Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following table presents selected financial data with respect to our consolidated financial condition and consolidated results of operations and should be read in conjunction with our consolidated financial statements and the related notes in Item 8 of this report.



	Year Ended December 31,
	2016			2015				2014			2013			2012
	(in millions, except per share amounts)
Revenues	$	7,528		$	7,386			$	9,226		$	8,106		$	7,452
Equity in earnings (losses) of unconsolidated affiliates	208			(1,663		)	(1)	308			188			31
Net income (loss)	$	432		$	(692	)		$	611		$	311		$	417

Basic earnings (loss) per common share	$	1.00		$	(1.61	)		$	1.42		$	0.73		$	0.98

Diluted earnings (loss) per common share	$	1.00		$	(1.61	)		$	1.42		$	0.72		$	0.97

Cash dividends declared per common share	$	1.03		$	0.99			$	0.95		$	0.83		$	0.81
Dividend payout ratio	103		%	n/a				67		%	114		%	83		%
Return on average common equity	12		%	(17		)%		14		%	7		%	10		%
Ratio of earnings to fixed charges	2.74			2.67				2.79			2.42			2.29
At year-end:
Book value per common share	$	8.04		$	8.05			$	10.58		$	10.09		$	10.09
Market price per common share	24.64			18.36				23.43			23.18			19.25
Market price as a percent of book value	306		%	228		%		221		%	230		%	191		%
Limited partner interests owned in Enable	54.1		%	55.4		%		55.4		%	58.3		%	n/a
Total assets (2)	$	21,829		$	21,290			$	23,150		$	21,816		$	22,806
Short-term borrowings	35			40				53			43			38
Securitization bonds, including current maturities (2)	2,278			2,667				3,037			3,388			3,832
Other long-term debt, including current maturities (2)	6,279			6,063				5,717			4,873			5,861
Capitalization:
Common stock equity	29		%	28		%		34		%	34		%	31		%
Long-term debt, including current maturities	71		%	72		%		66		%	66		%	69		%
Capitalization, excluding securitization bonds:
Common stock equity	36		%	36		%		44		%	47		%	42		%
Long-term debt, excluding securitization bonds, and including current maturities	64		%	64		%		56		%	53		%	58		%
Capital expenditures	$	1,406		$	1,575			$	1,402		$	1,272		$	1,188


(1)	This amount includes $1,846 million of non-cash impairment charges related to Enable.


(2)	Amounts for 2012 to 2015 have been restated to reflect adoption of ASU 2015-03.

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