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,
	2017				2016			2015				2014			2013
	(in millions, except per share amounts)
Revenues	$	9,614			$	7,528		$	7,386			$	9,226		$	8,106
Equity in earnings (losses) of unconsolidated affiliates	265				208			(1,663		)	(2)	308			188
Net income (loss)	1,792			(1)	432			(692		)		611			311
Basic earnings (loss) per common share	4.16				1.00			(1.61		)		1.42			0.73
Diluted earnings (loss) per common share	4.13				1.00			(1.61		)		1.42			$	0.72

Cash dividends paid per common share	$	1.07			$	1.03		$	0.99			$	0.95		$	0.83
Dividend payout ratio	26		%		103		%	n/a				67		%	114		%
Return on average common equity	44		%		12		%	(17		)%		14		%	7		%
Ratio of earnings to fixed charges	3.70				2.74			2.67				2.79			2.42
At year-end:
Book value per common share	$	10.88			$	8.04		$	8.05			$	10.58		$	10.09
Market price per common share	28.36				24.64			18.36				23.43			23.18
Market price as a percent of book value	261		%		306		%	228		%		221		%	230		%
Percentage of common units owned representing limited partner interests in Enable	54.1		%		54.1		%	55.4		%		55.4		%	58.3		%
Total assets (4)	$	22,736			$	21,829		$	21,290			$	23,150		$	21,816
Short-term borrowings	39				35			40				53			43
Securitization Bonds, including current maturities (3)	1,868				2,278			2,667				3,037			3,388
Other long-term debt, including current maturities (3)	6,933				6,279			6,063				5,717			4,873
Capitalization:
Common stock equity	35		%		29		%	28		%		34		%	34		%
Long-term debt, including current maturities	65		%		71		%	72		%		66		%	66		%
Capitalization, excluding Securitization Bonds:
Common stock equity	40		%		36		%	36		%		44		%	47		%
Long-term debt, excluding Securitization Bonds, and including current maturities	60		%		64		%	64		%		56		%	53		%
Capital expenditures	$	1,494			$	1,406		$	1,575			$	1,402		$	1,272


(1)	Net income for the year ended December 31, 2017 includes a reduction in income taxes of $1,113 million due to tax reform. See Note 14 to our consolidated financial statements for further discussion of the impacts of tax reform implementation.


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


(3)	Amounts for 2013 to 2015 have been restated to reflect adoption of ASU 2015-03.

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