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424B5
SOUTHERN CO GAS filed this Form 424B5 on 09/08/2016
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SELECTED FINANCIAL INFORMATION
The following selected financial information for the years ended December 31, 2011 through December 31, 2015 has been derived from GAS’ audited financial statements and related notes and the unaudited selected financial data, incorporated by reference in this prospectus supplement and the accompanying prospectus. The following selected financial data for the six months ended June 30, 2016 has been derived from GAS’ unaudited consolidated financial statements and related notes, incorporated by reference in this prospectus supplement and the accompanying prospectus. The information set forth below is qualified in its entirety by reference to and, therefore, should be read together with GAS’ management’s discussion and analysis of results of operations and financial condition, the financial statements and related notes and other financial information incorporated by reference in this prospectus supplement and the accompanying prospectus. Except as indicated below, the information set forth below does not reflect (i) the issuance of the senior notes offered hereby, the proposed issuance of the      % senior notes due 20      or the use of proceeds therefrom and (ii) the pro forma application of push-down accounting related to Southern’s recent acquisition of GAS. See “Use of Proceeds” and “Recent Developments — Acquisition by The Southern Company” in this prospectus supplement.
 
Year Ended December 31,
 
Six Months Ended June 30,
 
2011
 
2012
 
2013
 
2014
 
2015
 
2016(1)
 
(Millions, except ratios)
Operating Revenues
$
2,305

 
$
3,562

 
$
4,209

 
$
5,385

 
$
3,941

 
$
1,905

Income Before Income Taxes
300

 
431

 
485

 
930

 
586

 
232

Income from Continuing Operations
179

 
274

 
308

 
580

 
373

 
145

Net Income Attributable to Southern Company Gas
165

 
260

 
295

 
482

 
353

 
131

Ratio of Earnings to Fixed Charges(2)
2.96

 
3.05

 
3.47

 
5.85

 
4.07

 
3.15


 
 
 
 
 
 
 
 
 
 
Capitalization as of
June 30, 2016
 
 
Actual
 
As Adjusted(3)
(Millions, except percentages)
 
Amount
 
Percent
 
Amount
 
Percent
Short-Term Debt
 
$
689

(4)
8
%
 
$
569

 
 
Senior Notes, First Mortgage Bonds and Medium-Term Notes
 
3,456

 
41
%
 
 
 
 
Gas Facility Revenue Bonds
 
200

 
2
%
 
200

 
 
Non-Principal Long-Term Debt(5)
 
53

 
1
%
 
 
 
 
Total Equity and Contingently Redeemable Noncontrolling Interest
 
3,974

 
48
%
 
5,024

 
 
Total Capitalization
 
$
8,372

 
100
%
 
$
 
100
%
______________________________
(1)
Due to seasonal variations in demand for energy, operating results for the six months ended June 30, 2016 do not necessarily indicate operating results for the entire year.
(2)
For purposes of computing the ratio of the earnings to fixed charges, earnings consist of the sum of income from continuing operations before income taxes and fixed charges, as discussed below, less capitalized interest and noncontrolling interest included in income from continuing operations before income taxes. Fixed charges consist of interest incurred, whether expensed or capitalized, including amortization of debt issuance costs, if applicable, and the portion of rent expense deemed to represent interest.
(3)
As adjusted to give effect to: (i) the issuance of the senior notes offered hereby and our proposed concurrent public offering of our     % senior notes due 20 , (ii) the repayment of $120,000,000 of our Series A Senior Notes that mature in October 2016 and (iii) the $1,050,000,000 equity contribution by Southern in connection with the completion of the acquisition of the 50% equity interest in Southern Natural Gas.
(4)
Includes $114 million outstanding under the GAS Capital commercial paper program and the Nicor Gas commercial paper program and $575 million classified as current portion of long-term debt. Does not include the $360 million that Southern lent us in September 2016 in connection with the completion of the acquisition of the 50% equity interest in Southern Natural Gas, which we expect to repay with a portion of the proceeds of this offering and the offering of the         % senior notes due 20   .
(5)
Includes unamortized fair value adjustments; unamortized debt premium, net; and unamortized debt issuance costs.


S-5

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