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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,175.5 $ 2,211.7 $ 0.0
Revenues from Alternative Revenue Programs 56.1 58.6 0.0
OPERATING REVENUES      
Total operating revenues 2,231.6 2,270.3 2,261.1
Total cost of sales 786.9 892.5 897.6
OPERATING EXPENSES      
Other operation and maintenance 491.8 474.6 458.7
Depreciation and amortization 355.0 321.6 283.5
Taxes other than income 93.6 92.0 89.4
Operating expenses 940.4 888.2 831.6
Operating income (loss) 504.3 489.6 531.9
OTHER INCOME (EXPENSE)      
Equity in earnings of unconsolidated affiliates 113.9 152.8 131.2
Allowance for equity funds used during construction 4.5 23.8 39.7
Pension and Other Postretirement Benefits Cost (Reversal of Cost) (9.8) (10.8) (21.6)
Other income 21.9 21.7 46.4
Other expense (23.5) (23.4) (14.1)
Net other income 107.0 164.1 181.6
INTEREST EXPENSE      
Interest on long-term debt 138.3 157.4 153.6
Allowance for borrowed funds used during construction (2.8) (11.7) (18.0)
Interest on short-term debt and other interest charges 12.4 10.3 8.2
Interest expense 147.9 156.0 143.8
INCOME BEFORE TAXES 463.4 497.7 569.7
INCOME TAX EXPENSE (BENEFIT) 29.8 72.2 (49.3) [1]
NET INCOME $ 433.6 $ 425.5 $ 619.0
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.1 199.7 199.7
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.7 200.5 200.0
BASIC EARNINGS PER AVERAGE COMMON SHARE $ 2.17 [2] $ 2.13 [2] $ 3.10
DILUTED EARNINGS PER AVERAGE COMMON SHARE 2.16 [2] 2.12 [2] 3.10
DIVIDENDS DECLARED PER COMMON SHARE $ 1.5050 $ 1.3950 $ 1.2700
[1] The Company recorded an income tax benefit of $245.2 million and income tax expense of $10.5 million during the fourth quarter of 2017 due to the Company remeasuring deferred taxes related to the natural gas midstream operations and other operations segments, respectively, as a result of the 2017 Tax Act.
[2] Due to the impact of dilution on the earnings per share calculation, quarterly earnings per share amounts may not add to the total.