . . . . . . . . . . . . . . . . ' 53.341- 50.677 48.578 46 001 Railroads a r d a t..ays . . . . . . . . . . . . . . - 9+ 24 _ 25 37 Ot her eketnc utilities . . . . . . . . . . . . . . . . . . 19,774 13.173 5,785 . 5.401. Total ener g / sales . . . . . . . . . . . . . . . . . . . 73.124 63.874 54,388 51.430 Other.. ... . .......... .. ... . ... . 1.409 1.293 1.233 1,139 -
- I Total electric . .. ..... ... ......... 74 533 65.167 55.618 52.578 Gas
Residential . . .. ...... ...... ... .. 12.694 11.016 11.013 9.758 Commercial . .. .. .. .... .. .. .. 7.176 5,711 5.459 ' 4.915 Industrsal-Firm . .. . . 8.357 5.745 5.468 4,93S Industriat-Interruptible. . . . . 5.212 3.762 3,646 3.176 Total gas sales ... ........... .... ... 33.439 26.234 25.586 22.787-Other . . . ....,. . . ............ .157 190 222 246 Total gas . ... ..... .... . ... 33.595 26.424 25.808 23.033.
. Water . . ... . .... . ... 677 549 471 423 Steam Heat . . ..... .. .. . .... 1.292 859 957 953 Total revenues . . . . . . . . ............. _S.no._098 ,_S921999 $82,854 $70 987 .
Industrial Revenue (in thousands): Electric: Mining a nd smelting. . . . . . . . . . . . . . . . . . . S 3.849 S 3.660 $ 3.002 - S 3.397 Lumber and syood products . ......... 1.810 1.770 2.207 1.703 Paper manuf acturing . .. . ............. 1.855 1.458 1.465 1.481 Other . .. . ....... .. .. . . . . . . . . . 2.855 2.814 2.517 2.296 Total ., . .... .. ..... ....... S10.369 S _ ._9_.702_ S 9.191 S e.877. Largest single customer . ...... ........ _.S 2.026 __S_1.S77 _ $ 1.905 S 1.797 Gas:. Minmg and smelting. . . . . . . . . . . . . . . S 3.769 S 2.547 $ 2.274 $ 2.127 . , Lumber and wood products . .. ... . . 1.302 899 772 596
. Pa per manuf actun ng . . . . . . . . . . . . . . . . . . . 4.552 3.193 3.440 3.153
'I
)
Other . . . ........ ....... .. 3.60s ._ 2.868 _ _2 628 2.238 _ Totat $ 9.C07 S 9 1114 S 3.114 S-13 0 ) i 5.a r.0 lar gest sin 31'e c ustomer . . . . . . . . . . . . . S 4.384 S 3.003 _} _3M J_2.972 j 4 10 1-f 4 _.,m _.
1' , . 1970 15C9 1968. 1967 '1966 19CS 19r.4
$20,892 518.457 S18,028 _ S17.534 - $17,124.
$2*J13 $ 19.326 13,549 12.030 ' 12.092' '11,358 -
'10,720 10.042 9.434 8.630 6126 8.218 7.638 7,810 7.451 7,235 877 q2 - .eos 771 746 691 . 668
~
43,948? 42 E46 40.437 38,274 37.304 35.718 34.461 52 SO 147 106 , 167 150 5.470 - 4 937 - 5.591 7.006 4.009 3.135 3.103 49,470 47.824 - 46.108 45,427 41,478 _ 39,020 37,714 1.195- 1.025 '929 1.041 756 '718 694 50,665 48.849 47,037 46,468 42,234 '39,738 38,408
- 8.447 7,863 6,692 5.80B 5.443 5,003 4.760 3,991 3.794 3.265 2,839 2.615 2,350 2,247
-4,535 4.382 4,191 2,457- 842 741 671 ,
3.105 2E99 3 064 2,906 2.985 3.082 3.145 j 20,079 18.938 17,212 14.020 11,885 11.181 10,823 82 1 3 7 11 12 12 20,161 18.939 17,215 14,027 ~ 11,896 11,193 10.835 446 434 404 393 461 416 268- , 821 770 705 640 596 620 650 i 568 902 $65.361 $61,525 J55187 .SS1.967 - $50,161 - J72.093
!l s
$ 3,330 $ 3.438 $ 3.335 $ 3,133 $ 3.190 $ 3,002 $ 2,914 9
1,608 1.649 1.571 1,355 1,349 1,330 1,265 F 1,434 1.429 1,400 1,292 1,291 1,282 1,263 I .' ____2,258 2.110 1.912 1.92S 1.9SO 1.837 1.793
$ 8.630 $ 8 626 5 8.218 $ 7.6SS S 7.810 _ $ 7.451 $ 7.235
$ 1,735 S 1.902 $ 1.816 $ 1.592 S 1.570 $ 1.538 $ 1.549
$ 2,060 S 2.048 $ 2.060 $ 1,327 $ 1,411 $ 1,293 $ 1,327 442 436 418 286 204 109 105 2,888' 2.826 2,763 1,717 184 168 , 162 -
2.251 1.971 _ 2,0,14 2,043 2,028 2.243 2.222 S 7.641 $ 7.281, ,$ 7,255.
., $ 5273 g 3,823 J_3,823 J_3,81f!
J_2,723 $ 2.644 $ 2.579 S 1,550 J_1JS4 _ $ 1.285 $ 1.316 4
.. jg I
@7
.z JSales Dcta (Continuaci) .
1974 1973 _1972 _1971_. 1 Licetric Revenu: $. of total . R<:'eder *.c . .. . .. . . . ,. 34.6 37.7 42.2 41 6 Comm ercial . . . . . . . . . . . .. .. . ...... ... ... 21.7 23.8 27.1 27.4 Cas Flevenue *i of total Residtenna! . . . . ...... ... .. ....... 37.8 41.7 . 43.0 ' -42 4 Commercial . .. . . . . . ..... ....... 21.4 21.6 21.3 21 3 I Customers (average per year) - Electnc-Resider.tst . . . ........ ............ .. 166.558 162.328 157.205 151.640 Commercia! (1) . . .. .. ............ . 19.957 19.555 19.250 19.111 Industnal (1) . , . . . .. .. ... ... .. 1,401 1,425 1.306 1.267 Street at:d high..vay ligh9ng . . . . . . . . . . . . . 249 250 2G4 Z2 Total genera; business .. ......... . 188.165 183,558 178.025 172.2T.,3 Railroads and railways . . . ......... 1 1 1 1 Other ciectric utihties . .. . . ........ 1') 12 11 13 Totat electric.. .. .. . .. .... .. .. . 188.179 183.571 178.037 Gas: 172.2M Residential . . .............. . . . .. 61.858 58.968 55.540 51.670' Commercial . . ...... . . . ... . ...... 7.383 6.827 6.250 5,714 Industrial-Firm . . . . .. . ... ..... .. 282 279 265 238 Industris,i-interruptiole. . . ...... .... 18 20 20 _ 22 Total gas . .. .... . ............ 69.541 66.094 62.075 57.644 Water . . ...... . ..... ....... ... .. .. 9.596 9.235 8.739 8.333 Steam Heat . . . . . .. .. ...... ,. 273 280 289 305 Total customers .. . . . . . .. .......... J6L589 259 180 249.140 2384 S1 Kilowatt. hours sold (in thousands): Resident:a! . . ............ .. ... 2.141.425 2.056.186 1.964,783 1.813,693 Comm ercial . . . . . . . . . . . . . . . . . . . . . . . . 1.165.787 .1.143.976 1.131.923 1,076,254 Industrial . . . , ..... .. .. .. . ...... 1.532.762 1.514.416 1.475.648 1.422.540 Sta cet and highway lig hting. . . . . . . . . . . . . . _32J31 32R 32.116 31.419 Total general business . ........... 4.873.105 4.746.685 4.604.470 4.343.933 Railroads a nd railways . . . . . . . . . . . . . . . . . . . . . 1.612 4,127 4.276 6,252 Other electric utilities ........ .... .. ..... 3.048.002 2,052 t1.41 _1.793.113 1.445.071
, Total energy saf es. . . . . . . . . . 7.922.710
. .. . 6.802.953 6,401 A59 5.795.256 Therms sold (in thousands):
Residential . , . . . ..... .... .. ... ......, 80.467 81.632 83.934 Commer cial . 77.875
..... . . ... ... .. . 59.596 58.366 57.989 Industrial-Firm . , . r. . ... .... ..... .: . .... 57.242 111.310 100.087 110.075 Industreal-Inter ruptit'le. . ... . . ... .. .... 108.171 72.246 , 81.538 _8_5,143 78.812 T otal ther m sales . . . . . . . . . . . . . . . . . . . 323 619 329.623 f37,141.: = .
3 1 r-.2.2,2.00..u Note (1) Segregi.iberi of commercial and industoal ma.1e on the basis of ubhtation of energy and not on si.*e of the account. , 12 .
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41 2 41 9 41.1' 39.7. 26 7 26 5' 42.7. 44 1
'25 7 . 24.4 44 6
" ' 25 4 .25 3 24 6
;41.9 41.5
* -38.9 41.4 19.8 20 0 45.8 _ 44.8
- 19 0 -20.2 44.0 22.0 21.0 ' 20.7 146.616 - 142.836 139.881 136,337 19.078 18.935 134,029 132,071 18.854 18,749 .130,509 1,278 1,212. 18,627 18,406 1,191 1,146 18,349 360 361 1,206
'37_4 1.172 1,165 l-
- 167,332 350_ 379 391 163 314 160,300 .
332 156,582 1 ' 154,241 152,040 1 1 150,355 11 1 _ 9 10 1 1 11 1 167,344 11 15 163.324 160,311 14
- 156,594 154,253 152,056 ~ 150,370 47,550 43.016 i 38,766 34,900 5.59G 5.285 31,734 28,656 4.843 4,350 25,934 232 221 3,961 ~3,638 205 191 3,348 24 . 26 169 27 144 27 141 53,402 27 29 46.548
- 43.841 39,478 28
; 8,046 7,609 35,891 -
32,467* 7,410 7,021 29.451 313_ . 315 6,812 6,547 I _ 316 - 317 5,247 322
$9J05 2191 95 317 324 2113 78 203d10 1
_ 97.278 J91_,387 Ll~ J65J92 i -1,665,681 1,5S9.313 l ~999,027 1.456.636 1,356,815 S33.375 1,321,693 1,285,709
'I 858.564 785.492 1,267,521 1.377,039 1,391.121 725,650 1,334.448 669,572
! _ 33.610 1.226,383 626.018 __ 32 774 1,244,833 1,166,194
._ 31.812 __ 31.246 1,134.295
(!. 4,075.357 3,951,563 3.681.460 30.8S6 _ 28,577 _. 27,030 3.399,933 3,323,032 o 9,077 7.0S2 3,150,052
- 13,782 24,963 3,054,6G5 1,503 09G 1 478 961
- 28.289 1 7_17 2 778 28,596 25,588 2.776 845 lf 1 581 530 1,091.8_5_1, 1.006.441 1,035,503 M11Q L4,13 0,20 6 201,741, g 1,
4443 12 3 45fS9 de115,os,3 i 68,652 - 64,524 5 ,497 47,016 44,145 41,620 43,730 35,470 40,461 38,295
., 105,833 30,218 27,261 102.564 99,484 24.415 55.215 23,360 12,540
, 81.010 77.15? 11,065 81.720 77 239 9.454 i 3co r.ca 79.316 81 4,S2
- fs5 W 27p71 632 92 l
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Y.- 6:
-Loadiend Rccourca Data-Electric .
[-e , . 1973 1972- .t ' '. "> 7 4 . _1_9_71
' N t Gy:.*pm Iwnee et*, & dc.vatt.
- p . hour h In ,w.M):
6.002.953 C.401.859 - 5.755.2C8/ roergy ws (frr,,m sa:es cata" sec ) , , . 7.92.1 719 (2,791.C57) (1.797.924) (1.530.132) (1.233.707.- $ Sa c5 outse s feem . . . . . . . . . . . . . . .....
*: 592.055 551.717 584,105 E 12.3r 2 Enerq/ oswsl . ... ...... ...... ........
Not syt,tcm rt.quirements . . . . . . ...... 5.720.717 5 556.746 5 451.832 p.123.E2; Net System Resources (kdowatt. hours in thousands): Thermal genuat,on . .. . . . ...... . .653.793 768,274 Hydro g e ner atior1_ . . . . . . . . . . . . . . . . . . . . . . 3.014.347 3.739,825 3.510.835 3.794.954 Purchased power. .............. .. ..... 3.956 293 3.175,752 3.403.146 2.050.353 Net interch ange . . . . , . . . . . ..... . ... ,_ 91.,92,2, _396,j27 - (118.3E E) (79A12 Power generated and received . .. .. 8.531.953 7.355.040 7,024.583 6.331.375 Net delisenes outs:de system . . 2.611.242 1.798.294 1_S69.751 1.247,ff g
" Not cystem resources . . -
SJpG.74.6 5 455m 832 pgif2*.
}.[72.0.7_17
' Not System Peak Loads and Available
.' Resources (kilowatts):
Plant capability .. .... . ............ 850.500 814,400 812.000 . 821.203 Long-term purchase contracts . ........ . 2#1,,000 321.000 321.000 299.50] Totat system capability .. .. . ... .. . 1.111.500 1.135,403 1.133.000 1.120,700 Other purchase (sales) arrangements ..... 55.000 . 1282 0_00) 0 (58,000)' (8.0p
=
Available resources-nct (excl. non-firm
- purch ) . . . . . . ............"... 1.166.500 1.107.400 1.075.000 1.112.700
'.' Net system peak demand . . . . . . . . . . . . . . . . 1.065.000 1.062.000 1.076.000 934.000 Annual load factor (per cent) . . . . . . . . . . . . . 61.3 59.7 57.7' 62.6 Net System Resources Expense (thousands of dollars): Generation expense . . . . ... .... S 7.743 $ 6.204 S 2.315 S 2.082 Receipts: Purchases .............. ......... ..... 9.605 8.939 7.258 6.302 N et interchange . . . . . . . . . . . . . . . . . . . . . . _ _ 81_ , (39) 152 (132) Total receipts . . . .*. . . . .... . .. . 9.656 8.900 7.410 6.230 Other production expenses . .. ...... ., 270 194 184 176 Total production ex pense. . . . . . . . . . . . . . 17.699 15.293 9.909 8.4SS Net dehveries outside system . . . . . . . . . . . . . - (18 432) (11.889) (4.45D (423 Net system rescurces expense . . . . . . . . . . JSJ;.}) _S_3A00 ,5A452, .S_ g S3 ( ) Red hgure +
?
. 1
.- p 11 t
e p. 15g 19 % $2_ M
'3970 4.443,172'
- 4,185.089 4,115,953 5.587,530' 5)37,C26 5,413,0:0 6.201.741 (2,593,713) (922,3S6) (831,793) (861.845)
(1,282.644) (1.2~: .710) - -(1,518,229) 53't571 491928 422.632 419239
. 563.549 491.018 579.004 4.142.599 4,015.714 3,775.928 3 4d74.455 _E___3J47 fA72,435 ' 4 6?') 934, . -
3.631,753 3,172,169 3,158,000 3,435.662 3.544.657 3,001,502 3.454.946 1,430,524 1,507,807 2.476.C24 2,378.659 2,471.029 2.153.506 2,603,757 94.280 (58.510) 846 450 (795.411) 126.543 (35 73J _(116.350) 4,989.848 4,696.973 -4,607,297 6,0G3,811 6,772,455 6.165.967 5.954 147 974.134 921.045 933.850 1,293.532 1 303 213 1,5S9.356 2.629 656 4 142,599 4,015 714 3,775 928' 3611441 4J72,435 4 CFO 934 4d74.455 830.100 826,900 808,100 821.000 829.400 829.200 811.000 313.100 251.000 312.000 315.300 312.600 319.000 2f 3 000 1,145,400 1,139,500 1,121,200 1,130.000 1,074.800 1.080,400 1.141.200 (230.000) (160,000) (125.000) (149.000) _ (125.000) 0 (125.000) J15.000) 926,200 915,400 979.500 996,200
- 981,000 949.600 955,400
+
917,000 750,000 684,000 672,000 764,000 865.000 835.000 63.1 67.0 64.1 54.7 64.3 64.0 55.5 S 1,853 $ 2,094 S 1,953 S 1,864 5 1,654 S 1,963 S 1,990 6,169 6.745 5,945 5,389 3.889 6,713 6.501 (113) 77 77 25 77 (16) (9) 5.832 5,466 3,966 6.526 6.246 6.729 6.704 141 135 137 150 149 15_6 1[59 5,770 8.255 8.964 7,920 7,467 8.825 S.665
,_L6J75) (3.291) (2,2_58) (2.20S)
_[4_.265,' __.t%SS_4) (4.22s) S 5.209 $_3,5_02 g,;ty S 4.781 $ 1.029 M [9 ,S_4f.29 15
.. ;.m ;..
1974 R73 . y727 . 31 g}' PP'r.! E rpt nd:Ur:s (Grc*,5) (i.: thount.nd;,): . Ele:dric.
- 3)' Produ",t. ,n . . . ... .. . ........ S 7.5.,70 . S 7.150 S 7.023. 512.t 75 Att ottar . , . . . . . ., . .. .. .. ~ 14M1 .. 14.597 -11.955 __8,t;' 'f J Tota: c!ectoc a . . . .. .. ... . ...... 22.7">1 21.747 18,933 21.155 Gas .. .. ... . ......, ............... 3.479 2.307- 3.753 2.079
'Other... .. . . . . .. .. ..... ... .... ,
889 934 678 441 Total plant esponditures. . . . . . . . . . . . . . . 527.119 S24.938 $23a 411 .$ 24 .:. 7_9 Miscellaneous Data (End of Year): Ernp! oyes: Payro!! and Benclits (in thousands): Charged to cperations . . . . . . . . . . . . . .'. $10.507 S10.515 $10.200 $ 9,775 , Total ....... ....... .. .. ........ S16,665 S15.729 $14.866 513.023 Years of Service: ! L ess than 10 years . . . . . . . . . . . . . . . . . . 478 507 505 491 10 to 20 years . . . . . . . . . ... .. . 269 259 272 290 20 years or rnere... . ..... .......... 361 337 323 330 Total 1.103 '1.100
- 3_ 1. ._08 __. ._ 1.1.1_1 Shareholders:
1 to 20 shares . . . . . . . . . . . ........ 4.467 4.504 4,555 4.693 21 to 99 shares. . . . . . . ... . . . .. 6.510 6.531 6.591 6.778 100 to 299 shares .................. .. 14.672 14.840 14.168 14.274
- 300 to 999 shares .................. .. 4.320 4.310 3.969 3.926 1.000 shar es a nd over . . . . . . . . . . . . . . . . . . . 876 867 828 805 Tota! .... ..... .......... ........ 31,052 30.111 30.181 e.. 30 8.45 Miles of pote.lir$ed Transmission ................. ......... 1.997 1.998 1.985 1.907 Distribution (uncer 60 b) . .. . . ... .. 7.578 7.539 7.356 7.078 Feet of Gas Mains (in thousands). ......... 10.'374 9.941 9.710 9.236 l Plant statistics-end of year (Kw):
Namepla:e r ating . . . . . . . . . . . . . . . . . . . . 85*.730 854.730 626.530 636.530 l Maximum ca;'abil ity . . . . . . . . . . . . . . . . . . . . 1.001.800* 1.063.000* 820,200 831.000 f
'8ricludesW Wr'stM.sN 1 i* 08 Cers'ral i b.ened ort sicse 1ricJ I phig pise.sti (.I,' Al' ' 'n v' 1 4 ?) 35 .') hW 165 gt its' [*l.tril h.as fiOI Jttl% si'J l'..s (.l. AD4tg .
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*- - 1 W) 1968 1%7 I 1970 l j
S 523 $ 421 5 402
$ 0 3":7 $ - 2.093 $ 291 ~ .'
= $ 12.315 ~ 7,243 4.117- .
6 220 6 315 5.325 7 612 - 6 >C5 4,519 i 5.C56 5.848 7.6 % 19.927 12 r/.?- . C.313 l 5.433 3.427 2.675 3.705 4.522- 4.197 i, 4.033' 612 644 914 f27 46-1 298 - , 500 f
$1R4] $. 8,10g 513 299 $10101, J11J18 -
g21520 JJ#d94 S 7,254 5 7.132 .S 7,055 S 7.853 $ 7,563 S 9.017 5 8.536 S 9,992 5 9,7ES $ 9.460 [ S12.053 $11.215 S10.454
$12.928 365 425 143 453 407 378 451 412 392 360 412 465 313 340 281 246 246 237_
301 312 326 1 094 1.079 1.071 1.076 1,033, J072 ; 1.090 4,922 4,689 4.783 4,850 4.993 5.041 4,792 6.355 6,157 6.331 6.466 0.500 6.831 6.793 4' 10.248 9.853 11.408 11.222 10,790 t 13.654 _12.736 2,906 2.894 3.697 3.155 3.115 3.063 3.651 732 740 728 721 740 ! 753 761 _26.134 25.163 24.3_33 2S_JIO . ,,26J7_2 _2_6 523 _29181 I. ! 1,934 1,924 1,837 ! 1,953 1.947 1.945 1.935 6.E66 6.798 6.744 6.645 7.016 6.934 7.046 5.215 7.624 .6.644 5.794 8.886 8.618 6.360 i i 636.530 636.530 636.530 63G.530 636 530 636.530 636.530 f* 831,000 831.000 831.000 631.000 831,000 631.000 631.000 I
- 1 i
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s . SUMcMARY OF OPERATIONS,1974./1970 I Til[ MONTANA POWER COMPANY AND SUBSIDIARIES 1974 1973 1972 1971 1970 i 8; lance Sheet Items (000) l Total utility plant ... ... .......... . 5 541,382 5 473,323 5 428,119 5 405,294 5 3S6.431 Nonutility property. . ... .... ............... 54,252 30,021 20,991 16,855 15,399 Total plant and prop. rts . .......... . .... I 595,643 503.344 449,110 422,149 401.830 , less reserves for depsecration and depiction . , 130,438 122,995 114,833 107,086
, 99.727 Net plant and property .... ........... .. . } 465,196 380,349 334,277 315,063 302.103
,. Capitalization Ratios: j t
Total common equity . ..... ..... ..... .... ; 43.7 % 46.0 % 49.4 % 50.796 50.3 % Preferred stock . .................... .. j 4.5 5.7 6.5
- 7.0 7.3 Long term debt and notes payable . 51.8 48.3. 44.1 42.3 l 42.4
~
a I l' . Income Statement items (000) < . Total operating revenues ... .. ..... ..... ... 1 5 117,762 5 108,048 5 95,647 5 88,227 5 86,675 Electrie revenues . .. ................... , 73,275 69,887 62,452 57,714 56,539 Natural gas revenues. . . . ............ ! 43,741 37,426 32,494 29,842 29,517 Other revenues . .. . ...... . .......... 746 735 701 671 619 { Operation expense . . ... ..... .. .... , 5 50,588
- 5 39,320 $ 32,268 5 27,349 5 25,054 Maintenance expense . ...... ... .... ... ; 5,085 4,796 4,120 3,306 3,408 Depreciation and depletion . .... .....
' 8,165 7,612 7,162 6,927 6,959 Taxes (including deferred taxes) . .. .. .. ... ! 22,010 26,176 25,016 25,411 25.403 Nonoperating income (net). . . ~2,417 1,275 1,019 1,256 646
}
Allowance for funds used during construction . ... 3,830- 1,193 506 212 93 Interest charges. . ............. .......... ., 14,187 9,793 7,325 6,743 6.945 Preferred dividends . . .. ............. ,' 1,209 1,209 1,209 1,209 1,209 income available for common stock. .. .. . j5 22,765 5 21,610 5 20,072 5 18,750 5 18,436 Earnings per share of common stock. . .. ..... 15 2.98 5 2.88 5 2.67 5 2.49 5 2.45 Dividends per share of common stock . ... ,' 5 1.80 5 1.80 5 1.695 5 1.68 5 1.68 Average shares outstanding (000) . . . . .... } 7,633 7,509 - 7,512 7,515 7,512 Dividend payout . . ........... ... ...... t 62.0 % 62.5 % 63.5 % 67.5 % 63.6 % Times fixed charges carned. . . . . ..... I. . *25 3.4 3.9 4.0 3.9 Times fixed charges and preferred dividends earne'd . 2.2 3.0 3.4 3.4 3.3
' Operating ratio . . .. ... ..... ..... ! 65.196 59.6 % 57.8 % 55.2 % 53.3 %
Operation expense as percent of revenue. . . .. .. 43.0 % 36.4 % 33.7 % 31.0 % 28.9 % Maintenance expense as percent of revenue . . .. 4.3% 4.4 % 4.3% 3.7% 3.9 % Taxes as percent of revenue . .... . ............ 8 18'7 % 24.2 % 26.2 % 28.8 % 29.3 % Average number of employees . . . . . . . . . . . . . . . . . . . I 1,511 1,400 1,323 1,287 1,200 1 < t .
. + .
Ca stomers and Use *
.N . . -
_4 .'.' ' Electric customers. . .... ................... i
,195,279 189,843 184,502 179,204 174,026 ,
Na tura l gas customers. . . . . . . .,. . . . . . . . . . . . . . . . . . 99,059 96,429 ' 93,527. 90,296 87,400 l
System capability, Lilow atts . .................. 1,025,325 1,092,272 1,089,700 1,086,900 1,016,600 hl
** Peal load, Lilowatts . . .. ......'............. 872,000 897,000 913,000 878,000 822,000 Residential electric service: < '
~ Average number of tustomers. . ... ........... 165,5'60 160,758 156,157 .151,334 147,325 Kwh ose per customer . ..................... 1 6,303 6,324 6,307 6,032 5.772 Average revenue per kwh . . . . . . . . . . . . . . . . . . . . . 2.4 64 2.45t 2.25t 2.24g 2.264 4 . .
NOf f : Balance sheet and income statement items based on accounts required t y Public Service Commission of Montana
' Ops ration, mamtenantc. depreciation and depletion openic and ines other than mcome tames as percentage of' operating revenues.
System capabilitg and peak loads revised to mdude power retcived from tionneulle power Admmistration and U S Bure.nu of
- Reclamation and deinered to their customers m Company's service area, :ystem capabihty mcludes power purchased under firm cIntrac ts . '
12 . l . u r.r. . ~ mn,r, .w . m . m. . w.m.,. , m.,ssmewa nesserm.-_._ . _ L._. --_____ _-_____________
Management's Discussion and Analysis l of the Consolidated Statement of income - I
. .t
- 1974 operating revenues increased $9,713,000, due electr'ic and gas rate increases granted in October,1972, principally to increased sales of c!cctric power to other and amounting. to approximately $9,600,000, and in- 6 utilities, which were up 52,016,000, and higher gas rates creases in natural gas rates of $1,387,000 granted in i gr:nted to offset the increased cost of purchased gas July,1973, to offset higher costs of purchased Canadi4n and soyalty expense, which went up $6,826,000 (see gas. Operation expense in 1973 increased $7,052,031, Note 6 to the Conschdated financial Statements). Rev- primarily because of higher costs of thermal generation cnues were adversely affected by weather conditions and purchased power amounting to $2,397,000, a and some effect of energy conservation by our cus- $927,000 increase in gas exploration and development, 1:mers. expense, and a $2,111,000 mcrease in the cost of pur-Operation expense increased $11,268,000. Principal chased gas. Maintenance expense was up $647,000, of factors were the cost of purchased power, which rose which $274,000 was attributable to electric generation
$1,337,000; gas exploration and development, which and 5234,000 to distribution systems.
wrs up $1,050,000, and purchased gas and production income tax expense in 1973 increased $4,599,000 royalty expense, which increased $7,714,000. and the provision for deferred income taxes decreased Nonoperating income, net, increased $1,142,000, $5,405,000 because of the 1972 payment of back rentals du? principally to income from coal operations of West- for the use of Indian lands at the Kerr hydroelectric pro-crn Energy Company and other non-utility operations, ject (see Note 1 to the Consolidated Financial State-cnd the temporary investment of unexpended pollution ments). Other taxes increased $1,623,000, principally c:ntrol bond f unds. because of a $466,000 increase in ad valorem taxes and h income tax expense decreased $4,458,000 as in- a $790,000 increase in the Montana corporation hcense - creis:s in operating resenues were offset by increased tax related to the Kerr payment. Allowance for funds expanses, interest charges and other tax deductions, re- used during construction increased $687,000 as a result - sulting in a lower taxable income (see Note 1 to the Con- of construction activities, and interest on long-term debt ,_ solidated Financial Statements). Allowance for fonds increased $2,364,000 due to the sale of securities in t us:d during construction, a nontaxable component of 1973. [t-cth;r income, increased $2,637,000 as a result of greater Other Years: The operating revenue increase of c:nstruction expenditures Interest on long term debt $7,420,000 experienced in 1972 was due principally to I increased $2,951,000 due to the sale of additional bonds increased electric and gas rates granted in October, [ in 1974, and other interest expense was up $1,443,000 1972, amounting to approximately $1,800,000; system t due to increased short-term borrowing and higher in. growth; weather conditions, and the resumption of nor- [ t:r:st rites. mal operations by a major industrial customer following l Fcr the year 1973, operating revenues increased a 197.1 work stoppage in the copper industry which ad- 5 ' 512,401,000 over the previous year, principally due to versely affected revenues in that year. i
?
- b a
Market and Dividend Information on Voting Securities : s - Th2 range of prices of the Company's common Shares of the Company's two series of preferred st:ck on the New York Stock Exchange for the last two stock are traded over the-counter. The range of bid i{ ' years, and the dividends paid, have been as f,ollows: prices (no asking prices quoted except " offer wanted") and quarterly dividends have been as fo!!ows: > Dividend
- 1973 High Low per Share
$6 Preferred: Quarterly dividend,51.50 per share. ,
1st qu:rter $36 $32 3/4 $0.431/2 Bid prices: 1973,1st quarter, $79; 2nd quarter, $79 80; 2nd quarter 34 1/2 32 1/4 0.45 3rd quarter, $75-78; 4th quarter, $76.1974,1st quarter. - 3rd quarter 34 1/8 ,28 0.45 $76; 2nd quarter, $69-76; 3rd quarter, $62 69; 4th - 4th quarter 34 3/4 29 3/4 0.45 ' quarter, $6162. , Dividend 1974 High low _ __per Share $4.20 Preferred: Quarterly dividend, $1.05 per i 1st quarter $34 5/8 $291/8 $0.45 share. Bid prices,1973,1st quarter, $51; 2nd quarter, ; 2nd quarter 30-3/4 20 1/4 0 45 $51; 3rd quarter, $50 51; 4th quarter, $50,1974,1st : 3rd quarter 23 1/4 . 20 5/8 0.45 quarter, $50; 2nd quarter, $42 50; 3rd quarter, $39 42, i 4th quarter 24 3/4 20 5/8 0.45 4th quarter,538 39. .
* ~
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- eo ' 3 C I~ - o Me es- mIt N EO amb I. b8N *i bum's h S I \. - D D . ..
- c. .
CONSOUDATED STATEMENT OF INCOME - THE MONTANA POWER COMPANY AND SUC51DIARits
* . )
(flased on accounts prescribed by the Public Service Commission . of Montana and the Federal Power Commission - Note 1) ! 4 Year ended December 31 OPERATING REVENUES: Electric........................................... 5 73,274,444 5 69,887,058 -
' Natural gas (Note 6) . . .............................. 37,425,729 .
Wa t e r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .__43,7 ! 41,176
. . . .745,922 735,599 117,761,542 108,048,386 ,
l f OPERATING EXPENSES AND TAXES: . Operation . ... .. ........................ ...... 50,587,810 39,319,400 F Maintenance (Note 1) . . . . . ......................... 5,085,257 4,796,348 Depreciation and depletion (Note 1) . ................ 8,165,214 7,611,899 : U.S. and Canadian income taxes (Note 1) . ...... . .. . . . 7,694,105 12,152,009 Provisions for deferred taxes on income (Note 1): b. Acce! crated depreciation and amortization . .. ........ 1,325,213 1,245,575 I: Kerr Project charges . . . . .........................' (516,361) (516,361) I. Investment tax credit-net . ... ................... 698,435 . 600,057
. Other taxes ....................................... .
12,807,732 12,694,760 85,847,405 77,903,687 OPE RATINC INCOME . . . .... ............... 31,914,137 30,144,699
+
I OTHERINCOME AND DEDUCTIONS: - Nonoperating income- net. ... .................... 2,417,069 1,274,749 - Allowance for funds used during constructica (Note 1) . . 3,829,905 1,193,302 6,246,974 2,468,051 INCOME DEFORE INTEREST CHARCES . . . . . . . . . . 38,161,111 32,612,750 l
.\
INTEREST Cil ARCE S: ) ; interest on long. term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,044,770 9,093,979 O t he r in t e r es t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,142,462 699,235 i 14,187,232 9,793,214 N E T I N C O.\,t E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 23,973,879 5 22 819 5 m , Net income per share of common stock (based ~.*
, , upon average number of shares outstanding) l af ter dividends of $1,209,534 on preferred stocks . . i 52 98 52 88 h.e .m.-wm..
, (*
14 ,
e , 1
\
~ .
l w CONSOI.lDATED STATEViENT OF . 1 CHANGES IN FINANCIAL POSITION - l THE MONTANA POWER COMPANY AND SUD51 DIARIES . (Based on accounts prescribed by the Public Service Commission of MQntana and the federal Power Commission - Note 1) i
. Yearen.ded Dece..m.ber 31
~.._. :.L .-
. $ *1974 .
1.9.7.3 SOURCE OF FUNDS: i "
~ Current operations: , . . .
I Net income . ..... .. ........ ............... S '23,973,879 - $22,819,536 ltems not requiring current outlays:
- Depreciation, depletion and amortization . . . . -11,083,770 40;779,069-Provisions for deferred tases on income . . ..........$ - 2,953,979 ---1,456.069 Allowance for funds used during construction . .. .... (3,829,905) (1,193,302)
Other - net. .. . .. ............. ... ........ 302,826 563.620
- i 34,484,549 34,624,992
... - . } .
' Sale of common stock under stock option plan
. ........ 643,450 106,89.9 Sale of common stock in public offering . .. ........... 27,450,000 .. .
l Sa;e of long-term debt. .. . .. ......... ....... 89,927,700 24,906,250 Guaranty of pollution control revenue bonds, ,
.f ,
{ _less funds on deposit with trustee . ... .............. 4,495,794 1,826,624 Short. term borrowing . . . . .... ........ ........... 3,500,000 10,000,000 {
. Changes in other as' sets and liabilities - net ............. (889,714) 560,181
.5159,611,779 572.024.946 f
APPLICATION OF FUNDS; ,
! ' ~ " ~ ~ ~
Cross additions to property and plant. . . .............. 5102,699.067 556,892.184 ~ Allowance for funds used during construction . . . . . . . . . . . . , t3.829,905) TF193,302) 98,869,162 55,698,882 {' Retirement of long-term debt . . .. . . ................ 30,297,300 573,329 I uDividends on common and preferred stock . . ... ....... 15,316,650 14,726,619 , Preliminary survey and investigation charges . . . . . . . . . . . . . " 2,569.563 ' 92,577 , Capital stock and long term debt expense . ... .......... 1,952,745 __ 210.376 increase in working capital (excluding debt) . ........... 10,606,359 723,163 . 1
. 5159,611,779 572,024,946 ,
.. t INCRE ASE (DECRE ASE) IN WORKING CAPITAL i .." t I
COMPONENTS (EXCLUDING DEB 1): ' { Cash./............................................ 5 6,914,628 5 839,573
- j Accounts rec eivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,866,358 240,130 i
~
Materials and supplias. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,166,257 1,242,747 I Prepayments and other assets .. . . . . . . . . . . . . . . . . . . . . . . . . - 1,321,675 1.489,185 i Dividends payable. . ................................ --~(551,700)
- (114.644). . '
U.S. and Canadian income taxes . . . . . . . . . . . . . . . . . . . . . . . . ~1,134,475 r 660.724 Other tases ...................................... t w,M1)~ TT046 726)~
," 7 7 ' ' ;
Accounts payabic and other .liabilities . . W.r'./.-T...... (6,068,193) (2,587,824)
.. .. . . . . . ,..e e . .
. .; . 5 10 606, M9 5 723,163 I
. . .m ..<..- .s.. V- is 4. - t.- . ..s.~ ~ . .e. . =
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. l
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- t. 15 .
3. CON 50 LID />1tD II AI ANCE SHEt T TIIE MONTANA POWIP. COMPANY AND 5UC51DIARl[5 (Inst d on accounts prescribed by the Pubhc 5esvice Commis> ion of Montana-Note 1) A S S E.T S . December 31 *l
~
PROPEP,TY A' D PLANT IN SERVICE AND i UNDE R CON 51RUCTION: 'l974 1973 Utility properties: E lec t r i c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . j ' $312,448,099 5294,959,058
. Natural gas . . . . . . .............................t 134,346,922 128,299,516 ,
. Water and common utihty , . . . . . . . . . . . . . . . . . . . . . . . ( 17,897,108 17,122,637
- Construction v,ork in progress. . . . . . . . . . . . . . . . . . . 1 76,690,086 32,942,209 Nonutility prop <.rty(includes $18,793,934 and '
$4,241,791 construction work in progress) . . . . . . . . . .! . .j 54,251,483 30,021,182 ,
595,633,698 503,344,602 Less- Accumulated depreciation and depletion . . . . . . . . . , 130,438,399 122,995,212 465,195,299 380,349,390 MISCELLANEOUS INVESTMENTS (at cost). . . . . . . . . . . . . . . 2,713,211 2,476,114 CURRENT ASSETS: Cash (Note 4) . . . . . . . . . ........ ................. 15,365.000 8,450,372 Accounts receivable, less allowance for doubtful accounts ~ 17,570,630 12,704,272 Materials and supplies (principally at average cost). . .... 7,146,653 3,980,396 Prepayments and other assets. . . . . . . . . . . . . . . . . . . . . 4,191,374 2,869,699 44,273,657 28,004,739 DEFERRED CHARCES: ' Preliminary survey a id investigation charges. . .. ....., 3,557,182 987,619 i Unamortized debt Mense . . .............. 879,066 370,080 Extraordinary pte.rty loss (Note 1). ............. ... 398,744 471,243 Headwater be :. charges (Note 1) . ................. 190,409 380.818 Kerr Project es (Nc,te 1) . .. ........ ..........; 6,763,447 7.655,330 , Deferred t ttributable to Kerr Project charges . . . . .3 (3,915,737) (4,432.098) l* 7,873,111 5,432,992 *
$ 520,055,278 $416.263,235 I
.l
'" t .
.x LI A BILITIES I B CAPITALIZATION: - I ! i l Shareholders' investment: I- ' Capital stock (Note 2): ' f Preferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . h $ 21,98 3,500 5 21,983,500 i Common . . .. ......................... 141,493,045 113,399,595 i Capital stock expense (Note 2) . . . . . . . . . . . . . . . . . . . . . l (1,882,006) (479,334) Capital surplus {
. ........ ...................* 16,205,181 16,205,181 ;
Earnings retained for use in the business (Notes l and 3) . 40,118,368 31.461,139 i 217,918,088 182,570,081
- Treasury stock-common (at cost) (Note 2). . . ......., (271,412) (271.412)
}- 217,646,676 182,298,669 Accumulated income tax reductions resulting from accelerated depreciation and amortizaton (Note 1) . . . . 15,285,142 13,624,240 '
Long. term debt (Note 3) . . . . . . . . . . . . .
..............l 216,876,619 449,808,437 152,939,191 348,862,100 f
CURRENT LIABILITIES:
. Notes payable to bank 5 (Note 4). ....... ............) 34,000,000 30,500,000 Long term debt-portion due within one year . . . . . . . . . . . 110,000 i Dividends payable .............................. 4,238,694 3,686,994 l U.S. and Canadian income taxes. . . . . . . . . . . . . . . . . . . . . . 2,300,789 3,435,264 }
.- O t he t t a x e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , 5,482,800 5,305.659 i Accounts pavable and other liabilities . . . . . . . . . . . . . . . . . 16,320,874 10,252,681 l
" 62,453,157 53,180,598 :
f DE FE RRE D CREDITS: , Customer advances for construction . ................ 2,221,528 2,114,613
- l. Investment tas credit (Note 1) . . ....................
I 4,577,787 4,090,447 ; 6.799,315 6,205,060 i RESERVIS FOR INILfRIES, DAMAGES. s LMl".OYl!S PROVIDI N T AND OTillR. , ... ........., 994,369 938,717 l CONTRllitlilONS IlY CUSTOMIRS FOR a 9 CONSTRUCllON Or l>ROPL RTY (Note 1) . . . . . . . . . . . . . .- 7.076,760
$520,055,27tt $41t 2(i t. 2 is 1 f O .
, CiNSOLIDAT[D DALANCE SilEET Till MONTANA POWER CCMPAN1r AND SUBSIDI ARIES o.~ (llased on accounts prescribed by the Federal PowerCommission - N te 1) .
i ASSETS D:c:mbzr 31
, PROPERTY AND PLANT IN SERVICE AND "\'
UNDER CONSTRUCTION: 1974 I 3 l Utility properties: . E le c t r ic . . . . . . . . . . . . . . . . . . . . ..................l 5290,634,795 5273,144.779 l, Natural gas . . . . .. ..... .....................I 134,346,922 128.299,516 j' Water and r ommon utility Construction work in progress.
....................j 17,897,108 76,690,086 17,122,637 32,942,209-
.t Nonutihty property (includes $18,793,934 and 54,426,747 54,241,791 construction work in progress) ... ...... 30,197,421 573,995,658 481.706,562 Le'ss- Accumulated depreciation and depletion . . . . . . . . ' 130,416,148 122,972,961 l 443,579,510 . 358,73'3,601 MISCELLANEOUS INVESTME NTS (at cost) . . . . . . . . . . . . . . ' 2,713,211 2.476,114 CURRENT ASSETS: -
Cash (Note 4) . . . . . . . ... ......................I Accounts receivable,less allowance for doubtful accounts 15,365,000 8,450,372 17,570,630 12,704,272 Materials and supplies (principally at average cost). . . . . . 7,146,653 3,980,396 Prepayments and other assets. . . . . . . . . . . . . . . . . . . . . 1 4,191,374 2 869,699
' 44,273,657 28,004,739 DEFERREDCHARCES:
Preliminary survey and investigation charges. .. ....... 3,557,182 987,619 l Unamortized debt expense . . 879,066 370,080
.................l Extraordinary property loss (Note l). -
398,744 471,243 Headwater benefit charges (Note 1) . . . . . . . ....... .............] 190,409 380,818 Kerr Project charges (Note 1) .. ............j 6,763.447 7.655,330 Deferred taxes attributable to Kerr Project charges . . . ,. .j (3,915,737) (4.432,098) 1 7,873,111 5.432,992 j 5498.439.489 5394 647.446 t LI A BILITIES - ' CAPITALIZATION: , Shareholders
- investment: "
Capital stock (Note 2): - Pr e f e r r e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 5 21,983,500 5 21,983,500 : Common . ... .. . . . . . . . . . . ., . . . . . . . . . t . . . . . . ; .141,493,04 5 113,399,595 Discount and expense on capital sto'c k (Note 2). . . . . ..I (2,382,006) (979,334) Earnings retained for use in the business (Notes 1 and 3) . 35,207,760 26 550,531 l 196,302,299 160,954,292 Treasury st'ock-common (at cost)(Ncte 2). . . . . . . . . . . } (271,412) (271,412) 196,030,887 160,682,880 Long-term debt (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . ' 216,876,619 152.939,191 CURRENT LIABILITIES:' Notes psyable to banks (Note 4). . . . . . ............. 34,000,003 30,500,000 Long term debt-portion due within one year . . . . . . . . . . . ' 110,000 Dividends payable . * ...... ....................
. 4,238,694 3.686,994 i U.S. and Canadian income taxes. ....................
2,300,789 3.435,264 Other taxes . .......... ........................ 5,482,800 5,305,659 Accounts payable and other liabilities . . . . . . . . . . . . . . . . . 16,320,874 10.252,681 - d ' ' 62,453,157 53,180,598 DEFERRE D CREDITS: . Customer advances for construction . . . . . . . . . . . . . . . . . . 2,221,528 2,114,613 , investment tax credit (Note 1) . . . . . . . . . . . . . . . . . . . . . . . ' 4,577,787 4.090,447 6 6,799,315 6,205,060 RESERVES FOR INIURIES, DAMACES, i
~
~
EMPLO) L L 5 PROVIDI NT AND OlllE R. . . . . . . . . . . . . . . . , . _ _ 994,369 , 938,717 .
, CONTRil1UTIONS IlY CUST OME RS FOR '. .
CONSTRUCTION Of PROPERTY (Nnte 1) . . . . . . . . . . . . . , h 7,076,760 ACCUMULATI D INCOMr 1 AX REDUCTIONS - RESULTING FROM ACCELERATi~D l
, DEPRI CI AllON AND AMORTl%ATION (Note 1) . . . . l. . . 15,285,142 11 624,240 54911,419,4tN 5 VI.8 647,4Jb ,
i.
' ~
. 17
~
~ H
CONSOUDATED STATEMENT OF EARNINGS . i, RETAINED FOR USE IN THE BUSINESS l Tile MONTANA POWIR COMPANY AND SUBSIDIARIES f (Based on accounts prescribed by ' the Public Service Commission of Montana - Note 1) Year ended December 31
, ..~.. ~ .
1974 . 1973 I Balance at beginning of year. . ......................... 531,461,139 543,368,222 Add - net income ........... .......... . .......... , 23,973,879 22,819.536 55,435,018 66,187,758 Deduct: ' [ Dividends (cash)- . Pref erred stock - 56.00 series . . . . . . . . . . . . . . . . . . . . . i 957,534 957,534
- 54.20 series ....... .... ........ 252,000 252,000 Common stock - $1.80 per share. . . ..... . 14,107,116 13,517,085 Transfer to common stock (Note 2). .. ............... 20,000.000 15,316,650 _ 34,726,619 Balance at end of year (Notes 1 and 3) . . .. ........ 540.118.368 531 461.131
. V..--. . _ .
CONSOLIDATED STATEMENT OF EARNINGS RETAINED FOR USE IN THE BUSINESS THE MONTANA POWER COMPANY AND SUBSIDIARIES , (Based on accounts prescribed by -
. the Federal Power Commission - Note 1) ,
Year ended December 31 1974 , 1973 Balance at beginning of year. .. ........................ 526,550,531 538,457,614 Add - net income .......... .. ..................... 23,973,879 22,819,536
! 50,524,410 ,
61,277,150 Deduct: .
~
Dividends (cash). Preferred stoc k - 56.00 series . . . . . . . . . . . . . . . . . . . . . . . - . 957,534 957,534
. - $4.20 series . ... .. .. ........ 252,000 252,000 Common Stock - 5180 per share. . .. . ............ ; 14,107,116 13,517,085 Transfer to common . Stock (Note 2) ....... . . . . . . . . . . . , ,
. ,,](1000,000
, 15,316,650 M,72ti,619
- Balance at end of 5 car (Notes 1 and 3) . . . .. . ,.'.......i. 535 07,760 5265;0.541 l - y m,..n -
. =
l
J NOTES TO CONSOUDATED FINhNCIAL STATEMENTS
- NOTE 1 - Summasy of Signifiant
- Business. These differences exist because of dwergynt Accountir.r, Po!icies:
findings of the two Commissions, in their respecte.e lhe Compancs accounting policies conform to s:en- property reclassification orders in 1945. as to corporate crally accepted accountmg panciples J5 a;> plied in the cost and "oiiginal cost of certam properties, and as to
. cas; of redulated public utilities and are in accordance disposition of amounts classified as Electric Plant Ac-with the accountmg requirements and rate makir g quisition Adjustments. Since 1959, there has been no practices of the regulatory authoritie; havmg gurisdic- difference affecting the income statement.
ti:n.
- Pursuant to an order from the PSC, accumulated in.
- come tax reductions resulting from accelerated depre.
Principles of Consolidation: . ciation and amortization on utility property are recorded as Earnings Retained for Use in the Business - Restrict-The consohdated fmancial statements ir clude the ccc:unts of all wholly owned subsidiaries. The net as- cd, but in the accompanying balance sheets, these tax reductions have been reclassified, sets cf the subsidiaries as shown by their books at De-c mber 31,1974 exceeded the Company's cost of mvest. . rn:nt by $7,832,073 representing undistributed net in. Depreciation and Depletion: c m2 of the subsidianes since acquisition which is in. Provisions for depreciation and depletion are re-ciud:d in consolidated earnings retained for use in the corded at amounts substantially equivalent to calcula-busin:ss. The current assets and liabilities of the sub. tions made on straight hne and unit of production sidiari:s operating in Canada are expressed in United methods by application of various rates based on use-5t:tes dollars at the year.end rate of exchant , other fullives of properties determmed from studies and com-ass:ts and liabihties are expressed at rates prevailing at putations made by competent engineers. During the i the time of the transactions. Revenue and expense years ended December 31,1974 and 1973, the provisions I cmounts for each month are translated at the average for depreciation and depletion approximated 2% of the i
'rita of exchance in effect during the month. The ex. depreciable and depletable property at the beginning change adjustments from translatinn of Canadian cur. of the year. j rency tre not material in 1974,1973 or in the aggregate Maintenance and repairs of property and replace-cnd tra included in other reserves. ments and renewals of items determined to be less than ,
units of property are charged to operating expenses. The cost of units of property retired or otherwise dis- l Financial Statement Presentation: The Comptny maintdns acuunts to conform to posed of, adjusted for removal costs and salvage, is b th2 cccounting requirements of both the Public Service charged to the accumulated provisions for depreciation C:mmission of Montana (PSC) and the rederal Power and depletion, and the cost of related replacements Commission (IPC) for purposes of complying with the and renewals is added to utihty plant. Gain or loss is Montana statutes which give the PSC broad regulatory recognized upon the sale or other disposition of land or jurisdiction over the affairs of the Company and for pur- utility plant constituting an operating unit or system. pos:s of complying with federal laws which give the FPC jurisdiction over licensed projects and the transmission Allowance for funds Used cnd site of power en interstate commerce. During Construction: Financial statements are presented in this report As provided by the applicable regulatory systems of bas:d cn the accountmg requirements of both Commis- accounts, the Company capitalizes into plant in service sions. flecause of the extensive jurisdiction which the a fixed percent on the cost of utility construction pro-PSC has over the Company's af f airs, including rates, ser- jects that exceed minimum requirements both as to dol-vices, securities issues and creation of liens, it is the far expenditures and duration of the period of construc- I opinion of the Company that the financial statements tion. An amount equal to the amount capitalized is l< based en the requirements of Montana law and of the PSC r:present the proper presentation of the financial shown on the Consolidated Statement of income as
" Allowance for Funds Used During Construction, as an positi:n and the results of operations of the Company. Item of Other income. The allowance was computed at (Appr:ximately 95% of the Company's revenues are de- the rate of 7% for the years 1974 and 1973 and'cquated riv d from intrastate services at rates fixed by the PSC.) 16% and 5% of Net income for the years 1974 and 1973, H:w;v2r, the FPC has the right to prescribe books of respectively, acc:unts to be maintained for its purposes and in view Assuming that funds used to finance construction of the 1964 decision of the U.S. Court of Appeals for the during 1974 and 1973 were provided in the same propor-F:urth Circuit in the case of A Ppilachian Power Com- tion as the Company's average capitalization ratms and pany v. the f ederal Power Comnussion which held that, using the Company's average actual cost of debt during in that case, the IPC accounts were basic accounts and the five years ended December 31, 1974, the common aust be presented in reports tu stockholders, fmancial equity component of the allowance for funds used dur-statem:nts based on the requirements of that Commis- ing construction expressed as percentages of carmno lion arc also presented.
for common stock was 9 9% and .t7% for 1974 and it will be noted that the differences between the 197.T,'respectively. The amount of the allowance vanes two presentatioen relate primarily to Utility Properties, from year to year with the Company's construction pro-Capit:l Surplus, and Iarning Retamed for Use m the gram. _ . . . . _ . _.. 39
. NOTES TO CONSOUDATED FINANCIAL STATEMENTS j Emplor:ti:n and DevIlopment Costs: proving a settlement agreement determining payments i The Company and its subudiaries account for ex- due the United States for headwater benehts previded
. "plor tion and development costs incurred on or related by its Canyon Ictry hydroelectric proicct for the period ' 1 ty hydrocarbon leases on the mdividual prnperty unit 1953 through 1970. The settlement exceeded amounts i
b: sis. This results in capitahzation of costs related to l accrued by the Company through 1970 and the net ad-
.the ccquisition of Icases and producing properties and ditional expense af ter applicable taxes is bein;: charged the amortization of these costs over their productne to income over a period of five years commencing Jan.
liv;s. Nonproductive exploration and drilhng costs are uary 1,1971 as authorized by the FPC and the PSC. charged to expense currently. 'In 1972 pursuant to an FPC order, the Company paid additional annual charges for use of Indian Lands at the
~ Kerr Project for the period 1959 through 1971. The Com.
pany received authorization from the.PSC and FPC to Capitalization of Po!!ulion amortize to electric operating expense over ten years Control f acilities: the amount of the additional charges and interest not j 3
, The Company, pursuant to an agreement dated -
prev: usly charged against income or recoverable from ,, June 1,1973, has unconditionally guaranteed the pay- downstream beneficiaries. This results in an annual l m:nt of principal and interest on 520,000,000 County of charge of SM,@ af ter debon for Mcome taxn Rossbud, Montana 5% % Pollution Control Revenue l B:nds due June 1, 2003. The Company is capitalizing the cost of purchasing, acquiring, constructing and in-stalling the equipment being acquired with the proceeds , l
- cf th:se bonds and will depreciate the equipment over Interest Charged to Nonutility Property:
its ussfullife. Interest payments on the debt are charged Interest on borrowed funds expended principally ta sxpense currently. Unexpended proceeds of the bond for the construction or acquisition of certain nonutility ! issue on deposit with the Trustee are temporarily in. mining properties not in service is being capitalized in ' vested and the carnings are included in Other income. nonutility property. The amount of interest capitalized ' was 01,700,000 in 1974 and 5189,000 in 1973, the first year in which interest was incurred on funds borrowed
, for construction or acquisition of such properties.
k Contributionsin Aid of Construction: , Effective January 1,1974, the FPC has ordered that contributions by customers for construction of property will be accounted for as a reduction in the original cost
.cf the utility property rather than accumulating these income Tax Expense: I-cCntributions in a separate account and presenting this income tax depreciation of property acquired after !'
amount on the liabihty side of the balance sheet. 1970 is based on IRS Class Life Asset Depreciation Regu-At December 31,1973 the accumulated customer lations utilizing accelerated methods and depreciation e of to erty acquired prior to 1971is based on IRS Cuide- " contributions amounted to 57,076,760. Effective Jan-uary 1,1974 this amcunt has been transferred to the line Class Lives utilizing accelerated methods for elec- ' utility properties section of the balance sheet. To the tric utility property only. In accordance with the ac. , cxt nt these historical amounts are associated with c,.,unting requirements of regulatory authorities, tne utility property and plant currently in service, the origin- Company provides deferred income taxes on the dif- k. ' al c:st has been rcduced; the remaining amounts have ference between actual income tax depreciation and l' be:n transferred to accumulated provisions for depre- straight line depreciation using IRS Guideline Class Lives ' clation and depletion. This change affects the presenta- and also provides deferred income taxes on the differ-tion o.f financial statements but will have no effect on ence between income tax depreciation and financial the Company 5 carnings as this amount has consistently accounting depreciation for principal nonutility proper-be:n excludeo from plant investment for rate making 'I' 5-purposes. As more fully described above, during'1972 the Company deducted for income tax purposes the ad-ditional annual charges and interest paid for use of in- j, dian lands at the Kerr Hydroelectric Project for the period May 20,1959 through December 31,1971; and in Cests ueferred tn ruture 1973 began capitalizing interest on borrowed funds Operating Pcrinds: . expended principally for the construction or acquisition
. During 1970 management concluded that use of of nonutility mining property not in service. The timing the Madison natural gas storage field be discontinued difference resulting from deferral of these costs to l~
cnd the facilities abandoned This extraordmary prop- future operating periods for financial accounting pur-t City loss af ter apphrable tases is being charged to in- F poses as well as other timing differences in pnncipal ' cime ever a period of ten years commencing July 1 noriutihty operations have been normahied. 1970 as authorized by the P5C. The remaining differences, sonm of which are per. On January 15l 1971, the FPC issued an order ap- manent in nature betw:cen depreciation and depletion :,
.g ) v
NOTES TO CONSOUDATED FINANCIAL. STATEMENTS used in der:rmining tan..ble income and net income for fin:ncial accounting purpmes primarily due to differ- The Company has made no provision for U S. or e cnces between IR5 Cuidehoe Class lives and fmancial Canadian income taxes on the cumulative undistributed CcCountmg hves, togetFer with other differences be- eainings of Canadian subsidiaries, as these earmn:n m
~
expected to remain innsted for an indefinite permd of tw:en taxable income and financial accounting income, time and, in add,ition, any remittance of these amoum, cr2 accounted for as net current reductions in income tax provisions. - would result in no material amounts of such taxes in operation of the relevant statutes currently in effect arW
- The reduction in current federal income tax result- by utilization of availabic tax credits and deductions ing from the investment tax credit on utdity properties is being taken into income based on the various lives All other subsidiaries are included in the Company s consolidated U.S. income tax teturn.
~of the assets givir.g rise to the credit. In 1974 the Com-piny adopted the flow through method of accounting Ga.m or Loss on Reacqu.isi. tion for the investment tax credit on its principal nonutility of Long. term Debt: .
pr:perties which has not been significant to date. The difference between the amounts paid upon U.S. and Canadian income taxes charged to costs reacquisition of long-term debt and the principal , cnd cxpenses are as follows: amount, adjusted for unamortized discount or premium ,
' and expenses, is included currently in nonoperating in. !
Year ended come. For the years 1974 and 1973, the gains resultin;; ! December 31 from the reacquisition of long term debt in connection 1974 1973 ! with sinking fund requirements are not matenal. (Thousands of ' dollais) NOTE 2 - Capital Stock: CurrInt. . .
. . . . . . . . . . . . . . . - 5 7,3 5 5 512,345
, Capital stock consists of the following:
Preferred (cumulative, no par value): celerated depreciation and Authorized - 3,000,000 shares
" amortization . . . . ... 1,661 1,349 , Issued and outstanding:
Kzrr Project charges. (449) (449) , 56.00 series. . . . 159,589 shares 5 15,958,900 Interest charged to nonutihty property . . 54.20 series. . . . 60,000 shares 6.024.600
. . . . ..... 831 91 Investment tax credit-net 5 21,983 SOS
.. 631 656 Miscellaneous items . .. 348 76 Common (no par value):
. . . $ M, W SM 068 Authorized - 22,000,000 shares issued and outstanding, including Actual income tax expense is reconciled to " expected - 9,900 shares held in treasury:.
income tax expense, which is computed by applying the December 31,1974-U.S. Income tax rate of 48% to income before tax, as . 8,747,356 shares f:llows: . - * . ...... 5141,493,045 December 31,1973-
- Year ended . 7,521,358 shares .
December 31
....... 5113,399,595
~_
. - - ..+ - 1974 1973 The pYeferred stock is redeemable at the option of (Thousands of the Company on thirty day notice at 5110 per share for the 56.00 serier and $103 per share for the 54.20 series, dollars)
Actualincome tax expense . . . . . 510,377 514,068 plus accumulated dividends. The liquidation price of Adjustments for tas effects of: preferred shares is 5100..plus accumulated dividends. Excess of utility income tax -On November 26, 1974 the Company sold in a depreciation utilizing the ' public offering 1,200,000 shares of common stock at a straight line method and price of $22.875 per share aggregating 527,450,000 which guideline class lives over
- was added to the capital stock account. Underwriting
' ' financial accounting .
expense and other costs in connection with the issue depreciation. . . , 1,689 amounting to 51,402,672 were charged to capital stock
. . . . .... 1,638 expense.
Allowance for funds used during construction. . . . . . . . .... 1,838 573 The Board of Directors authorized an increase in Tcx deductions capitalized in t'he stated value of common stock of $20,000,000 in , i utility plant for (mancial March 1973, by a transfer of that amount from Earnings Retained for Use in the Business. { cccounting purposes . . .... 863 612 ; Excess of income tas deductions - ~.- - - s The Board of Directors, in accordance with the 1
. .cVer financialaccounting Company's common stock option plan, may authorite.
e income in Canadian utihty - - -- before June 18,1979, the grant of options to of fners and
.- operations . . . . . . other key employees. to purchase 239,521 additional 671 272 , .Miscellaneou> items- net.. .e 4. 1.050 - 543 shares of the.no par common stock of the Company. '
C:mputed "espected" income Options granted shall be at not less than the closing - tat opense .. - -
- :, .t r 516 4M . price on the New York Stock Exchange on the date the 517 706 options are granted and become esercisable af ter two 21
, [ sum' q c.gma gg, <g.e e gg. . 1.. W * = $w 9 o= , *'
- i NOTES TO CONSOUDATED FINANCIAL STATEMENTS
'
- jects, provided 'here are tio unexpired prior option t.on. Debentures on May 1,1979 which are expected to be ll!- '
- it;rts. Oprions mint, ha e>werised in the orde r r ranted refunded with other long-term obligations. t cnd expire fne years from date of gr1nt. At December The Company's Mortgage and Deed of Trust to '
31, 1974 there were 40,775 shares under optinn at an Morgan Guaranty Trust Company of New York da'e,I cv: rage price of $28 00 per share, all of which were eser- October 1,19.45, as supplemented, imposes a dirm t cis:ble. During 1974 no options were granted, options first mortgage hen on all physical properties owned cr on 130,548 shares espired or were forfeited by death, thereafter acquired, exclusive of subsidiary company - ritirement or resignation of the option holder and op- assets and certain property and assets specifically ce ti:ns on 25,998 shares were exercised at an average price cepted from said lien. At December 31,1974 and 1973, cf 524.75 aggregating 5643,451 which was added to the the undepreciated book value of assets subject to the [
- c:pital stock account, lien was $469,078,000 and $401,526,000, respectively.
The obligations collateralized are Fitst Mortgage Bonds NOTE 3 - Long term Debt: in the principal amount of 5175,188,000 and Long term debt consists of the following: 5115,188,000 at December 31,1974 and 1973, respec. December 31 December 31 tiveI(.
- 1974 1973 Long term debt agreements impose no material First mortgage bonds: restrictions on the availability of retained earnings at r e v4% series.due 1974 5 5 29,996.43s December 31,1974 and 1973 for dividends. Earnings
2 7/s% series,due 1975 39,190,799 39,194,359 retained for use in the business shown by the PSC finan-
&3/4% series, duc 1981 29.767,500 3F 1/8% series, due 1984 cial statements exceed such retained earnings shown by 1 6.683,120 6.047,74 the FPC financial statements by $4,910,608 winch the FPC might contend are not available for payment of I
/ rI e , 4 4 n 8 5/8% ser.es, due 2004 60,155,750 dividends (Note 1).
Sinking Fund Debentures: 3-1/4%, duc 1979 10,639,725 11,130,127
, p 4, g g 71/2%, duc 1998 24,913,750 24,910.124 .
1 The Company is currently autnorized by the PSC to Cuaranty of Counts of Rosebud, - Montana,5 3/4% Pollution issue unsecured promissory notes tn aggregate principal ; c'ontrol Revenue Bonds, du, amount not to exceed $120,000,000. Informal borrowing 2003 19,8r,7,389 19,862,929 arrangements with lending commercial banks currently r: Funds on deposit with provide for lines of credit aggregating $90,000,000, of . Trustee _ t13,s37,532) tis 013 37r,1 which 556,000,000 is unused at December 31,1974. Un- ': 5216 876 619 5152 939 191 secured promissory notes are issued to lending commer cial banks for six-month periods, bear interest at the - The principal amount of long term debt is shown lender's prime rate in ef fect from time to time and may adjusted for unamortized debt discount and premium, . ordinarily be prepaid without penalty, which amounted to a net discount of $393;799 and . The average interest rate on outstanding notes pay-5320,433 at December 31,1974 and 1973, respectively. able was 10% at December 31,1974 and 1973. The mas- ! ThIse amounts are being amortized over the period the mum amount of notes payable outstanding during 1974 e r; lated bonds are outstanding. and 1973 was 584,000,000 and $30,500,000' respectively. In March 1974 the Company sold $60,000,000 The approximate weighted average of notes payable out-f 5/8% First Mortgage Bonds due 2004 and in November l standing was $39,356,000 and 57,336,000 with an aver- . 1974 the Company sold $30,000,000 8-3/4% First age annualinterest rate of 11.6% and 9.3% for 1974 and I Mortgage Bonds duc 1931, 1973, respectively. The agreement securing the 3-1/4% debentures due Compensating balances were 512 million and 54 l 1979 provides that the Company must deliver to the million at December 31,1974 and 1973, respectively, trustec, for a retirement sinking fund, $540,000 cash or and are included in current assets in the Consolidated principal amount of debentures each year through 1978. Balance !heet. These balances, which include amounts At December 31,1974 and 1973, the Company had ac- normally maintained for working capital requirements, quired 5430,000 and $593.000, respectively, principal are subject to withdrawal but the Company currently l amount of 31/4% debentures which quahfy for future anticipates its balances will approximate ten percent of sinking fund requirements and which, accordmgly, have - the line of credit and ten percent of the borrowing there-bnn applied in the balance sheet as a reduction of this under on a moving average basis or twenty percent of l debt The agreement securing the 71/2% Sinking Fund the line of credit. I' D2bentures due m 1993 provides that the Company must
. dehver to the trustee for a retirement sinking fund a min- .
imum of $500,000 cash or pr ncipal amount of deben- NOTE S - Retirement Plans: tures cach year from 197n through 1997. Smking fund The~ Company maintains trusteed, noncontributory
- ,tcquirements under the inst mortgage honds are being retirement plans ~ covering emplosces who attam retire-l met through property additions Other rettuned principal ment agt,'normally age 69, and base complett d one l payments on long term debt for the years 1975 through - year of sersice, Durmg the gear 1973 the market s alue of 1979 are 539,18tt,000, 2 7/ H% i tr$t Mortgage lionds on the assets held by the trustees approsimated the at-pctober 1,1975 and 59.000,000,1 1/4% Smking fund tuarially computed prior service costs. Accordmgly, y, 9 Lc _m _ _ _
t,
m - 1> ~ NOTES TO CONSOUDATED RNkNCIAL STATEMENTS
' *: costs of t'he plans for 1973 funded and charged to ex. priate. The Company's share of expenditures to date and
-pensi relate prinopalbf te current sersice and were estimated cancellation costs approximate 55,000,000.
5574,361. - For the scar ended December 31,1974, cost of the The Corspany's hydroelectric projects are operated plans funded and charged to c> pense was 5640,410 under licenses issued by the FPC which opire at various which related to current services only. At such date the times through 1998. When a license expitcs, it may be market value of the assets held by the trustem had de- reissued to the Company, issued to a new hcensee or the cimed to approximately $8.750,000 and the actuarially- facility may be taken oser by the United States. In eitber c:mputed liability for services prior to January 1,1974, of the last two events the Company would be entitled to the most recent period for which this information is compensation equivalent to its net investment in the cvailable, amounted to approximat ely S16,300,000. project, not to exceed fair value, plus severance dam-
~
ages. In determining net investment in the project, the The Company has m. the past determmed annual licenses provide that there may be deducted the amount pension expense subject to the review of an mdependent -
- firm of comulting actuaries. The Company has engaged contained in a'n amortization reserve which shall be ac-cumulated from a portion of the amount earned in ex-thit firm to review the plans and recommend changes to
, cess of a specified reasonable rate of return af ter twenty bring them into comphance with the requirements of the years of operation under the license. The amour.t of Employee Retirement income Secunty Act of 1974 as these amortization reserves, if any, relating to the Com-to p rticipation, vesting, funding and the appropriate pany's hydroelectric projects cannot be ascertained with provisions for pension costs inchiding amortization of accuracy at this time because of various uncertainties unfunded prior service liabihties. At this time the effect of the act on annual pension expense and unr,unded vest-regarding methods of calculation. However, mariage-ment at this time believes that any such amortizztion cd liability for poor sersice ns not known.
reserves are not material in relation to the Company's investment in property and plant or to shareholders' NOTE 6 - Contingencies and Commitments: '9" Operating revenues for 1974 include approximately
$5.5 million pursuant tn the Montana Public Service hntal expense was 53,505,000 and $3,197,000 in.
Commission 1974 rate adjustment order authorizing the ciuding delay rentals of $1,867,000 and $1,439,000 for C:mpany to increase natural gas rates to offset the in- 1974 and 1973, respectively. Mimmum annual rentals tressed costs of purchased gas and royalty expense of under noncancellable leases consist of 5975,000 hydro-gis produced in Canada and Montana. In January 1975 electric project rentals under terms of hcenses issued by a district court invalidated this Commission order in the FPC above, the largest of which is $950,000 apph-two separate appeals seeking review of the Commis. cable to the Kerr hydroelectric project which license si:n's de.:ision under Montana law. The Montana Su- expires in 1980 (for which the Company intends to apply preme Court immediately issued a. stay of the district f r relicensing), and $209,000 transmission line rentals. court order which will be in effect pending a final Su- Mnimum transmission hny rentals are based on negotia-pr:ma Court decision on the appeal of each case being ted percentages of physical plant costs and variable perfected by the Company. The stay order allows the perating costs and do not contain renewal options. Ccmpany to continue passing on its higher purchased The transmission line rental agreements contmue to gas costs and royalty expense to its customers until 2015. The minimum rental commitments under noncan-final determination of the validity of the Commission's celiable leases for each of the five succeeding years, crdzr. If the Commission's order is invalidated by a final
- Ch of the next three five year periods, and the re-mamder based upon agreements in effect on Decem.
Supt:me Court ruling, the amount collected, pursuant to this crder, may be subject to refund. The Company can- ber 31,1974 are disclosed below: g not predict the outcome of this litigation; however, if -' the Commission's order is not sustained, it would ma- TeanniWon , t:rirlly aflect the Company's revenue and earnings. Hydroelectri,c line . Totat : 1975 $ 975,000 $ 209.0n0 $ 1,184,000 l' In. january 1975, the Montana Department of 1976 975.000 209.000 1.184 Ao N:tural Resources and Conservation issued its final 1977 975.000 209.000 1.184.000 environmental impact statement on the proposed jointly 1978 97s,000 209,W 1,184.M owned steam electric generating plant units 3 and 4 and 1979 '7 5.0* 209 M 1 184 ^0 { associated facilities at Co! strip, Montana and recom- 198 through 1984 $22,000 1,046.M 1,563 M 1985the ugh 1989 125,000 1,046,000 1,171,9 9 mended to the Montana Board of Natural Resources ' and Conscrs ation that the application for a certificate of ]",(9 hrough cnvironmental compatibihty and pub'lic need for the 2ois 97,ooo 4,;54,ono 4, n 3,000 plant and associated facihtees as requned under the Montana Utihty Siting Act of 1973 be demed. The Hoard .At December 31, 1974, in connection with then citer holding a heanng ud! either grant or deny the continuing comtruction program, the Company and its application as filed ur grant it upon such terms, condi- subsidiaries had entered into purchase commitments ti:ns or modifications as the lloard may deem appro. which amounted to apprusimately S48,000,000. l 3 23 ' ^ ~ ~ - ,,_.,m -
,m 3 98'*" 9 **#4ve# 9***s***vr n% 7- f;-~ % vw a * *N J'FTE* r ' ;** ****T * - 3 4 ' "tr 9-* ** ""
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~
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~
j [dtCibOllSC SCC. February 7,1975
}
. .i To the Board of Dnector> of ~ !,
The Montana Power Company ' I* We have examined the consolidated financial statements of The Montana Power Company and its sub-sidiaries for the two years ended December 31,1974 and 1973, appearing on pages fourteen through twenty- ! three of this report. As explained in Note 1 to the financial statements, the Company maintains accounts to : conform to the accounting requirements of both the Public Service Commission of Montana and the Federal *- Power Commission; financial statements based on the accounts prescribed by both Commissions are pre- } sented in this report. Our examinations, which were directed to both sets of financial statements,.were made i in accordance with generallv accepted auditing standards and accordingly included such tests of the ac- ), counting records and such other auditing procedures as we considered necessary in the circumstances. I' As described more fully in Note 1, the differences between these two sets of financial statements arise I from a decision of the Federal Power Commission which has resulted in the exclusion of some 521,600,000 of Company's costs from the property accounts with a corresponding reduction in shareholders' investment. l The Public Service Commission of Montana recognizes such amounts as legitimate costs of utility property ; and permits the Company to earn a return thereon. Because the Public Service Commission of Montana has j. the major jurisdiction over the affairs of the Company, including rates and securities issues, the financial " statements based on its accounting requirements, in our opinion, are the more useful to the Company's j shareholders. - In 1974 the Company has included in operating revenues approximately $5,500,000 which has been billed to customers in accordance with a 1974 order of the Public Service Commission of Montano allowing ; the Company to pass on to all customers increased costs of purchased natural gas and royalties on natural i gas produced. The validity of the Commission's order is being contested and all amounts collected pursuant t to the order may be subject to refund on final disposition of the matter. The Company and their counsel
~
i cannot predict the outcome of this litigation with any certainty at this time and no provision for any refunds il which may result has been made in the accounts; see Note 6. j In our opinion, subject to the effects of such adjustments,if any, as might have been required had.the j outcome of the uncertainty referred to above been known, the accompanying statements based on the ac-l counts prescribed by the Public Service Commission of Montana present fairly the consolidated finan'cial !' position of The Montana Power Company and its subsidiaries at December 31,1974 and 1973, the results of their operations and the changes in their financial position for the years then ended,in conformity with [ i: generally accepted accounting principles consistently applied. i-Also, in our opinion, subject to the ef fects of such adjustments,if any, as might have been required had .jl the outcome of the uncertainty referred to above been known, the accompanying financial statements 't based on the accounts pr'escribed by the Federal Power Commission present fairly the consolidated financial j position of The Montana Power Company and its subsidiaries at December 31,1974 and 1973, the results j, of their operations and the chanhes in their financial position for the years then ended, in conformity with gl the appi; cable accounting regulations and orders of the Fcdcrat Power Commission consistently applied. l
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SUMMARY
OF CONSOUDATED OPERATIONS 1974 . 1973 -1972 1971 1970
~
OPIRAltNC k(VENL,ts: U"*'"D * '" llecinc , . . . . . . . . . . . . '. . . . 5 216,769 $ 220,377 5 190,170 $ 171.679 $ 152.f,42
- Steam Hea'i* g . . . . . . . . . . . . . .. 2,124 1,465 1,533 1,369 1,293 lh Water . . . . . . . . . . . . . . . . . 2,438 2,188 1,813 1,563 1.545
* ' Telephone . . . . . , . . . . . . . . . , 25,628 11,905 6,552 5,619 4,932 TOTAL OPIRATING RtvtNUt$ . 4 . . . 246,979 233,935 200,075 180.230 160,617.
E OPIRATING EXPIN5[5: Operation ard rnamtenance . . . . . . . . . 111,882 100,193 81,981 75,757 69,051 Depreciation . . . . . . . . . . . . . . . 30,901 26,062 21,097 19,960 - 17,943 Taxes other than income taxes . . . . . . . . . 24,0S7 22,365 19,723 17,440 16.812 f Income lanes . . . . . . . . . , , . . . . (2,740) 7,472 10,250 9.4 51 5,919 TOTAL OPIRATING EXP[NSES . . . . . . 164,130 156,092 133,051 122,603 - 109.725 NET UTILITY OPIR ATING INCOME , , , , . . . . 82,849 79,843 67,024 57,622 50.E92
' OTHER INCout (DIDUCTIONS):
Allowance for fund, used during construction . . . 16,799 7,687 12,U4 10,447 5,357 [quityin earnmSs of jointbntures . . . . . . . 7,132 3,707 525 Other income-net of deductions , . . . . . . 3,203 42 (206; (836) 132
- Mmontyinterest . . . . . . . . . . . . .' (805) (167) (20) 0) 0)
Income taxes . . . . . . . . . . . . . . . (4,129) (1,053) (62; 483 169
. OTHIR INCOME (DEDUCTION 5l-NET . . . 22.203 10.416 12,561 10,091 5.655 ~
INCOME Eff0RL INTERI51 CHAkCis . . . . . . 105,049 90,259 79,585 67,713 56,547 INTEREST CHARGES . . . . . . . . . . . . . 50,920 35,717 31,703 2c,020 25,496 NET INCOME . . . . . . . . . . . . . . . 54,129 53,542 47,682 .38,884 31,031 Prefer ed dividend requirements . . . . . . . . . 8.407 8,407 6,815 5,115 3,693 NET INCOME APPLICABLE TO COMMON STOCK . . 5 45,722 5 45.135 $ 41,067 $ 33,769 5 27,358 Avera'ge number of shares of common stock outstanding (in thousands) . . . . . . . . . . 22,498 19,881 18,292 17,074 16,234 Per common ghare: Net income . . . . . . . . . . . . . . . $2.03 $2.27 $2.25 $1.98 $1.69 Disidends rieclared . . . . . . . . . . . . $1.60 $1.575 $1.47 $1.40 $1.28 MANAGEMENT'S DISCUS.% ON AND ANALYSIS Of
SUMMARY
OF OPIRATION$' The dechne in electric operating revenues for the 1c,tr ended December 31.1974 as compared with the gear ended December 31, 1973 is pnncipath the result of reduced sales for resale and inadequate lesels of electne rates in re!ation to continuing increases l in operatmg co t and mterest co>ts. Such mcrea es were substantia!!y ortset bv related reductions in income tases, additional equity in carmngs of somt sentures, and increased allewance for fonds used dunng construction with the result that net mcome
, increased shghth for 1974 as compared to 1973. The dechne in ciectric operatmg resenues is expected to tmerse as the effect of
, increased c!cctne rates is reticcted in such resence>. See page 4 for information regard ng e!cctric rate increases put into eficct 6 during 1974. The decrea o in net mcome per common share for the year ended December 31.1974 as compared with the scar ended December 31,1973 retic (ts an mercase m the number of common shares outstandmg. The increase m operatmg espense,
,. including fuel and other production espense. for the ) cars endcd December 31.1973 and 1974 oser the respectne poor ) cars,
** #c>ults trem the Company's increa eng steam.clectr c generation in relation to the portion of energs generated and purcha>cd frem
+
hsdroelectoc soone . Operatmg espen>es al o moca cd due to enueases m depreciation, mamtenance, adminntratne a,d general espc9 e wha h are tehtrd to mcrea ed utihts plant put into seru(c, as well as to higher costs of l@or and matenal 1he inoca ed a nount of mtere t and deudend teriest additional capital obtamed to finance the Com;'Jny's (Ontmuing construct.en program i ce page 55,5cc Notes to Imanual Matements for mformation relatmg to actountmg for mco ne tases, allowance for fund u ed de.ng ton.truc tion r+nry in c.unmg* of omt t wntures and teicphone operation $. See af,o "Resenues, tspentes and . Inmme" en page 4 for further diwo eon of 1974 ser>u31973 operations.
, 13
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.+ PACIFIC POWER & LIGHT COMPANY l-s.
} ,
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t -- ASSETS DLCIMBER 31 1974 1973 UTILITY P(ANT
- Note 1s: ,
Thousands allio!!.,rs Utilst, plant in scruce: Eintric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,240,99 5 51,173,775 Steam heanng . . . .......... . . , . . . . ....... 2,765 2,957 Telephone . . . . ........... r . . . . . . . . . . . 100.553 56.2L9 e Water . , . . . .
. . . . . . . . . . . . . . . . . ....... 24,020 21,212 I TOTAL , . ......
. . . . . . . . . . . ....... 1,368,333 - 1,294,213 I~
less accurru'J:cd provi4on for depreciation and amortitation . . . . . . ....... 228,902 206& 4 UTILITY PLANT IN 5tRVICE-NIT . . . . . . . . . ....... 1,139,431 1.087.119 i ConstrucDon norL in progre>5 ,....................... 325,639 165.148 I Utahty p!a st he'd for future use . . . . . . . . . ....-.......... 4,757 5,299 I [lectric plant acquis. tion adjustments . . . . . . . '
. . . . . . ....... 3,720 3,916 UllLITY PLANT-Nti . . . . . . . . . . . . . . . . . . . . . 1,4 73,5 4 7 1.261.712 i t
1 OTHER PROPERTY AND INVLSTMENTS: ? Nonutihty property stess accumulated provision for depreciation ' and amornianon-1974. 5212,uiX); 1973. 5191.000) .
............... 2,823 1,929 investment in goint sentures (Notes 1 and 2) . . . . 14,214 i
. . . . . . . . . . . . . . . , 12.119 Other . ... . . . ................. ,
....... 5.761 6.124 ,
TOTAL OTHER PROPERTY AND INVESTMENTS . . . . . . . ....... 22.793 20.172 i I CURRlNT A55ti5: Cash (Note l' . . . ,
......................... 7.357 8.718 Workinat it:nh and deposits . ........................ 1,461 1.157 >
Temporary ca.h imestments . . . . . . . . . . . . . . . ....... 2,840 1,663 Accounts receisable: ' Customers .fe s accumu!ated prosision for unco!!ectibic accounts-19'4. 5556,00t); 1973, 5532,000) . . . ............... 16,393 17.197 Other . . . . .
......................... 11,038 9,298 Materials and suppl es (at average cost or less) . . . ............... 13,183 20.470 Prepa)ments . . . . .
......................... 1,492 1.605
. TOTAL CURRENT A55t.T5 . . . . . . .. . . . ,. . . . . . . . . 61,053 52118
, Otf(RRID DIGIT 5:
i Unamortised debt esperne . .........,.............. 2,341 e 2.190 1 Preliminars mrsel and inve>tigation charges . . . . ............... 7,665 4.M9 i lobbmg and ether wrk en progre,$ . .. . . . . . . ............... 8,833
, 6.833
} Other . . . . . . .
I
......................... 12.133 8f.00 .,
1 10TAL Dif tRRID OttilT5 . . . . . . ............... 31.012 211in i 10T At A%115 . . . ..........
. . . . . . . . . . . . . . ,5,n.W1.
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UABlUTIES
*^ 'i DICtMBER 31
. 1974 1973 L CAPITAll2ATION: '
. Thousands of DC:ars Capital stock and retained earnings (Notes 4 and 8):
Pieferred stock 15chedule 1) . . . . . . . . . . . . . . . . . . . . . . . . 5 117,23 5 5 117,236 Com non stock (Schedulc 1) . . . . . . . . . . . , . . . . . . . . . . . - . . 75,350 66,936 Premium on capital stock . . . . . . . . . . . . . . . . . !....... 232,179 106,467 Installments received on common stock - . . . . . . . . . . . ........ 11 22 Capital stock evpense . . . . . . . . . . . . . . . . . . ........ (8,1 04) (6,046:
. Retained earnir:gs . . . . . . . . . . . . . . . . . . . . ........ 135,187 125/S4 TOTAL CAPITAL STOCK AND RETAINED (ARNINGS . . . . ........ 551 359 490,119 Long term debt Schedufe 2) . . . . . . . . . . . . . . . . ........ 749,169 637,814 TOTAL CAPITALIZATION . . . . . . . . . . . . . ........ 1,301,028 1,127,933
)
CURRENT tlABillTl!S: Long term debt currently maturing . . . . . . . . . . . . . . ........ 13,878 8,806 Notes pag!-!e to banks . . . . . . . . . . . . . . . . . . ........ 69,400 50,073 Commercial paper . . . . . . . . . . . . . . . . . . . . ........ 43,665 11,000 Accounts priable . . . . . . . . . . .* . . . . . . . . . ........ 35,490 38,794 Dividends declared . . . . . . . . . . . . . . . . . . . . ........ 11,379 10,353 Taxes accrued .. . .. . . . . . ' . . . ... . . . . . . ........ 24,253 27,144 Interest accrued . . . . . . . . .'. . . . . . . . . . . . ........ 14,975 10,537 Other current liabilities . . . . . . . . . . . . . . . . . . ........ 6,916 6,312 TOTAL CURRENT LIABILITIES . . . . . .i. . . . . . ........ 219,956 163,E21 DIFIRRID CREDITS: Customer adsances for construction . . . . . . . . . . . . . . ........ 4,183 2,704 Accumufated deferred investment tax credits (Note 1) . . . . . . . . ........ 7,954 10.047 Accumulated deferred income taxes (Note 1): Accelerated amortization . . . . . . . . . . . . . . . . . ........ 27.367 29,034 Liberaleed deprecia: ion . . . . . . . . . . . . . . . . . ........ 10,260 6,030 Repair a!!ow ance . . .. . . . . . . . . . . . . . . . . ........ 7,184 5,161 Other de!ctred credits . . . . . . . . . . . . . . . . . . . ........ 974 2,55G TOTAL DIFIRRED CRED115 . . . . . . . . . , . . ........ 57,922 55.582 a t OPERAllNC RESERVIS . .. . . . . . . . . . . . . . . . . ........ 1,146 1,681 S MINORITY INTEREST IN $UBSIDIARY COMPANit$ . . . . . . . . , ........ 8,378 7,790 COMMITutN15 AND CONTINCINT LIAsillTII5 (Note 6) TOTAL II ASILITitS . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.588.4 30 $1.356.007 iF Y (See accompany ing Notes to financial Statements) ~
. 15
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- 4.D'W. 99 9 *. S*8 6 #9'4 'T**' - E*
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$. . _ - - ! 3 '_f o
c m m . R* . 4 STATEMENT OF CONSOLIDATED INCOME Years ended Decernbe r .si 1974 1'C 3
- Ol'!kATING REVI*,UI5: .
Thousands of Dol1.v3 Eftctr,c . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . $216,709 5223.377 Stom t< atir g . . . . . . . . . . . . . . . . . . . . . . . . . . , , 2,124 1,465
, Water . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . 2,438 2,11 6 i Telephone (Nu:e 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.628 11.9 5
'l TOTAL OPERAllNC REVENUES . . . . . . . . . . . . . . . . . . . . . 246.979 235.935 OPERATING EXPEN5ES:
Operation: Electric uta!4: Power puchand and interchanged-net . . . . , . . . . . . . . . ... . . . . 25,213 26,121 fuel eneme . . . . . . . . . . . . . . . , . . . . . . . . . . . . . 16,939 16,894 Other production . . . . . . . . . . . . . . . . . . . . . . . . . . 5,654 4.611 - Transmission and distribution . . . . . . . . . . . . . . . . . . . . . . . 11,460 10.344 Customer nrsice espeme . . . . . . . . . . . . . . . . . . . . . . . . 9,899 9,464 Other utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,833 3,693 Administrathe and general . . . . . . . . . . . . . . . . . . . . . . . . 18,014 15,675 Ma> tenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,870 13,391 De,, eciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,901 26,002 Tases-ether than income . . . . . . . . . . . . . . . . . . . . . . . . . 24,037 22,36'> federal a,d state income tases (Notes 1 and 5) . . . . . . . . . . . . . . . . . . . (2,740) 7.472 TOTAL CPERATING EXPENSES . . . . . . . . . . . . . . . . . . . . . 164,130 _156.092 NET UTILITY OPERATINC INCOME . . . . . . . . . . . . . . . . . . . . . . . . 82,849 79.843 - OTHER INCOME , DEDUCTIONS): Allowance for fund < used during construction (Note 1) . . . . . . . . . . . . . . . . 16,799 7.R07 fquity in carninp of jcint ventures (Notes 1 and 2) . . . . . . . . . . . . . . . . . . 7,132 3,707 1.sterest, dnidends and other income . . . . . . . . . . . . . . . . . . . . . . . 4,445 1,142 Other decuctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,242) (1,103i Minority inte. cst - . . . . . . . . . . . . . . . . . . . . . . . . . . . (805) (167: Income tascs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . (4,129) (1,05 9 OTHER INCOME (DEDUCT;ONS)-NET . . . . . . . . . . . . . . . . . . 22,200 10,416 INCOME BEFORE INTEREST CHARCES . . . . . . . . . . . . . . . . . . . . . . . 103,049 93.259 y INTEREST CHARCES: Interest on long term debt . . . . . . . . . . . . . . . . . . . . . . . . . . 42,798 30,892 - Amortization of debt discou t, premium and expense-net . . . . . . . . . . . . . . . 232 161
- 8 Other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.890 5464 TOTAL INTERET, CH.'.RCES-NET . . . . . . . . . . . . . . . . . . . . 50,920 36.717 e
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54.129 5 53.542 Earning per share, b.tsed on aserage number of common shares outstanding during each ) ear (after recognition of preferred disidend requirements of $8,4C7.000 for 1974 and 1973) . . . . . . . 52.03 52.27 STATEMENT OF CONSOLIDATED . Years ended December 31 RETAINED EARNINGS '974 '9 3 Thousands of DSlan y Balance, January 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125.484 5111,492 cl Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.129 53.542 { Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179.613 1o5.034 ,. Deduct: . j Cash daidends: 9 Preferred stxl . . . . . . . . . . . . . . . . . . . . . . . . . . S.407 8.40' Common >tock . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jpp1'1 11.141, Totai deauaion, . 4 4.4.n,
. -n.s u ,
Baiame. nesember n . . . . . . . . . . . . . . . . . . . s m.m- si2ur.4
. a (See.tico:s';*. smit'c %)tes ta fina~ii.11$t s:ementd
.16 J..... .. A -.- .. -..-... _ _ . , - . . . . _ _ _
__..e,-.--.---
! STATEMENT OF CHANGES IN h
~
L e CONSOI.lDATED flNANCIAL POSITION ' L 1 Years Ended Decertber 31 1974 1973 SOURCE or fusDS: . . 7housands of Dol:ars , f rom Opcrations: _
~
~ Net income . c . . . . . . . . . . . . . . . . . . . . . . . . . . . . - $ 34,129 5 53,542 Non cash charges tcredits) to income: .
. Deprei:iat.on . . . . , . . . . . . . . . . . . . . . . . . . . . . . 30,901 26.Or2s I' g Deferred income tancs-net . . . . . . . . . . . . . . . . . . . . . . . 4,536 2,662 .
In esiment tai cred41 adjustments-net . . . . . . . . . . . . . . . . . . . (2,093) 2,277
' Allowance for funds used during construction . . . . . . . . . . . . . . . . . . (16,799) (7,8871 Undistributed earnings of joint ventures . . . . . . . . . .. . . . . . . . . (2,095) (462: '!
Minority interest in net income of subs! diaries . . . . . . . . . . . . . . . . . '805 167. (419) 421 Other-net . .. . . . . .. . . . . . . . . . . . . . . . . . . . . f TOTAL FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . 68,965 76.782 i
.i V
t from Outside Sources: ' tong term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,155 45,593 Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,934 37,107
'~
Net increase in short. term debt . . . . . . . . . . . . . . . . . . . . . . . 56,262 57,031 Net decrease ii temporary investments . . . . . . . . . . . . . . . . . . . . 8.810
. TOTAL FROM OUT5tDE SOURCES . . . , . . . . . . . . . . . . . . . - 245,401 148.591 Other Sources:
- Decrease (Increase) in working capital (excluding short. term debt and temporary cash investments) (7,185) 18,857 Other-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.684 (5.975)
- TOTAL SOURCE OF TUNDS . . . . . . . . . . . . . . . . . . . . 5313.865 5238.235 APPLICATION Of FUND 5:
Construction capenditures: , Utility plant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $258,992 5173,010 Nonutility plant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 128 total construction expenditures . . .'. .................. 259,205 173,138 Less allowance for funds used during construction . . . . . . . . . . , . . . . . 16,799 7.837 Construction espenditures-net . . . . . . . . . . . . . . . . . . . . . . 242,406 16s,251 Purchase of Tc!ephone Utilities. Inc.,less working capital acquired: Property 'ict . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,653 Other assets and habilities-net . . . . . . . . . . . . . . . . . . . . . . . (2,573) long term debt assumed 2 . . . . . . . . . . . . . . . . . . . . . . . . . (33,492) Dividends: Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,407 8,407 Common stock .. . . . . . . . . . . . . . . . . . . . . . . . . . . 36,019 31,143 Long. term debt reductior} . . . . . . . . . . . . . . . . . . . . . . . . . . 25,856 - 7,866 Net increase in temporary investments . . . . . . . . . . . . . . . . . . . . . 1.177 i TOTAL APPLICATION Of FUNDS . . . . . . . . . . . . . . . . . . 5313.865 5238.255-(See accompanying Notes to financial Statements) e I
- 1his 19'4 kmual Report has been pre;'.nred by the Ctsmpany to proside gener.el and tataticalinterma- ;^
I;on concern:ng the Comp.nny.a J not i-, connect to , ssith any .sa*c. otter Ior sale or SSicitatien of an oirer to hus .ini occursteca.
, 17
-. l .. _ - - . . .. - - . .. - . .- ... . - -. - . - . - - - . . - -- . - - .
- tAl1TAL S10CK 'and LONG-TEllM DEBT r-se e.it,u i : . t.su.~1 LONG.TRM DWT to,r .4 3
.orel horst.or. b*.c yg4 Dn ' '"!."',g:y g
cal *llM VIOU' - Il='ouun'I' ' I lhIf U' r tswo m-r $1.1Y t Nun.'s+r ' Wunn<l. 8 2. .e . ;.t ,*a r>l Sh.or.4 4.* lhhts 4 % % b' ? A ' 'IU':19 % 3IYA 31 'I' t-4 ;g Se,,pg ,ty.f 1934 * <', ,,.*.'* * '. 3wo
, . , 3nA f3 A 5 3 " 1 ( n .h*o n a d on/cd. $ ,4 5.:nes due 1Wi .. ...... .... . 3').f,0') 3'sh'/s -
1;r, i: 4. . e. P'n r.as uke exh 1.Y.111 5 12 M 1 8 U Swa , sk : 19'n . . ... . ...... 2Wr) E'us -} ' 5* t.4! r,'*- fr".~f. r t. Min e: autheuired. 8%% 5cr.es due Nov.1.19'rs . ...... . 2rs .000 20 % 0
;- 1.W .1 Rares r:f Sni par satue cach: 95i% ser,es due 2000 . ....... ...... 23.0uq 2ifa 4.52 ..... .. . .................. 9,835 934 yr,% senes ,tur.2001 ...... ..... ... 49.00') 40/M
* , 7 s cM .%, ..c a f t.aMe t . . . . . . . . . . . . . . . . . 10,060 1.8% g % Sef;es duc Oct.1. 2001... . ...... 33.000 35A9 .
6 orM .non.cattah'et . . . . . ........... 5.'> 32 593 7%% Se rics due 2002 . . . . . . . . . . . . . . . . 30.000 30,0 % lb/ * -. ..... ............. .. ..... 42.000 4,200 8%% 5eries due 2004 ........ . ..... 60,000 . -
, 34rM.......................... 70.000 7.000 Panhns tle.tric Crampany- '- 4.72%............................ 100.000 10,000 first M<nti; age Conds:
4.367........................... 100,0rJ 10,000 4%% 5enes duc 1975 .. . . . .. . .. . . . 90 93
.' 892G............................ 150,000 13.000 6 % Senes due 1977 ................ 128 132 9 CCi . .. ....a... ............. 300.0M 30.000 Cuaranty of Pollution Control Pever:ue 230,000 23,000 .,- 7.96".............................
An par serial preteried, Bonds,6% 5erict duc 2003 (523.000,C',0 outstand.ng less 57,733.000 he!d by authorded, 4.000.000 shares .. .. . .. Trustee at December 31,1973: ... . . 23.000 17,245 Total preferred Stock . . ... . . .... .. 1,172,350 5117.236 4%G Consertible Debentures duc 1974.. - 1,792
~~
E*"0"5 * " * " * " " * " " ' " "
- l'* #
Comrnon, audo ited. 30.000,6vo Unamortized prernium and disccunt sharc5 of $3.23 par safue cach .. . . . . 2 3.184 J,23 5 75.350 0,262) (2,101) on long. term debt. .. . . . . . . . . . . . . . . Total Pong. term debt of racific Power & Light Company . .. 690.586 5f,7,017 SCHEDUlt 2 D"'*h"3' . Subsidiaries: LONG. TERM DEBT Telephone Utahi,es. inc.- Paci6c Ioner & Light Company U7# UI3 29 first Mortgage Notes due 19901999. 909 951 first Mortgage Conds: Thousands of Doffats 4%G.10'/.% first Mortgage Notes .
- 511,434 due 145 1998. . . . . . . . . ... . . 20.103 21,708 .
35sG Scrics due Nov.1.1974 . . ... 3%G 5eries duc 1977 . . . . . . ..... 5 29,003 29,030 7%% Second Mortgage Note duc 1950. 11,000 11,000 3'iG Series due April 1,1978 ..... .... 4,500 4,500 5%G.9%G Unsecured Notes 3FsG 5eries due Aug 1,1979 ... .... 4,951 4.951 due 197 8 19's8 . . . . . . . . . . . . . . . . 12.875 13.149 3 rSeries due 1950 . ........... . 9,000 9,000 Total Telephone Utilities, Inc. . 44.947 46,003 4ti9 Series duc Jure 1.1981.. .... .... 5,M9 5.849 Other Subsidiar;cs- ' 3's 9 $ cries due 1932 . . . . . . . . . . . . . . . 12,500 12,500 7G.8% Unsecured Notes due ir's 3%G 5eries due Sept.1,1982 .. ..... 7,500 7.500 insta!!ments through 1997 ... ....... 1,953 2.056 4teG 5eries duc Oct.1,1982 . .... . 6.,137 6,157
- 9%% Unsecured Note duc 1973 .... .. - 8,000 9's"r Series due 1953 .. .. .. .. . 70,000 -
10%' Unsecured Note due in 3%"r Series due March 1,1984 .. ... 8.659 8.659 - installments through 1978..... . .. 4,683 - 6.933 3'iG 5eries due 1984 ... .. .. ..... 8,000 8.000 7%% Unsecured Note due 1950.... .. ? *10 0
~
7.000 3%G 5eries due Aug.1.1984 ' ....... 30,000 30.000 7otallong term debt of 3%G 5eries duc 1M3 .. .......... .. 10.000 10 000 subsidia ries . . . . . . . . . . . . . . 58.583 70.797 14.434 4(i"r Series due Mn 1.1986 . . . . . . .. . . 14.454 13,000 Total long-term debt. . . . . . . 5749.169 %- 37 314 4%9 Seriesduc1El . . .... .... 13.000 - - ~ 4's"r Series duc NT 1,1993 ... ..... 20.000 20.000 ' interest rate at December 31,1974: rate is ba<cd on rrime rate 5' e 9 Series due IW . . . . . . . . . . . . . 20.000 20.000 plus 3" ; such rate to be not less than 6% nor more than 10"c. 4'.*M 5cncs duc 1M2 .... ... ...... 33.000 33 000 Substantiaur all of the utihty plant is subject to the liens of the l 4%% Series due Dec.1.1992 ......... 32,000 32.000 mortgages undedging the first Mortgage Eonds and Notes. l l G 1 . . 1 < In -
" - e .. a . . . . . . . . . _ . _ _ . _._ _ . . . . - _
b-l Notes to Financial Statements .
*"P* d"P'"'
alfmved by theid """Dr"ad"' Avet ""' Hb"'a"'"d preriation Range syo .""'"".^. n
~
TAI)lu which became ciier.tise in 1971. For eier nic,
~ 1. SUMMMtY OF SIGNillCAN1 ACCOUN!!NG POLICIIM steam heatm ;, and. water utility properties, deu ned mcome rases are provided for the cuess of the tu Fasis oll're cotation-- reductions attributable to the uw of AI)R over the ow-The consohdated (hancial statements include the of liberah/ed depreciation methods and gui&lem accounts c,i the Company and its sub>idraries, all lises used prior to the adoption of ADP,. The tax re.
majority-on ned, since dates ui organiza: ion or acqui- ductions relating to the difference between suth sition.1he Company and such subsidiaries are herein prior hberalized methods and book depreciation are ! sornetimes referred to as the " Companies." All sig- flowed through to net income. For telephone utility nificant intercompany transactions and balances base properties; deferred income taxes are provided for been climinated. the total tax reduction resu; ting from the excess of the financial statements for 1973, .whicli originally ADR method over book depreciation. F included the subsidiaries on the equity basis of ac- Federal income tax reductions resulting from the ! counting, have been restated to the consolidated investment tax credit relating to utility plant other 1 basis of presentation. This restatement had no cifect than telephone are deferred and amortized to in-on previously reported net income. come over five-year periods for those related to mass investments in unincorporated joint ventures are property additions and ten-year periods for those included in the financial statements on the equity related to major additions. Investment tax credits basis, relating to telephone plant are deferred and amor-l tized to income over the estimated useful life of the i Regulatory Authorities- property. Utility operations of the Companies are subject to Deferred income taxes accumulated prior to 1964 regulation with respect to accounting and rates by resulting from accelerated amortization of certain f ederal agencies and the public regulatory agencies properties under Necessity Certificates are being of the various states in which the Companies operate. amort,i zed to income. Utility Plant- Retirement Plans-Utility plant in service is stated substantially at Substantially all employees of the Companies are original cost. Additions to utility plant include the covered under various retirement plans. Current serv-cost of contracted services, direct labor and material, ice costs are funded as the liability accrues, based on indirect charges for engineering, supervision and actuarial determinations. Prior service costs are beieg similar overhead items, and an allowance for funds amortszed over periods ranging up to 30 years. used during construction (AfDC) which represents the net cost of borrowed funds used for such pur. Account Reclassifications-poses and a reasonable rate on other funds. AFDC in accordance with certain federal Power Com-was applied to construction generally at an annual mission orders effective january l,1974, the following rate oi79 in 1973 and through June 30,1974, and at reclassifications have been made on a retroactive an annual rate < 8'T beginning July 1,1974. basis: Maintenance and repairs of property,and replace- Contributions in aid of construction, which is ments and renewals of items determined to be less an accumulation of amounts received from cus-than units of property, are charged to operating ex- tomers for const;uction, were credited to the pense-maintenance. ' applicable plant accounts. Depreciation of utility plant is computed under Unamortized premium and discount on long-the straight.line method based on thc estimated serv- term debt base been combined into a single ice lises of the various classes of property. The per- account in the long-term debt section of the centage relationship of prmisions for depreciatioa of balance sheet. utility plant in service (averaged) was 2.579 in 1974 and 2.511G in 1973.
- 2. SUliSIDIARifS AND IOINT YENTURES:
locome Tase6-- The operations of Telephone Utilities. Inc. tT.U3 The Company inchIdes the operations of its sub- are included in the consolidated financial statements 4idiaries in a consolidated federal income tas return. Since October 1. In'3. at which time the Compant income las prmisions of the inJividual companies had accuired by purchase appiosimatelv (F; of the are computed on a separate seturn basis. outstanding common stock of T.U., a W.ishington for income tax purposes, the Companies generally compam operating telephone properties. thtough Pl
--? ------ . , . - .. ....- _ . -
subsidiaries, principally in Washingtnn, Oregon, . .
- 5. INCOME TAXLS:
~
Idahrs and Nevad.i. On November 30,197J, the Com- ' I Provisiom for income taxes m 1974 and 1973 were pany cubanged all of the rautst.mding usmmon stock
less than the amounts computed by app!yu.a the of its subshbr). N'irthwestem 1elephone Systems, statuto'ry Federal income tax rate of .tc to income inc.,~ for an additional 1,lm.0(o common shares of before tax. The reasons for the.,e differences are as -
T.U. Thb transaction resulted in the Company's own- follows (in thousands): l, ership of approdmately 80'i of the outstanding com- 1974
- I mon stock of T.U.
- 17/.3_ ;
Cornputed income tax based on investments in joint ventures at December 31, 5tutory federal income tax rate.. .. 526,904 529,333 1974 and 1973, include S13,918,000 and 511,902,000, Red"("" in "C*"IU"8 m respectively, representm.g the SON equity m. terest in Allowance for funds used during construction . . . . . . . . . . . . . . . . . . . . (a,c611 0.t9n Decker Coal Company, an unincorporated joint ven-bcess of tax over book depreciation ture. The Company's equity in the accounts of Decker utow.throup basis) . . . . no,2ca)
...... no.26L l for the years ended December 31,1974 and 1973 are Ad varorem, payrots and sares summarized as follows (in thousands): taxes capitahzed . . . . . . . . . . . . . . . - (2,237) t1/47J Investment tax credit restored. ..... ... 0,570; 0,s73)
" 74 1973 Other items capitalized and Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,2 31 513,694 miscellaneous ddferences . ... .. O.439) 0.49 0 Liabih t ies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,3D 1.792 lotal income tax expense . . . . . . . . . . . . . 1,389 8.525 Joint venture capital . . . . . . . . . . . . . . . . . . 13,918 11,902 Am unt (harSed to other income . ... . (4,129) #1,053)
R evenues . . . . . . . . . . . . . . . . . . . . . . . . . 16,527 9,014 I'.d*! ' . state income tax npense hpe n ses . . . . . . . . . . . . . . . . . . . . . . . . 9,711 mduded in operating expenses. . . . . . . 5 f2.740,; 5 7.472 5,769 Joint venture income before applicable in come ra t es . . . . . . . . . . . . . . . . . . . . . . . 6,816 3,245 income tax expense consists of the following (in thousands); 1974 1973 Taxes currently payable (refundab!c): . f ederal . . . . . . . . . . . . . . . . . . . . . . . . 5 0,4 s9) 5 2,s93
- 3. COMPENSATING BALANCES: State.............................. 405 993 Substantially all of the funds included in cash are Deferred income taxes:
in the form ci demand deposits and. include com- o c te rred . . . . . . . . . . . . . . . . . . . . . . . . 6,5c8 4.659 pensating balances informally required by banks un. R es to red . . . . . . . . . . . . . . . . . . . . . . . . (2,032) 0.597; der credit arrangements with respect to outstanding investment tax credit adjustments- net. . t2.093) 2.277 short term loans and unused lines of credit. These Total income tax expense . . . . . . . . . . . . 5 1,389 s e,s2s balances may be withdrawn without restriction for . .. use as general operating funds on a day-to. day basis, Deferred income taxes relate pn.n.anly tn timmg provided the Company maintains average bank bal- differences between book and tax dQrciation g ances totaling 10G of the banks' commitment under amounts. g the credit arrangements or 15G of the outstanding borrowings, whichever is greater. Average balances '[
- 6. COMMITMENTS AND CONTINGENT ii required during the years ended December 31,1974 and 1973 were $6,500,000.
LIABILITIES: '. The Company's construction program contem-plates expenditures of $242,000,000 in 1975, includ- [ ing $117,304,000 budgeted for the Jim Bridger steam- I
- 4. CAPITAL STOCK: electric project near Rock Springs, Wyoming. This Under the Employees' Stock Purchase Plan,28,397 project is described elsewhere in this report. The shares of common stock were held by the Company Company has substantial commitments in connection l
as Trustee and 109.706 shares of unissued common with the foregoing. l a stock were reserved for unpaid subscriptions of the Rentals under lease commitments of the Com-participants in the Plan at December 31,1974. In ad. panies for the years ended December 31,1974 and dition,253.943 shares were reserved for future offer. 1973 were as follows (in thousands): ings under the Plan. 1974
- 5"'"'5 'h8"d ' L92 y in June 1973. the Company sold 1.600.000 shares l
- of its common stock to the public for $35.666.000 and m Apnl 1974 sold 2.500,000 shares or its common stock to the public for $50,557.000.
g , .l"8[,P"",',",'on,',] n ", {, ], {, ] {, Pl ant clean.s an sundry account,. . 2.m
$ 1s l
In December 1974, the Company's shareholders Total " '" " " " " " " " " ' ' 4 5 2n 3'69 4 approved an increase in authori7ed common stock '"'*" " """" '* """"""' ' * '## from 25.000,000 shates to 50.co0.omhares. *c"'-- ~~~- -
- @22- 52&"
l 20 t t I-
, . . . ~ . _ . . - - ----.w.-.-....- _-~~-: _-m _ .-
4
~
, ,. -- r
. 'The minirnum gross rental commitments of the 7. EMPLOYEES' RETIREMENT PLANS:
'~-
Companici under a:1 nontanceltble Irwis for the P.etireinent plan costs were $3,739,0'/> in 19-.: periods indica'ttd are as folic,ws 'in thou5 ands): -and S3.430/MO in 1973, of which 5311/;00 ar.:
.19 7 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3,2 31 - 5544,%9, respectively, were for -poor ser< ice. Gf 197f,..... ............ ....... ..... 3.170 these costs. 51.399,000 and $1.206,000, respectice:.
17 .U.lS. C ' T . T.l C .l. .. were applicable to construction payroll and v.e e 1979 ..........................2,770 charged .to plant accounts. Unfunded poor service - - " _192's.1934 . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 4 L Cost at January 1,1974 fexclusive of interestj was ap. . 19 a s.19 n . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 2 s proximately S6,250,000.Of this totalliability, apptcm. 19 9's.1 % 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.626 mately 52,993,000 represented the amount by which
. Re ma ind er . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.925 Vested benefits exceeded the pension fund assets. In i Total . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 2.8 39 September 1974, the federal 1974 Pension Refor.~
Act was enacted and will become applicable to t.% Rental payments are calculated upon the basis of Compan,ies, in pertinent part, in 1973. Tn, e Com. elapsed time. Substantia!!y all options to renew exist- panies have est,imated that retirement plan costs v.. ing leases provide for negotiation of the amount of increasc approximately S300,000 to S700,000 annua w rental at the time of exercising such options. Except as a result of such Act. for relatively minor leases, there are no existing op _ tions to purchase or escalation clauses. The Com-panics are also committed to phy all taxes and 8. SUBSEQUENT EVENTS: expenses of operation fother than depreciation) and in January 1975, the Company sold 3.503,0% maintenance applicable to the leased property, ex- shares of its common stock to the public for $55.- cept for the property under several relatively minor 580,000. leases. ACCOUNTANTS' OPINION To the Directors and Stockholders of PACiflC POWER & LIGHT COMPANY: . We have examined the consolidated balance sheet and the schedules of capital stock and long. term debt of Pacific Power & Light Company and subsidiaries as of Decenfber 31,1974 and 1973, and the related statements of con-solidate'dincome, retained earnings, and changes in financial position for the years then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly inc!uded such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
~
In our opinion, the above. mentioned consolidated financial statements and schedules present fairly the financial position of the companies at December 31,1974 and 1973,and the results t f their operations and the changes in their fmancial position for the years then ended, in conformity with generally accepted accounting principles apphed on a consistent basis after restatement for the change, with which we concur, to the consolidated basis of presentation as explained in the second paragraph of Note 1 to Financial Statements. HASKINS & SELLS Portland, Oregon February 28,1975 , j e
- 1 21 i
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~
f~S .s f . CONSOLIDA(ED FINANCIAL RATIOS ,elunewmbe,3u 17 s j 1974 1973 1972 1971 1970 s
. CAPli Atl2 ATION: ' Thousands of Do'!ars Mortuge bunds . . . . . . . . 5 667,7t3 5' 549.22') 5 549.236 5 519,243 5 444.210 I Guaran:) of to".t ten t c:nf ro: bosds-nct . . . . . 25.023 ,17,245 - - -
Comernb'e ed. nture, . . . . . . . . - 1,7'32 1,877 2.013 2.3,%4 ton,r..ter.m r:o'en . . . . . . . . . - - 5,000 15,000 25,f r.'] tong term subrid ar) debt . . . . . . . . 58,563 70,797 11,515 2,351 2,317 Instaltmen con:, acts . . . . . . . . . . . 1,060 852 1,153 777 1,149 Unamortized premium and di> count on debt . . . (3,*62) (2,101) (1.907) (1,550) (490' TOTAL LONG.TIRM DEBT . . . . . . . 749,169 637,814 566,874 537,834 474,580 . Preferred stock . . . . . . . . . . . . 117,236 - 117.236 117.236 92,236 62,236 Common stock and retained earnings . . . . . 434,623_ 372.833 321.700 270,508 259.372 TOTAL CAPITAllZATION - . . . . . . 51,301,028 51,127.933 51,005.810 5 900.578 5 796.1ES RATIOS: Mortgage bonds . . . . . . . . . . . . . . 51.33G 48.69 % 54.61% 57.66G 55.80G ! Cuaranty of pot:ution control bonds-net . . . . . 1.92 1.53 - - - Convertib!c c'ebentures . . . . . . . . . . . - 0,16 0.19 0.22 0.30 Long tcrm notes papbfe . . . . . . . . . . - - .50 1.67 3.14 Long-term subsidra y debt . . . . . . . . . 4.50 6.28 1.14 0.26 0.29 Installment contracts . . . . . . . . . . . 0.08 0.03 0.11 0.08 0.14 Unamortized premium and discount of debt . . . (0.25) (0.19) (0.19) (0.17) (0.06) TOTAL LONG-TERM DEST . . . . . . 57.58 56.55 56.36 59.72 59.61 Freferred stock . . . . . . . . . . . . . 9.01 10.39 11.66 10.24 7.81 Common stock and retained eamings . . . 33.41 33.06 31.93 30.04 32.58 TOTAL CAPITAllZATION . . . . . . . 100.00G 100.00G 100.00G 100.00G 100.00G ENERGY SALES, CUSTOMER and OTHER STATISTICS ENERGY SALES (Thousands of Lilowatt hours): 1974 1973 13 1971 1970 Residentia! . . . . . . . . . . . . . . . 5,653,332 5,529,310 5,235,260 4,962,472 4,558,470 l Commercia! . . . . . . . . . . . . . . . 3.418,127 3,388.342 3,184,198 2,940,770 2,752,649 l Industrial . . . . . . . . . . . . . . . 5,286,592 5,230,515 5,076,847 4,828,399 4,761,404 Covernment and Municipal . . . . . . . . . . 141,144 157,407 152,374 139.354 149.045 i TOiAL CENER AL SUS NESS . . . . . . 14.499,195 14,305,574 13,648,679 12,870,995 12,221,568 ; Safes for resafe-temporary . . . . . . . . . . 1,434,813 2.864,894 2,394,948 1,091,960 667,991
-other . . . . . . . . . . 526,575 525,611 509,671 448,132 417,551 Interdepirtmental . . . . . . . . . . . . . 15,996 13,139 14.288 13.832 13.872 TOTAL ENERGY SALES . . . . . . . . 16.476,579 17.709,218 16.567,586 14.424.939 13.320.952 Power plant output-including g mer purchased o (Thousands of Lifonatt-houri) . . . . . . . . . 18.218,967 19.172,017 18,215,453 15,837.969 14,668.302 Kilowatts of generatmg capacityinstalled at year-end . . 2.320,279 2,320,279 2,097,626 1,365,018 1,365,268 Number of customers at ) car.cnd: ;
llectric . . . . . . . . . . . . . . . . . 540,876 524,487 507,746 4SO,383 466,197 Water . . . . . . . . . . . . . . . . . 25.840 24,820 24,252 23,774 23,345 Steam heatmg . . . . . . . . . . . . . 628 683 714 724 755 Telephone stat:on, sened . . . . . . . . . . 115,757 107,719 38,406 35.700 34,207 i. Residential c!cetric senice Statistics:
,Numl er of customers at Scar-end . . . . . . . 4f.7,522 453.691 437.930 412.532 399.70S Llouatt liour >ates per (ustomer-aserage . . . . 12.251 12,391 12.331 12.237 11,539 a 22 i
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MARKET AND DMDEND lNFORMATION-V ... E-r iCOMMON STOCK: The Cre m,.49,'s Cr,n mein 5:<><.L 53 25 Par Vatae; h I.oed on 1.e Ne.v Yor.k and Pacific Stock [acharges.1he fu!!u.v:ng th 5
- < d.tr.vi t'(la,h ard l. .v s ? . pr.w, of the Cin.mun Strak c,n the Ne.v York 'Stotk [schange during the repettne pev,ds indeutett as ttpvn d en 11e W.s.'l St'*vi lournal.' ,
. 1974 1973 Quarter: 1st 2nd 3rd 4th- - 1st 2nd 3rd 4:5
.: H;5h. . . . . . . . . . . . . . . 2 5% . 21% 18 % 17 % 26 % 24 % 2'5% 25 %
l .
. L ow . . . . . . . . . . . . . . 21 17 % '15 13 % 22 % 22 % 21 % 20 %
l Quarterly cash d'vidends hase been paid at the rate of 37% cents per share for the (Irst and second quarters of 1973 and at i f 40 cents per share fcr each quaract thereafter.
- l
. PREFERRED STOCK:
k The fa'!owir:g tabte shows the high and low sales prices cf the Company's 5% Cumulative Preferred Stock,5100 Par Value, F- on the A nerican 5tc,ck Excnange. 1974 1973 Quarter: 1st 2nd- 3rd 4th 1st 2nd 3rd 4th f' High . . . . . . . . . . . . 66 63 55 53 % 68 % 68 65 % 65 Low . . . . . . . . . . . . . 59% 51 % 51 % 50 63 % 63 % 61 % 58 %
- The Cernpany's :en series of Serial Preferred Stock,5100 Par dafue. are traded over.the. counter. Ahhough the following tab'e of quarterly price ra ges for 1973 and 1974 is based on the best.asailab'e bid prices for the periods indicated, the stock is closciy i
L held and infrequently traded and, increfore, the prices quoted should be treated as reasonabic approximations: I- '1974 1973 . l-Quartar: 1st 2nd 3rd 4th 1st '2nd 3rd 4th 4.52 % No quotations availab!e.
- 7.00% H igh . . . . . . . . . . . . . . . 80 80 NQ NQ 84 83 80 80 Low ..... ......... 80 NQ NQ NQ 83 NQ NQ NQ 6.00 % H igh . . . . . . . . . . . . . . 70 , 66 HQ NQ 73 70 70 70 Low . . . . . . . . . . . . . . . NQ NQ NQ NQ 70 NQ NQ NQ 5.00 % H igh . . . . . . . . . . . . . 57 55 43 NQ 62 % 61 61 % 58 L ow . . . . . . . . . . . . . . . . 57 NQ NQ NQ 61 NQ 58 NQ 5.40 % High . . . . . . . . . . . . . . 67 60 NQ NQ 69 67 NQ 67 Low . . . . . . . . . . . . . . . . NQ NQ NQ NQ 68 NQ NQ NQ 4.72 % High . . . . . . . . . . . . . . . 55 52 NQ 42 61, NQ NQ 60 Low . . . . . . . . . . . . . . . 5 3 NQ NQ NQ 60 SQ NQ NQ 4.56 % High . . . . . . . . . . . . . . . 55% 50 NQ 41 56 57 % NQ 55 L ow . . . . . . . . . . . . . . . 52 NQ NQ NQ ,
55 55 NQ NQ 8.92 % H igh . . . . . . . . . .* . . . . 104 98 84 84 107 106 106 104 Low ............... 101 83 79 76 105 106 103 103 9.08 % High . . . . . . . . . . . . . . . 104% 100 81 85 % 108 108 104 104 Low . . . . . . . . . . . . . . . 103 87 80 77 107 108 NQ NQ 7.95 % H igh . . . . . . . . . . . . . . . 9 4 - 84 71 74 % 102_ NQ NQ 100 L ow . . . . . . . . . . . . . . . 88 75 70 68 102 NQ NQ NQ
., KQ-No quote auitabic.
Quarterly cash dasdends were paid on each class of the Company's Preferred Stock at their stated rates during 1973 and 1974 'l 23 i.'
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3, mE c w,r/i ute KMR c0*/NNY BALANCE SHEET DECEMBER 31 1974 AND 1973 ASSETS . 1974 1973
' UTIUTY PLANT: 5367,277,773
. S386,675,066
. Electric.. . .... . . . . . . . . . . . . . . . . .
63,263,179 59,745,809 Gas. .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.12,972,916 12,315,674.
. Other.. .. ... . . . . . . . .. . . . . . . . . . . . . . . .
8,529,513 6,994,255 Construtt'en scrk in progress.. . .... . . . . . . . . . . . . . . . . 471,440,674 446,333,511 Total . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . , . . . .
' 87,975,479 80,324,545 Accumu!ated depreciation and amortization.. . . . . . . . . . . . . . . . . .
383,465,195 366,608,966 Utility p! ant-net.. .. . . . . . . . . . . . . . . . . .
.INVESTtAENTS:
15,696,230 14,801,436
- . Subsidiary companies.. . .. . . . . . . . . . . . . . . . . . . . . . .
Other., 560,203 .1,171,309 16,256,433 15,972,745 Total investments.. ... .. . . . . . . . . . . . . . . . . . . . . . . . . . . , CURRENT ASSETS:
- Cash in banks and working funds.. . . . . . . . . . . . . . . . . . .
475,789 521,899 Receivab'es: 9,438,903 8,422,044 .' Customers -net.. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,338,850 1,790,627 Other... .. . .. .. . . . . . . . . . . . . . . _ . . . Materials and supplies (average cost).. . . . . . . . . . . . . . . . . . . . '4,272,442 2,681,803 379,574 246,112 Other.. .. . . . . . . . . . . . . . . . . . . . . . . . 16,905,558 13,662.485 Total current assets... . . .. . . . . .. . . . DEFERRED DEBITS:
.Unamort::cd deb: expense . . . . . . . . .. . .. 1,659,135 1,764,289 Prelimicary sun ey and investigation charges . . . . . 940.606 873.015 825,759 1 000.023 Other . . . . . , . . .. . . . .
- c. 3,425,500 3,637,327 Tetal cefer red debits.. . . ..
5420.052'dS6 .S399.281,523 l TOTAL . i
. See Notes to financial Statements.
iin . 4 m-s,
- s. y. ..
,f.
~ ~
^ -
LIABILITIES ' 1974~ 1973
-:i I.ONG-TERM DEBT (Note 2).. . . . . . . . . . . . . . .
.. . . . . . . . . . . . S262,498,573 S248,270,5G1 .
COMMON STOCK-No par; authorized,10,000,000 shares; outstanding
-1974,6.815.077 shares: 1973, 6,769,535 shares (Note 3).. . . . . . ' 111,701,939 . 110,794,876 -
RETAINED EARN!NGS.. . . . . . . . . . . . . . . . . . . . . .. . , . . . . . . . . . . . . . . 21,199,164 16,984,113
~
~
' ACCU! ULATED A','0UNT INVESTED IN THE BUSINESS ~
-EQUIVALENT TO REDUCTIONS IN. FEDERAL INCOME -
TAXES RESULTiNG FROM ACCELE. RATED AMORTIZA-TION (RECORDED AS RETAINED EARNINGS-RE- - STRICTED FOR FUTURE FEDERAL INCOME TAXES IN . -
. ACCOUNTS MA!NTAINED PURSUANT TO STATE REGU-
- LATORY REQUIREMENTS).. . . . s. . .. .. . . . . . . . . . ... 4,336,417 4,878,457 CURRENT LIABILITIES:
Currently matbring long-term aebt.. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 668,000 586,000 Accounts payab!e.. . . . . . . . . . . . . . . . . ..... . . . . . . . . . . .. .. . 5,091,162 2,816,123 Payable to st,bsidiary companies.. . . .. . . . . . . . . . . . . . . . . . 1,236,537
. Taxes accrued.. . . . ... . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . 6',556,943 6,207,249
-Interest accrued... . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,570,527 2,563,871 O t h e r. . . . .. . . . .. . .. . . .. . .. .. . . .. . . . . . . . . . .. . . . . . . . . . . . . . . . . . ... 1,321,822 1,310,078
- Total current liabilities.. . . ..... . . . . . . . . . . . . . . . . . . . . . .. 17.444,991 13,483,321 DEFERRED CREDITS:.
Investment tax credits.. . . . . . . . . . . . . . .........,...... . . . . . . 1,162,778 1,191,558 Other.. ... . . . . . . . . . . . . . .. . .. .. . . . . . . . ..... .. 1,708,824 460,622 Totaldeferred credits . . . . . . ... .. . . . . . . . .. 2.671,602 1,652,1S0 CONTRIBUTIONS IN AfD OF CONSTRUCTION. . . . . . . .. . .. 3,218.015
* ~ " ' ~ ~~
TOTAL. . . . . .
" ^ '~ '.686 $399.281,523
""~
S420.052
-. . . . = - u ...=. . . . .
See Notes to Financial Statements. g ..
.Y
w THE YildH:WC*i M*P PO/,1R CC'.'PANY STATEMENT OI: INCOME AND. RETAINED EARNINGS For the Years Ended December 31.1974 and 1973 . 1974 1973
. OPERATING REVENUES: ..... ..... 574,532,739 S65,166,750 Electric.. .. ...
33,596,386 26,424,089 Gas.. .. . . .. . .. . . , . . . . . . . 1,969,307 1,407,726 Other.. .. . . . . . . . . . . . . ..................... .
.110.098,432 92,998,565
' Total operating revenues. .. . .. .
-OPERATING REVENUE DEDUCTIONS: . 58,426,481 45,898,028
. Operating exr.cnses.. .. .. .
5,866,070 4,730,767
~
Federal and state income taxes.. . . 9,001,135 9,350,218
^ Other taxes.. . . . . . .
8,362.829 7,779,240 Depreciation.. . . . . . .. . . . . . 67,758,253 81,656,515 Total operating revenue deductions.. . . ~ 28,441,917 25,240,312 OPERATING INCOME.. . . . . . . .
. OTHER INCOME (DEDUCTIONS): 700,796,, 466,518 Allowance for funds used during construction.. ..
575,720
, ... . . . (405,206)
Equity in earnings (fosses) of subsidiary companies.. 5,992 115,697 Other - net.. .. . . . . . . . . . . . . . . 1,157,935 301,582 Total other income (deductions)-net.. . .... . . . .. . . ... . ! INTEREST CHARGES: 14,812,061 13,124,931 i Interest en long term debt.... . . . ... .. . . . . . . . . . . . . . . 122,666 169.619 ; Other... . . . . .. - 13,294,550 l 14,9 34,7 27 i - - - ... - .... -. . .. l Total interest charEOS.. 13,808,772 13,103,697 K INCOME 8EFORE THE FOLLOWING ITEM.. TRANSFER From accumulated amount invested in the l. business ecuivalent to reductions in Federal income . . . 542,040 542,040 i taxes resu! ting from accelerated amortization.. ... l NET INCOME AVAILABLE FOR' DIV10 ENDS AND.. .. 14,350,812 13,645,737. OTHER CORPORATE PURPOSES.. ..
$2.11 a share in 1974; S2.04 in 1973-based on average shares.
. .(10,135,761) (9,649,054)
DEDUCT -Cash dividends .....-.. ............ .
$1.49 a share in 1974: $1.44 in 1973.
. . 16,984.113 12,9S7,430 RETAINED EARNINGS, JANUARY 1. . .. . ..
.521,'199.164 $ 16',
.. 4,[13 RETAINED EARNINGS. DECEMBER 31.
See Notes to Firancial Statements. i iN: '
,- . , - . . s - -
(.i'- _
. j w .
int i:nwmto'e i,L:EY. F';w< comu .
- STATEMENT OF CHANGES IN FINANCIAL POSITION a t For th'c Yeats Erded December 31,1974 and 1973 1974 1973 1, .
- - SOURCE OF FUNDS: !
From operations: 513,645,737. I~
..... 514,350.812 Net incomec. . .. . . . . . . . . . .. . . . . . . . . . .
8,046.518 ! 8,796,996 - Depreciation and amortization.. ............................... 121,202- h Investmeat tax credit adjustments-net.. . . . . . . . . . (33,378)
~ (700.796) (466,518)
E Allowance for funds used during construction... . . . . . . . .. 405,206 (575,720) Undistributed (earnings) losses of subsidiary companies.. . . ... (542,040) (542,040) Non-cash income transfer... . ... . . . . . . . . . . . . . . . .
. . . . . . . . . . . . ' . . .... ~ 22,276,800 . 20,229,179
' Total from operations.. . .. .
From other scurces: 18,000,000 Bank borrowings.. . . . . . . . . . ..
..... . .. ... ..... .. .. 33,000,dOO '
~
20.000,000 Sale of bonds.. . . . . . . . . . . . . . . . . . . . . . . . . .. 5,411,351 247,303 Sale of common stock.. .. . . . . . . . . . . . . . . . ....... Issuance of common stock in Columbia Gas Campany merger.... 659,760
- 636,596 (2,733,543)
Changes in other working capital components-net.... . . . . . . . . 600,093 (573,422) ;
' Changes in other non-current balance sheet item 9-net... .. . .. i-
. .. ....... . . ...... 5 57,4 20,552 560,333,565 .; ,
TOTAL FUNDS PROVIDED., .. . . . . . .. __ _. 4 i
. t-APPLICATION OF FUNDS:
$ $21,000,000 1. Repayment cf bank torrowings... .. . . .- ... . .. ....... .. .. . .. .. . .... 518,000,000 [ Construction expenditures... . 26,473,388 24,466,259 L I
.. .. .. 10,135,761 9,649.054 Cash dividends.. .. . . . . . .. . . . . . . .
I < investments in subsidiary companies.. . .. .. . . . . . . . . . 1.300,000 4,611,252
- Acquisition of Columbia Gas Company (primarily net utility plant). . . . . . . . . . . . . . . . 855.403 Redemption of debentures . . . . . . . . . ... .' . . . . . 656,000 607.000 .
.S57.420.552 560.333.565
. TOTAL. FUNDS APPLIED.. . . . . . . . . .. .. .
. .: . . . - . ... r- = . . . . - - p
- I See Nates to Financial Statements. .
1-
.~ t
. f
' ' ' +. ~ . ~ . , . - . .
7 ,4 ,
.ef IM )*;t*M f.ry, n'.I!iP. I'O',' IIP LC*.'h"iY - ,
N NOTES TO FINANCIAL STATEMENTS
' DECE*.9E.c 31,1974 AND .1973
- p. .
g
- 1. SUf/J/ARY OF VGNIFICANT ACCOUNTING INCO'/.E TAXES- .
POLICIES Provisions for income taxes are based Een-erally on inccme and expense as reported for L SYSTE'/, CF ACCOUNTS- financial statement purposes adjusted princi- . l Tha ae.cenng records of the Compar.y are . pa!!v for the allowance for funds used during F . rqaintcined M acc ,rdance with the uniforrr, sys- construction. certain expenses capitalized, and tem of -a .ccsnts prescribed by the Federa! the cecess of tax depreciation (computed pri-l Power Copss.cn (FPC) and adopted by the maril/ on accelerated methods) over bock dc-appropnate :' tate regulatory commissions. precia:!on, in accordance with requirements of UTILITY PLANT- regulatory authorities having jyrisdiction over The cost of adcitions to uti!ity plant. includ, rates. the Company's tax provisions reflect the ing an a!!;..ance for funds used during con. current. tax reductions arising from such timing struction, a-d replacements of units of prop. differcnces. g erty and bet:erments. is capitalized. flainte. Investment tax credits are accounted for on , i naEite and rceai s of property and replace. the "f:ow-through" method whereby credits on I ments dstermined to be lets than units cf new production facilities are amortized over a property are chargcd to operating expences. five-year period and credits on other plant g
-Costs cf dc;recirn'e units of property retired placed in service are credited to Federal in- ,
plus ccsts c' remcva! ins salvage are charged come tax cxpense currently. Such treatment is - to accumulated cepreciation. in accordance with directives of regulatory authorities and resulted in a reduction of Fed- _ DEPRECIATION - eral income tax expense of 5850,000 in 1974 4 Depreciafen rovisions are computed by a and SSS2.000 in 1973.
. meth0d of depreciation accountir.g utilizing The Company and its subsidiaries file con- b unit rates for electric hydro production plants so!idated Federal income tax returns. Subsid- -
and co r.pcs:te ratts for cther procerties. SJch i3 ries are Charged or credited with the tax ef-i rates are desigred to provide for retirements fects of their operations and investment credits.
'. of procerties at the expiration of their service During a 60-month period ended February -
lives. The rates include annuity and interest 195S. provisions for Federal income taxes gave ; components. in v.hich the interest component effect to accelerated amortization, for tax pur- ! for electric hydre production plant is six per poses only, of 65% of the depreciable cost of , cent and for other property is zero per cent. ' the Cabinet Gorge Hydroelectric Project. Ac-l Depreciation of transportation equipment is counting for the resultant reduction : in Fed- . provided on the casis of miles or hours of op- eral income taxes was as prescribt i by an eration. The ratio of depreciation provisions to order ef the Washington Utilities and ; ansper- . i< average depreciab!e prccerty was 1.94% in tation Commissien. The order provic 'd that i 1974 and 1.89% in 1973. during the 60-month period the reduCion in I- SUBSICIARIES- . taxes was to be segregated from net i come
. The Comp 3ny accounts for its investments and accumulated in an account entitle ' ,Re- ;
J* in subsidiary companies on the equity method. ' 'ned Earmngs-Restricted, and that he amount so accumuIated be transfer,ed whereby earnings or losses of subsidiaries are reflected in other income and added to cr de- ($542.040 annually) to retained earnings os'r , ducted from the cost of investments in the ba!- the feitowing 20-year period, during which pt - ance sheet. riod and continuing throughout the life of the property, Federal income taxes are expected to RETIREMENT PLAN- be greater than they would have been if accel- J The Ccmpany has a Trusteed Retirement erated amortization had not been claimed. 5 Pian coverirg its regular full time empto>ces. 1974 RECLASStFICATIONS ' Pension costs are computed on the basis of ac- In 1974. pursuant to FPC instructions, < cepted actuarial m,ethods and include current amounts received from customers for electric <
. service cests and amortizatien of prior service construction, formerly classified as Contribu-
. costs eser 15 scars. The costs of the plan tions iq Aid of Construction. have been applied
. (5960.0N in 1974 and 5856.000 in 1973) are as a reducti0n of related plant accounts. Also, barne b> the Can';'any.. The Company's pahey unamertized debt premium has been classified ,
is to fund pension cort accrued. with related long term debt. 4 5
r _ _ _ --
~
..k.
i
- o 3 ,
m l L2, LONG-TERM DEBT ~ -
- 3. CO*"/0N STOCK 2 In 1973 the Company so!d 250.000 shares vg '"" ' " ); p3 - of its no. par ccT. mon stock for 55.112,500. In r .,;. . . .r,..a., . . ~ . 1974. 32.938 tr. ares werc issued to acquire 3v.. u:.,:m --s rox:.ceo 5 2c norr.: Co'u nbia Gas C:mpa .y which was merged into w u ,.c;ur so.O n cco 3; c.,0 ::*.
- c. .
the Company. c bs v :m - 20.or cros - 2cemc'? cm 5 .u c,. :m . 15.oc:. coo it n " Under the Company's Emcfoyees' Stock Pur-chase Plan.12.554 shares teere issued during N sEE $!N.$. ., . ' YO$s .$$temoon 1974 and 14,72a in 1973 at 519.9a a share. v.s w uc.c:ns 10.:co.cco At Decerrter 31, 1974, 3.107 snares are yet so coo.0cc 20. coo.cz - c'. seu ca :Hs _. 2c. coo.en to be issued at 519.95 a share. On May 10. s;% w e e.e n:3. 20.cos. coo
- ra.eco.coc 1974 the Company's shareholders approved an re, se:es ca 2m . _ . ro.cco.ooo na.nc. cia amcndment to the Plan providing that a maxi-we . . . . _ . . reo. nee-A mum number cf 150,000 shares may subse-si,ur.c r. e e+ce-au ts: quently be issund.
7.754.000 E.130.03o 4:a4 c%e 1973 . . . -
. of, ca 1H3 . . . . 6.7L3.000 - 7.c03C0 ,
5.100.000 5.250 030 484% cae IH3 . . . _ 15003 OS3 15.000.000
.' f.%% da M: . . . _ . . . . .
34.804.000 35 342.CM
- T tal .
524.573 558.E61 Uname t.res cett premium Notes esyatie-tvis: - 12.000.000 Duc N:<errter i.1974 . *
*Due Decemt.er 1.1975 27.003.003 .
Tr:at lenr te m debt .- 12E. 2 4*S 5._73 12_:S_.?7_0 561 r _ . 1
- fetes -
un cer a . rayab e .-- t'.3riks reccesent coe r cw.1-es - 535.0.0.000 IMe c' ercit with inte ut at tr e er ac cem-rnrcesi i an eate.115.000.000 of the berrewMgs t'rerevMe-r . wu used ta tresay sne netes which were Oue P.6.cr"Ifo . 1.197J. in Decemtee 1974 tre Cen : any fifes a reg.stratOn statenyt wi:9 Ine Securities and f schance Cc r.m ssen .
- relating to 3 tv yed sue c-f 300.0C0 sha cs.cf orenes'y .
unetsued cerrwn sterk and 5:5 000 000 re.ncipat arrrer of First Yo ! gage trnds oue 0005. The Ceme3ny este:ts
- thefe secu i:.es la t e setd in recrus y 1955 w:th a the r e-
- cce35 te to 6.p*3 te prcoay notes riyable ta ks ama to
- carry ferma/d tne C'moany's ccnstruct.on pregram. .
4 OPINION OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
- 2100 Seattle First National Bank Building HASKINS & Sell.S Seattle, Washington 93154 ;
Certified Public Accountants
,TheWashington Water Power Company:We have examined the balance. sheet cf cember 31.1974 and 1973 and the related statements of income and retained earnings and changes in financial position for the years then endei Our examination was made in accord-ance with generally accepted auditing standards, anJ acccrding'y included such tests of the accoanting records and such other auditing procedures as v.e considered necessary in the circurnstances.
In our opinion the accompanying financial sta*cments present fairly the financial posi-
- tion ef the Ccmpany at Dcccmber 31,1971 and 1973 and the results of its opcrations and changcs in its financial pasition for the vcars then ended, in conformity with generally aC-cepted acc0 anting principles applied on a consistent basis.
Janualy '.1.1975
$ sea lwd% % .
g .
,,,g-,
-aO'
'A TEN YE AR
SUMMARY
(Thousancis of $)'
- 1973 - 1972 1971 1910' 1974 OPERAltiG REVENUES:. 550E'
$ 74,533 $ 65,167 $ 55.6:8 $ 52.578 Occtric - .
23.033 20. ! 33.5 % 26.424 25 EE8
. 6n ..
1,423 1,376 1.2i 1.569 1,403 Other... .. -.. . .._.. 76,937 72.'.11 110 0';8 92.999 82,554
.. Total eperating revenues . .
OPERATING REVEhUE DEDUCT 10f;S: 45,899 40,075 34,896 32 7.1 Operatirg esperses .. . . . _ . 58.426 ~ 6.E!", 4,731 5,115 5,633 Federal ar.c state incorr.e taxes . 5.E66
- 8,385 7,917 7.I. ";
9,001 9,350
. Other taxes . . .
7,779 6,445 6,320 5.hi Deprecia9n. 8.363 67,759 60,020 54,771 51.225 Total operating revenue deductions. 81.656 _ 25,240 22,834 22,216 20.7:1, OPERATING INCO*,'E 28,442 OTl!ER INCO','E IDEDUCTIONS): 466 2,049 1,471 521
- Allowance for funds used during construction 701 Equity in earnings of subsidiary companies (405) 576 (504) (290) 3'-3 6 116 Other.
1,158 1,545 1,181 1.3! '
. Total other income (deductions)-net.. 302 14,935 13,294 12,156 11,867 11.222 TOTAL INTEREST CHARGES 13,809 13,104 12,223 11,530 10.EES ;
INCO*,tE BEFORE THE FOLLOWING ITEf,L _
-- TRANSFER-from accumulated amount irriested !
in the business equivalent to reductions in ,
~ fedctra it.ccrr.s ta;;ts resulting from 52 542 542 542 542 acceterated amertization NET INCO',*E AVAILABLE FOR DIVIDENDS -
$ 13,646 $ 12,765 $ 12,072 $ 11.210 AND OTHER CORPORATE PURPOSES .. $ 14.351 .
Jarnings per Shaie (Avertge Shares). .. . $ 2.11 $ . 2.04 $ 1.96 $ 1.88 $ 1.E3 Earnings per Share (Outstanding Shares) . $ 2.11 $ 2.02 $ 1.96 $ 1.86 $ 1.80 1.39 1.36 $ 1.32 Dividends per Share._ $ 1.49 $ 1.44 $ $ , Gross Utility Plant. $321,923
$394,748 $373,846 $354.525 $341,739 Dectric . .
54,403 54,114 63.544 60,157 57,963 Cas. . 12,331 11,379 10,822 _ ,l_0,431 Other. ..._....... _ 13.149
$446,334 _$406,964 $3S6,455 Tctal $471.441 $423.867 183,571 178,037 172,294 167,344 Average Dectric Customers . 188.178 Kwh Sales sin millions): 4,075 5 4,747 4,604 4,344 Generat Business; . . . . . . . _ . _ . . . 4.873 1,793 1,451 .1,513 3.050 2,056 Other Sales * ..._ . . . . . .
~
6,803 6,402 5,795 5,555 Total . . . . . 7,923 . Electric Residential Service Averages: 162,328 157,205 151,640 146.616 Number cf Customers _ . _ 166.553 12,667 12,493 11,960 11,361 Annual Usc Per Customer (Kwh) .. .. . 12.857 1,19 1.19 1.21 1.25 , Revenue Per Kwh (in cents) 1.21 Gas ResidentialService Averages: 61.85S 58,96S 55.540 51,670 47.553
- Number of Customers
- 15.78 13.50 13.12 12.53 12.30 Revenue Per Therm On cents)
$ 14.092 $ 13.429 $ 12.654 $ 11.641 Tctal Pap 0:1(Thousands of !) $ 15.141 1,103 '1,103 1,100 1,111 1.c9 Emp!0yes at December 31 _
'letibet 5 *rtus eficrgy sates la ether utshties.
4
;q
n.O~ a [ [.
- ot
.1968 1967 1955
' M73 19CS.
- 23- S 47,037 $ 46 4G . S 42.234 - $ 39.73f) g ; :!!!)'
17,215- l '.t>27 11.S96 11.153
- 1:;4 1,109 1.030 .l.057 -1.036
' 65,;61 ' '55,187 51 357 MANAGEMENT'S
~(!!!? " 61.525' DISCUSSION
. OF THE STATEMENT
$ 23,876 22.842
- 3. 274 28.906 6,252 27.917 4.451 - 3,670. 2.872 - .
OF INCOME
-6444 -
JI91 6,794 , 6,539 - 6,175 5.848 )
- 5 153 5,075 4.853 4,547 . 4.290 -
.l l
- 233
- 3 47,027 - 43 770 38,268 ~ 35.852 The improvement in revenues for the periods ending subsequent - to 19!!4 18,334 17.755 16,919 16.115 December 31,1972,si attributab!e to increased electric sales for resate, 3.,3 g3 -0 96 99 increased natural gas rates to ofisst the increased ~ cost of purchased
[. 225) (361) (372) (433) (848) . natural gas, and system growth. 153 102 'f332) (337 (749) l Inflationary factors and increase t .9533 9,200 8.824, 8,534 7.889 in purchased nat0ral gas cost re-sulted in increased operating ex-12.003 9,236 8,599 8,048 7,477 i , , penses for the twelve months ended t December 31, 1974. Increased op-crating expenses in 1973 resuficd ' 542 542 542 542 542 primarity from placing the Centralia Steam Electric Plant in scrvice.
$ IC.551 $ 9,778 $ 9,141 $ 8,590 $ 8.019 Credits to income for allowance for funds used during construction .$ . 1.75 T l'.6S' ~$ ~ 158 'S' l.48 $ 1.39 1 -1.70 1.68 1.58 '$ 1.48 $ 1.39 are primarily the result of construc- .
tion related to 'the Coriipany's one-1 I 28 $ 1.21 $ 1.18 $ 1,12 5 1.08 third ownership in an underground-51:3 339 $291,f78 $284.456 $279,504 ' $275.469 gas storage project at Chehalis which D.433 47,017. 42,603 38,545 33.224 was placed in service in 1970,and 10.007 _ , 9,534 9.070 8,781 S _.257 the Company's 15Se ownership in the 12i3.734 $348.329 ,,$336.129 $326,830 $316.950 Centralia Steam Electric Generating 160,311 154,253 152,055 Plant which was placed in service 1~ 3.324 156.594 December 31,1972. 3.52 3,631 3.400 3,323 3,150 Interest charges in 1974 increased 143 1,732 - 2.602 1,120 1.035 due to increased interest rates on 5 433 5,413 6,202 4,443 4,185 and higher levels of bank borrowings.
*2 !M 139,831 136.337 134,029 132.071
, .11.129 10.413 9.952 9.861 9.735 1 29 1.33 1.36 1.36 1.36 i
. 1 l
43 M6 : 38.766 ' 34.9 31,734 25.656 l ? 19 ' 12.28 12.35
- 12.45 - 12.3S I *4- $ 10.10G $ 9.392 $ S,962 $ S.712 L II l.0/9 1.0!! 1,076 1.0$3
, #1.g a
tg -i,- .. ,i i.. . .
13,.Y, .g
~.)
T*%
* - - 1
- cem fer ,.un.v. s -,,:
400_
. . ,. I ' !; ,
rg. l-
, ,e, soo.__: O 'l -
i e e- i . a s i. . 8 s 200 - .
! l.
i . 3_ , 2 * --
- i. {, i .! .
e 1 2 IU ' ' Dividends and Price Range . 65 65 67 il 69 70 71 72 73 74
,r Common Stock .
- The Comp 3ny has paid dividends, without interruption, on outstanding sbarcs of its Common Stock since 1899 and has increased the total dividend for eac'1 of the past twelve years. Or, December 13,1974. the dividend was raised to its present ra;.e of 38 cents per share (equivalent s.nnuai cc:ss 'o:e itias Re- ecue p to an annual: zed rate cf $1.52). Dividends paid and the -
high anti lon prices cf the Company's Commo1 Sicek on ' p' the New Ycrk Stock Exchange for the periods indicated
. so g. I. . _
.were as follons:
Price Range so y LqI }! *} .l [';. . 1- - Dividends I ! Per Share High Low j q$ . 1973 1st Quarter 2nd Quarter 0.36 0.36 224-21 % 20W 20W 8 5 "Oi ' r -- g- '-ll' fi i 0.36 21%- 18% g ) l
< 1 3rd Quarter 5 j
i lh l'- 0.36 20b '17% . 4th . Quarter rqi l 4 19
- 1974 1st Quarter 0.37 21
! I4 '
4 U[1i< 0.37 20% 17W l1, 2nd Quarter 0.37 18 15% o_ L Ii. - 3rd Quarter e5 66 67 a 69 to n n n n 4th Quarter 0.38 17 % 15% The Common Stock of the Company is listed on the New York. Pacific and Spokanc stock cxchanges. Deninis Fev Share ,_
' ~ .-
2 s :
- O 1.5 '7 ! I
, ml;i'l;.>i i e tit i;ii
. E 'L j.g I
" Iii.,! *
- k )
- i i
.5 m ;. l; 1. j; >
i .: ,
- .s , . .
.a . . 2 m -
o . . . . 6S H t'..' n (9 h1 11 r.' TJ .4 N .
. ~ ~
L- . . . _ ._
r l Schsdule 1 EAST END MUTUAL ELECTRIC CO., LTD. Page 10 Rupert., Idaho SCHEDULE OF FIXED AS. SETS Hovember 30, 1974 D,epreciation A cumuiated s 12/1/73 thru Depreciation Depreciation l'_/30/7L _ _11/30/74 T Cost DISTUP.IBUT'C!1 LINES: $ 34,527.57 $ 1.035 83 $ 26,512.33 7,129 41 Lines - 1961 and prior 3 538.45 3 17,948.60 151.'/0 Lines - 19 2-1967 723 40 21.70 3 3,200.07 Line Extension - 1968 11,725.00 586.25 2,821.41 5 Transformers 1965-1970 18,803 38 545.66 .00 3 .00 Construction 1969-71 6,000.00 318.28 Lar.d 4,243 63 127.31 3 304.93 7C2.32 Lint Extensions 1972 5 6,098.50 187.50 26 'ransformers 1972 1,500.00 7$.00 Sub Station Regulator 1972 5 1C1.43 152.15 3 3,391.10 1,621.76 Line Ex.enciens 1973 13,623 40 681.17 5 61.56 ??.34
.83 Transformers 1973 5 615 55 128.97 Eeters 1973 5,158.75 128.97 3 267 05 267.05 Line Extensions 1974 17,803 15 41.05 73 Transformers 1974 5
e21.ti Ll.05 Meters 1974 - 5
$1h2,973.h8 3 4,516.36 B L2.7so.92
-Ci- $ 3.398.00 E'iUIM:E*.'T : $ 3,398.OC &
3,397 23 1964 2 Ton Chevrolet Truck c162/3 2/3 5,095 00 339 85 20.00 160.00 Aerial Ladder 10 200.00 3,134.29 Fower Ssw 3.410.62 426.33 1%7 3/4 Ton Chev. Pickup 121/2 130.60 964.2v 10 1,306.04 3,.65 Fodel 10 Winch 92.40 11.55 Post Ho3c Digger 12 1/2 19.05 38.10 10 190.50 e 524 Fower Saw 678.60 45.2 t 10 992.62 B d ,171.71 GE Recoraer 3 14,371.16 $
~
8 107.35_ y 1,29(.07
$ 2.370.11 _
0FFICE EQUIPMEliT
$;9.714.75 TOTAL FIXED ASSET 3 (Exhibit A)
$ 5,616.33 T0l'AL DEPitECIisTION EPENSE (Exhibit C) $ 55,25L.3%
TOTAL ACCU'bLATED DEPRECIATION (Exhibit A)30,1974, anci l Depreciation charged to operations for the years November 17;i amounted to $ 5,616.33 and S 4,711.95, respectively. l 1974 ~
- 073 __
Tota. Dis: M ' tion lines in service are as follows: r 7 Totar. 14./6
- 132.25' 1nes (Hire Miles) g /
f7 3 ^*'
\ 297 7 \ ;4 v.usidentiaA ./ q 30 ihr MeLcrs jY- /D -3:.
? e 32T
=
Chcck Gate Mete:s C.rl,, bV'II.'IY , /'--eL:.~ c.,,&~ 5 w f- 236 N
' 2A3
!1csldential Transformers 4 t.
Check Cate Transformers 60 300 _ L1 282 Pump Transformers
Schadule 2
. F.AST HID 1RTTUAi, ELECTRIC CO. , LTE. 'S ac~ 11 Rupert, Idaho SCIED'EE OF-lioven:ber CERTIFICATES 30, 1974 OF DEPOSIT & INTERFb~
Interest Certificates Interes: Receivable _ of Deposit __ Received Idaho Bank & Trus Co., Paul, Idaho 5,000.00 -$ 481.25 & A7.33 55f interest, paid quarterly Rupert, 136.93 ~
- First Security Bank of Idaho, N. A., 17,000.T 977.30 Idahc. elf In. err:ct paid quarterly Barir: s f Idaho, Burley, Idaho 2,000.00 110.00_ 5.73 l' Interest paid quarterly
- Total Cert'.ficates of Deposit $ 24./X)3.00 (Exhibit A) 3 1,568.*/5
'Iotal Interest Received
& li( .y Total interest Receivable (Exhibit A)
Su =ar/ of interest iceceivable:
$ 139.4]
Balance a: 12/1/73 . 569.33 Interest earned during Year Endec 11/30/74 3 A 728.74 1,Ms.?A Less: Inter-;ct I.eceived
.? .:n,.49 2alance at 1/3C/74 (Exhibit A) 1 L(
i EAS? END MUTUAI, ELECTRIC -CCMPANY, LTD. Schedule .3 Rupert, . Idaho ' Pace 12
, SCHEDULE OF IHSURANCE COVERAGE November 30,.1974 Limit of Prepaid Coverarc Prem' =
Fidelity Bond: Blank.et Bond, All Frpioyees $ 10,000.00 & 40.21 Safeco # TID-32825 6/14/74 'o 6/14/75 Werkmen's Co:tpensation: Ttupert Abstract Company, Agent ArSonaut .nsurance Cc=panies #50-282-517749 $ 100,000.00 h.92 Blanke.- Co:::mercial Policy: ' Safeco #CF222392 5/27/74 to 5/27/75 373.50 Vehei]es - Public Liability $ 100/30C,000 Property Darace 25,000.00 Medical 2,000.00 Collision & 50 deductible Uninsured Motorist ?/20,000 Pablic Liability other than vehicles 100/30C 000 h oper:y Damage G.r.er than vehicles 25/25,000 Transformers stored in open - Fire, Theft, etc. 2,900.00 Fire & Exterded Coverage: (expires 3/14/76) 16. 2 General Insuranc< Co. of America #10 FEM 589 Office Equipment $ 1,500.00 Warehouse Buildings 800. 0t. E'ectricat parts & Equipment in buildings 5,500.00 Foles stored in open 2,5C0.00 Transformers stored in open 6,000.00 Total Premir Prepaid (Exhibit A) S :.70...
--_---__,.,,_r_______
- . ~ . . , .
- . : 6.' ;
. ,. ,p g MONTHLY FlHANLiAL Atlp u r e n,dinu 31, 1974 qu, FOR MONTH ENDING __ December CITY OF HEYBURN, IDAHO Ol5TR CUTO3_
r'i VLNsJL. F f 4E PGY 5 AL E S AtID r.U 5T OM E501 R ST NO. OF CU5I
. ' 'is D _ AitsTICS r w,5 o u ,, 4, L M ^
- S _ . yean to a.re 655(fY7 I.. . , ,ois.. n,o ENE RGY 5 A L.E5 I t ~. . vo.. r n 1 , r an . ,. c at c 1,053,750 9,044,330 ,
67,137.69 , ; [.7,5'J7. 23 l
- 1. Cesidentioi & Fo m
- 2. Re .identiof cosono!
141,520 '1,452,130,' 56 ' ~(ff 7 - i I 16,[39i.43., 148,~ddo ^4' l 3 2,320.46 17,880 b. l 4 Ceni.rere.at (50 KvA or less ) 1,646.20l 113.95 1,397,120 ~447526,88'O'., 2 287,103.51
- 5. Ccmmercial (over 50 KVA ) g3,950.98 3,160 1 'O ( I.I i
- 6. Indust,,ol 7 ---
I I 75.01 ----
.'2 7 , 7 7 0
'263,815~ ! ' [ ---y ) l
- 8. Irrigotic,n onJ or Jro.noge ps i. ping l ---
'25,500 254,290- I
' 15 , ~4 38' ' i
~28 18 f y,
- 9. Public stecet fir;hting . , , .
763[fn )ll
!. 1,682 64.50 -
802.00 55,708,043
- 10. Puuic nothoriti , Yard Lights 4,665,222 n . Oihe, i l33,372.86 ' 394,430.10 IS*?p t - ST AT L*'l tJT
- - - ; ,,, g ,,,,,, ,-- v- ; , ,,, , { ;p
- u. r o r m. , i . : , 5 399 l897.13-
,c I line. ]7 ) 3 2T*'86 CT HLH k E VEN Ut.5 1 I ,tol c... u'i . ; o s..
! ' s. r JIso; r er. . .*u r .:e . a, teoss s:
29,937.90 358,890.74 I*
- s. T. ios.,,o.. ,e.o.is,,,. 28
- e. ,c o imw a,:. ,,. e e . . a . v 249.00 5,467.03 *-
- v. 399,897.13 o
, , ,',,P*
, , , , , f, ,*, ,*', ,' , ', '
3 T O f At. vfR. e a v t r.$.'
- 1. *
- s. t 33,621.86 1
- 16. 19,700.00
- u. : o i n r. ai ., A i . . -i. . ns.I. e u . ia , * *'
4,850.00 OP ER ATING E X P L t4 5 E 5
/. T n. e go...if ent s T O l AL i*t a. 8'I' v ;',f D. ( 3tisv 7 )
~T'787.90'g 378*590.74' 21,306.39 180,535.00 , ,,vo.*ti+4<i co,r::,# .e) ( -
1P. Generot.r,n .15,240.00 n . :. cr :...rci.w.s . u'-e '. o i n t ,: i.,c o o t 21 : s ee . ..r cha se . f 70 T , o-n . . o c - 11,823.90 143,917.62 i.
.. . . 16,900.63 . . ,. . , . , . . 3, i n ,, . v . ,, ,w , e
.2 . . . .
1,26S.0C :i r e t a. .i.<- "t ilo in '- 21,306.39 23 C., .t. .. r -/ > c .n . . .; '. v I e . ' < .i g #MMHHtMMMH#M ff la l c.r. . it. . , , . u , 24 w c s .,,ow,t.o,: '1,609.00 '.', 17,457.49 i. ,
- s 4: . . . ..c . .- $ p .cr ni IN C Q n4 E L e D * (.1 8Q 64 $ i 358,890.74 ,,,,,.., g., ,, y , 19,300.00 29,937.90 1 ,, .,,
sri.,..uolief 4,900.00j N -. .,,- ...r. . .t. ..
- 1. ; i . . ., e .. . . ,,.o e
.- .., U (748) ,,'
_. is e. s. . .i..
,i. k.criein.
4,900.00 19,300.00
. .: t ., ..iiis. is, ,
to. r r., t e Q
- l. s. , i
..... ..,s
.s . .. .
- e. , : 94: * . u ... . , o I i 2,006.39lQ
- a. '
. . - - - .. - . - . . 13 9 A l i f, D.. .t .
- - . . . ~
-@ e 6 N+
a 9 ^ .
- 4
~* s i
*/ an~ ito ELECTRIC ENERGY STATkMENT CITY OF HEYBURN, IDAHO
'i, ... * . : ..a t .o r -
i 1 YEAR M OF 19 74 . l pc. -rSto. A10 INTERCHANGED T H I S '40 N T H l YEAR TO DATE 268;i.. s - ' ! .
- - . x; f
. i.
f
. . a
-. 57,034,000
.. .. ,., n . . . : : i - .
k d 4 1 I-
. l 57,034 000
- n. .
u:; . ..:r 1 ; a:cr n.n 3., . .. . . .
- -c
- *: : a* +.- *
. : .ir it ed, ;;tch:3ui
.- i : 55,708,043
- -i- ..r .9 ;r f r. . . r . ; t i t
*-ts**
* * .e' t.,..'h**
.....i..4...,. ...
.,x.......,.
I
.:,- for l 55,708,043 1,325,957 t... -f ,:. :v ' tate!
. . - - e- ---
- . . ; - - t. .. s r e.1 ::id
. ...e.
- .3c ,. ..10,580 4.,, :
, ateans . i .
- a . . . . . . ...,.. .
4 . f .. . . .
.. e
. ... .. ........g.
I
. . 8
.. . . . .. . .. 1
.- -- , - - - - e
/ .
- u. s. ocar.cTwEur OF THE INTEf' LOR - CONNEVILLE PCCE4 A%fMISTIATf0:3
./ pgi MONTHLY FINANCIAL AND CPERATING REP ~iRT
- DECEMBER 30, 1974 rog uan7s Enoir DISTRIBUTOR BURLEY MUNICIPAL. DISTRIBUTION SYSTEM PEVENUL, FNERGY S AL E S ARID CUSTOMER ST ATisTICS
- t. W H SOLD NO. OF CUST m LARS r T
- t's ** O** T H 4' E N E R G Y,5 At.E 5 T wis .ac. tat H vean to oATEl t e e ran to oATc
..yy y . ...J,JJd T.os wo,a r s l ZI,We,4/2 ~.
54id,160.03-.. i,dVJ, W ................... l
/ , 'i Ua . ',6 . . . . . . .
.5,456,640.. .. .lj5. .
- 1. Pesidentsol & Fo m .
. 772,7.10...
!$ . 8,215,7.4.. . $. 40,039.2.4..
- 2. Residential seasonal..All. Electric..
.. _ . I ,623,03 3..
. . . . .. . .. . . . . .,, ,,, , W- 7 7 17 973 270 "i M '.". , .
3- . . . . 523 341.32. f239 866.59 . I" "" ' 2 "'
~.
Cornercial (50 KVA or less) "~ " ..".13. . .,g.2. 0.. 3..,. 91..'4
.1. r.6. .. 0. ,10. 0. ...
4. ectric 5. 13,,435. 4. 2.....$ 1.14..,,.1.33. 7. 7... ..
,l "E]
- 5. Commercial (over 50 KVA ) All..$l - . . - --
S.97,05.1.34..
.e40,.70 .1 . .10,076,aso_
.5.3,533.26.. ..
- 6. !ndurriol .. . .
- 7. . . . . . . .. ~
- 8. lesigotion end /or droinoge pumpmg . . . . . . . .
- 9. Public strc<:
. . . . .265,')46,._ ._2,306,.546. f.
# 1 ,5 794.39.. $.. .8,532,13 lighting City. .. lights, 5ch... . j_
- 10. Public outhorities 31,.140_ . 2,423,830 5 _.94.00 S._ 7,377.05 4.a 6 _ 4,052 i1. Other ' ~ . City Puaips,. Sch...(hA. 6,951j21 73,132,554 TcTALii s, o3 532,324.59 i397,740.I7.. INCOnE ST ATEr*ENT
- 12. . . .
yt Ari TO LMTC T * *tS .MCleT ee OTHER REYENUES Nic.htguards 5 290.50 5 3,032.50 i. Total operating revenue (line 17 ) . @,.P.55 .WGCF n ' S.0,588.46' S [10.,,588. ' 46'" " 2. ope,o,ing ,eyenue a,3oc, ions:
- 14. Inthest[Accumo;..iitd. l ,,,. 1
- 3. Total c;>erating esp. (line 28) 556,492.69 $649,486.21
- 15. thscelloneous electric revenue 5.13,620.96_ __..
510,878.96 4. o,,, cs.iion . _ . . , . , 3/
- 16. TOT AL utsc. i< CVEtauE ( 13 st*v 15 ) $911,361.1_3 5. A.,,,, t 6 . . , . .: .
TOT AL OPE P ATirat., e.rEVEt4UE ( 12 9161 __ 593,203.55 -
- 17. . _ . . *
- g g- ~ gy y g 50'000'.D0" OP ER ATING EXPENSE 5
- 8. T oT At. OP E,t. R EV. OED. (3 thev 7 ) $60,659.43_ .56V9M621_
- 18. Generotion . .................... .........................
$32,544.12 S2T1,874.92
.525,926.00.. $260,541.00 9. orEn mnc incovE n,co. .si
- 19. Power purchases BPA
- 20. Power purchases - other OTHER INCOME
- 21. Irons nisseon ......'...... . . . . . . . . . , . . . . . . . . . . . .
S. 526.44 5. 5,954.63 524,443.78... 5114,009.42 . .. no. Misc .
- 22. Disenbution - o & M . ii. Misc. non-operating rev. (net)
.S 3,334,83. 5J0,345.53 .$ 5,954.63
- 23. Customers' occounting & collecting TOTAL OTHER sNCOME (10 t 11) 526.4
- 24. Sales pro, notion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. cross incOuE (e ,12)
$@_ _ . ..j~$217,329.'55 4,T7,0A -
$ 2,783.03 S.34,590.2.6 i3.
- 25. Ad ninistrative & generof ,
1
- 26. INCOME D E D U CTIO N S
~
~
2' iOT At. 0PE.R ATNG E XPEt,45E5 _(18 thew 27) 556',49229"l$649,4s6[2{' 14 Inierest on long term debt .... ... .. . . .
. . .5.9,25.0.00 5111,000.00
.m.. _
- 15. cMenf41.,iBW,M%elQ $110,344.49 i/ s o r., ,. . .,, s , ,, i, ,. . s. ,, ., . se. ,* . r imii, a r.. t ,r.- , 36. Capitol Addition 5.5,483.,80
. e on Is e e er..
- r y . or atw simu, un ( t attrag. neo-l .
- u./ r nt. .c o. er 17.
p , .. . o. . !.o . . . r . w. . . e. 18. !Aisc. tricome deductions _ _ __,.... .. ..,. I mate 1 :n.I . ./ . ..r, r e,n. 514_,733.60 $221,3 44_.49,. TOT AL 'WOME DED.(I Athewl8) 19
+ is i 1.= rasiasm.=t* r<,g<urral weds. f 2c. e.r i mcouc um. . ) S18,336.76, (5 3,514.94)
{_ UPA 110 87.. .....-
of
.c ~
Pes
- 3 .
ELECTRIC ENERGY STATEMENT cn eso
. BURLEY MUMCIPAt. DISTRIBUTION SYSTEM
! 1.v .i < .' .: u t ? w it v < . .
3 liONTH OF Deceinber 3g 74 THIS P.ONTh y Y E t. R To f LTE ENERGY GENERATED, PURCHASED, AND INTERCHANGED l
-j Gt n.c T !.C.*: I C T . K .*. .* l 0 7. . W.f. . L . . .. . . Cat ) '
A6.t .Ef7ST.:t i er . .(e xt;uding. t.t ot ic: .use) : s i S:e:n . . . . c..a.- . . . . .. . . , i
*1**
- w rr.:: e.r.n - 1:n . . .. ..
p . I r : : ', nE: OfnG7::irn ii 12:::.:t c i cr.c ;;y : !i 82,A7_1,0C0
- re.- 5 t-cri :e F ,:c. Ad-inic.::::ie:
_8_,841,000 _ rr - :p ts: .( ist) {j l
. . . If
.s I
_8,S41,000 02,A7_l,0CC
- . .r u 7.::.: s e c
- r.p ::r.: .;ctr-i: (;re st-) . .
I, Te::: c.g ;y rencreten, rur:rcrec l:
- . i . .i n t o :: : . , c.d Dirrecit ien rf enc ryy ;c:.c rc:c e, ;;redesed cr.d t r :c ::ncr.cea : 72,J32,554.._._
- :: e n:et :- c..::rie e nc rcy : f rer. y :;+ 1) .
- _6, JJ,f 21 4 I
I r i t. : :r.c-. gr r ~.: t (cr+rr1 I:.c ey cr <a ry < : c e r i e u ::::y ir x : : din; ll l. rt:u : u v '. 6,951,421 73 .1_3 i - 2.,55.4_ . _. . _ -.
- te: cr.c:vv. cc.e n c: int .
899,5._79 9,nna,si.t..
- n. ____,.
.... ... . c ,..,.
. .et...
";e::: dist:titi:r. c: c r.c iry ':-te:
i e r c y ;y ;e r.r. - t e c , 7:rer.: .cd ::.: S,821,000
' S2,471,000 I n . .i r. n 15500 Evt:c- re:. cen:n:
REMARKS l 1 I
s-r
/ *g . '*'
=
- u. s. etPAPtutxt or THc exter.asa - sow:'Ev LLE ext
- comissisicATso
, p.,, y MONTHLY FINANCIAL A14D GPERATING REPCRT l'1 g December 1974 I ,
FOR MONTH ENDING DISTRIBUTOR City of Rupert PEVENUE, E taE RGY SALES At4D CUSTOMER ST A TISTICS NO. OF CUST KWH SCLD COL [APS Tesis a40NT H 4/- T wis OHT H YEAR TO DATE ENERGY 5 ALES . c a st v r , c A T E. e T eess po,4T H
" '#D'**## 247.,028.39 2,86S,173 26,333,558 f/ scif /1822 4
- 1. Desidential & Fo.m. . . . . . .
. ~ . .
- 2. Residential seasonol.. . .
.1,6.42.,.5'l.4..... : 16,929,0.33.. (3/r 1.... 3 2 0..,..M'O 3 .
21,47.5.31 . 231,884.01 . . _ , 4 Commereial (SO KVA or less) ..
- 5. Commercial (over 50 KVA ) . . . .
- 6. Industrial .
- 7. ....
- 8. Irrigotion end/or drainoge pumping . . .
- 9. Public street lighting .
- 10. Public cunhorities . . .. . ._ 235,97.8. ._ ._.-.. . b 5 5 9 . 0 2 2
. E 5 7 4 . 8 9 ,_. ..l.7 , 7 9.5_ , 1 l__
- 11. Othe, i . 12 20,,000(psage.pnder est.imate 45,683.64' 496,707.51 4,271 7.69 46. R21.61 '4 b f 2 2 '
- 12. TetAt t i ,s,o is i .
INCottE ST ATEr*ENT v His . cur v t Ar. T O o gic GTHER REVENUES ' l ' T oiot operovin.pevenue (line 17 ) . 51,537.94 502,561.81
- i. '
- 13. 7 OPeroting revenue de.fucteons: h T. .t one,. ting .. . (i6a. 2a) 31 t 361.99 344,182.17 ,
- 14. .5,854.30. _ 5,.854.30 3.
..)'
- 15. .%cehaneous electric revenue 5,854.30 4. o.p ec.oe..a 5,854,30 . . .3' Torat
- sc.utvcnut t 13 ei.,.15 3 16.
_51,537.94 502,561.81 '. Ama'n=anaa at . .. (, .O ,700.00
- 17. TOT AL OPEP Alirou t,t.vEtJUE ( 12 ' 16 ) .
- o. Tn.. V M M M .M i
- 7. Tom equivalents di EXPENSES OPER H
- 6. TOT AL Orf.n. REY.DED. (3thrv7) 36;._670,14 ,401 882,12j
- 18. Gerterofion oetR ATirac ancoi4E ti.ia..si 14,E.67 80 94,679,64_1 14,706.00 . .156,251.00.. o.
- 19. Power purchases - BPA
- 20. Po*er purchases - uther OTHER IN C O M E s
- 21. T rc isme s sion 10.
[.8,113.88 .112,313.80 _ ...
- 22. Distribut.on - O & M .
1,546.67 .19,656.15 11 he no"-opero"ns rev- (ne') . . . . 4
- 23. Customers' occounting & collecting
- 12. tot AL OTHER sNCOMF (10 911) , , , _ _
- 24. Seles promotion 13. M >55'sc a t m .i23 14,.86.7.80 . 94,679.64
- 25. Aan.inistrative & general 4,412.70. 53,378,48 2 t. . Kilowatt Expense 2,582.741 2,582.74 INCOME DEDUCTIONS
- 27. . ._ L 2s. ot i.;. mus i% t x rtsts : is '... n- : 31,361.99l 344,182.17 14. Interest an iong. term debt
'$ AIGUM G.' NVed b$ MMdcN05h
. re . t' r.edu . .sr. . .f.. *
. Capita 1 ..6,,15 5,676.43 1' % 'e . a . ..:o , . r. I, t, . .. : or ., y..
- 16. . .
2 < >. r s . , . . . ,. . . ,: ,,i . a. .. , ., r ,,..,,,t. ........r.,..,,,, 1/12 66,300 5,525.00 66,300.00
- 17. ..
1,333.73 s . . . .- r , r., . . .. , . . . . . . , . i .e . m sc. ineca,, dcJuct on s Loss 1,333.73 i s i m , o ., i . .. ,,, .. ,, . m. .,,. TO: st incoot t.co (i.,s,,isi T B'6'4. 88i 73,310.16~ 19. a r . . ., .4 i .. r.. . , - .
. .u; n. ,, A.
4 8,002.92 2l,369.48
- 20. r: .come.<t3..a .i93 tiP A 1:0 R.. . .c
4
- r. 3 3 cn no ELECTRIC ENERGY STATEMEh a City of Rupert
. . Y r-r a : a t : t r co a. r 140 NTH OF NovMDber 1g 74 EMERGY GENEstATED, PURCHASED, AND INTERCHANGED THIS HONTH YEAR T I) CATE Ge:tc r.. icr. for etc.icn use ( kwr,
'.li Not ;-nnit t l or. (cxcluding r tet ie: uar**
l Ste:r. _ liyc o . _L_
- n t ar r.cl ev.::u s t i er. . ,
1 1
-e t il .s t ga:.*re:ic-ru . r.ccc.i c.nc:gy :
4,892,160 !44,351,720 i ro. '. r. ,evill r,wnr Adr.ir i s t rat 1,. _ E T re. C t . . -. . e s, e f *,. i S t 1 :
- f. 1 il l
. .li I
4,892,160' !.44,351,720 Totc1 r u r,chc.w s Interchenp o-in (gross) __
. l I
Tate". onergy cenor:ted, puret cc , cnd inte r:b ar. god _, II I Dir resi t inn of ene r:y gotic:nt ed, purchs.e4 3 r.d i n t.-r encn ced : !42,549,844 letel c.cleo ef cieetrie energy : free. rag.. i '. 4,302,479 I n t P r Ch Gr. JO 5-Ou t (91OSS3 Energy uc.ed by cloctric utility ( a x eluc i: i; stction use' ,
.j it Tetc1 energy ocecurted in; -
[ ,. l Tota: erergy inseer, 589,681 h 1,801,876
*iotal dispositier. et c. n c :7y (tato! l
.-nergy g.>n o r a t ed , purchased Ord !
l intnrchencod' System peck demcnd (30-minute <w' REMARKS ,
, . . .. ~- w . m.m., .
,y__ '
~
/0 (( 0 -
f // / Y l$lY , t TA3LE 0F CONTENT 5 ,. a - FlW4MCIAL STATEMENTS: ^\. . . W> 4 Page 1
'Acchtant'sReport .
/
Page 1 Salence Sheets f Page 3
'- Statement of Revenues and Expenditures Page 4 Statement of Changes in Fund Balances e '
Page 5 V Notes to Financial Statements OTHER FIMANCidL ltlFORMATION: N Page 6
<,f Acccen' tant ss Report on Othsr Financist Information Page 7 ,
C$sh Operation and Balances
, j r Pege 8 tperation in Taxes Receivable Page 9 Ceneral Flxed Assets Pago 10
' Comparison of Expenditures with Budget Page il See611e of insurance and Surety Bonds Pags 12 General Obligation Bonds and Revenue Bonds u
t i m ,. . 1 l e s i e
' ~ - -
. o . .
h: M , DONALD E. 'WESTFALL CERT 1FJED PUBLIC ACCOUNTANT. . ,,. ' ' 3
' ' 8 BURLEY. tDAHO 83318' AION AVENUF, . .. .s
. ,t . .; . : .
tournown 26s - s'is-04es " Merch 8, 1975
, . , e i.. . i -
Mayor and Clty .Counct I city of testo. .: , ,g . . . Decle, Idaho l.heve examined the balance sheets of funds and general 31, 1974, fixed assot Group of accounts of Occio, Id:ba, at Deccmiser and the reists.d state:;mit of changas in fund belar. css and general flued asset group of accounts and statomssit of revenues and expenditures for the year then ended. My excminotten wcs anda in sceordance wlth generally accepted auditing standards, and accordingly Included such tests of tha accounting records and sucn other suditing procedurcs as I wasidered necascary in the circur. stances, except as noted in the following paragraphs. . , The City dos: net wintain detailed records of property and equi pmen t. Accordingly, I do not express any opinion concerning cr.ounts expendsd for fixed general fixed assots stated at assets 4svenue Sharing Fund of $4,995.93
$61,778.93,and Culinary Uster system fixed assets of $119,370.03. Alco included in the gaaoral (Ir.ed assetc are ameants expended on behalf of the sewer systc:a in the arnovnt of $20,606.60.
There was no inventory of electricil supplies tsken at Decemb+r 31, 1974. Gecause the Inventory of electrical supplies and the fixed assets of all funds enter materf ally into the overell financla! peeltlon, I de ret express sa opinion of the accocycaying balance shcat for the City of Dasto. B
. Wh.ead..W.r!*cff.a#
Donald f.. WestfalI .' 6
. e 68 l
l . , l
P g3 2 Doclo, Idaho BALANCE SHEETS OF GENERAL FUND, REVENUE SHARING FUND AND CULINARY WATER BOND FUND December 31, 1974 l Culinary General General Water System Revenue Fixed Fund _ and Bonds Sharing Asrets ASSETS $3,486.26
$3,423 20 $10,291.83 Cash on hand and in banks RECEIVABLES:
Utility accounts receivable 3,954.60 T=4es receivable 5,437 01 D e from General fund 617 90 inventory 6,925.11 FlxED ASSE15: 4,995.93 $82,585.53 e,eneral fixed assets 119,370.04
.ullnary water system ,
$19,739.32 $130,273.81 $5,'iB 2.19 $82,585.53
= ~_
LI ABILITIES, FUND BALANCES AND INVESTMENTS IN GENERAL FIXED ASSETS Accounts payoble - $1,732.45 Payroll taxes payaole 218.42 h ter deposits 905.00 Due other funds 617 90 General obilgation bonds payable $12,000.00 51.000.00 due within one year Revanue bonds payable 52.500.00 due within one year 48,500.00
$19,900.00 No'c payable - Bank of Idaho - Sewer Fb.tu BALANCES: $3,486.26 Unappropriated 16,266.15 69.779.81 4.995.93 62.685.53 t wJiSTMENT IN GENERAL FlXED ASSETS
$19,7 39.92 4130,279.81 $8,482.19 $82,585.53 The accompanying notes are an Integral part of this statecent.
- . - _ , , - . - - .-.._1 - -. -
i.
, Page 3
. l Decio, Idaho STATEMENT OF REVENUES AND EXPEN0lTURES ,
Year anded December 31, 1974 Culinsry General Water System Revenue Sharing Fund and Bonds REVE6bES: $20,814.78 $7,586.54 l'*liity revenues 2,140.00 Gorbage collection fees 3,141.87 2,256.37 vor.es 1,493.71 Liquor apportionment , 3,513.50 blahway 540.00 Licenses 36.00 Fines $),3pj30,0 0 2.406.I3 J.086_go Other revenues 34.086.59 _9.842.91 . Total revenues EXPEf4DITURES: 6,062.14
'Jtili ty purchases 685.34 Electrical supplies 778.75 33 75 offlee expense 6,475.85
'claries
. 1,883.25 5treets and parks 775.21 Fire department and telephone 1,.121.22
-1.ter system expense 791.id
!nsurance and bonds 935.24
'ltner expense s 37b.71
%ctirement 2,485.50
- alice salary and mi tee ;e 242.10 eaal 401.42 drolltaxes 2.317 75 H.3
" *.d Interest 25.020.91 M7,.3 Total expendi tures
$9,065.68 $7,525.16 $3,052.25 s
in. accompanying notes are en integral part of this statement. i
Pass 4 Declo, Idaho
~
STATEMENT OF CHANGES IN FUND BALANCES AND GENERAL FlXED ASSET ACCOUNTS Year ended December 31, 1974 Culinary Generel Revenue Flxod General Water System and Bonda Sharin_g As g Fund
$12,156,37 $62,254.65 $5,429 94 557,729.63 BAL*NCE, January 1,1974
'9,065.68 7.525.16 3,052.25 I
Excess revenues over expenditures I 4.935.93* 4.955.C9 _s.355.90* Expenditures for fixed assets '
$16,266.15 $63,779.81 53,486.26 $62,6S5.5.
_,s--- _ - o t The 3c.coe.panying notes are an Integral part of this statemen .
. *. P;93 5 Declo, Idaho NOTES TO FINANCIAL STATEMDITS Decernber 31. 1974 3
Note 1 - Principles of accounting. Is used by the Clty
.The accrual bas)s of account ing and scenrdingly uses fund accounting principles.
Cath and other essets are accounted for by certain accounts within each fund which balance within each group. ; i N0lE 7 - Value of General Fixed Assets end' Cullnary Water System f ' Fixed Assets are the result No detall of recorded property records are book transactions. maintained tv the City. 2 - No depreciation has been taken on fixed assets of NO T F. the :ulinary water system. taken as N01t 4 - An Inventory'of electrical supplies was not l of December 31, 1974.
- The Revenue Snaring Funds are being accumulated fcr NG rt- 8 specific needs of the City as determined 1974, $2,559.53 by the nasCity oeen Counct1. As of December 31 the electrical system ans expendeo for extensions of
$7,436.4 has bezen expended for extensions of the water system, i
i t O
DONA 1.D l', WESTFALL CtkTIFIFD PL lilIt: AC(;s ti!NTANT BURI.E)* II)uto nrita I WFMI ~ TEIEriloNE 2td 6784466 Plarch 8, 1975 OTHER FINANCIAL INFORMATION CI'y 3 ecto - Dec' ' o* in . 3 .. ect i on wt t h riy e ,wr.i na t t o o t' the financial statements of ; .'. - Idaho, for the year endeif Occcerber 31, 1974, I have res.. 4 nr. Other financial Infonnation presented In the fc
- l .
>a.:e s ,AIch has been takcn pr irariIy f rom atcoun;ia.;
and - revi r d s o f t he C i ty , b u t Wil t.n is not, in rny opinion, rier e. icy for a fair presentatien of 1 - fl.nancial positi>n or l rese of ope rat ions. My ev. amination e prirurli v fer the Di for-ulat f rij an opInlot: on the DasIc financiai steL -
' pur .
t
- 6e., * . sesi o e ,4)lc and was not such as to enable ne to i
I c7, s. . .p f 91 ori as to the f elrness of all the detalls nf the ado; .i.' iri formatfon.
! ~
I .I ,,,,f,g' { Donald L. Westfall o
- - - ~ _
" ~ " ' ' _ _
Pago 7 Declo. Idaho CASH ON HAND AND ON DEP05tT - Year ended Deces6er 31.1974 Cullna ry Genertl Water Systom Revc Fund and Bonds Shc r.
$42,649.61 $12.518.16 53,08-:
RELEI' Uti ..ccounts, taxes and other 19.900.00 Loar .ceeds 62.549.61 12.518.16 J_.X Olsi h: .!". 38,327.72 3' Op - .s 5.817.75 De ...a . 6 o,i d interest 3.331. % 4 . o .- _24.655.90 F ,et purchases 63.183 62 9.149.01 .s o' (634.01) 3,369.07 ( 1,5 < NET - .xt .' dC (DECREASE) 4,957.21 6,922.76 5,4:, cn1 -r u s:.cEMBER 31, 1973 53,L7).*C 510,291.03 $3 M cas :te ;tcFrsrR 31, 197!. - - _ _ CASN .: 525.00 Ca. 3.3ii3.70 Ga uo 13,77 J lo. . T .st Co.
$17,201.2, P
- Pogu 8 Occio, Idaho OPERATIOM IN TAXE5 RECElVABLE Yea r ended 0+ oar.be r 31, 1974 i
1974 Balance Balance 1974 follection_s 12/31/7h 2/31/73 h
$4,671.7 6
>ENERAL UND: 54,671.76 i.es $3,685.91 765.25 1974 _
pr:o.- S.S '451._16 1973 $5,437.01 54,671.76 53,685.91 St., 31 .16 t
- P;ge 9 ;
Deelo, Idaho i GENERAL FIXE 0 ASSETS Decesnber 31, 1974 1974 Balanco Balance 12/31/73 Addi ticm 12/31/14
$13,126.23
$13,126.23 29,506.65 office roliding and equipment 27,080.18 $2,426.48 8,459.03 lectrivil system 8.459.03 100.00 Ire he s. and property 100.00 2,424.50
.anitars land fill
- 2,424.50 8,162.51 6,539.69 1,622.02 treets .ed oarks 20, P6. ( >,
ater s, ter and irrigation 20,806.60 c= r per;e.t
$57,729.63 524,655.90 $82,505.5.
~ - _
W4.) e 6 l
- f
. c.. . . - . . , m.., - - . . . - . . . - _ _ _ , - . . . . . _ . - - - _ . - _ , , _ . . . - - , ~
~
s 1 ., P;ga 10
. Decto, Idaho.
COMPARISON CF EXPENDITURES WITH BUDGET . Year onded December 31, 1974 Over Under 1974 1974 Expenses Budget Budcet Budget
%NERA. hai0 : $400.00 5401.2 $1.42 Empicre. taxes 378.71 $71.29 450.00 Einp oy . ietirement 7,000.00 1,371.00 371.00 rehoses 814.66 Powei 1,500.00 685.34 E l e<. t . .I supplies 691.14 41.14 650.00 nrrige on water
/00.00 775.75 78.75 offi . ..>. , ei . s e 2,450.00 2,472.00 22.00 Office . c. ' e r y 1,054.85 1,045.15 2,100.00 306.00 Ele-t .a ,afary 2,500.00 2,194 00 Labo. of ectirig trash 755.00 5.00 labor 750.00 2,111.75 t r r i g, *o. 4,000.00 1,888.25 Street. ee parks 500.00 775 21 275.?!
Fire . oer.t and telephone 1,121.22 878.78 s> pense 2,000.00 406.82 Liina.3 .. . t r
.nc 12cnds 1,200.00 791.l' 64.76 i ns'urar t.c 1.000.00 935,24 Miseei~3rm t.: 4,049.30 .. , v . .30 Cap!ta e,pordi'. ire <
2,LB5.50 14.50 o.dealeaye 2,300.00 2,400.00 Pollce a.y 2,400.00
.'.8 Inn .* t e r tr. kin; fund 242.10 ?.57_.3J
_ ;u0.00
. . ti c .
; $4,843.82 $8,373.61 S 12.t>o0.00 $29.070.21
=, u.
!, .- . .m-. ,. .. -.
I
'ULINAr. . Air.K SYSTEM AND B0h05: S4,MI.50 $638.50
;oros ar.d interest 55,000.00 Re s c%.
cene. a ;o..gation bonds and 2,000.00 1,456.25 543.75 inte cet 3.331.39 $3.331.34 04, .i
.pe r c (s.res _
s3,331.34 $1,182.25 i 47,000.00 59.149.09
, = _ u,.,
i i 6 $135,000.00 $20,806.60 i (EVf4 Jfff t
f.. e Ps68 11 Decio, Idaho . SCHEDULE OF INSURANCE AND $URETY SONOS Oscember }l,1974 4 Policy Expiration
,D,1(g Cm *e vt Ncal,4r /MW11 3/4/76 steket Ese 2204ady $2.500.
' wes te rn - ret 3 Co.
100/}00,000. 5/3/75 c a rol t.ict GLA $/Eley., h ew 'te ,.re-l. Trcesurer 1;t 7tde:74.,2 10,000. 6/1/75 kestern s...ty Ca. l5,000. 12/15/7$ Offica Cull-3$2'y61 Office Ent:;; New He pshi's 1,000. 3,000. Eloctriccl : 8/1/7? Itotary Cone.
'we s t e en .uretv Co.
70 ,o'so . 2/25/73 Fire Static tw trev .M r <: 21093 Fump c l' uto t.000. Wo r kr.m 's C State inwrance fund l l l l \
e- - -
. 'l
.m
,. I Page 12 l e Decin, Idaho Gf t.EP.R GDLIGATION BONOS AND P.EVENUE BONOS December 31, 1974 Genor Obliget Revenue Bom Year Bonds f_:.l. . $1yx.
$500.00 1,00
- 2,500.00 137 T. 1,00 1_.70
' 2,500.00 1,ts 1977 2,500.00 1, f F 19'l 3,000.00 1,50 3,000,00 1,l' I,50 isf:0 3,000.00 1,50 I? 1 3,500.00 7,v:
l'.i ' ? 3,500.00 i t*
- 4,000.00 1964 _4, 's00 . C C 19. ', 5,000.00 19E,i 5,000.00 19') 6,000.00 _
l'f f $17.0
$48,500.00 4
'n.vs nue iiondt. cre cated Jonsary 1, 1963, and Interest is payable
'[ Ja wiry *- e.3th ytre.
i 1,1963, and Interest The gen.s .'l ot 11 :atinn r< r.o . are dated Januar y is paid rt annuaisy on :tarch I .ind Septerrber 1. Beth of the above bond issue, are guaranteed by therate of 3.65% Far* :s nome Adntinistration and carr*, an interest por 46.n- r .
t WALSTON, REINCKE & OSTERHOUT-
- CE NTIF et D PUBLIC ACCOUNT ANT 6 f 0f h ALi'#C ft'.J 8L > *4 % 3229 OVERLAND AVENUE u . 4 s' t som ele SURLEY,'DAMO ft)3te R.'s e 41. eD A'+f* ef 3 M O ,
i t . I s 'e e.r'd 4 78
- 13 J pghpyg }g TELLPHONC 678-3027
- To The Bosni of Directors Divarside ~ Electric Company, Ltd.
Fulert, Idaho
. ie have exa .ined the Comparative balance sheet of Riverside
.e c ri .: Company, Md. (an Icabo Tax Exempt Corporation) as of eenber 32, P//!. and the relatcd Comparative Statecent of Opera-
- f ons and Statemen:. of Changes in Financial Position for the year
- r:en ended. Our e.uminatics . as nade in acconiance with generally accepted au11tir.g starrJarde, and accordingly, included sach tests of the riccounting recorls at:1 such other auditing procedures as we cont.idered necessary in the circumstances.
In our opinion, he accompanying Comparative Balance Sheet s rd Ce:parcive S atement of 0,wrations and Sta:ertent of Char.ces in Financial Tosition presen. fairly the financial position of i terside Electric Company, Lt.d. as of December 31, 1974 and the r.::.ul's of its operations for the year then erded in conformity with r,enerally accepted accounting principles applied on a basis consistent wit h that of the precedind year.
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g - nw. - ~ w . t i RIVERSIDE ELECTRIC COMFAIE, LTD. EY.HIBIT A Rupert, Idaho CTPARATIVE BALANCE SHELT-Year Ended December 31 Increase
, 1974 1973 (Decrease)
ASSETS t * TPUT. ION FACIL.TTES & EQlIIEMENT . (nn:.e 3): .. T'ist rib.:' ion Facin *.ics- $ 130,653.25 $.123,427.25 $ 7,226.00. Equipment 15,373.91 15,;44.41 229.50
$ 146,027.16 ' $ 138,571.6t S 7,455.56 less: Accum;2ated Depreciation 20,986.65 15,041.9f, ' %L.70
..- Boek 'lalue of Fixed Assets $ 125.040. 31 $ 123.529.71 $ 1,'510.00 CtTG:' " *"'I'S :
Cut on liard b in Checking Account $ ' 3,312.96 $ 750.46 $ 2,562.50 Cash in Dank - Savings
- 20,000.00 20,000.00 ':enunis Ecceiveble - Elect.ricity (note 2) 11,916.49 25,129.10 (J3,212.61)
Materials 4,977.!1 3,374.65 1,602.E6 Membershi ps 145 00 255.10 ( 110.10)
- nren*o:les, a: cor. (not.e 4) 29,66.14 21,049.77 8,627.37 Interer: Iteceivable on Sveings Certificates 466.48 857.28 ( 390.80)
.otal Current. ?,ssets 3 70.485.'" 1 71,41e.3t $( 430. ? '3)
~. M U '*'1C
$ 195,526.09 $ 194,046.O*/ $ 580.02 LT ABI".TTIES & 1TRBERS ' E0lIITY
('"*'?ii IIf,BILIT U'E-fiot s Iayable to Idaho iirst National Banx $ $ 5,000.00 $ ( 5,000.CO) fcco nts rayable i 3,940.44 2,698.14 1,2.42.30 Meter D: posits 594.61 529 61 65.00 l'ayroil Taxes Withheld & Accrued 683.36 408.43 274.93 iceruM Interest 1%yable -O- 278.43 , _( 272.L),) T:YT ' . Bli.ITIES (all Current) $ 5.218.41 3 8,914.61 $ ( 3, '. 96. ;'0) M" Vs e mUiit: .. l'emLership Certificates, at
$100.00 .sch (Fxhibit B) $ 19,600.00 $ 19,200.00 .$ 4CO.0d Pe:nbers' :q.11ty (Exhibit B) 170,707.68 166,631.46 3,876.22 s ot a. Men.be rs ' Equity . $ 190,307.68 $ 184,031.46 '$ 4,276.22 TOT.'.L LGBILITIES & MD'BERS' EQUITY $ 195.526.09 $ 194,046.07 $ , SP3.02 i
The accompanying l'otes to Financial Statements are an integral prt of this staten:nt. . '
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t RIVERSIDE E12CTRIC COMPANY, LTD. EKHIBIT B Rupert, Idaho .
. STATF2Elir OF CH!diGES Di lESERS' QUITI For the Year Ended December 31, 1974 F.ertership Certificates January 1,1974 (Dchibit A) $ 19,200.00
.+ w Ferlers added during the year: '
Js te Pic,<cring $ 100.00
- ot.ert Bywater 100.00 helph Bourguin .
100.00 . Ja:::es A. Holston - 100.00 400.00
" :h rship Cer*.ificates December 31, 1974 (Exhibit A)
- $ 19,600.00
- . s' 9pi y January 1.1974 (Exhibit A) $ 166,831.46
.u . .ons:
E.xe.ss of Revenues over Costs of Operatior.s, (Exhibit C) 2,225.62 Osher Income (Exhibit C) 1.650.60 Mer.b trc' &pitj December 31,1Q74 (Exhibit A)- 1?O,707.68
$ 100,307.68
**1 M ' !OlrITY (Exhibit A)
The Accompnying !!otes to Financial Statements are an integral part of this statement. g t e . O e 6 6 e
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EXHII3IT C l
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RIVERSIDE ELECTRIC COMPAfrf, LTD. Rupert, Idaho - , COMPARATIVE STATD4DIT OF OPERATI0 tis
- Year Dxied .
December 31 Increase 1974 1973 (Decresise) OPIMTIf:G RE1.?J!!ES: $ 49,791.76 $ 48,176.66 $ 1,615.10
- Elec'.rical Energy Sales - hesidential 1,861.02 778.04 1,082.98_
Electrical Energy Sales - Irrigation 4 51,652.78 $ 48,95.. 70 $ 2,698.08 Gross Energy Sales 3,969 07 (12.066.38) ( 8.097.31) ' Less: Diicounts taken (!!ote 2) ~$ 39,586.40 $ 40,857 39 $ (1,270.97)
!.et Energy Sales (17,397.0_0) (15,520.00) 1,877.00 Less: Cost. of Energy F(3,147.99) t'et Itevenues - Electrical Energy $ 22,189.40 $ 25,337.39 Other Hevenues & Costs: $ 18,414.80 $ 11,901.02 $ 6,513.78 Muerisle Soli 13,861.73_ 9.682.20 4,179.51
' -ss: Cost, of Materials Sold $ 2,218.82 & 2,334.25 Let itevenue from Materigle $ 4,553.07 4,112.07 2.800.83 1,MJ
. st or Sales _$ 8,665.07 $ 5,019.6', 2 3,f 45.g
- otal Other Revenues
$ 30,854.47 $ 30.357.04 $ 497.43 Tota .tevenues fro.? Operations 4 ') ~ T!iG $1FH!SFS: :
$ 15,426.92 $ 15,545.00 $( 118.08)
. r#..is - l' Ant.gc r 4 fic1pers 220.42 1,068.32 847.90 i
% roi! Taxes 1,073.26 .842.97 230.29'
'ine Maintenance & Repaits 117.75 1,402.78 1,283.03 Proper:y Tu 1,025.94 1,109.?2 ( S3.76)
Truck & Equipment Ex;.ense e Licenses 5,752.'89 27',.91
*e ;.r"ciation 6,028.70 150.00 .* 150.00
$ 2(2.175c94 $ 25.$31.41 $ t?4.'3 Total Operating Expense
.,DMt!;1S111 ATIVE 8.- GE!!Eff AL I*XPE!;3ES:
$ 712.83 .$ 645.68 $ 67.15
- nsarance 160.80
?
- ca; & Audit 730.00 569.20 267 26 193 91 73 35
'f.ce Supplies & Adver!.isements 30.00 305.00 275.00 ii:re:' ors Fees 144.00 36.00 Postage 180.00 Interest Expense 62.50 278.43 ( 215.93) 195 32 .}86.08 9.24 Telephone hpense ( 371.83,)
'Iravel & Meetings 371.83 fotal Administrative & General Expense _$ 2,652 91 S 2,664.13 $( 213.22)
_$ 2,225,62 $ 2.161.50 $ t4.12 b ' u Uperating Revenue over Total hpenses M HF2t ?!!COME:
!nterest Earned on Savings $ 1,442.60 $ 1,279.15 $ 163 45 152.00 Pole Rent. .
208.00 56.00 Total Other Income . D 1,650.60_ 8 1.335.15 $ 315_.J.J. NET EXCESS RE" EWE 3 OVH1 EXPElSES S 3,876.22 M496.(p .$ 379 52 The accompanying !!otes to Financial Statements are an integral pr.rt of this statement.
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RIVERSIDE ELECTRIC C0!LDMIT, LTD. EKHIBIT D . Rupert, Idaho . STATE!GNT OF CRANGES IN FINANCIAL POSITION For the Year Erxied December 31, 1974 , _ SOtTRCES OF WGP I!!G C/ PITAL: Fror Operations:
r.
Income from Operations $ 2,225.62 Interest Income 1,4L2.60 . Pole Rental 208.00 Net Excess of Revenues over Expenses . $ 3,876.22 idd: Depreciation expense not requiring . out'ay
. of workire capital in current period 6,028.70 Cos'. of damaged or ob solete assets removed from servi:e not requiring outlay of work-ing capital in current pegiod (net) 766.03 Worr.ing Capital provided from oherations $ 10,670.92 werr.'nc, Capital provided from new tae:abership certificates 400.00 Total So. trees of Working Cap _tal $ 11,070.92 E'y n. WORKIf!G CAPTT AL:
Lastr;bution lines and facilities plactxi in service $ 8,076.00 F.lectronic Calculator Purchased
- 229 50 8.305.50 INCHEASE IN WORKING CAPITAL $ 2,'/65.L 2 The adcompanying Notes to Financial Statements are an integral part of this statement.
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W . i RIVERSIDE ELECTRIC COMPANY, LTD. l Rupert, Idaho . NOTES TO FINANCIAL STATDUTS , December 31, 1974
% 9'E 1 - GPERATIONS: -
The Company was incorporated January 29,.1918 as an Idaho Corporation exempt fro:r. federal and state income taxation. Operations consist of dis-
;ribution of electrical energy on a non-profit basis. '
M'.TE 2 - FOLLO'dDIG IS A SU!C4ARY OF THE SIGNIFICANT ACCOUNTING POLICIES OF THE COMPANY: Assets and Liabilities, and revenues and expenses are recognized on the accrual basis of accounting. . Inventories are carried at cost, on a first-in, first-out basis. Fixed assets, consisting of distribution lines ani facilitics, mobile equipment and office equipment are carried at esticated replacemen* cost less estintal depreciation from date of acquisition for those items placed in service prior to December 31, 1971. All fixed assets put in service in
'.s4 are carric-d at cost. Depreciation is calculated on a straight-line method. -
In 1974 the Company changed from annual to quarterly billings for all pw' rens who were on an annut.1 billing cycle. As a result., the accour.tc receivable for electricity were reduced significantly as of Dece::ber 31, 1974, and the discot:nts tuen during ) //4 increased significantly. The increase in discounts taken in relation to the prior year is a non-recurring item. NOTE 3 - F1XED ASSETS AT DECE!3ER 31,1974 consisted of: Accuenulated Net Dook Estir:atcd Description Book Value_ Depre ci'iti on Ve.lue Life Wire $ 46,457.80 S 5,930.56 $ 40,527.24 30 Years I oles, Stubs & X-arms 42,038.20 5,325.08 36.763.12 30-40 Yc.crs i'ransformers & Regulators 38,302.25 3,764.00 34,538.25 30 Years Meters 3.805.00 421.34 3.383.66 30 Years Total Distribut' ion Facilities $130,653.25 $ 15.440.98 $115.212.27 Mobile Equipment $ 13,000.66 $ 4,692.14 $ 8,308.52 5-10 Tears Equipment & Building 1,332.69 511.40 821.29 5-20 Years Office Equlpment 1.040.56 342.13 698.43 5-20 Years Total Equipment .
$'15.373.91 $ 5.545.67 $ 9.828.24 Total Fixed Assets $146.027.16 $ 20.986.65_ $125.040.51 -
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. . . - iiverside Electric Crepany, Ltd. - Notes to Financial Statements - 12/31/74 3 "ontinued .
. 1974 1973
- s. dire Miles In Service 81.0L 78.0
': r v. otr.rrs:
F idential 172 157 1 r.rs 5 1
- - 5 5 182 163
- 1. rs :
! .sidentia] 208 196
'mps -
. 5 .1
.5 $
218 202 9 NC'; . . - !!NE'TichIES AT DECE!3ER 31,1974 and 1973 CO:ISISTED OF: 1974 1973 l o.es, 3:ubs & cross-ar:as $ 1,611. 00 $ 1,670.00 i ransforr:.ers 3,871.00 2,780.00 Wire - 11,875.16 7,556.80 thtezials
- 11,460.22 8.666.07 Wters 846.'/6 376.00
$ 23,66'i.14 S 21,0ho.77
'ioTF 5 Y.IurilTT liuURS SOLD & PURCIIASED .
N74 KWil 1973 Eh11 Residential 4,384,806 3,9'"l,652 Irrigation 220,251 "?1,05L Total So'd 4,605,057 4,048,706 Purchased Fro: B.P./.. 5,162,000 4,572.000 Line Loss 556,94)_ 523,244
% Line Loss to Total Purchased 10.8% 11.ry e
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. 1 SOUTH SIDE ELECTRIC LINES, INC. -
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.seto. mmo CO!PARATIVE PROFIT AND LOSS STATEMENT 12-15-73 12-15-74 Purrose S149,859.45 8180,604.87, Energy Sales 67.612.00 Leas Energy Purchases _ 55,675 00 112,992.67 94,184.45 Expen se s 12,052.03 Discounts 10,813 16 26,482.33 36,966.86 Line Labor 5,613 70 6,267.50 Clerical Labor 720.00 Directors Fees 760.00 600.00 547.20 Legal & Auditing 2,181.57 2,799.66 Payroll Taxes 6,305.62 4,884 39 Other Taxes 2,131,20 2,260.00 Bonde, Ins. & Licences 00 Building Maintenance 55 50 2,197.98 2,940.67 Line Maintenance 348.81 Supplice fe Small Tecin ' 996.00 -
1,275.21 1,379.99 - Office Supplies 1,277.07 Heat, Power & Telephone 1,230.54 3,837.21 5,823.81 Truck Expense 110.31 Radio Maintenance 229.70 550.90 332.60 Hileage 63 14 Freight Expentan 45.64 - 756.94 185 28 Hisc Operating Exnenses 00 142.79 Interest & Ihd Acet. Expenso s 1,316.98 Employees' Health & Retirement 2,o35 96 9,505 03 Depreciatica Expense 5,679 77
~
75,322.22 69,161.43 18,862.23 23,811.44 Profit or Losa 52,957.26 64,550.47 Herchandice alles 41.339.66 51.357.48 Plus closing Inventory 115,907.95 94,296.94 51,638.26 64,349.72 Less Mdoe. Purchases 41,339.66 Openi.ng Inventory 39 224.95 10,216.57 3,433 73 Sum =arv of Income 18,862.23 23,811.44 P & L free Power Lines' 7,203.18 6,984.55 Penalties & Revenue 6,829.28 8,209.46 Interest & Hico. Inecce 10,218.57 P & L Herchandice Sales 3.433 73 36,328.42 49,224.02
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oss oc as ao.si F FINANCIAL AND STATISTICAL REPORT 90800*tt fat 6+4*aA f sD.8 . EVADA.15 EI2S t R. [70, U.S. DE PARTMENT OF AGRfCULTURE RE A, W AsHfNGTON, D.C. 2*253 ~ "" 82^LM VtT 8 I?4sTRUCTIONs sUtadT CRIGINAL AND THREE CCPIEs OF THis REPORT TO REA. DCCe.'Eber 31, 1974-ROUND ALL amounts TO HE AREsT DOLLAR. sEE RE A evt.t.ETi*a tet.t. t . I PART A. sTATEMtWT OF OatRADoNS
.. tes YEAR TO DATE t' - BUDcett
' IT Cl4 tAsT YEAt THis YEAR
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t.oesaAmeo asysuus a PArnonAos cAmn ............. 759.307 814.784 8 834.000 75.1/ g ' 2 powt recovenos em wst . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.151 2.394 1 2.400 ,, 258,952 281,649
- 278,E00 24.3d I cost or cuecwast o rowte . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.000 3.180 ! I nAssaumos tm wst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4:299 65.697 - 96.671
- 67.700 l'7 . L . ,,_ .
i s. oistissunos (m usa . ort tinow . . . . . . . . . . . . . . . . . . . . . . . f A oisttsunow e m ust .ua NitsAnct. . . . . . . . . . . . .. . . . . .. . 11 449 3A' 1 ' 3 d:P 3.' II -
- p. consuute Accoust s am us t . . . . . . . . . . . . . . . . . . . . . . . . . 29 32s 37.202 33.6d0 <
f.
$ s. snts r et N s t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 007 #:P 31 *M-l' 32 '26 173.2.R 135.!00 !
'i E v. ADINisitAUYI & otN!!M LPINst. . . . . . . . . . . . . . . . . . . . . .
CA7,3] d 617,d@O Sd9.380 l 5 ,_ 11 TOTAL CrttAffott & MAINTIMANCE ExrtNsE (2 TMPJ 9) ..e e A4 33R 43.353 97.FCD 7.79 (. n. ctMfetADoM & AuofnD tCN t m N$t . . . . . . . . . . . . . . . . . . 24 04 25.6'?0 2_; 21,
- i. is.i n t m nti tece m Y................................ 24 276 l' 13;201 16.c09 3c,1fG K (._
11 in i m N st om t e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.773 37.213 36.200 3 . 2.h _ i it emnst on towo.m otet. . . . . . . . . . . . . . . . . . . . . . . . . ( 0 M 0 0 M G io mrtresi ca.ec,ea To cousnucnos.cito,t.............
- n o mt t o' ovenons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --
3.721 I 4.563 3 . MD I IO~_ 1 F I u. t:tu co:T or tuctrie stawi sto rneu isi ............ 67s_.623 I 79?.354 _ 730.370 ' 31,fiQ.4 21,430 103. QO Q'u. ._ h 17,rAtto,.Act car tu A once rmo y Anoiss o smus 91.. I ii. ,+oyentAin,o mar os s . wirit st . . . . . . . . . . . . . . . . . . . . . . 7.001 7 6F3 3.lf.* 0 _ C..E A A A I h it. Aatow. toa f uwos usto Durso ccN st .. . ..... ... . . .. . . ( A;dG) 7;M1 I950) I I M _ .- [ m nowoa:tsnso maroms.owt ....................... 0 0 0 f_ l Tf. ocmtADON & itANsWssioN CAPnn ct!Dits ............ o D f._
! ni ornte cmru cetotts & ranosact emotses .......... A_
0 i (14 *069 ) 0 ft. rXTIA Oc3mtv ITTus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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p IL PAft384Mt cJ f'ft AL Os MA2GMs (17 TH t u 21), . . . . . . . . . , F .052 30.4a4 1.3.970 I a comewncw, eos txer sawtt not inctue: 0 0 O O EtICTtic E P.!tGY EfVt Nut s . . . . . . . . . . . . . . . . . .'". . . . . . . . . . . f PAtt 8. DATA ON TRANsMissCN AfeD D:fitfttJTION PLA" YE As .to.DAf t T1.At.13 SMi fTtid LAST YT.At TH's VI At et1M tAsf YE A R THis Yt At
. 6
. 6 67 5 ma t'essm 61 61 L i htw savus cowrcrro 75 2 stuts stTro 20 35 6 mu omisor ,
633 66? __.
! 110t4 stM13 IM PtKE IcO2
- 1765 7 WB O'OWIN 4 1 '
3 a nt stmts strec stAWil 96g oci 8. TM RIs DMD ($ 6+h 695 l 7?G
!
- Corrected to actual clermeAnon .
trE HEREBY CERTIFY THAT THE ENTRIES IN THl$ REPORT AND IN REA FORM 7e IF SUC FORM 15 ATTACHED HERETO t.f.E l'. ACCORDANCE WITH THE ACCOut4T$ AND OTHER REOORDS OF THE SYSTE.M AND REFLE= . THE STATUS OF THE SY
}
ECST OF OUR KNOWLEDGE & BEL 6EF. 4 February 51. 107. i c . // / e _, _. .__ . p February 5, 1975 pgg we u s.run g,, . Februan- g
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cars n ---j 1 masanmut cw rotAe me tav upro c%, warw rom 7a rs arf acHent P AC,( 10f i f l CA FORM 7 sty 30 74
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- m. m 1 a FINANCIAL AND STATISTICAL REFORT ' ~ . , D W& .- 1., 1974 _,
ig $toorto.et.tff Pf A SUMJf*J If8.1 PAE! C. FALAft*B f t.D . - . .
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. . , ,,, , .,s I,AND CTHl.a CLI*,.Tl AMETS AMD OTHtt 015178 , ,,
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25 u!"t.:85H31 s...u .......- 4 n......u...n.. - 3,*280 M22 . f.10t A& t#ttrtY ftANT M Sf fvlCE .u . . .... . . . . . . . . . . . 20 PAltC*eACI CAMf.AL n+ n 7
....'.e'..e.,....... M'/..'.(...._
L n..n........ 35 019 .
, 1COH57mJCTION WOG H P90Gt155 n
- 7.orteAt u o r o siHt.rt<0t v. .....i..'........_ ' al.Z_.
- s. got At urarrv PLAxt a + 21 . . . . . . . . . . . . . . . . . . . . 3;315;554 L 1.')03.009 :s. cPtraiwo mass:Hs.cutn> - t #A *. . . .\ n . . . . . . . *l " * '
l ( Accum riovivoN roe ouricatcN AHo Auont...... ;9. NON C'lt tT;NG MAlv!?4 8. . . .*.* n u t* . n . . . n . S. setT UTEJTT FLANT (3-di . . . . . . . . . . . . . . . . . . . . . . . . 2.1')'4 /~CA '~ ^ 701 n OmitwAlfMS&tC'J M . innueunnon -- - : . w _ e n .-
& Hope 1Ttit7 PeOPtitV . MT . . . . . . . . . . . . . . . . . . . . . . . . -
- m o m .u n n...
- O si. toTat matcan a .ouift - .
1
- f. NYt 57. N ASSOC. OfG P ArtON AC,E C APITAL . . .. . . . . . . , .
\,
& mvistutt<ts W A5$Oc. OtG -OtMi t . . . . . . . . . . . . . " 66.E63 at teso. Tit m ot T.Pt4 tNtfi .. . . . . .. .. n... ... .. .
~C' )
- 9. OtHp wvist ut NTS . . . . . . . . . . . . . . . . . . . . . . . . . . . " 25.200 ,
trAvututs.o wtuto s ' 33 to.io.Tita Dist.CTWB.. n ..n.n.4...n.... () _ _ _ t o stic at ftscs . ... .. . n. .. . n o n . n n . ... . . " M) n........... "Y ..-* p e, r_g 1 34. TofAL LONG.fr*JA C 37 (. - .- It. TOTAL OD tt PRCPitTY & INVESTMENTS (6 THty 10l ... , *'
- 35. N0tt5 & AcCov'!*s t/ vs.?' .. ..een..........
- 12. CASH . CINt RAL F UND5 . . . . . . . . . . . . . . . . . . . . . . . . . . .
c cy 41 6*# n cc*.5p ! A5 0'f 0L*1..n. .. n n io.. n n o n ~ la CA!N.ccNsituc ic.s fuMo.ftus*t t . . . . . u n . . . . . . . '.ti. fi . . . . . . . . . . . . . ,,,,,,,,,[' 1.853 27. cwt
- Cuht & CO -
- 14 Stic AL DI Poiff 5 . . . . . . . . . n . . . . . . n . . . . * " * . * "
O 48 1074^CW c & A;Wl. At <5 (M "r'J "71 l.' . l 11 timFotARY INVESTM E NT5 . . . . . . . . . . . . . . . . . . . . . . . * . n.n e nn uen n. , e
@ 39 C[f[f t:3 chDTi n u n u .
r l & NOTI $ ti CtfV Akt .MI . . . . . . . . e . . . . . . . . . . . . . . . . . . 1 3.17o o mscimtces cdurto - m s .............. i [ 17. Acc ovHis ts covu te .Nt! . . . . . . . . . . . . . . . . . . . . . . . n ccmut ONm no e, c, c rucim .......... _ , , _ . i& wan etAts a sumit s . stic1nc . . . . . . . . . . . . . . . . . . . . . _.12.0.,f E 5
- 42. TOTAL LIAt!!JT1;S & Cl>C.R i l:.15 (31 + 14 +
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. UNITE,D STATES GOVERNMENT d6MOYGHNUM 9p y. # S"*NL r
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q}g ......... To : David J. Andereen Projects 1.*anacer - EI-11 raou V. Clair Lcocli, Public Utiliticc Specialict Idaho Fallo Dictrict - 0?!I sunfr.cT: Fincneial Data - Various Idcho Dictrict Cuctomerc Declo, tand "inidekc, end the fc11cwing rarnl F:n ,cro, coopcrativ
.'livorcido, South Side I.inec, und '.7ello Eural Electric.
In cdditien to the attached financiol ctate.vr.te, 1974 accounting year.below reprecente data received fro there cucione I!o. Total Iflill Cuctoner _iten. Acetn Opert. tin- Elect.
.A c e t c. _ Sal e c Eevn: a.
Albion 1 30 143 2,240 025,276.73 Declo 74
.92(oct) 1,093 (cet) S20,77C.C0 Minidoka 56 (Nc tudit for 3 yearc - no definito plent for one)
South Side 37 3 423 18,334 (cet) 0150,605.00 Enclocurec: ] .2 . Financini rep : rte for f6[( . ' e i ' *N ' Fr.more, Decio, Rivorcide, '
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South Side & Vielle VC Loos 11:$Sc 5-19-75 1 cc: ! A. Elcr - FCOB w/cncle R. Nichi - C"l0 w/o encls Official File: O?ll R E G . I l' [ D - I.% f . P: a r.wu,= il Bu.y U.S. Sarings Bonds Rgn!arl.y on tIx Patroll Savings Plan BPA 1100 Mr. ie
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N J= N - J M N N = , PN = , e , s a e t , j s,e m-e-rNo J men, M .e N o. .n e s o e = e n m e> ~ m .D D - - s es m o - NO MN'94 JPWN EM@ Pe3 # N PJ N h--p NAuN NPM = -97J N @ em - == =O Oe9@ t N e J.J P=+NPJS J N n #1 aft 4 9 N e == a a N F1 N 39 = J @ == N N=
'J *n ON PMO9 U @ N M S - P) Ac=M4=A-P P= J TN NMONM#A J =
==
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N = N R= J NN M N rN = =
- e i g e !
' I *
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=) hi m N M@NPOP OM 7W=@= .PNNM seAN EN DA NN J AP fM 4 NNe#
N%=N AN Lh k=9 9 JN==@ +*N JMODNJN=AOD4DN= N be D .9N& ss e AC2= 's N= = DN (F* D M T & *@ == C T *@ D J O' % 9 %s == N J' N en O' O D '= D
==
-SDM MNMA 90 F4DN=MNN = JN NON ONM -
AM= M. -- es - N *
= ,
l ; b RN .= . -
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=9N# ec 3 C" % N 3 -F N = D=N N=
N=JA m DNM=NO em S .D N P ro J-MMm a=9 u M N 4J J DA tT =N=d@ DD n N= = =e3 W%=n
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&A o'J. &, N A, M. ~M,# = -
N=Me JmmN rN= s3%QomN nD=NNDnN DM tT=NN s N%=N NN
@ F P rJ Pat he=NN M-N.F@=N nMMJW Mo MModNMD 4 N= = =J
==
= % 3T = N 'n M = M D ADB+==JN = b@ @MN @NN N e
MN em -C M +- t * - , e' s= 6 t JN = { t j j j s 4 l - i s - A *1 P MNM 4 A @ == .# = 1NM P P f == M ,D *) == F M = 'f1 881 A 8e* == ' #9 7 9 'A ==' "3 M 4 ,4 = sc = J .V tw P3 ? tN=0 N # N N .*3 iN % N J5sh = DN tb A 3 .s J FnP DJN S =N=N es e 4ct a @P=t NNA MMNNcPMN JMN 39.1' % f927 Ps 4 == # 7 t *) N !? t% = is % ;n N = 'n M C l' 3M * ' ' ' ' = 0 J M f *b 4 N= = 9 h T af L* == M= 3 =MT PA S#-= PN = M7 49= ONN -
- =Nc tN.= N n = = N = - - 8 JN 8
=
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- 3 e1 += *1 N == == A ==
= 0%N 4NJ==M 3 9 A st== PN M JN 1JN FMN-- . ==
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- t.% ? M = ADA-PJ9MNM $4Ms 3 3 'J sN PMJ7 JN CM ONt A J A .s u J a 7 J J= f n D A N .4 - -O-N -M DJM9 @ J@N .Nd N AdND FONN N= = 4-7 4 .64 3 P M rJ 'J M ie m NAD D ON 9=NO F N=
#9=t N ==
=999 P M .a. M - M S N #@ t = tN N 07 9N=
4' & =e m = .3 !& .= N = M- -
' e
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.{ o=nm s = = .n os.t77%
&an% ers===AcA=u ero nN immNn e D
NM=N N= = os MN
? b es t =A 2bMA
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N N = J AN= e = 4 N 8 a M= - 4 I e * * , l g i
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t , I
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=.
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ac J3 = n z =< ~
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- f **
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# "1 / 'L *= 1 *= 0 .: Z ** .) J .i W eJ" = T 1 1 a if .4 'M
*L *) D *L 4 'A "t 'O 'J % E af E.s* 3 sa."*9 Y =J tl - 8 *- 8 T T X W *L O J LS ;* O *M
- i *= ** "1
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*n *=
'Oe4 OE 'A T m e Q 3 ** h e ( 'aJ J g3 aJ =4 %'t *4 et et -T *= A *> 'e l 'f ed =4 8 "*Est 68
& l % e, 3 *= ?. A % /* * = . . .T
- CA eL *= % *) W J
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- i '."I J O
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- 44 as J
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@1 p Ci N 0 D M == @ .3 =J r= .J == N = e 7 - @ ss @ Oo -) *= pen P) fm *O #*9 N - = t= @
== MtC N e., A @ N Jn d 7 tw == = == N N == u3 4e 4 N .% fts C P3 ua = = = =
N == = == Os
- O
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==e? @@=NNMN NOiNm===N = JD mMM =dM =
A =
=
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2N M = eM=ON=@ FA 3 N ** *1 O M tmeANN
'3 9 9 3' *
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- TNN=NJAM P NN =P@N
= PA =MN4=MN @9=G===N #M 494 @mM J
=
n= M N =@ J = = AN N EN= @ P N = A *1 = @M@N t43=N==McN SMm=PMJ@@MS M@ouNON
-Po i N P -3 C. N M = - .1
- N N % ts N t=1 A P OA7@N JN7 i n-CM JJWN t= t
%
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%==> 0 t PM* 9M T D = 'n N = N TNM- k @ eMt O PTbMf NN = ADO
- O' - A 4@ # 44= M N A 4 = D = = = .M M= 4MM @ AN M
=* ==
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- 3 *10 89 =. A=- s1
% 15 g* t'nsi%ftra M% n 3 == N n == % n h ir? N N == t t 1N A >J= 3-N .1 J e 95 TN
- A m'i 9N t erFM MP=JPNNN AM A M t =%N@J=9 N NN =$4A
=N@.s D N @ J - M .O NT=O===N M1 WNM gen M s e =) N D =c J. = =
m= N O9* @ N #w @ 3= 0 'f. P M == % 'O C D M @ 9 # @ O N N + 3 -A ** **
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==
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J= N J 3 09 = 79 - 3 89 a O A @ 3 S 3 s' J N *) S f4 **. N N A A D *) C P *n = 0 J d* O e # D *) A N O J M == N 6 3 N == 0 Pm D O' O 35 D N O = 33 C A sN O #85 N N r** N 11 ? *) 39 O J N tt O N AA p
.e e - J .as N Os @ N 3 == 0 % N == c= q o == .% J5 rg a us to p == = @ fg % J p-N A - J N =a. 7 N *q
@NP P % M .0 % % n- =N n % '3 N = m N P nJ N= %9M=M M NN = 3 OA
= .0 O c ;= J 3M=ND Tts-A==== M@ JMN N bN N
&DN O = 0 M =
J= N iPN c1 == % *9 3 N P PS % # n & N *9 M N P r3 N D 3 t = f4 -n *n N M e N *A N@w tNN% em O@ t 3 3 C5 N ? Jt N # "s J t -s N N J' e p 9 '"3 3 = 53 J N 9 == TS 9 *) 9 1%M 3NN9 J N A 53 - S # == *) F rw M f) 75 ='= p 3N J 43 .4 M in @ di P =% T* 9&@ n JS A b= J P N J 19 N .O
@ cAn N P nPN n= *s9=P=NNN N 9 0 .3 % Mn%dN= S N= = Onf
-ND% N 3 P4-= t DN=J== = NN MNM DAN N
+nN ' % = A M = =
J. N MDb J=@-Sa=@ P )NNA t t9NAOM t t%= 3PM A tm ON = DN 1 0 p=%e J%N 89 + *t N N si % *9 N ** w *) s N .% N P = M =4 % 9'% t .O "t m N =t as O' ***
**f n N 3 N *1 = = m N M @ e?=JN-SJ OMMJPO 3 M c't P A = -1 3=M MPNAM
*7NN= P = .n 9 % t M rspN J= @@N 9 A= 39 P J P=P=9 N. = J 4=MD= M A .# M - = @ 04 9== = NN MMN 4A- N V *1 7 8%J = + ' == J *1 == =
O #~ N
'k f.
k k
. Z I F M M e Z 1 A Ot el 6 .E .8 3d E Y YO > n J O > M Z E 3 */1 3 'A 48 J =-
% 3 -e
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> T .
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..a e Z
u H Au 22
*/ t/* 7 ")
et v2M >- m .sD
- r r
- g
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J (3 e= - a . ,J ."4 e. .!2 >=
= 3. JI ' n e 8. 8 '* J 3= r e- ** ! J= A w at *= ? .s = J d' d .1 I J M 4 4 C 3 E 3 3 3 .7 T ;* A w w w m JdE 43 11 J I. 3 JI E E j J E 3Ya w 1= J 87 7
- r e J -A f n A = P -L . m J # $ 19 4=w J7wvM J 't ""5 #1 1,, .MM? A 's ** s el A % .3 g J tg *.3
- st T T w x L *J .J M 4 t) *a S t= -4 e't 3*9 T *1 ** J 3 -e *f f'S # 's 4 ** ** ** E
- J ta M -4 T 7 e4 # 3 EA # * *3
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;) .*3 =e .J A3 go.3 s2
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*J ~ .! J A .,) -e 4 . 1 J ?4 JJJ .3 1' . T .A J .* Jt * 'e ** J A B .a sJ *) -8 = 1 J Jia . I sa J . 3 a sJ ==e la (* T J -e == 4 3 O =8 *1 d 'J ** is a: -e == et *) J .t A
- i *= 7 1. 826 w
C' >= ,, *J" *-e t 3 C t'"3
*
- J e= JJ 4 73 1Mm4 4 g J L e. h 4 % 4 44 3 3.74 tw s < o 3 = w s r.
I s3 b 0 ** *-0 3 a2 : D ** A O 9 ** 4 J t= E O, J J ') C >= A U 4 is .* 8 -60 de M 3 4 =) J L3 J s 9" w
** wt 9 4 <=Z d43g 4 J T = st % .s (k d > r! w #1 .9 J4 J T .J 7 4 4 ,1 . .e 4 >= s J w J =J "J .3 4 a et 36 iOJ .s A S #* ,; # 9 f e- ') v3 ;* . A i a, a J 3 .e A J *; at 4 ~.) 8 8 e -e " 3 -e .i - e .* p *= 0 4 .. J f ** *) s' J p -4 v
') 61 .* 1 2 2 A *!1 Y 1 sa E 1 */D -e A .J 7' *= .ns I* 1 M pn .A4 1" f*
3'.- 's * *= ;* - f4 % 1 . 4
*- J i J D . 4 .* T *4e h. 84 4 r3 T C4 w ? J *( -e 't J$4" J*1*= .s ne J .3 *J =8 .8 es m J ** M ej
@ ! J J.3*T O 3 e J .3 3 n 4 J J .C e >= 0 d O J .L 'd W */ ;) P i Y vi l
*9 % N' O *t t.) ** J *J P O #1 *. *4 .C U =e -4 7 7 7 Y * ) -e * ") se 4 *= 0 T *J W 4 =* *= 'l 3 l
,_ . _ _ . - - - _ _ _ - - - - - - - m-----_--_-_--_------.-.---.--- - - - - - - - _ - - - _ - _ - _ - _ . -
~l [ e t a 6
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T - 4 J tA *** @ O' @ *D 4 @ N N 'S == 0 eO N N .O == e N 89 A eD e3 N .A N O t .O N mi *O N P' CP @
# .s & == N .0 J pg o .g p, at te 'P nN* ss *s t**== 9 ew % 9 *) tt e <= as eon N
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P= T * *s =P
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i = 1
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== % == .O - s == ec #9 =1 == nF5 1 N == t. == att A .t P'a eD N N N ,o . Nh == == N 6N .4 N i I ? h ( 6
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@ .O to 89 89 - *D @ LA 89 N J 'A J
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.n &F =@ == .9 0.%N F N t On *1 *P P. J 0 ed N PO l
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== == 8 s fp # == e4 == N a fg A == A ==
N= 9 N' s I f.=p ' 1 4' I i 1
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== rw "1 % 9,s s % si .O *=* nu F s (** *1 tv == - e *ts 9*** C N M e5 AN O == N 'T t N N N N os .S e e. N N e n A f A .s % + - i.i e N o @ == =As c't== e=f== 8=s .3 7 tN P=
n eo o to f a
*1 *1 -
*2 A 8'e -
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== 89 P 1 3 0 *) == di) = O' su N 4p A P aD ' N .X == == .h M 9 Pm J A # ' A LA @ .
a9 -3 9 = N == % N M == 89 ==*) == ,== a3 == N N .
' . 1 .
' e i i P N J % 9 - tJ .O o A M dr* O m e3 N e 'S' g1 to 'P ("4 s"* se
% 9*n T N M tM 9 art 3 2 P. f.fs t 3 A .Th = N M = .3 J Js Ae == D c- A& SN JN == > .,) to "JS .c 3 =+ nra N 3N* t !=s # P O .h J N re % .s -s e o N w 3 er e as t== #= P *s 1r* n =e so #= Si -= tN .=3 e N g= >. 9T- % 6 CP N@ '** e O* ie's 4 3 P J5 J *J .D A N D rs D N of 9 89 G5 N == == == m a W 7 == N N J % e. .sg en 9N *1 S
= t f1* t 't aA Jn == Ef5 == P == NN t P. "B N == t== t = F4 N F .fh == == f .* fn i N-
** O fn == n ==
N 1A = N '. '
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Gs 9 i == 3 7 == tN 43 N 4 - se Je = '9 aC 'o ? = 3 'O t 9 == "i N n as N '9 7 an =) N LJ N
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i l i N e so OS O s a a.3 N .J J 0 P4 9 J tw .h r4 % 9 2 aft = @ 93 - 15 7 N N n 89 P1 u is USN NN e *P A .l% ,75 .3 - A == % = t A = N O P3 7 e A P N == t==. P= N == t 3 43 Pt 23 3 43 o 'O M == - 0N * == N N t 'A % a' = = st '% 7t = P O e o A . 3 == = f .t sD A N N N N .P 06 ~1 % N QS 3 on 1 'O +# sf 9 941*1 ANN N O t 3*4'e 7*$ .9 a.=== 4#- .t == N e s *1 *=* eg ?) "9 N C in
== t a. JA 9
- B in = 3 N f'h*9 % N N *1 == == 89 fP K, sO P1 2 == == M P1 N ====
7 p - fg == == == c t == N N == i== t == N == a eANP * == n at -3 *9 N *. n n 1 ft 0=M % ? J P *% ert N t % 9 3 'n *O -t *'t "1 N ft i N =) == = == J' O J t e~ns = 0 tJ 3 P P1 *=5 '9 .n N %) & M P= 33 N P J == = N US == 0 *1 C5 AD 0 == . A es t *1 N 4 N N 4 se ? NN DAN 4N@ A= f a .C % N == *1 J' D == N J 6e e P2 I it ? *t m *) **3 ft 43 Jt A 125 A OP D .ft *1 J N N .P 3= 9 P .t A A 1 1.n O = 89 N A f4
== N t n =1 *) = 33 *) N - = = =
==
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re 2 QT *t Z J T aum num *m t =4 'A=*****
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- 0 La. Y J 8 8 's a I T %s W *L *J J en
- Q
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- e4 et st e t Y == .a *= al Y J -e ** *
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- T
=J >= C M .t J J C et J "4 64 3, /7 A3 J "J J .a " 24 3 1) *3 J se e e e-
=a = *JA 3 =e .=e .1 =* 2 =1 3 =s .! .e a' --4 .4 J =J ? .8 LN 4 -4 + 3 4 ."a . s .3 7 -4 = .a J .J .* e me
*e *r La. t =e *= '9 Y J +=e == - t J *3 >.e -4 at 1 ** 3 es .4 et at O .J pMAN 7 tL +3 9 &= .* 6 =e *T I f13
*= J se s J ED 't -4 p. e =a se .t L d'e= -e *-e .=e eT 4 e') A J et Y .a >= 3 et *J 3 >= e 4 *L U J ' et .h 8 >= 4 *1 1 a e- A T 11= *
"J ( e. f. a J Z s; .! *= s/s ;.3 4 12 a .J ee *A 3 =* JJJJ k s" .s
-1 F e 3 -e . t a C == =t L J ',; *= $4 Da e. e .J * . as OZ is =f 33J
*b /. *>s **.e A K -e += aA .(e +J =J .J J *. eA32 CJ ~3
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- n= e4 J eJ. "J s 4 3 e e e .'
' #' V' "4 A *-
mt ****7 / j" T4 I a* #e 3. J., J A * #*1 E T. J E E4 4 4 J '* == M % ek e = *= /t I' J B st 38
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+ '4 ') .T 8 3 1QV J O *' O A F e o Y J =4 =4 3 *) 2 n* O be 64 '3 - A L *= ~3 3' 'J 'n et =e e= 3 (J Y *= ef *J ** 9 T *T t
e
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=
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=e0e =NDA A t N == -M == N = 4.e = = 4J c= N 6 =
N *s t S te t=mb Ot 3 *==* tN %%T % O N M *% % k M D & heNM= 5 McM= =N*NJ #@ AAn @N P4&J t m #. @NmN s@@9= 11 .t .% n @ N N NNe34 = 81 4 n J # N @-M JCJoe@ Pe A m Nin @*D m N N NJ -Ne 3 PMAP P eJ t *8 7@ A N*N =W D J O ===tdMN N NN
=@es N=# M P M-= -M --- ,M== N g= N O =
$ P C aJ N u ? eNN#NM o@N N N N P M in M @ M m@NeNNn
@MO D .t a gG N 7 == e == en t M in 62 o A SJ t JS P1 "'1 N N = u *1 LA e ? P #w F) J (3 t'3 == Pm .t N N e9 05 NaNJ NJ@@@M= N=N 83 A N D e s M7 'J @ N JN A4fu J@ N@ 9 F DT@ - N '1 N M T N 7m7 =t N MJ PMPN?N t 7 NN
=Nc= M-JN MM N== =M = N== N N= 4 $ =
ueM N .P A N N & .h MMJ 4@ PMMN o#$ e @ c = e .* n e N .% D J N T N
- FNN c -J = A m N 9 *.1 = e +2 e s n 19 nen n SA=@JM N N N 4 0* Ona NJ= 1 b JMMJ=Q DN@ e9 hN 3 DT b O mk DnODN 2 DO .O M G
*n M 9 9 m N M es t .7 = t tw @N ==CNN-M *J N=
P D ui N N== N
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@ S=M M N*1 N M @ A &N@
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@= a I
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D==N nh S= 3 e9 3 2 9 Ls N t-n@D @A nM tm 2= 1 N bA Am& P 3 9M M= 1 N M 05 .O N N (JS N3 n t. = 4, N . = N A .1 s 4 =-
- O* N N *J = 43 7= N = N== =
A= 3 9 e. 0+ N P NN PAM4A -ON M 30@MN C tJ N M 77t===#= cN=J 3 i O @OO 85 1 ~3N N N - N On N .N 3#7N tr. A N t u1 J e .D N O *4 =0 N) A O
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@ D N -3 NN@MM*= N=4 N J O- t c 3 M n @ -3 4 -N=
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in = P 8 MD 1 % 7-N C O= NS9 # 11 4e= N SS e3 0=N A ONS TNNNePS N *3 J*= 3 M = == -# %= 0 'O P == J 1 O OP N
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kw M Mw ET
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J *1
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-o 8J ** +3.f 3 tw *0 ** J si sa .8 T E W M i f) J '/* "7 O l AWH9
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- B *e s aJ me S 9 at t et E= *s > J O' J d Z
.* 3 ti= *K ti D - e J O *In >4 d' dAJ1 W .3* *J UQA1 "'" >=T 1*J ?.
of J J 334 ?% *O C 4(3H Z A .i .1 w a 3J 8 . E % *) )LO J Ma F. C W .; n : 3434 DOM J *4H J A3 4 24 J .J 2 J r n= *1 J J .C .t 3 == 4 =4 "J
- 1 .s *J .e 3 -e = et > 1 f 2J4 3a *4 L -e i ts =T O .J ;* A A *= ! *L ' S D k 2 *.1 H *y '. e o.J D
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.) A? s .h 8 .* ~8 ') *- t A J * *1
= f J )-%S &DJ s* d J 'J e A ) st 3
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N J L'b d # 3 2 >= -T f 1* 2 ** I 4' *,1
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- 8
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m_ _ _ _ 3 f . e e N Ne@M$ PemJ=$N =D* & C.O N N e M a m N ==ON N M@M MN=@@ n e % = >m J' **e 9 .se .? a o c h M J J' ~D . .A 7 ^:e 'e 9e rO * . 8
- 9 N == es n 94 n .c' "' r et JN9NN em etr NNN :A
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- eb 6 *9 Joe.J= NAN = en J N A 7 - e J a, J @ = l
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N = = = l NNM -o= t J l
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4
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=
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't MNM @JNNs3@@ =h NtN N@ wMb r M09%PmO M MnN+s N J# O M4 P c% MN PtCh@JNp.h.%J@DM A 3 N N M = .J N "
e% % 9 :w h N 'J
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==h* NMN NN MCDZ-~=N 1 9
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= P % M N*1 M
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- 12'1 9 'ei p = N *" % N F d' = Am th P fe A
= F == = 4 3 A h "4 *1 J ^1 3NN9=f k tM9 k &D 9TP= "b a M 9A SM3C T93DA4NCN EMnZX @ ?T .
NN = J@N M N V .1 DNN@eAM #79-N4NdN%MJ - ri t = N e'< 9 JM= gn N A N = % N ss
==s= 2 D@@ JM es o 4 = = = = N = .
= 1 N .B =
" T # = C f O= M 40 A 9 -3 .J A == NN=9NN A s @ == c # t 0 @ % == # & ew == 'A N N 0- N O O ~ 3 N .'n et er* N *1 N 38s N J J r P. A44 O = 3T.s7=N=N O9 JAN NN O r0 OPP e1 3 .A A = 7 M P P S .O #@NN9NN N 2 0% M= DM t DN O = -- N f9 N N # = N ONNN== O= J f79MNM N= ** OCN f f O* C C8 4 OJ 1 M N Fw .' r1 P= N N =N N O *3 = N = *)
P O . e == M M = 9 ec % 0 # N == N *= m 'iA
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=
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*0 N D rJ N N J 1 = n .n r.
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=ma 3 3=D%t?A 2%MM%#JNR n MNA7nN 9 no00 @@ hom== MMN=DNN J==J *sM Jb@ PN f nN=2NNO39W
.T "t tJ N A n A 4P4=A 3 9 D = % T 7 =J 3TA t % 9 *3 O* N N= -ANJ 7 t== FN f f%d- ==?NN=9NMNO A 0 3 h J P) -D N %%4 'J = = = = M -2 =MN DN3
= =
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= t - o = 3 RM t n ND&D==== NP =MN A% 2 9
= e P FN N ~ 3 %
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.s 87 8" M=* 1 L J J J % -4 = == ~
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