UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report |
|
(Date of earliest event reported): | May 9, 2011 |
SEMPRA ENERGY |
(Exact name of registrant as specified in its charter) |
CALIFORNIA |
| 1-14201 |
| 33-0732627 |
(State or other jurisdiction of incorporation) |
| (Commission |
| (IRS Employer |
101 ASH STREET, SAN DIEGO, CALIFORNIA |
| 92101 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant's telephone number, including area code | (619) 696-2000 |
|
(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)) |
|
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[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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FORM 8-K
Item 2.02 Results of Operations and Financial Condition.
The information furnished in this Item 2.02 and in Exhibits 99.1 and 99.2 shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing of Sempra Energy, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
On May 9, 2011, Sempra Energy issued a press release announcing consolidated earnings of $258 million, or $1.07 per diluted share of common stock, for the first quarter of 2011. The press release has been posted on Sempra Energy's website (www.sempra.com) and a copy is attached as Exhibit 99.1.
Concurrently with the website posting of such press release and as noted therein, Sempra Energy also posted its Statement of Operations Data by Business Unit for the three months ended March 31, 2011 and 2010. A copy of such information is attached as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
Exhibits
99.1
May 9, 2011 Sempra Energy News Release (including tables).
99.2
Sempra Energy's Statement of Operations Data by Business Unit for the three months ended March 31, 2011 and 2010.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SEMPRA ENERGY
(Registrant)
Date: May 9, 2011 | By: /s/ Joseph A. Householder |
| Joseph A. Householder |
|
NEWS RELEASE
Media Contact: | Doug Kline |
| Sempra Energy |
| (877) 340-8875 |
| dkline@sempra.com |
| www.sempra.com |
|
|
Financial Contacts: | Scott Tomayko/Victor Vilaplana |
| Sempra Energy |
| (877) 736-7727 |
| investor@sempra.com |
SEMPRA ENERGY REPORTS HIGHER
FIRST-QUARTER 2011 EARNINGS
·
Earnings Per Share Rise 34 Percent, Excluding 2010 Litigation Charge
·
Sempra Generation Receives Approval on 20-Year Contract for Arizona Solar Plant
SAN DIEGO, May 9, 2011 Sempra Energy (NYSE: SRE) today reported first-quarter 2011 earnings of $258 million, or $1.07 per diluted share, up from 2010 earnings of $106 million, or $0.42 per diluted share.
First-quarter 2010 earnings included an after-tax charge of $96 million, or $0.38 per diluted share, related to a litigation settlement. Excluding the 2010 litigation charge, Sempra Energys first-quarter 2011 earnings per share increased approximately 34 percent from last year.
After refocusing our strategy on regulated utilities and contracted energy infrastructure, we are pleased that first-quarter results were strong across all of our business segments, said Donald E. Felsinger, chairman and chief executive officer of Sempra Energy.
SUBSIDIARY OPERATING RESULTS
San Diego Gas & Electric
First-quarter earnings for San Diego Gas & Electric (SDG&E) increased to $89 million in 2011 from $83 million in 2010.
SDG&E has signed six renewable energy contracts this year, boosting its renewable portfolio capacity by more than 700 megawatts (MW), and increasing its total amount of renewable resources under contract to more than 29 percent of forecasted retail sales by 2015. The contracts are subject to regulatory approval.
Southern California Gas Co.
Earnings for Southern California Gas Co. (SoCalGas) in the first quarter 2011 were $68 million, compared with $65 million in last years first quarter.
Sempra Generation
Sempra Generations first-quarter earnings were $44 million in 2011, compared with a loss of $51 million in 2010. First-quarter 2010 results included an $84 million after-tax charge related to a litigation settlement. The improvement in the first quarter 2011 was due to lower operating and maintenance costs.
Last month, Sempra Generation entered into a 20-year contract to sell SDG&E wind power from the 156-MW first phase of the Energía Sierra Juárez wind project under development in Baja California, Mexico. The contract is subject to regulatory approval.
Also in April, the California Public Utilities Commission approved Pacific Gas & Electrics 20-year power-purchase agreement with Sempra Generation for solar power from the first 150-MW phase of Sempra Generations Mesquite Solar project in Arizona.
Sempra Pipelines & Storage
Earnings for Sempra Pipelines & Storage in the first quarter 2011 rose to $54 million from $38 million in the first quarter 2010, due primarily to additional earnings from the Mexican pipeline assets acquired in April 2010 and higher operating results from its utilities in Chile and Peru.
Last month, Sempra Pipelines & Storage completed the acquisition of controlling ownership in Chilquinta Energía and Luz del Sur, two South American utilities that Sempra Pipelines & Storage previously co-owned with a partner. The purchase price was $875 million. Sempra Pipelines & Storage now owns 100 percent of Chilquinta Energía and 76 percent of Luz del Sur, with the remaining shares of Luz del Sur held by institutional investors and the general public.
Sempra LNG
Sempra LNG earned $33 million in the first quarter 2011, compared with $32 million in the first quarter 2010.
INTERNET BROADCAST
Sempra Energy will broadcast a live discussion of its earnings results over the Internet today at 1 p.m. EDT with senior management of the company. Access is available by logging onto the website at www.sempra.com. For those unable to log onto the live webcast, the teleconference will be available on replay a few hours after its conclusion by dialing (888) 203-1112 and entering passcode 3265782.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2010 revenues of $9 billion. The Sempra Energy companies nearly 16,000 employees serve about 26 million consumers worldwide.
###
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like believes, expects, anticipates, intends, plans, estimates, may, will, would, could, should, potential, target, depends, or similar expressions, or discussions of strategies, plans or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions by the California Public Utilities Commission, California State Legislature, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas; weather conditions and conservation efforts; war and terrorist attacks; business, regulatory, environmental and legal decisions and requirements; the status of deregulation of retail natural gas and electricity delivery; the timing and success of business development efforts; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SECs website, www.sec.gov, and on the companys website at www.sempra.com.
Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and Sempra Energy Trading are not the same companies as the utility, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra Commodities dba Sempra Energy Solutions and Sempra Energy Trading are not regulated by the California Public Utilities Commission.
SEMPRA ENERGY | |||
Table A | |||
|
|
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|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
|
|
|
|
| Three months ended March 31, | ||
(Dollars in millions, except per share amounts) | 2011 |
| 2010 |
| (unaudited) | ||
REVENUES |
|
|
|
Sempra Utilities | $ 1,881 |
| $ 1,912 |
Sempra Global and parent | 553 |
| 622 |
Total revenues | 2,434 |
| 2,534 |
EXPENSES AND OTHER INCOME |
|
|
|
Sempra Utilities: |
|
|
|
Cost of natural gas | (609) |
| (758) |
Cost of electric fuel and purchased power | (171) |
| (148) |
Sempra Global and parent: |
|
|
|
Cost of natural gas, electric fuel and purchased power | (263) |
| (338) |
Other cost of sales | (23) |
| (25) |
Litigation expense | (7) |
| (168) |
Other operation and maintenance | (632) |
| (576) |
Depreciation and amortization | (231) |
| (210) |
Franchise fees and other taxes | (95) |
| (90) |
Equity earnings, before income tax | 1 |
| 15 |
Other income, net | 43 |
| 8 |
Interest income | 3 |
| 4 |
Interest expense | (108) |
| (109) |
Income before income taxes and equity earnings of certain unconsolidated subsidiaries | 342 |
| 139 |
Income tax expense | (109) |
| (58) |
Equity earnings, net of income tax | 31 |
| 19 |
Net income | 264 |
| 100 |
(Earnings) losses attributable to noncontrolling interests | (4) |
| 8 |
Preferred dividends of subsidiaries | (2) |
| (2) |
Earnings | $ 258 |
| $ 106 |
|
|
|
|
Basic earnings per common share | $ 1.07 |
| $ 0.43 |
Weighted-average number of shares outstanding, basic (thousands) | 240,128 |
| 246,083 |
|
|
|
|
Diluted earnings per common share | $ 1.07 |
| $ 0.42 |
Weighted-average number of shares outstanding, diluted (thousands) | 241,903 |
| 250,373 |
Dividends declared per share of common stock | $ 0.48 |
| $ 0.39 |
SEMPRA ENERGY | ||||||
Table B | ||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
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| March 31, |
| December 31, |
(Dollars in millions) | 2011 |
| 2010(1) | |||
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| (unaudited) |
|
|
Assets |
|
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| |||
Current assets: |
|
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| |||
| Cash and cash equivalents | $ 1,219 |
| $ 912 | ||
| Restricted cash | 318 |
| 131 | ||
| Accounts receivable | 1,058 |
| 1,032 | ||
| Due from unconsolidated affiliates | 17 |
| 34 | ||
| Income taxes receivable | 261 |
| 248 | ||
| Deferred income taxes | 36 |
| 75 | ||
| Inventories | 176 |
| 258 | ||
| Regulatory assets | 73 |
| 90 | ||
| Fixed-price contracts and other derivatives | 97 |
| 81 | ||
| Settlement receivable related to wildfire litigation | - |
| 300 | ||
| Other | 171 |
| 192 | ||
|
|
| Total current assets | 3,426 |
| 3,353 |
|
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Investments and other assets: |
|
|
| |||
| Restricted cash | - |
| 27 | ||
| Regulatory assets arising from pension and other postretirement benefit obligations | 885 |
| 869 | ||
| Regulatory assets arising from wildfire litigation costs | 348 |
| 364 | ||
| Other regulatory assets | 932 |
| 934 | ||
| Nuclear decommissioning trusts | 796 |
| 769 | ||
| Investment in RBS Sempra Commodities LLP | 779 |
| 787 | ||
| Other investments | 2,163 |
| 2,164 | ||
| Goodwill and other intangible assets | 537 |
| 540 | ||
| Sundry | 630 |
| 600 | ||
|
|
| Total investments and other assets | 7,070 |
| 7,054 |
Property, plant and equipment, net | 20,200 |
| 19,876 | |||
Total assets | $ 30,696 |
| $ 30,283 | |||
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Liabilities and Equity |
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| |||
Current liabilities: |
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|
| |||
| Short-term debt | $ 566 |
| $ 158 | ||
| Accounts payable | 709 |
| 864 | ||
| Due to unconsolidated affiliates | 37 |
| 36 | ||
| Dividends and interest payable | 251 |
| 188 | ||
| Accrued compensation and benefits | 211 |
| 311 | ||
| Regulatory balancing accounts, net | 379 |
| 241 | ||
| Current portion of long-term debt | 89 |
| 349 | ||
| Fixed-price contracts and other derivatives | 91 |
| 106 | ||
| Customer deposits | 131 |
| 129 | ||
| Reserve for wildfire litigation | 489 |
| 639 | ||
| Other | 701 |
| 765 | ||
|
|
| Total current liabilities | 3,654 |
| 3,786 |
Long-term debt | 9,174 |
| 8,980 | |||
|
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Deferred credits and other liabilities: |
|
|
| |||
| Customer advances for construction | 132 |
| 154 | ||
| Pension and other postretirement benefit obligations, net of plan assets | 1,114 |
| 1,105 | ||
| Deferred income taxes | 1,633 |
| 1,561 | ||
| Deferred investment tax credits | 49 |
| 50 | ||
| Regulatory liabilities arising from removal obligations | 2,671 |
| 2,630 | ||
| Asset retirement obligations | 1,469 |
| 1,449 | ||
| Other regulatory liabilities | 130 |
| 138 | ||
| Fixed-price contracts and other derivatives | 285 |
| 290 | ||
| Deferred credits and other | 903 |
| 823 | ||
|
|
| Total deferred credits and other liabilities | 8,386 |
| 8,200 |
Contingently redeemable preferred stock of subsidiary | 79 |
| 79 | |||
Equity: |
|
|
| |||
| Total Sempra Energy shareholders' equity | 9,186 |
| 9,027 | ||
| Preferred stock of subsidiaries | 100 |
| 100 | ||
| Other noncontrolling interests | 117 |
| 111 | ||
|
|
| Total equity | 9,403 |
| 9,238 |
Total liabilities and equity | $ 30,696 |
| $ 30,283 | |||
|
|
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|
|
|
(1) | Derived from audited financial statements. |
SEMPRA ENERGY | |||||
Table C | |||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
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|
| Three months ended March 31, | ||
(Dollars in millions) |
| 2011 |
| 2010 | |
|
|
| (unaudited) | ||
Cash Flows from Operating Activities: |
|
|
|
| |
Net income |
| $ 264 |
| $ 100 | |
Adjustments to reconcile net income to net cash provided |
|
|
|
| |
by operating activities: |
|
|
|
| |
| Depreciation and amortization |
| 231 |
| 210 |
| Deferred income taxes and investment tax credits |
| 88 |
| 61 |
| Equity earnings |
| (32) |
| (34) |
| Fixed-price contracts and other derivatives |
| (9) |
| - |
| Other |
| (13) |
| 7 |
Net change in other working capital components |
| 286 |
| 534 | |
Changes in other assets |
| (5) |
| 18 | |
Changes in other liabilities |
| (5) |
| (8) | |
| Net cash provided by operating activities |
| 805 |
| 888 |
|
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|
|
|
Cash Flows from Investing Activities: |
|
|
|
| |
Expenditures for property, plant and equipment |
| (607) |
| (446) | |
Expenditures for investments |
| (4) |
| (74) | |
Distributions from investments |
| 21 |
| 24 | |
Purchases of nuclear decommissioning and other trust assets |
| (45) |
| (44) | |
Proceeds from sales by nuclear decommissioning and other trusts |
| 46 |
| 46 | |
Decrease in restricted cash |
| 160 |
| 14 | |
Increase in restricted cash |
| (320) |
| (23) | |
Other |
| (7) |
| 7 | |
| Net cash used in investing activities |
| (756) |
| (496) |
|
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Cash Flows from Financing Activities: |
|
|
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| |
Common dividends paid |
| (94) |
| (86) | |
Preferred dividends paid by subsidiaries |
| (2) |
| (2) | |
Issuances of common stock |
| 15 |
| 14 | |
Repurchases of common stock |
| (18) |
| (2) | |
Issuances of debt (maturities greater than 90 days) |
| 803 |
| 12 | |
Payments on debt (maturities greater than 90 days) |
| (260) |
| (507) | |
(Decrease) increase in short-term debt, net |
| (192) |
| 294 | |
Other |
| 6 |
| (3) | |
| Net cash provided by (used in) financing activities |
| 258 |
| (280) |
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Increase in cash and cash equivalents |
| 307 |
| 112 | |
Cash and cash equivalents, January 1 |
| 912 |
| 110 | |
Cash and cash equivalents, March 31 |
| $ 1,219 |
| $ 222 |
SEMPRA ENERGY | |||||
Table D | |||||
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BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | |||||
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| Three months ended March 31, | ||
(Dollars in millions) | 2011 |
| 2010 | ||
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| (unaudited) | ||
Earnings (Losses) |
|
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| ||
San Diego Gas & Electric | $ 89 |
| $ 83 | ||
Southern California Gas | 68 |
| 65 | ||
Sempra Generation | 44 |
| (51) | ||
Sempra Pipelines & Storage | 54 |
| 38 | ||
Sempra LNG | 33 |
| 32 | ||
Parent & Other | (30) |
| (61) | ||
Earnings | $ 258 |
| $ 106 | ||
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| Three months ended March 31, | ||
(Dollars in millions) | 2011 |
| 2010 | ||
|
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| (unaudited) | ||
Capital Expenditures and Investments |
|
|
| ||
San Diego Gas & Electric | $ 348 |
| $ 290 | ||
Southern California Gas | 168 |
| 114 | ||
Sempra Generation | 52 |
| 4 | ||
Sempra Pipelines & Storage | 40 |
| 110 | ||
Sempra LNG | 3 |
| 2 | ||
Consolidated Capital Expenditures and Investments | $ 611 |
| $ 520 |
SEMPRA ENERGY | ||||||
Table E | ||||||
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OTHER OPERATING STATISTICS (Unaudited) | ||||||
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| Three months ended March 31, | |||
SEMPRA UTILITIES |
| 2011 |
| 2010 | ||
Revenues (Dollars in millions) |
|
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| ||
| SDG&E (excludes intercompany sales) | $ | 838 | $ | 741 | |
| SoCalGas (excludes intercompany sales) | $ | 1,043 | $ | 1,171 | |
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Gas Sales (bcf) |
| 138 |
| 132 | ||
Transportation (bcf) |
| 123 |
| 117 | ||
Total Deliveries (bcf) |
| 261 |
| 249 | ||
Total Gas Customers (Thousands) |
| 6,639 |
| 6,614 | ||
|
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|
Electric Sales (Millions of kWhs) |
| 4,145 |
| 4,055 | ||
Direct Access (Millions of kWhs) |
| 786 |
| 720 | ||
Total Deliveries (Millions of kWhs) |
| 4,931 |
| 4,775 | ||
Total Electric Customers (Thousands) |
| 1,388 |
| 1,380 | ||
|
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|
SEMPRA GENERATION |
|
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| ||
Power Sold (Millions of kWhs) |
| 4,123 |
| 4,952 | ||
|
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SEMPRA PIPELINES & STORAGE |
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(Represents 100% of the distribution operations of these subsidiaries, although subsidiaries in Argentina, Chile and Peru are not 100% owned by Sempra Energy. These subsidiaries are not consolidated within Sempra Energy and the related investments are accounted for under the equity method). | ||||||
Natural Gas Sales (bcf) |
|
|
|
| ||
| Argentina |
| 70 |
| 64 | |
| Mexico |
| 6 |
| 6 | |
| Mobile Gas |
| 10 |
| 10 | |
Natural Gas Customers (Thousands) |
|
|
|
| ||
| Argentina |
| 1,766 |
| 1,717 | |
| Mexico |
| 89 |
| 91 | |
| Mobile Gas |
| 92 |
| 92 | |
Electric Sales (Millions of kWhs) |
|
|
|
| ||
| Peru |
| 1,594 |
| 1,479 | |
| Chile |
| 680 |
| 600 | |
Electric Customers (Thousands) |
|
|
|
| ||
| Peru |
| 899 |
| 870 | |
| Chile |
| 598 |
| 582 |
SEMPRA ENERGY | |||||||||||||||
Table F (Unaudited) | |||||||||||||||
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Statement of Operations Data by Business Unit | |||||||||||||||
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Three Months Ended March 31, 2011 | |||||||||||||||
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(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
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Revenues |
| $ 840 |
| $ 1,056 |
| $ 269 |
| $ 109 |
| $ 186 |
| $ (26) |
|
| $ 2,434 |
|
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|
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|
|
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Cost of Sales and Other Expenses |
| (571) |
| (856) |
| (187) |
| (69) |
| (119) |
| 9 |
|
| (1,793) |
|
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Litigation Expense |
| (3) |
| - |
| (1) |
| - |
| (2) |
| (1) |
|
| (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Depreciation & Amortization |
| (103) |
| (81) |
| (19) |
| (13) |
| (13) |
| (2) |
|
| (231) |
|
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Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| 1 |
| 9 |
| - |
| (9) |
|
| 1 |
|
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Other Income, Net |
| 16 |
| 3 |
| - |
| - |
| 2 |
| 22 |
|
| 43 |
|
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|
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Income (Loss) Before Interest & Tax (1) |
| 179 |
| 122 |
| 63 |
| 36 |
| 54 |
| (7) |
|
| 447 |
|
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Net Interest (Expense) Income (2) |
| (37) |
| (17) |
| 3 |
| (6) |
| (10) |
| (40) |
|
| (107) |
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Income Tax (Expense) Benefit |
| (49) |
| (37) |
| (22) |
| (7) |
| (11) |
| 17 |
|
| (109) |
|
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|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| 31 |
| - |
| - |
|
| 31 |
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|
|
Earnings Attributable to Noncontrolling Interests |
| (4) |
| - |
| - |
| - |
| - |
| - |
|
| (4) |
|
|
|
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|
|
|
|
|
|
Earnings (Losses) |
| $ 89 |
| $ 68 |
| $ 44 |
| $ 54 |
| $ 33 |
| $ (30) |
|
| $ 258 |
|
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Three Months Ended March 31, 2010 | |||||||||||||||
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(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
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Revenues |
| $ 742 |
| $ 1,182 |
| $ 318 |
| $ 110 |
| $ 205 |
| $ (23) |
|
| $ 2,534 |
|
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Cost of Sales and Other Expenses |
| (505) |
| (973) |
| (253) |
| (78) |
| (136) |
| 10 |
|
| (1,935) |
|
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Litigation Expense |
| (7) |
| - |
| (139) |
| - |
| (1) |
| (21) |
|
| (168) |
|
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Depreciation & Amortization |
| (92) |
| (75) |
| (15) |
| (11) |
| (12) |
| (5) |
|
| (210) |
|
|
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Equity Earnings Recorded Before Income Tax |
| - |
| - |
| - |
| 10 |
| - |
| 5 |
|
| 15 |
|
|
|
|
|
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|
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|
|
|
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|
|
Other Income (Expense), Net |
| - |
| 4 |
| 2 |
| (1) |
| - |
| 3 |
|
| 8 |
|
|
|
|
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|
Income (Loss) Before Interest & Tax (1) |
| 138 |
| 138 |
| (87) |
| 30 |
| 56 |
| (31) |
|
| 244 |
|
|
|
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Net Interest Expense (2) |
| (32) |
| (17) |
| (2) |
| (5) |
| (12) |
| (39) |
|
| (107) |
|
|
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|
|
|
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|
Income Tax (Expense) Benefit |
| (31) |
| (56) |
| 38 |
| (6) |
| (12) |
| 9 |
|
| (58) |
|
|
|
|
|
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|
|
|
|
|
|
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|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| 19 |
| - |
| - |
|
| 19 |
|
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|
Losses Attributable to Noncontrolling Interests |
| 8 |
| - |
| - |
| - |
| - |
| - |
|
| 8 |
|
|
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|
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|
Earnings (Losses) |
| $ 83 |
| $ 65 |
| $ (51) |
| $ 38 |
| $ 32 |
| $ (61) |
|
| $ 106 |
|
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(1) Management believes "Income (Loss) before Interest & Tax" is a useful measurement of our business units' performance because it can be used to evaluate the effectiveness of our operations exclusive of interest and income tax, neither of which is directly relevant to the efficiency of those operations. | |||||||||||||||
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(2) Net Interest (Expense) Income includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. | |||||||||||||||
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