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10-Q
SOUTHERN CO GAS filed this Form 10-Q on 11/04/2016
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SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
Successor
 
 
Predecessor
 
Successor
 
 
Predecessor
 
 
For the Three Months Ended September 30, 2016
 
 
For the Three Months Ended September 30, 2015
 
July 1, 2016 through September 30, 2016
 
 
January 1, 2016 through June 30, 2016
 
For the Nine Months Ended September 30, 2015
 
 
(in millions)
 
 
(in millions)
 
(in millions)
 
 
(in millions)
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas revenues (includes revenue
taxes of $9, $9, $9, $57, and $83 for
the periods presented, respectively)
 
$
518

 
 
$
553

 
$
518

 
 
$
1,841

 
$
2,887

Other revenues
 
25

 
 
31

 
25

 
 
64

 
92

Total operating revenues
 
543

 
 
584

 
543

 
 
1,905

 
2,979

Operating Expenses:
 
 

 
 
 

 
 
 
 
 

 
 

Cost of natural gas
 
133

 
 
140

 
133

 
 
755

 
1,282

Cost of other sales
 
2

 
 
6

 
2

 
 
14

 
21

Other operations and maintenance
 
216

 
 
218

 
216

 
 
454

 
676

Depreciation and amortization
 
116

 
 
98

 
116

 
 
206

 
293

Taxes other than income taxes
 
29

 
 
28

 
29

 
 
99

 
142

Merger-related expenses
 
35

 
 
35

 
35

 
 
56

 
35

Total operating expenses
 
531

 
 
525

 
531

 
 
1,584

 
2,449

Operating Income
 
12

 
 
59

 
12

 
 
321

 
530

Other Income and (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for equity funds used during
construction
 

 
 
1

 

 
 
2

 
3

Interest expense, net of amounts
capitalized
 
(39
)
 
 
(43
)
 
(39
)
 
 
(96
)
 
(129
)
Earnings from equity method
investments
 
29

 
 
2

 
29

 
 
2

 
4

Other income (expense), net
 
9

 
 

 
9

 
 
3

 
3

Total other income and (expense)
 
(1
)
 
 
(40
)
 
(1
)
 
 
(89
)
 
(119
)
Earnings Before Income Taxes
 
11

 
 
19

 
11

 
 
232

 
411

Income taxes
 
7

 
 
7

 
7

 
 
87

 
150

Consolidated Net Income
 
4

 
 
12

 
4

 
 
145

 
261

Less: Net income attributable to
noncontrolling interest
 

 
 
1

 

 
 
14

 
15

Consolidated Net Income Attributable
to Southern Company Gas
 
$
4

 
 
$
11

 
$
4

 
 
$
131

 
$
246


The accompanying notes are an integral part of these condensed consolidated financial statements.


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