XML 36 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
OPERATING REVENUES $ 719.8 $ 754.7 $ 1,749.8 $ 1,926.9
COST OF SALES 259.8 305.3 682.3 869.6
OPERATING EXPENSES        
Other operation and maintenance 109.4 108.1 334.3 331.9
Depreciation and amortization 77.9 71.7 230.0 207.2
Taxes other than income 21.9 21.5 68.8 66.5
Total operating expenses 209.2 201.3 633.1 605.6
OPERATING INCOME 250.8 248.1 434.4 451.7
OTHER INCOME (EXPENSE)        
Equity in earnings of unconsolidated affiliates (71.9) [1] 44.7 [1] (12.0) [2] 131.9 [2]
Allowance for equity funds used during construction 2.2 1.1 5.4 3.0
Other income 8.9 7.2 19.4 11.7
Other expense (5.3) (5.8) (8.5) (11.2)
Net other income (66.1) 47.2 4.3 135.4
INTEREST EXPENSE        
Interest on long-term debt 37.0 36.3 110.9 109.2
Allowance for borrowed funds used during construction (1.1) (0.6) (2.7) (1.7)
Interest on short-term debt and other interest charges 1.1 1.5 4.2 5.0
Interest expense 37.0 37.2 112.4 112.5
INCOME BEFORE TAXES 147.7 258.1 326.3 474.6
INCOME TAX EXPENSE 36.5 70.8 84.4 137.2
NET INCOME $ 111.2 $ 187.3 $ 241.9 $ 337.4
BASIC AVERAGE COMMON SHARES OUTSTANDING 199.7 199.3 199.6 199.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING 199.7 200.2 199.6 199.9
BASIC EARNINGS PER AVERAGE COMMON SHARE $ 0.55 $ 0.94 $ 1.21 $ 1.69
DILUTED EARNINGS PER AVERAGE COMMON SHARE 0.55 0.94 1.21 1.69
DIVIDENDS DECLARED PER COMMON SHARE $ 0.27500 $ 0.25000 $ 0.77500 $ 0.70000
[1] The Company recorded a $108.4 million pre-tax charge during the three months ended September 30, 2015 for its share of Enable's goodwill impairment, as adjusted for the basis differences. See Note 3 for further discussion of Enable's goodwill impairment.
[2] The Company recorded a $108.4 million pre-tax charge during the nine months ended September 30, 2015 for its share of Enable's goodwill impairment, as adjusted for the basis differences. See Note 3 of this Form 10-Q for further discussion of Enable's goodwill impairment.