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Quarterly Financial Information
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information

18.  QUARTERLY FINANCIAL DATA (UNAUDITED)

A summary of DESC’s quarterly results of operations for the years ended December 31, 2019 and 2018 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.

 

(millions)

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(335

)

 

$

698

 

 

$

795

 

 

$

771

 

Operating income (loss)

 

 

(1,143

)

 

 

17

 

 

 

261

 

 

 

(76

)

Total comprehensive income (loss)

 

 

(1,103

)

 

 

(70

)

 

 

143

 

 

 

(191

)

Comprehensive income (loss) available (attributable) to

   common shareholder

 

 

(1,109

)

 

 

(78

)

 

 

143

 

 

 

(195

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

702

 

 

$

632

 

 

$

739

 

 

$

689

 

Operating income (loss)

 

 

121

 

 

 

107

 

 

 

212

 

 

 

(1,271

)

Total comprehensive income (loss)

 

 

128

 

 

 

31

 

 

 

104

 

 

 

(852

)

Comprehensive income (loss) available (attributable) to

   common shareholder

 

 

124

 

 

 

26

 

 

 

98

 

 

 

(861

)

 

DESC’s 2019 results include the impact of the following significant items:

 

•

Fourth quarter results include a $240 million after-tax charge related to litigation.

 

•

Second quarter results include a $75 million after-tax charge related to litigation and a $47 million after-tax charge related to a voluntary retirement program.

 

•

First quarter results include a $756 million after-tax charge for refunds of amounts previously collected from retail electric customers for the NND Project, a $198 million tax charge for $264 million of income tax-related regulatory assets for which DESC committed to forgo recovery, a $118 million after-tax charge for a settlement agreement of a DESC ratepayer class action lawsuit and an $86 million after-tax charge for property, plant and equipment for which DESC committed to forgo recovery.

DESC’s 2018 results include the impact of the following significant item:

 

•

Fourth quarter results include a $870 million after-tax impairment charge related to the NND Project.