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Information by Operating Segment (Tables)
3 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Schedule of operating segment information

 

 

 

Gas Utility

 

 

Gas Marketing

 

 

Other

 

 

Eliminations

 

 

Consolidated

 

Three Months Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

573.8

 

 

$

25.8

 

 

$

2.4

 

 

$

 

 

$

602.0

 

Intersegment revenues

 

 

1.4

 

 

 

 

 

 

3.0

 

 

 

(4.4

)

 

 

 

Total Operating Revenues

 

 

575.2

 

 

 

25.8

 

 

 

5.4

 

 

 

(4.4

)

 

 

602.0

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural and propane gas

 

 

291.8

 

 

 

 

 

 

 

 

 

(40.1

)

 

 

251.7

 

Operation and maintenance

 

 

104.9

 

 

 

 

 

 

 

 

 

(2.4

)

 

 

102.5

 

Depreciation and amortization

 

 

43.7

 

 

 

 

 

 

 

 

 

 

 

 

43.7

 

Taxes, other than income taxes

 

 

39.2

 

 

 

 

 

 

 

 

 

 

 

 

39.2

 

Total Gas Utility Operating Expenses

 

 

479.6

 

 

 

 

 

 

 

 

 

(42.5

)

 

 

437.1

 

Gas Marketing and Other

 

 

 

 

 

13.3

 

 

 

8.4

 

 

 

38.1

 

 

 

59.8

 

Total Operating Expenses

 

 

479.6

 

 

 

13.3

 

 

 

8.4

 

 

 

(4.4

)

 

 

496.9

 

Operating Income (Loss)

 

$

95.6

 

 

$

12.5

 

 

$

(3.0

)

 

$

 

 

$

105.1

 

Net Economic Earnings (Loss)

 

$

66.4

 

 

$

8.3

 

 

$

(8.8

)

 

$

 

 

$

65.9

 

 

 

 

Gas Utility

 

 

Gas Marketing

 

 

Other

 

 

Eliminations

 

 

Consolidated

 

Three Months Ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$

541.9

 

 

$

19.6

 

 

$

0.3

 

 

$

 

 

$

561.8

 

Intersegment revenues

 

 

0.1

 

 

 

 

 

 

2.5

 

 

 

(2.6

)

 

 

 

Total Operating Revenues

 

 

542.0

 

 

 

19.6

 

 

 

2.8

 

 

 

(2.6

)

 

 

561.8

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural and propane gas

 

 

263.4

 

 

 

 

 

 

 

 

 

(22.6

)

 

 

240.8

 

Operation and maintenance

 

 

100.9

 

 

 

 

 

 

 

 

 

(1.9

)

 

 

99.0

 

Depreciation and amortization

 

 

40.3

 

 

 

 

 

 

 

 

 

 

 

 

40.3

 

Taxes, other than income taxes

 

 

36.7

 

 

 

 

 

 

 

 

 

 

 

 

36.7

 

Total Gas Utility Operating Expenses

 

 

441.3

 

 

 

 

 

 

 

 

 

(24.5

)

 

 

416.8

 

Gas Marketing and Other

 

 

 

 

 

14.6

 

 

 

4.5

 

 

 

21.9

 

 

 

41.0

 

Total Operating Expenses

 

 

441.3

 

 

 

14.6

 

 

 

4.5

 

 

 

(2.6

)

 

 

457.8

 

Operating Income (Loss)

 

$

100.7

 

 

$

5.0

 

 

$

(1.7

)

 

$

 

 

$

104.0

 

Net Economic Earnings (Loss)

 

$

59.5

 

 

$

3.6

 

 

$

(5.2

)

 

$

 

 

$

57.9

 

 

 

The Company’s total assets by segment were as follows:

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2018

 

 

2017

 

Total Assets:

 

 

 

Gas Utility

 

$

5,843.7

 

 

$

5,606.7

 

 

$

5,611.7

 

Gas Marketing

 

 

416.7

 

 

 

295.3

 

 

 

233.5

 

Other

 

 

2,535.6

 

 

 

2,508.0

 

 

 

2,427.7

 

Eliminations

 

 

(1,563.8

)

 

 

(1,566.4

)

 

 

(1,571.8

)

Total Assets

 

$

7,232.2

 

 

$

6,843.6

 

 

$

6,701.1

 

 

Schedule of reconciliation of consolidated net economic earnings to consolidated net income

The following table reconciles the Company’s net economic earnings to net income.

 

 

 

Three Months Ended

December 31,

 

 

 

2018

 

 

2017

 

Net Income

 

$

67.3

 

 

$

116.0

 

Adjustments, pre-tax:

 

 

 

 

 

 

 

 

Unrealized (gain) loss on energy-related derivatives

 

 

(2.2

)

 

 

0.8

 

Realized gain on economic hedges prior to the sale of the physical commodity

 

 

 

 

 

(0.1

)

Acquisition, divestiture and restructuring activities

 

 

0.4

 

 

 

1.7

 

Income tax effect of adjustments

 

 

0.4

 

 

 

(0.6

)

Effect of the Tax Cuts and Jobs Act

 

 

 

 

 

(59.9

)

Net Economic Earnings

 

$

65.9

 

 

$

57.9