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ato:credit_facility utreg:Bcf


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                    
Commission File Number 1-10042
Atmos Energy Corporation
(Exact name of registrant as specified in its charter)
Texas
and
Virginia
 
75-1743247
(State or other jurisdiction of
incorporation or organization)
 
(IRS employer
identification no.)
 
 
 
 
1800 Three Lincoln Centre
 
 
5430 LBJ Freeway
 
 
Dallas
Texas
 
75240
(Address of principal executive offices)
 
(Zip code)
(972934-9227
(Registrant’s telephone number, including area code)
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock
No Par Value
ATO
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  þ
Number of shares outstanding of each of the issuer’s classes of common stock, as of July 31, 2020.
Class
 
Shares Outstanding
Common stock
No Par Value
 
123,354,982




GLOSSARY OF KEY TERMS
 
Adjusted diluted net income per share
Non-GAAP measure defined as diluted net income per share before the non-cash income tax benefit
Adjusted net income
Non-GAAP measure defined as net income before the non-cash income tax benefit
AEC
Atmos Energy Corporation
AOCI
Accumulated other comprehensive income
ARM
Annual Rate Mechanism
Bcf
Billion cubic feet
DARR
Dallas Annual Rate Review
FASB
Financial Accounting Standards Board
GAAP
Generally Accepted Accounting Principles
GRIP
Gas Reliability Infrastructure Program
GSRS
Gas System Reliability Surcharge
LIBOR
London Interbank Offered Rate
Mcf
Thousand cubic feet
MMcf
Million cubic feet
Moody’s
Moody’s Investors Services, Inc.
NTSB
National Transportation Safety Board
PPA
Pension Protection Act of 2006
PRP
Pipeline Replacement Program
RRC
Railroad Commission of Texas
RRM
Rate Review Mechanism
RSC
Rate Stabilization Clause
S&P
Standard & Poor’s Corporation
SAVE
Steps to Advance Virginia Energy
SEC
United States Securities and Exchange Commission
SIR
System Integrity Rider
SRF
Stable Rate Filing
SSIR
System Safety and Integrity Rider
TCJA
Tax Cuts and Jobs Act of 2017
WNA
Weather Normalization Adjustment

2



PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS 
 
June 30,
2020
 
September 30,
2019
 
(Unaudited)
 
 
 
(In thousands, except
share data)
ASSETS
 
 
 
Property, plant and equipment
$
15,443,224

 
$
14,180,593

Less accumulated depreciation and amortization
2,562,374

 
2,392,924

Net property, plant and equipment
12,880,850

 
11,787,669

Current assets
 
 
 
Cash and cash equivalents
208,064

 
24,550

Accounts receivable, net
236,466

 
230,571

Gas stored underground
84,886

 
130,138

Other current assets
72,743

 
72,772

Total current assets
602,159

 
458,031

Goodwill
730,706

 
730,706

Deferred charges and other assets
657,267

 
391,213

 
$
14,870,982

 
$
13,367,619

CAPITALIZATION AND LIABILITIES
 
 
 
Shareholders’ equity
 
 
 
Common stock, no par value (stated at $0.005 per share); 200,000,000 shares authorized; issued and outstanding: June 30, 2020 — 123,351,267 shares; September 30, 2019 — 119,338,925 shares
$
617

 
$
597

Additional paid-in capital
4,100,130

 
3,712,194

Accumulated other comprehensive loss
(116,727
)
 
(114,583
)
Retained earnings
2,477,451

 
2,152,015

Shareholders’ equity
6,461,471

 
5,750,223

Long-term debt
4,531,341

 
3,529,452

Total capitalization
10,992,812

 
9,279,675

Current liabilities
 
 
 
Accounts payable and accrued liabilities
200,116

 
265,024

Other current liabilities
502,413

 
479,501

Short-term debt

 
464,915

Current maturities of long-term debt
157

 

Total current liabilities
702,686

 
1,209,440

Deferred income taxes
1,420,065

 
1,300,015

Regulatory excess deferred taxes
702,493

 
705,101

Regulatory cost of removal obligation
458,101

 
473,172

Deferred credits and other liabilities
594,825

 
400,216

 
$
14,870,982

 
$
13,367,619

See accompanying notes to condensed consolidated financial statements.

3



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended June 30
 
2020
 
2019
 
(Unaudited)
(In thousands, except per
share data)
Operating revenues
 
 
 
Distribution segment
$
435,308

 
$
444,944

Pipeline and storage segment
158,008

 
149,198

Intersegment eliminations
(100,321
)
 
(108,404
)
Total operating revenues
492,995

 
485,738

 
 
 
 
Purchased gas cost
 
 
 
Distribution segment
126,093

 
139,518

Pipeline and storage segment
(11
)
 
(96
)
Intersegment eliminations
(100,010
)
 
(108,096
)
Total purchased gas cost
26,072

 
31,326

 
 
 
 
Operation and maintenance expense
149,460

 
164,545

Depreciation and amortization expense
107,104

 
97,700

Taxes, other than income
71,324

 
69,965

Operating income
139,035

 
122,202

Other non-operating income
7,235

 
1,645

Interest charges
19,580

 
19,592

Income before income taxes
126,690

 
104,255

Income tax expense
8,899

 
23,789

Net income
$
117,791

 
$
80,466

Basic net income per share
$
0.96

 
$
0.68

Diluted net income per share
$
0.96

 
$
0.68

Cash dividends per share
$
0.575

 
$
0.525

Basic weighted average shares outstanding
123,026

 
118,075

Diluted weighted average shares outstanding
123,032

 
118,430

 
 
 
 
Net income
$
117,791

 
$
80,466

Other comprehensive income (loss), net of tax
 
 
 
Net unrealized holding gains on available-for-sale securities, net of tax of $96 and $27
364

 
94

Cash flow hedges:
 
 
 
Amortization and unrealized gain (loss) on interest rate agreements, net of tax of $(1,115) and $312
(4,450
)
 
1,053

Total other comprehensive income (loss)
(4,086
)
 
1,147

Total comprehensive income
$
113,705

 
$
81,613

See accompanying notes to condensed consolidated financial statements.

4




ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Nine Months Ended June 30
 
2020
 
2019
 
(Unaudited)
(In thousands, except per
share data)
Operating revenues
 
 
 
Distribution segment
$
2,196,817

 
$
2,341,668

Pipeline and storage segment
452,421

 
419,318

Intersegment eliminations
(303,015
)
 
(302,821
)
Total operating revenues
2,346,223

 
2,458,165

 
 
 
 
Purchased gas cost
 
 
 
Distribution segment
942,586

 
1,147,598

Pipeline and storage segment
290

 
(544
)
Intersegment eliminations
(302,053
)
 
(301,887
)
Total purchased gas cost
640,823

 
845,167

 
 
 
 
Operation and maintenance expense
449,529

 
452,572

Depreciation and amortization expense
318,082

 
290,537

Taxes, other than income
214,535

 
213,546

Operating income
723,254

 
656,343

Other non-operating income (expense)
9,133

 
(1,846
)
Interest charges
68,980

 
74,390

Income before income taxes
663,407

 
580,107

Income tax expense
127,297

 
127,107

Net income
$
536,110

 
$
453,000

Basic net income per share
$
4.38

 
$
3.89

Diluted net income per share
$
4.37

 
$
3.88

Cash dividends per share
$
1.725

 
$
1.575

Basic weighted average shares outstanding
122,352

 
116,485

Diluted weighted average shares outstanding
122,463

 
116,673

 
 
 
 
Net income
$
536,110

 
$
453,000

Other comprehensive income (loss), net of tax
 
 
 
Net unrealized holding gains on available-for-sale securities, net of tax of $47 and $56
200

 
191

Cash flow hedges:
 
 
 
Amortization and unrealized loss on interest rate agreements, net of tax of $(492) and $(7,093)
(2,344
)
 
(23,997
)
Total other comprehensive loss
(2,144
)
 
(23,806
)
Total comprehensive income
$
533,966

 
$
429,194

See accompanying notes to condensed consolidated financial statements.

5



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Nine Months Ended June 30
 
2020
 
2019
 
(Unaudited)
(In thousands)
Cash Flows From Operating Activities
 
 
 
Net income
$
536,110

 
$
453,000

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
318,082

 
290,537

Deferred income taxes
137,996

 
120,220

One-time income tax benefit
(20,962
)
 

Other
5,935

 
9,649

Net assets / liabilities from risk management activities
1,295

 
(1,976
)
Net change in operating assets and liabilities
(82,970
)
 
(62,502
)
Net cash provided by operating activities
895,486

 
808,928

Cash Flows From Investing Activities
 
 
 
Capital expenditures
(1,405,673
)
 
(1,199,199
)
Proceeds from the sale of discontinued operations

 
4,000

Debt and equity securities activities, net
(692
)
 
(4,041
)
Other, net
6,098

 
3,839

Net cash used in investing activities
(1,400,267
)
 
(1,195,401
)
Cash Flows From Financing Activities
 
 
 
Net decrease in short-term debt
(464,915
)
 
(500,838
)
Net proceeds from equity offering
358,047

 
593,731

Issuance of common stock through stock purchase and employee retirement plans
14,125

 
14,128

Proceeds from issuance of long-term debt
999,450

 
1,045,221

Settlement of interest rate swaps

 
(90,141
)
Repayment of long-term debt

 
(450,000
)
Cash dividends paid
(210,674
)
 
(181,982
)
Debt issuance costs
(7,738
)
 
(11,254
)
Net cash provided by financing activities
688,295

 
418,865

Net increase in cash and cash equivalents
183,514

 
32,392

Cash and cash equivalents at beginning of period
24,550

 
13,771

Cash and cash equivalents at end of period
$
208,064

 
$
46,163


See accompanying notes to condensed consolidated financial statements.

6



ATMOS ENERGY CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
June 30, 2020
1.    Nature of Business
Atmos Energy Corporation (“Atmos Energy” or the “Company”) and its subsidiaries are engaged in the regulated natural gas distribution and pipeline and storage businesses. Our distribution business is subject to federal and state regulation and/or regulation by local authorities in each of the states in which our regulated divisions and subsidiaries operate.
Our distribution business delivers natural gas through sales and transportation arrangements to over three million residential, commercial, public authority and industrial customers through our six regulated distribution divisions, which at June 30, 2020, covered service areas located in eight states.
Our pipeline and storage business, which is also subject to federal and state regulations, includes the transportation of natural gas to our Texas and Louisiana distribution systems and the management of our underground storage facilities used to support our distribution business in various states.
    
2.    Unaudited Financial Information
These consolidated interim-period financial statements have been prepared in accordance with accounting principles generally accepted in the United States on the same basis, aside from accounting policy changes noted below, as those used for the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. In the opinion of management, all material adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been made to the unaudited consolidated interim-period financial statements. These consolidated interim-period financial statements are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of Atmos Energy Corporation included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. Because of seasonal and other factors, the results of operations for the nine-month period ended June 30, 2020 are not indicative of our results of operations for the full 2020 fiscal year, which ends September 30, 2020.
Except as noted below related to recent ratemaking activity and in Note 12 to the unaudited condensed consolidated financial statements regarding new cash flow hedges, no events have occurred subsequent to the balance sheet date that would require recognition or disclosure in the unaudited condensed consolidated financial statements.

Significant accounting policies
Our accounting policies are described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019.
During the second quarter of fiscal 2020, we completed our annual goodwill impairment assessment. Based on the assessment performed, we determined that our goodwill was not impaired.
Accounting pronouncements adopted in fiscal 2020
In February 2016, the Financial Accounting Standards Board (FASB) issued a comprehensive new leasing standard that requires lessees to recognize a lease liability and a right-of-use (ROU) asset for all leases, including operating leases on its balance sheet. The new standard was effective for us beginning on October 1, 2019. See Note 6 to the unaudited condensed consolidated financial statements for further details regarding our adoption of the new lease standard and the related disclosures.
Accounting pronouncements that will be effective after fiscal 2020
In March 2020, the FASB issued optional guidance which will ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR). The amendments can be elected immediately, as of March 12, 2020, through December 31, 2022. We are currently evaluating if we will apply the optional guidance as we assess the impact of the cessation of LIBOR on our current contracts and hedging relationships and the potential impact on our financial position, results of operations and cash flows.
In December 2019, the FASB issued new guidance related to accounting for income taxes which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocations and calculating income taxes in interim periods. The new standard also adds guidance to reduce complexity in certain areas, such as recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The new standard will be effective for us beginning

7



on October 1, 2021; early adoption is permitted. We are currently evaluating the potential impact of this new guidance on our financial position, results of operations and cash flows. 
In June 2016, the FASB issued new guidance which will require credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. In contrast, current U.S. GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. The new guidance also introduces a new impairment recognition model for available-for-sale debt securities that will require credit losses to be recorded through an allowance account. The new standard will be effective for us beginning on October 1, 2020. We are currently evaluating the potential impact of this new guidance on our financial position, results of operations and cash flows. 
Regulatory assets and liabilities
Accounting principles generally accepted in the United States require cost-based, rate-regulated entities that meet certain criteria to reflect the authorized recovery of costs due to regulatory decisions in their financial statements. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. We record certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Substantially all of our regulatory assets are recorded as a component of deferred charges and other assets and our regulatory liabilities are recorded as a component of other current liabilities and deferred credits and other liabilities. Deferred gas costs are recorded either in other current assets or liabilities and our regulatory excess deferred taxes and regulatory cost of removal obligation are reported separately.
Significant regulatory assets and liabilities as of June 30, 2020 and September 30, 2019 included the following:
 
June 30,
2020
 
September 30,
2019
 
(In thousands)
Regulatory assets:
 
 
 
Pension and postretirement benefit costs
$
79,108

 
$
86,089

Infrastructure mechanisms(1)
180,390

 
131,894

Deferred gas costs

 
23,766

Recoverable loss on reacquired debt
5,259

 
6,551

Deferred pipeline record collection costs
28,700

 
26,418

Rate case costs
401

 
1,346

Other
6,173

 
8,483

 
$
300,031

 
$
284,547

Regulatory liabilities:
 
 
 
Regulatory excess deferred taxes(2)
$
723,400

 
$
726,307

Regulatory cost of service reserve
2,559

 
5,238

Regulatory cost of removal obligation
528,932

 
528,893

Deferred gas costs
48,917

 
14,112

Asset retirement obligation
17,054

 
17,054

APT annual adjustment mechanism
62,461

 
78,402

Other
21,923

 
16,120

 
$
1,405,246

 
$
1,386,126


 
(1)
Infrastructure mechanisms in Texas, Louisiana and Tennessee allow for the deferral of all eligible expenses associated with capital expenditures incurred pursuant to these rules, including the recording of interest on deferred expenses until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates.
(2)
Due to the passage of the Kansas House Bill 2585, on June 1, 2020, we remeasured our deferred tax liability and updated our state deferred tax rate resulting in a $12.1 million regulatory liability as of June 30, 2020. See further details in Note 11. The remaining amount reflects the remeasurement of the net deferred tax liability included in our rate base as a result of the Tax Cuts and Jobs Act of 2017 (the "TCJA"). Of this amount, $20.9 million as of June 30, 2020 and $21.2 million as of September 30, 2019 is recorded in other current liabilities. These liabilities are being returned to customers in most of our jurisdictions on a provisional basis over 15 to 46 years until formal orders establish the final refund periods.


8



During the nine months ended June 30, 2020, we received regulatory orders in Louisiana, Mississippi, Texas (including APT) and Virginia to defer into a regulatory asset all expenses, beyond the normal course of business, related to Coronavirus Disease 2019 (COVID-19 or virus), including bad debt expense. Subsequent to June 30, 2020, we also received a regulatory order in Kansas to defer into a regulatory asset these expenses. As of June 30, 2020, no amounts have been recorded as regulatory assets or liabilities for expenses related to COVID-19, including bad debt expense.

3.    Segment Information

 We manage and review our consolidated operations through the following reportable segments:

The distribution segment is primarily comprised of our regulated natural gas distribution and related sales operations in eight states.
The pipeline and storage segment is comprised primarily of the pipeline and storage operations of our Atmos Pipeline-Texas division and our natural gas transmission operations in Louisiana.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019.
Income statements and capital expenditures for the three and nine months ended June 30, 2020 and 2019 by segment are presented in the following tables:
 
Three Months Ended June 30, 2020
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
434,650

 
$
58,345

 
$

 
$
492,995

Intersegment revenues
658

 
99,663

 
(100,321
)
 

Total operating revenues
435,308

 
158,008

 
(100,321
)
 
492,995

Purchased gas cost
126,093

 
(11
)
 
(100,010
)
 
26,072

Operation and maintenance expense
107,537

 
42,234

 
(311
)
 
149,460

Depreciation and amortization expense
77,187

 
29,917

 

 
107,104

Taxes, other than income
61,980

 
9,344

 

 
71,324

Operating income
62,511

 
76,524

 

 
139,035

Other non-operating income
5,167

 
2,068

 

 
7,235

Interest charges
7,969

 
11,611

 

 
19,580

Income before income taxes
59,709

 
66,981

 

 
126,690

Income tax expense
810

 
8,089

 

 
8,899

Net income
$
58,899

 
$
58,892

 
$

 
$
117,791

Capital expenditures
$
342,385

 
$
68,551

 
$

 
$
410,936




9



 
Three Months Ended June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
444,287

 
$
41,451

 
$

 
$
485,738

Intersegment revenues
657

 
107,747

 
(108,404
)
 

Total operating revenues
444,944

 
149,198

 
(108,404
)
 
485,738

Purchased gas cost
139,518

 
(96
)
 
(108,096
)
 
31,326

Operation and maintenance expense
123,998

 
40,855

 
(308
)
 
164,545

Depreciation and amortization expense
70,611

 
27,089

 

 
97,700

Taxes, other than income
62,134

 
7,831

 

 
69,965

Operating income
48,683

 
73,519

 

 
122,202

Other non-operating income (expense)
3,005

 
(1,360
)
 

 
1,645

Interest charges
10,597

 
8,995

 

 
19,592

Income before income taxes
41,091

 
63,164

 

 
104,255

Income tax expense
8,693

 
15,096

 

 
23,789

Net income
$
32,398

 
$
48,068

 
$

 
$
80,466

Capital expenditures
$
316,825

 
$
104,788

 
$

 
$
421,613


 
Nine Months Ended June 30, 2020
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
2,194,786

 
$
151,437

 
$

 
$
2,346,223

Intersegment revenues
2,031

 
300,984

 
(303,015
)
 

Total operating revenues
2,196,817

 
452,421

 
(303,015
)
 
2,346,223

Purchased gas cost
942,586

 
290

 
(302,053
)
 
640,823

Operation and maintenance expense
337,740

 
112,751

 
(962
)
 
449,529

Depreciation and amortization expense
229,526

 
88,556

 

 
318,082

Taxes, other than income
190,636

 
23,899

 

 
214,535

Operating income
496,329

 
226,925

 

 
723,254

Other non-operating income
1,930

 
7,203

 

 
9,133

Interest charges
35,128

 
33,852

 

 
68,980

Income before income taxes
463,131

 
200,276

 

 
663,407

Income tax expense
87,411

 
39,886

 

 
127,297

Net income
$
375,720

 
$
160,390

 
$

 
$
536,110

Capital expenditures
$
1,119,945

 
$
285,728

 
$

 
$
1,405,673




10



 
Nine Months Ended June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
2,339,660

 
$
118,505

 
$

 
$
2,458,165

Intersegment revenues
2,008

 
300,813

 
(302,821
)
 

Total operating revenues
2,341,668

 
419,318

 
(302,821
)
 
2,458,165

Purchased gas cost
1,147,598

 
(544
)
 
(301,887
)
 
845,167

Operation and maintenance expense
347,386

 
106,120

 
(934
)
 
452,572

Depreciation and amortization expense
210,224

 
80,313

 

 
290,537

Taxes, other than income
189,377

 
24,169

 

 
213,546

Operating income
447,083

 
209,260

 

 
656,343

Other non-operating income (expense)
1,791

 
(3,637
)
 

 
(1,846
)
Interest charges
44,703

 
29,687

 

 
74,390

Income before income taxes
404,171

 
175,936

 

 
580,107

Income tax expense
85,195

 
41,912

 

 
127,107

Net income
$
318,976

 
$
134,024

 
$

 
$
453,000

Capital expenditures
$
912,640

 
$
286,559

 
$

 
$
1,199,199

 


Balance sheet information at June 30, 2020 and September 30, 2019 by segment is presented in the following tables:
 
June 30, 2020
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Property, plant and equipment, net
$
9,644,503

 
$
3,236,347

 
$

 
$
12,880,850

Total assets
$
14,098,715

 
$
3,471,282

 
$
(2,699,015
)
 
$
14,870,982


 
September 30, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Property, plant and equipment, net
$
8,737,590

 
$
3,050,079

 
$

 
$
11,787,669

Total assets
$
12,579,741

 
$
3,279,323

 
$
(2,491,445
)
 
$
13,367,619


4.    Earnings Per Share
We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Additionally, the weighted average shares outstanding for diluted EPS includes the incremental effects of the forward sale agreements, discussed in Note 8 to the unaudited condensed consolidated financial statements, when the impact is dilutive. Basic and diluted earnings per share for the three and nine months ended June 30, 2020 and 2019 are calculated as follows:


11



 
Three Months Ended June 30
 
Nine Months Ended June 30
 
2020
 
2019
 
2020
 
2019
 
(In thousands, except per share amounts)
Basic Earnings Per Share
 
 
 
 
 
 
 
Net income
$
117,791

 
$
80,466

 
$
536,110

 
$
453,000

Less: Income allocated to participating securities
88

 
64

 
408

 
386

Income available to common shareholders
$
117,703

 
$
80,402

 
$
535,702

 
$
452,614

Basic weighted average shares outstanding
123,026

 
118,075

 
122,352

 
116,485

Net income per share — Basic
$
0.96

 
$
0.68

 
$
4.38

 
$
3.89

Diluted Earnings Per Share
 
 
 
 
 
 
 
Income available to common shareholders
$
117,703

 
$
80,402

 
$
535,702

 
$
452,614

Effect of dilutive shares

 

 

 

Income available to common shareholders
$
117,703

 
$
80,402

 
$
535,702

 
$
452,614

Basic weighted average shares outstanding
123,026

 
118,075

 
122,352

 
116,485

Dilutive shares
6

 
355

 
111

 
188

Diluted weighted average shares outstanding
123,032

 
118,430

 
122,463

 
116,673

Net income per share - Diluted
$
0.96

 
$
0.68

 
$
4.37

 
$
3.88



5.    Revenue
Our revenue recognition policy is fully described in Note 2 to the financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. The following tables disaggregate our revenue from contracts with customers by customer type and segment and provide a reconciliation to total operating revenues, including intersegment revenues, for the three and nine months ended June 30, 2020 and 2019.
 
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Distribution
 
Pipeline and Storage
 
(In thousands)
Gas sales revenues:
 
 
 
 
 
 
 
Residential
$
286,937

 
$

 
$
269,484

 
$

Commercial
101,055

 

 
113,591

 

Industrial
17,019

 

 
25,277

 

Public authority and other
7,063

 

 
6,305

 

Total gas sales revenues
412,074

 

 
414,657

 

Transportation revenues
22,532

 
164,675

 
22,923

 
166,864

Miscellaneous revenues
2,793

 
2,277

 
6,125

 
2,407

Revenues from contracts with customers
437,399

 
166,952

 
443,705

 
169,271

Alternative revenue program revenues(1)
(2,567
)
 
(8,944
)
 
748

 
(20,073
)
Other revenues
476

 

 
491

 

Total operating revenues
$
435,308

 
$
158,008

 
$
444,944

 
$
149,198




12



 
Nine Months Ended June 30, 2020
 
Nine Months Ended June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Distribution
 
Pipeline and Storage
 
(In thousands)
Gas sales revenues:
 
 
 
 
 
 
 
Residential
$
1,435,328

 
$

 
$
1,513,239

 
$

Commercial
543,148