filings.toolsItem 6. SELECTED FINANCIAL DATA
11K characters. Original on sec.gov ·
Item 6. SELECTED FINANCIAL DATA
FIVE-YEAR SUMMARIES
The following tables present selected financial data of Sempra Energy, SDG&E and SoCalGas for the five years ended December 31, 2019. The data is derived from the audited consolidated financial statements of each company. You should read this information in conjunction with “Item 7. MD&A” and the consolidated financial statements and notes contained in this annual report on Form 10-K.
| FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA – SEMPRA ENERGY CONSOLIDATED | |||||||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||||||
| At December 31 or for the years then ended | |||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| Revenues: | |||||||||||||||||||
| Utilities | |||||||||||||||||||
| Natural gas | $ | 5,185 | $ | 4,540 | $ | 4,361 | $ | 4,050 | $ | 4,096 | |||||||||
| Electric | 4,263 | 3,999 | 3,929 | 3,748 | 3,711 | ||||||||||||||
| Energy-related businesses | 1,381 | 1,563 | 1,350 | 829 | 880 | ||||||||||||||
| Total revenues | $ | 10,829 | $ | 10,102 | $ | 9,640 | $ | 8,627 | $ | 8,687 | |||||||||
| Income from continuing operations, net of income tax | $ | 1,999 | $ | 938 | $ | 382 | $ | 1,292 | $ | 1,256 | |||||||||
| Income (loss) from discontinued operations, net of income tax | 363 | 188 | (31 | ) | 227 | 192 | |||||||||||||
| Net income | 2,362 | 1,126 | 351 | 1,519 | 1,448 | ||||||||||||||
| Earnings attributable to noncontrolling interests | (164 | ) | (76 | ) | (94 | ) | (148 | ) | (98 | ) | |||||||||
| Mandatory convertible preferred stock dividends | (142 | ) | (125 | ) | — | — | — | ||||||||||||
| Preferred dividends of subsidiary | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||
| Earnings attributable to common shares | $ | 2,055 | $ | 924 | $ | 256 | $ | 1,370 | $ | 1,349 | |||||||||
| Basic EPS: | |||||||||||||||||||
| Earnings from continuing operations | $ | 6.22 | $ | 2.86 | $ | 1.25 | $ | 4.66 | $ | 4.77 | |||||||||
| Earnings (losses) from discontinued operations | $ | 1.18 | $ | 0.59 | $ | (0.23 | ) | $ | 0.82 | $ | 0.66 | ||||||||
| Earnings | $ | 7.40 | $ | 3.45 | $ | 1.02 | $ | 5.48 | $ | 5.43 | |||||||||
| Diluted EPS: | |||||||||||||||||||
| Earnings from continuing operations | $ | 6.13 | $ | 2.84 | $ | 1.24 | $ | 4.65 | $ | 4.71 | |||||||||
| Earnings (losses) from discontinued operations | $ | 1.16 | $ | 0.58 | $ | (0.23 | ) | $ | 0.81 | $ | 0.66 | ||||||||
| Earnings | $ | 7.29 | $ | 3.42 | $ | 1.01 | $ | 5.46 | $ | 5.37 | |||||||||
| Dividends declared per common share | $ | 3.87 | $ | 3.58 | $ | 3.29 | $ | 3.02 | $ | 2.80 | |||||||||
| Effective income tax rate | 18 | % | (10 | )% | 73 | % | 22 | % | 17 | % | |||||||||
| Weighted-average rate base: | |||||||||||||||||||
| SDG&E | $ | 10,467 | $ | 9,619 | $ | 8,549 | $ | 8,019 | $ | 7,671 | |||||||||
| SoCalGas | $ | 7,401 | $ | 6,413 | $ | 5,493 | $ | 4,775 | $ | 4,269 | |||||||||
| AT DECEMBER 31 | |||||||||||||||||||
| Current assets | $ | 3,339 | $ | 3,645 | $ | 3,341 | $ | 3,110 | $ | 2,891 | |||||||||
| Total assets | $ | 65,665 | $ | 60,638 | $ | 50,454 | $ | 47,786 | $ | 41,150 | |||||||||
| Current liabilities | $ | 9,150 | $ | 7,523 | $ | 6,635 | $ | 5,927 | $ | 4,612 | |||||||||
| Long-term debt and finance leases (excludes current portion)(1) | $ | 20,785 | $ | 20,903 | $ | 15,829 | $ | 13,865 | $ | 12,582 | |||||||||
| Short-term debt(2) | $ | 5,031 | $ | 3,668 | $ | 2,790 | $ | 2,542 | $ | 1,437 | |||||||||
| Sempra Energy shareholders’ equity | $ | 19,929 | $ | 17,138 | $ | 12,670 | $ | 12,951 | $ | 11,809 | |||||||||
| Common shares outstanding | 291.7 | 273.8 | 251.4 | 250.2 | 248.3 | ||||||||||||||
| Book value per common share | $ | 60.58 | $ | 54.35 | $ | 50.40 | $ | 51.77 | $ | 47.56 |
| (1) | Excludes discontinued operations. |
| (2) | Includes long-term debt due within one year and current portion of finance lease obligations. Excludes discontinued operations. |
In 2019, Sempra Renewables completed the sale of its remaining U.S. wind assets and investments and recognized a pretax gain on sale of $61 million ($45 million after tax and NCI). In 2018, Sempra Renewables completed the sale of its U.S. operating solar assets, solar and battery storage development projects, as well as an interest in one wind facility, and recognized a pretax gain on sale of $513 million ($367 million after tax). We discuss the sales and related gains in Note 5 of the Notes to Consolidated Financial Statements.
In 2018, we recorded impairment charges of $1.1 billion ($629 million after tax and NCI) at Sempra LNG, $200 million ($145 million after tax) at Sempra Renewables and $65 million at Parent and other. We discuss the impairments in Notes 5, 6 and 12 of the Notes to Consolidated Financial Statements.
In 2018, Sempra Energy completed registered public offerings of our common stock (including shares offered pursuant to forward sale agreements), series A preferred stock, series B preferred stock and long-term debt. These offerings, including settlement of a portion of the forward sale agreements, provided total net proceeds of approximately $4.5 billion in equity and $4.9 billion in debt. A portion of these proceeds were used to partially fund the acquisition of an indirect, 100*%* interest in Oncor Holdings, which we account for as an equity method investment. We discuss the acquisition and equity method investment further in Notes 5 and 6 of the Notes to Consolidated Financial Statements.
In 2017, Sempra Energy’s income tax expense included $870 million related to the impact of the TCJA, as we discuss in Note 8 of the Notes to Consolidated Financial Statements, “Item 7. MD&A – Income Taxes” and “Item 7. MD&A – Discontinued Operations.”
In 2017, we recorded a charge of $208 million (after tax) for the write-off of SDG&E’s wildfire regulatory asset, which we discuss in Note 16 of the Notes to Consolidated Financial Statements.
In 2017 and 2016, Sempra Mexico recognized impairment charges of $47 million (after NCI) and $90 million (after tax and NCI), respectively, related to assets held for sale at TdM. We discuss the impairments in Notes 5 and 12 of the Notes to Consolidated Financial Statements.
In 2016, we recorded a $350 million (after tax and NCI) noncash gain associated with the remeasurement of Sempra Mexico’s equity interest in IEnova Pipelines (formerly known as GdC).
In 2016, IEnova completed a private offering in the U.S. and outside of Mexico and a concurrent public offering in Mexico of common stock.
We discuss litigation and other contingencies in Note 16 of the Notes to Consolidated Financial Statements.
| FIVE-YEAR SUMMARIES OF SELECTED FINANCIAL DATA – SDG&E AND SOCALGAS | |||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||
| At December 31 or for the years then ended | |||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
| SDG&E: | |||||||||||||||||||
| Statement of Operations Data: | |||||||||||||||||||
| Operating revenues | $ | 4,925 | $ | 4,568 | $ | 4,476 | $ | 4,253 | $ | 4,219 | |||||||||
| Operating income | 1,313 | 1,010 | 709 | 976 | 1,045 | ||||||||||||||
| Earnings attributable to common shares | 767 | 669 | 407 | 570 | 587 | ||||||||||||||
| Balance Sheet Data: | |||||||||||||||||||
| Total assets | $ | 20,560 | $ | 19,225 | $ | 17,844 | $ | 17,719 | $ | 16,515 | |||||||||
| Long-term debt and finance leases (excludes current portion) | 6,306 | 6,138 | 5,335 | 4,658 | 4,455 | ||||||||||||||
| Short-term debt(1) | 136 | 372 | 473 | 191 | 218 | ||||||||||||||
| SDG&E shareholder’s equity | 7,100 | 6,015 | 5,598 | 5,641 | 5,223 | ||||||||||||||
| SoCalGas: | |||||||||||||||||||
| Statement of Operations Data: | |||||||||||||||||||
| Operating revenues | $ | 4,525 | $ | 3,962 | $ | 3,785 | $ | 3,471 | $ | 3,489 | |||||||||
| Operating income | 956 | 591 | 627 | 551 | 548 | ||||||||||||||
| Dividends on preferred stock | 1 | 1 | 1 | 1 | 1 | ||||||||||||||
| Earnings attributable to common shares | 641 | 400 | 396 | 349 | 419 | ||||||||||||||
| Balance Sheet Data: | |||||||||||||||||||
| Total assets | $ | 17,077 | $ | 15,389 | $ | 14,159 | $ | 13,424 | $ | 12,104 | |||||||||
| Long-term debt and finance leases (excludes current portion) | 3,788 | 3,427 | 2,485 | 2,982 | 2,481 | ||||||||||||||
| Short-term debt(1) | 636 | 259 | 617 | 62 | 9 | ||||||||||||||
| SoCalGas shareholders’ equity | 4,748 | 4,258 | 3,907 | 3,510 | 3,149 |
| (1) | Includes long-term debt due within one year and current portion of finance lease obligations. |
Previous: Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS