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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (UNAUDITED)
We provide quarterly financial information for Sempra Energy Consolidated, SDG&E and SoCalGas below:
SEMPRA ENERGY
(In millions, except per share amounts)
 
Quarters ended
 
March 31
 
June 30
 
September 30
 
December 31
2017:
 
 
 
 
 
 
 
Revenues
$
3,031

 
$
2,533

 
$
2,679

 
$
2,964

Expenses and other income
$
2,276

 
$
2,118

 
$
2,664

 
$
2,564

 
 
 
 
 
 
 
 
Net income (loss)
$
452

 
$
248

 
$
102

 
$
(451
)
Earnings (losses) attributable to Sempra Energy
$
441

 
$
259

 
$
57

 
$
(501
)
 
 
 
 
 
 
 
 
Basic per-share amounts(1):
 

 
 

 
 

 
 

Net income (loss)
$
1.80

 
$
0.99

 
$
0.41

 
$
(1.80
)
Earnings (losses) attributable to Sempra Energy
$
1.76

 
$
1.03

 
$
0.23

 
$
(1.99
)
Weighted-average common shares outstanding
251.1

 
251.4

 
251.7

 
251.9

 
 
 
 
 
 
 
 
Diluted per-share amounts(1)(2):
 

 
 

 
 

 
 

Net income (loss)
$
1.79

 
$
0.98

 
$
0.41

 
$
(1.80
)
Earnings (losses) attributable to Sempra Energy
$
1.75

 
$
1.03

 
$
0.22

 
$
(1.99
)
Weighted-average common shares outstanding
252.2

 
252.8

 
253.4

 
251.9

2016:
 

 
 

 
 

 
 

Revenues
$
2,622

 
$
2,156

 
$
2,535

 
$
2,870

Expenses and other income
$
2,167

 
$
2,268

 
$
1,553

 
$
2,365

 
 
 
 
 
 
 
 
Net income
$
364

 
$
27

 
$
719

 
$
409

Earnings attributable to Sempra Energy
$
353

 
$
16

 
$
622

 
$
379

 
 
 
 
 
 
 
 
Basic per-share amounts(1):
 

 
 

 
 

 
 

Net income
$
1.46

 
$
0.11

 
$
2.87

 
$
1.63

Earnings attributable to Sempra Energy
$
1.41

 
$
0.06

 
$
2.48

 
$
1.51

Weighted-average common shares outstanding
249.7

 
250.1

 
250.4

 
250.6

 
 
 
 
 
 
 
 
Diluted per-share amounts(1):
 

 
 

 
 

 
 

Net income
$
1.45

 
$
0.11

 
$
2.85

 
$
1.62

Earnings attributable to Sempra Energy
$
1.40

 
$
0.06

 
$
2.46

 
$
1.51

Weighted-average common shares outstanding
251.5

 
252.0

 
252.4

 
251.6

(1) 
Earnings per share are computed independently for each of the quarters and therefore may not sum to the total for the year.
(2) 
In the quarter ended December 31, 2017, the total weighted-average number of potentially dilutive securities was 0.8 million. However, these securities were not included in the computation of U.S. GAAP losses per common share since to do so would have decreased the loss per share.

In 2017, Sempra Energy’s income tax expense included $870 million related to the impact of the TCJA, as we discuss in Note 6.
In September 2017, SDG&E recognized a charge of $351 million ($208 million after-tax) for the write-off of its wildfire regulatory asset, which we discuss in Note 15.
In June 2017 and September 2016, Sempra Mexico recognized impairment charges of $71 million ($47 million after noncontrolling interests) and $131 million ($111 million after-tax; $90 million after-tax and after noncontrolling interests), respectively, related to assets held for sale at TdM. We discuss the impairments in Notes 3 and 10.
In September 2016, Sempra Mexico recorded a $617 million noncash gain ($432 million after-tax; $350 million after-tax and after noncontrolling interests) associated with the remeasurement of its equity interest in IEnova Pipelines, which we discuss in Note 3.
In May 2016, Sempra LNG & Midstream recorded a pretax charge of $206 million ($123 million after-tax) related to permanently released pipeline capacity with Rockies Express and others, which we discuss in Note 15. In May 2017, Sempra LNG & Midstream recorded $47 million ($28 million after-tax) for settlement proceeds received from a breach of contract claim against a counterparty related to the charge.
In March 2016, Sempra LNG & Midstream recognized an impairment charge of $44 million ($27 million after-tax) on its investment in Rockies Express, which we discuss in Notes 3 and 10.
SDG&E
(Dollars in millions)
 
Quarters ended
 
March 31
 
June 30
 
September 30
 
December 31
2017:
 
 
 
 
 
 
 
Operating revenues
$
1,057

 
$
1,058

 
$
1,236

 
$
1,125

Operating expenses
779

 
817

 
1,290

 
877

Operating income (loss)
$
278

 
$
241

 
$
(54
)
 
$
248

 
 
 
 
 
 
 
 
Net income (loss)
$
157

 
$
153

 
$
(19
)
 
$
130

(Earnings) losses attributable to noncontrolling interest
(2
)
 
(4
)
 
(9
)
 
1

Earnings (losses) attributable to common shares
$
155

 
$
149

 
$
(28
)
 
$
131

2016:
 

 
 

 
 

 
 

Operating revenues
$
991

 
$
992

 
$
1,209

 
$
1,061

Operating expenses
755

 
822

 
886

 
800

Operating income
$
236

 
$
170

 
$
323

 
$
261

 
 
 
 
 
 
 
 
Net income
$
137

 
$
87

 
$
194

 
$
147

(Earnings) losses attributable to noncontrolling interest
(1
)
 
13

 
(11
)
 
4

Earnings attributable to common shares
$
136

 
$
100

 
$
183

 
$
151


SOCALGAS
(Dollars in millions)
 
Quarters ended
 
March 31
 
June 30
 
September 30
 
December 31
2017:
 
 
 
 
 
 
 
Operating revenues
$
1,241

 
$
770

 
$
684

 
$
1,090

Operating expenses
926

 
675

 
674

 
888

Operating income
$
315

 
$
95

 
$
10

 
$
202

 
 
 
 
 
 
 
 
Net income
$
203

 
$
59

 
$
7

 
$
128

Dividends on preferred stock
—

 
(1
)
 
—

 
—

Earnings attributable to common shares
$
203

 
$
58

 
$
7

 
$
128

2016:
 

 
 

 
 

 
 

Operating revenues
$
1,033

 
$
617

 
$
686

 
$
1,135

Operating expenses
739

 
628

 
648

 
899

Operating income (loss)
$
294

 
$
(11
)
 
$
38

 
$
236

 
 
 
 
 
 
 
 
Net income
$
199

 
$
—

 
$
—

 
$
151

Dividends on preferred stock
—

 
(1
)
 
—

 
—

Earnings (losses) attributable to common shares
$
199

 
$
(1
)

$
—

 
$
151



SoCalGas recognizes annual authorized revenue for core natural gas customers using seasonal factors established in the Triennial Cost Allocation Proceeding. Accordingly, a significant portion of SoCalGas’ annual earnings are recognized in the first and fourth quarters each year.