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SEC Filings

10-Q
SOUTHERN CO GAS filed this Form 10-Q on 11/04/2016
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS: (Continued)
(UNAUDITED)


Balance Sheet Information
The carrying amounts within Southern Company Gas' balance sheets of its investments that are accounted for using the equity method were as follows:
 
 
Successor
 
 
Predecessor
 
 
September 30, 2016
 
 
December 31, 2015
 
 
(in millions)
 
 
(in millions)
SNG
 
$
1,414

 
 
$

Triton
 
45

 
 
49

Horizon Pipeline
 
31

 
 
14

Atlantic Coast Pipeline
 
23

 
 
7

PennEast Pipeline
 
17

 
 
9

Other
 
1

 
 
1

Total
 
$
1,531

 
 
$
80

Income Statement Information
The following table provides the income from equity method investments as recorded on Southern Company Gas' statements of income for the periods presented.
 
 
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)
SNG
 
$
27

 
 
$

 
$
27

 
 
$

 
$

Triton
 
1

 
 
2

 
1

 
 
1

 
3

Atlantic Coast Pipeline
 
1

 
 

 
1

 
 

 

Horizon Pipeline
 

 
 

 

 
 
1

 
1

Total
 
$
29

 
 
$
2

 
$
29

 
 
$
2

 
$
4

Subsequent Event
Upon completion of the merger between Piedmont and Duke Energy on October 3, 2016, GNG completed its acquisition of Piedmont's 15% interest in SouthStar for a purchase price of $160 million. Additionally, $14 million was paid to Piedmont for its share of SouthStar's 2016 earnings through the date of acquisition. The purchase price and additional payout was funded through debt proceeds and was recorded in the consolidated balance sheet as a current liability at September 30, 2016.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
See the Notes to the Condensed Consolidated Financial Statements herein for information regarding certain legal and administrative proceedings in which Southern Company Gas is involved.
Item 1A. Risk Factors.
See "Risk Factors" of Southern Company Gas in Item 1A of the Form 10-K for a discussion of the risk factors of Southern Company Gas. Other than the risk factors associated with completion of the Merger with Southern Company, there have been no material changes to these risk factors from those previously disclosed in the Southern Company Gas Form 10-K.



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