Print Page  Close Window

SEC Filings

10-Q
SOUTHERN CO GAS filed this Form 10-Q on 11/04/2016
Entire Document
 << Previous Page | Next Page >>
NOTES TO THE CONDENSED FINANCIAL STATEMENTS: (Continued)
(UNAUDITED)


subsidiary with an 85% ownership interest in SouthStar.
 
 
September 30, 2016
 
 
December 31, 2015
 
 
Successor
 
 
 
 
 
 
Predecessor
 
 
 
 
 
 
Consolidated
 
SouthStar
 
%

 
 
Consolidated
 
SouthStar
 
%

 
 
(in millions)
 
 
(in millions)
Current assets
 
$
1,759

 
$
210

 
12
%
 
 
$
2,115

 
$
245

 
12
%
Goodwill and other intangible assets
 
6,317

 
110

 
2

 
 
1,922

 
114

 
6

Deferred charges and other assets
 
13,109

 
17

 

 
 
10,717

 
16

 

Total Assets
 
$
21,185

 
$
337

 
2
%
 
 
$
14,754

 
$
375

 
3
%
Current liabilities
 
$
2,321

 
$
46

 
2
%
 
 
$
2,918

 
$
54

 
2
%
Deferred credits and other liabilities
 
9,829

 
1

 

 
 
7,861

 

 

Total Liabilities
 
12,150

 
47

 

 
 
10,779

 
54

 
1

Total Stockholders' Equity
 
9,035

 
290

 
3

 
 
3,975

 
321

 
8

Total Liabilities and Stockholders' Equity
 
$
21,185

 
$
337

 
2
%
 
 
$
14,754

 
$
375

 
3
%
The following table provides information on SouthStar’s operating revenues and operating expenses for the periods presented, which are consolidated within Southern Company Gas' statements of income.
 
 
Successor
 
 
Predecessor
 
Successor
 
 
Predecessor
 
 
Three Months Ended September 30, 2016
 
 
Three Months Ended September 30, 2015
 
July 1, 2016 through September 30, 2016
 
 
January 1, 2016 through June 30, 2016
 
Nine Months Ended September 30, 2015
 
 
(in millions)
 
 
(in millions)
 
(in millions)
 
 
(in millions)
Total operating revenues
 
$
100

 
 
$
103

 
$
100

 
 
$
372

 
$
536

Operating Expenses:
 
 

 
 
 

 
 

 
 
 

 
 

Cost of natural gas
 
77

 
 
78

 
77

 
 
234

 
370

Other operations and maintenance
 
18

 
 
18

 
18

 
 
40

 
59

Depreciation and amortization
 
3

 
 
2

 
3

 
 
4

 
7

Taxes other than income taxes
 

 
 

 

 
 
1

 
1

Total operating expenses
 
98

 
 
98

 
98

 
 
279

 
437

Operating Income
 
$
2

 
 
$
5

 
$
2

 
 
$
93

 
$
99

Equity Method Investments
See Note 11 to the consolidated financial statements of Southern Company Gas under "Equity Method Investments" in Item 8 of the Form 10-K for additional information.
On September 1, 2016, Southern Company Gas, through a wholly-owned, indirect subsidiary, acquired a 50% equity interest in SNG, which is accounted for as an equity method investment. See Note (I) under "Investment in SNG" for additional information. Southern Company Gas determined that for the successor period July 1, 2016 through September 30, 2016, SNG met the conditions of a significant subsidiary under SEC Regulation S-X Rule 3-09 and Regulation S-X Rule 4-08(g). Accordingly, summarized income statement information for SNG is presented below.
 
 
Successor
SNG
 
September 1, 2016 through September 30, 2016
 
 
(in millions)
Revenues
 
$
82

Operating income
 
60

Net income
 
$
55



 << Previous Page | Next Page >>