Date of Report (Date of earliest event reported): |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). | ||||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||||||||
Exhibit Number | Exhibit Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
SOUTHERN CALIFORNIA GAS COMPANY, | |||||
(Registrant) | |||||
Date: May 5, 2021 | By: /s/ Mia L. DeMontigny | ||||
Mia L. DeMontigny Vice President, Controller, Chief Financial Officer and Chief Accounting Officer |
Media Contact: | Linda Pazin | |||||||||||||
Sempra Energy | ||||||||||||||
(877) 340-8875 | ||||||||||||||
media@sempra.com | ||||||||||||||
Financial Contact: | Lindsay Gartner | |||||||||||||
Sempra Energy | ||||||||||||||
(877) 736-7727 | ||||||||||||||
investor@sempra.com |
Three months ended March 31, | ||||||||||||||||||||||||||
(Dollars, except EPS, and shares in millions) | 2021 | 2020 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
GAAP Earnings | $ | 874 | $ | 760 | ||||||||||||||||||||||
Impact from Foreign Currency and Inflation and Associated Undesignated Derivatives(1) | (3) | (150) | ||||||||||||||||||||||||
Net Unrealized Losses (Gains) on Commodity Derivatives(1) | 29 | (41) | ||||||||||||||||||||||||
Impacts Associated with Aliso Canyon Litigation | — | 72 | ||||||||||||||||||||||||
Losses from Investment in RBS Sempra Commodities LLP | — | 100 | ||||||||||||||||||||||||
Adjusted Earnings(2) | $ | 900 | $ | 741 | ||||||||||||||||||||||
Diluted Weighted-Average Common Shares Outstanding | 308 | 314 | ||||||||||||||||||||||||
GAAP EPS(3),(4) | $ | 2.87 | $ | 2.53 | ||||||||||||||||||||||
Diluted Weighted-Average Common Shares Outstanding | 308 | 314 | ||||||||||||||||||||||||
Adjusted EPS(2),(3),(4) | $ | 2.95 | $ | 2.47 | ||||||||||||||||||||||
SEMPRA ENERGY | |||||||||||
Table A | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
REVENUES | |||||||||||
Utilities | $ | 2,845 | $ | 2,665 | |||||||
Energy-related businesses | 414 | 364 | |||||||||
Total revenues | 3,259 | 3,029 | |||||||||
EXPENSES AND OTHER INCOME | |||||||||||
Utilities: | |||||||||||
Cost of natural gas | (349) | (337) | |||||||||
Cost of electric fuel and purchased power | (232) | (229) | |||||||||
Energy-related businesses cost of sales | (109) | (59) | |||||||||
Operation and maintenance | (1,001) | (851) | |||||||||
Aliso Canyon litigation and regulatory matters | — | (100) | |||||||||
Depreciation and amortization | (442) | (412) | |||||||||
Franchise fees and other taxes | (153) | (137) | |||||||||
Other income (expense), net | 35 | (254) | |||||||||
Interest income | 19 | 27 | |||||||||
Interest expense | (259) | (280) | |||||||||
Income from continuing operations before income taxes and equity earnings | 768 | 397 | |||||||||
Income tax (expense) benefit | (158) | 207 | |||||||||
Equity earnings | 318 | 263 | |||||||||
Income from continuing operations, net of income tax | 928 | 867 | |||||||||
Income from discontinued operations, net of income tax | — | 80 | |||||||||
Net income | 928 | 947 | |||||||||
Earnings attributable to noncontrolling interests | (33) | (151) | |||||||||
Preferred dividends | (21) | (36) | |||||||||
Earnings attributable to common shares | $ | 874 | $ | 760 | |||||||
Basic earnings per common share (EPS): | |||||||||||
Earnings | $ | 2.91 | $ | 2.60 | |||||||
Weighted-average common shares outstanding | 300,905 | 292,790 | |||||||||
Diluted EPS: | |||||||||||
Earnings | $ | 2.87 | $ | 2.53 | |||||||
Weighted-average common shares outstanding | 308,458 | 313,925 |
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||
Table A (Continued) | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS | |||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts; shares in thousands) | |||||||||||||||||||||||||||||||||||
Pretax amount | Income tax benefit(1) | Non-controlling interests | Earnings | Pretax amount | Income tax (benefit) expense(1) | Non-controlling interests | Earnings | ||||||||||||||||||||||||||||
Three months ended March 31, 2021 | Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 874 | $ | 760 | |||||||||||||||||||||||||||||||
Excluded items: | |||||||||||||||||||||||||||||||||||
Impact from foreign currency and inflation and associated undesignated derivatives | $ | 30 | $ | (42) | $ | 9 | (3) | $ | 95 | $ | (353) | $ | 108 | (150) | |||||||||||||||||||||
Net unrealized losses (gains) on commodity derivatives | 46 | (13) | (4) | 29 | (57) | 16 | — | (41) | |||||||||||||||||||||||||||
Impacts associated with Aliso Canyon litigation | — | — | — | — | 100 | (28) | — | 72 | |||||||||||||||||||||||||||
Losses from investment in RBS Sempra Commodities LLP | — | — | — | — | 100 | — | — | 100 | |||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings(2) | $ | 900 | $ | 741 | |||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings | $ | 874 | $ | 760 | |||||||||||||||||||||||||||||||
Add back dividends for dilutive series A preferred stock | — | 26 | |||||||||||||||||||||||||||||||||
Add back dividends for dilutive series B preferred stock | 10 | 10 | |||||||||||||||||||||||||||||||||
Sempra Energy GAAP Earnings for GAAP EPS | $ | 884 | $ | 796 | |||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted | 308,458 | 313,925 | |||||||||||||||||||||||||||||||||
Sempra Energy GAAP EPS | $ | 2.87 | $ | 2.53 | |||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings(2) | $ | 900 | $ | 741 | |||||||||||||||||||||||||||||||
Add back dividends for dilutive series A preferred stock | — | 26 | |||||||||||||||||||||||||||||||||
Add back dividends for dilutive series B preferred stock | 10 | 10 | |||||||||||||||||||||||||||||||||
Sempra Energy Adjusted Earnings for Adjusted EPS(2) | $ | 910 | $ | 777 | |||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted | 308,458 | 313,925 | |||||||||||||||||||||||||||||||||
Sempra Energy Adjusted EPS(2) | $ | 2.95 | $ | 2.47 |
RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE | |||||||||||
Full-Year 2021 | |||||||||||
Sempra Energy GAAP EPS Guidance Range(1) | $ | 7.42 | to | $ | 8.02 | ||||||
Excluded items: | |||||||||||
Impact from foreign currency and inflation and associated undesignated derivatives | (0.01) | (0.01) | |||||||||
Net unrealized losses on commodity derivatives | 0.09 | 0.09 | |||||||||
Sempra Energy Adjusted EPS Guidance Range | $ | 7.50 | to | $ | 8.10 | ||||||
Weighted-average common shares outstanding, diluted (millions)(2) | 308 |
SEMPRA ENERGY | |||||||||||
Table B | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | |||||||||||
March 31, 2021 | December 31, 2020(1) | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 725 | $ | 960 | |||||||
Restricted cash | 38 | 22 | |||||||||
Accounts receivable – trade, net | 1,595 | 1,578 | |||||||||
Accounts receivable – other, net | 393 | 403 | |||||||||
Due from unconsolidated affiliates | 26 | 20 | |||||||||
Income taxes receivable | 78 | 113 | |||||||||
Inventories | 274 | 308 | |||||||||
Regulatory assets | 183 | 190 | |||||||||
Greenhouse gas allowances | 555 | 553 | |||||||||
Other current assets | 333 | 364 | |||||||||
Total current assets | 4,200 | 4,511 | |||||||||
Other assets: | |||||||||||
Restricted cash | 15 | 3 | |||||||||
Due from unconsolidated affiliates | 674 | 780 | |||||||||
Regulatory assets | 2,010 | 1,822 | |||||||||
Nuclear decommissioning trusts | 1,014 | 1,019 | |||||||||
Investment in Oncor Holdings | 12,553 | 12,440 | |||||||||
Other investments | 1,505 | 1,388 | |||||||||
Goodwill | 1,602 | 1,602 | |||||||||
Other intangible assets | 397 | 202 | |||||||||
Dedicated assets in support of certain benefit plans | 494 | 512 | |||||||||
Insurance receivable for Aliso Canyon costs | 414 | 445 | |||||||||
Deferred income taxes | 132 | 136 | |||||||||
Greenhouse gas allowances | 181 | 101 | |||||||||
Right-of-use assets – operating leases | 528 | 543 | |||||||||
Wildfire fund | 356 | 363 | |||||||||
Other long-term assets | 765 | 753 | |||||||||
Total other assets | 22,640 | 22,109 | |||||||||
Property, plant and equipment, net | 40,981 | 40,003 | |||||||||
Total assets | $ | 67,821 | $ | 66,623 |
SEMPRA ENERGY | |||||||||||
Table B (Continued) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(Dollars in millions) | |||||||||||
March 31, 2021 | December 31, 2020(1) | ||||||||||
(unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 1,817 | $ | 885 | |||||||
Accounts payable – trade | 1,354 | 1,359 | |||||||||
Accounts payable – other | 141 | 154 | |||||||||
Due to unconsolidated affiliates | 42 | 45 | |||||||||
Dividends and interest payable | 595 | 551 | |||||||||
Accrued compensation and benefits | 273 | 446 | |||||||||
Regulatory liabilities | 437 | 140 | |||||||||
Current portion of long-term debt and finance leases | 505 | 1,540 | |||||||||
Reserve for Aliso Canyon costs | 152 | 150 | |||||||||
Greenhouse gas obligations | 555 | 553 | |||||||||
Other current liabilities | 1,004 | 1,016 | |||||||||
Total current liabilities | 6,875 | 6,839 | |||||||||
Long-term debt and finance leases | 22,023 | 21,781 | |||||||||
Deferred credits and other liabilities: | |||||||||||
Due to unconsolidated affiliates | 258 | 234 | |||||||||
Pension and other postretirement benefit plan obligations, net of plan assets | 1,069 | 1,059 | |||||||||
Deferred income taxes | 3,114 | 2,871 | |||||||||
Regulatory liabilities | 3,333 | 3,372 | |||||||||
Reserve for Aliso Canyon costs | 285 | 301 | |||||||||
Asset retirement obligations | 3,121 | 3,113 | |||||||||
Greenhouse gas obligations | 41 | — | |||||||||
Deferred credits and other | 2,094 | 2,119 | |||||||||
Total deferred credits and other liabilities | 13,315 | 13,069 | |||||||||
Equity: | |||||||||||
Sempra Energy shareholders’ equity | 23,999 | 23,373 | |||||||||
Preferred stock of subsidiary | 20 | 20 | |||||||||
Other noncontrolling interests | 1,589 | 1,541 | |||||||||
Total equity | 25,608 | 24,934 | |||||||||
Total liabilities and equity | $ | 67,821 | $ | 66,623 |
SEMPRA ENERGY | |||||||||||
Table C | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Dollars in millions) | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 928 | $ | 947 | |||||||
Less: Income from discontinued operations, net of income tax | — | (80) | |||||||||
Income from continuing operations, net of income tax | 928 | 867 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | 446 | 175 | |||||||||
Net change in working capital components | 84 | 217 | |||||||||
Distributions from investments | 208 | 73 | |||||||||
Insurance receivable for Aliso Canyon costs | 31 | (172) | |||||||||
Changes in other noncurrent assets and liabilities, net | (195) | 90 | |||||||||
Net cash provided by continuing operations | 1,502 | 1,250 | |||||||||
Net cash provided by discontinued operations | — | 68 | |||||||||
Net cash provided by operating activities | 1,502 | 1,318 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Expenditures for property, plant and equipment | (1,181) | (1,010) | |||||||||
Expenditures for investments and acquisitions | (115) | (86) | |||||||||
Proceeds from sale of assets | — | 5 | |||||||||
Purchases of nuclear decommissioning trust assets | (288) | (552) | |||||||||
Proceeds from sales of nuclear decommissioning trust assets | 288 | 552 | |||||||||
Advances to unconsolidated affiliates | (8) | (30) | |||||||||
Intercompany activities with discontinued operations, net | — | (3) | |||||||||
Other | 3 | 8 | |||||||||
Net cash used in continuing operations | (1,301) | (1,116) | |||||||||
Net cash used in discontinued operations | — | (65) | |||||||||
Net cash used in investing activities | (1,301) | (1,181) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Common dividends paid | (301) | (269) | |||||||||
Preferred dividends paid | (36) | (36) | |||||||||
Issuances of common stock | — | 11 | |||||||||
Repurchases of common stock | (37) | (57) | |||||||||
Issuances of debt (maturities greater than 90 days) | 102 | 1,619 | |||||||||
Payments on debt (maturities greater than 90 days) and finance leases | (1,093) | (1,433) | |||||||||
Increase in short-term debt, net | 932 | 2,127 | |||||||||
Advances from unconsolidated affiliates | 20 | 64 | |||||||||
Proceeds from sale of noncontrolling interests | 7 | — | |||||||||
Purchases of noncontrolling interests | — | (16) | |||||||||
Intercompany activities with discontinued operations, net | — | (2) | |||||||||
Other | (1) | (5) | |||||||||
Net cash (used in) provided by continuing operations | (407) | 2,003 | |||||||||
Net cash provided by discontinued operations | — | 111 | |||||||||
Net cash (used in) provided by financing activities | (407) | 2,114 | |||||||||
Effect of exchange rate changes in continuing operations | (1) | (6) | |||||||||
Effect of exchange rate changes in discontinued operations | — | (8) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | (14) | |||||||||
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | (207) | 2,237 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 985 | 217 | |||||||||
Cash, cash equivalents and restricted cash, including discontinued operations, March 31 | $ | 778 | $ | 2,454 |
SEMPRA ENERGY | ||||||||||||||||||||
Table D | ||||||||||||||||||||
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES, INVESTMENTS AND ACQUISITIONS | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Earnings (Losses) Attributable to Common Shares | ||||||||||||||||||||
SDG&E | $ | 212 | $ | 262 | ||||||||||||||||
SoCalGas | 407 | 303 | ||||||||||||||||||
Sempra Texas Utilities | 135 | 105 | ||||||||||||||||||
Sempra Mexico | 57 | 191 | ||||||||||||||||||
Sempra LNG | 146 | 75 | ||||||||||||||||||
Parent and other | (83) | (248) | ||||||||||||||||||
Discontinued operations | — | 72 | ||||||||||||||||||
Total | $ | 874 | $ | 760 | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Capital Expenditures, Investments and Acquisitions | ||||||||||||||||||||
SDG&E | $ | 555 | $ | 402 | ||||||||||||||||
SoCalGas | 459 | 388 | ||||||||||||||||||
Sempra Texas Utilities | 50 | 86 | ||||||||||||||||||
Sempra Mexico | 142 | 170 | ||||||||||||||||||
Sempra LNG | 89 | 47 | ||||||||||||||||||
Parent and other | 1 | 3 | ||||||||||||||||||
Total | $ | 1,296 | $ | 1,096 |
SEMPRA ENERGY | ||||||||||||||
Table E | ||||||||||||||
OTHER OPERATING STATISTICS | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(unaudited) | ||||||||||||||
UTILITIES | ||||||||||||||
SDG&E and SoCalGas | ||||||||||||||
Gas sales (Bcf)(1) | 127 | 129 | ||||||||||||
Transportation (Bcf)(1) | 137 | 148 | ||||||||||||
Total deliveries (Bcf)(1) | 264 | 277 | ||||||||||||
Total gas customer meters (thousands) | 6,975 | 6,933 | ||||||||||||
SDG&E | ||||||||||||||
Electric sales (millions of kWhs)(1) | 3,289 | 3,460 | ||||||||||||
Direct Access and Community Choice Aggregation (millions of kWhs) | 813 | 769 | ||||||||||||
Total deliveries (millions of kWhs)(1) | 4,102 | 4,229 | ||||||||||||
Total electric customer meters (thousands) | 1,486 | 1,475 | ||||||||||||
Oncor(2) | ||||||||||||||
Total deliveries (millions of kWhs) | 30,677 | 30,420 | ||||||||||||
Total electric customer meters (thousands) | 3,781 | 3,703 | ||||||||||||
Ecogas | ||||||||||||||
Natural gas sales (Bcf) | 1 | 1 | ||||||||||||
Natural gas customer meters (thousands) | 136 | 135 | ||||||||||||
ENERGY-RELATED BUSINESSES | ||||||||||||||
Power generated and sold | ||||||||||||||
Sempra Mexico | ||||||||||||||
Termoeléctrica de Mexicali (TdM) (millions of kWhs) | 845 | 826 | ||||||||||||
Wind and solar (millions of kWhs)(3) | 543 | 422 | ||||||||||||
SEMPRA ENERGY | |||||||||||||||||||||||||||||||||||||||||||||||
Table F (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
STATEMENTS OF OPERATIONS DATA BY SEGMENT | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | SDG&E | SoCalGas | Sempra Texas Utilities | Sempra Mexico | Sempra LNG | Consolidating Adjustments, Parent & Other | Total | ||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,337 | $ | 1,508 | $ | — | $ | 367 | $ | 196 | $ | (149) | $ | 3,259 | |||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (801) | (834) | (2) | (195) | (139) | 127 | (1,844) | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (213) | (173) | — | (51) | (3) | (2) | (442) | ||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 35 | 39 | — | (43) | — | 4 | 35 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 358 | 540 | (2) | 78 | 54 | (20) | 1,008 | ||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (101) | (39) | — | (26) | 6 | (80) | (240) | ||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (45) | (94) | — | (8) | (49) | 38 | (158) | ||||||||||||||||||||||||||||||||||||||||
Equity earnings, net | — | — | 137 | 47 | 134 | — | 318 | ||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (34) | 1 | — | (33) | ||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | (21) | (21) | ||||||||||||||||||||||||||||||||||||||||
Earnings (losses) attributable to common shares | $ | 212 | $ | 407 | $ | 135 | $ | 57 | $ | 146 | $ | (83) | $ | 874 | |||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | SDG&E | SoCalGas | Sempra Texas Utilities | Sempra Mexico | Sempra LNG | Consolidating Adjustments, Parent & Other | Total | ||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,269 | $ | 1,395 | $ | — | $ | 309 | $ | 123 | $ | (67) | $ | 3,029 | |||||||||||||||||||||||||||||||||
Cost of sales and other expenses | (679) | (872) | (1) | (137) | (87) | 63 | (1,713) | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (201) | (159) | — | (47) | (2) | (3) | (412) | ||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 31 | 30 | — | (283) | — | (32) | (254) | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before interest and tax(1) | 420 | 394 | (1) | (158) | 34 | (39) | 650 | ||||||||||||||||||||||||||||||||||||||||
Net interest (expense) income | (100) | (39) | — | (14) | 6 | (106) | (253) | ||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (58) | (52) | — | 307 | (23) | 33 | 207 | ||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses), net | — | — | 106 | 200 | 57 | (100) | 263 | ||||||||||||||||||||||||||||||||||||||||
(Earnings) losses attributable to noncontrolling interests | — | — | — | (144) | 1 | — | (143) | ||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | — | — | (36) | (36) | ||||||||||||||||||||||||||||||||||||||||
Earnings (losses) from continuing operations | $ | 262 | $ | 303 | $ | 105 | $ | 191 | $ | 75 | $ | (248) | 688 | ||||||||||||||||||||||||||||||||||
Earnings from discontinued operations | 72 | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings attributable to common shares | $ | 760 | |||||||||||||||||||||||||||||||||||||||||||||
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