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): | August 3, 2010 |
|
| Name of Registrant, State of |
| IRS Employer |
1-40 |
| PACIFIC ENTERPRISES |
| 94-0743670 |
|
|
|
|
|
1-1402 |
| SOUTHERN CALIFORNIA GAS COMPANY |
| 95-1240705 |
|
(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)) |
|
|
[ ] | 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 Pacific Enterprises or Southern California Gas Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
On August 3, 2010, Sempra Energy, of which Pacific Enterprises and Southern California Gas Company are consolidated subsidiaries, issued a press release announcing consolidated earnings of $222 million, or $0.89 per diluted share of common stock, for the second quarter of 2010. 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 and six months ended June 30, 2010 and 2009. A copy of such information is attached as Exhibit 99.2.
The Sempra Energy financial information contained in the press release includes, on a consolidated basis, information regarding Pacific Enterprises' and Southern California Gas Company's results of operations and financial condition.
Item 9.01 Financial Statements and Exhibits.
Exhibits
99.1
August 3, 2010 Sempra Energy News Release (including tables)
99.2
Sempra Energy's Statement of Operations Data by Business Unit for the three months and six months ended June 30, 2010 and 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
PACIFIC ENTERPRISES
(Registrant)
Date: August 3, 2010 | By: /s/ Robert Schlax |
| Robert Schlax |
|
SOUTHERN CALIFORNIA GAS COMPANY
(Registrant)
Date: August 3, 2010 | By: /s/ Robert Schlax |
| Robert Schlax |
|
NEWS RELEASE
| Media Contact: | Doug Kline |
| < /font> | Sempra Energy |
|
| (877) 340-8875 |
|
| www.sempra.com |
| Financial Contact: | Glen Donovan |
|
| Sempra Energy |
|
| (877) 736-7727 |
|
| investor@sempra.com |
SEMPRA ENERGY REPORTS HIGHER
SECOND-QUARTER 2010 EARNINGS
Company to Begin Share Repurchase
in Third Quarter
SAN DIEGO, Aug. 3, 2010 – Sempra Energy (NYSE: SRE) today reported second-quarter 2010 earnings of $222 million, or $0.89 per diluted share, up from earnings of $198 million, or $0.80 per diluted share, in 2009.
& nbsp; Second-quarter 2009 earnings included a charge of $64 million, or $0.26 per diluted share, for an asset write-off at Sempra Pipelines & Storage.
Sempra Energy’s earnings for the first six months of 2010 were $328 million, or $1.31 per diluted share, compared with $514 million, or $2.09 per diluted share, in 2009. First-quarter 2010 earnings included a charge of $96 million after tax, or $0.38 per diluted share, for a proposed energy-crisis litigation settlement.
“Our core businesses performed well in the quarter,” said Donald E. Felsinger, chairman and c hief executive officer of Sempra Energy. “Last month, we completed our transaction with J.P. Morgan to sell a major portion of our commodities joint venture – the first step in our exit from that business. Our proceeds from the sale and other distributions will be approximately $1 billion. Additionally, last month, San Diego Gas & Electric reached a significant milestone with receipt of the final major regulatory approval for its Sunrise Powerlink transmission line. This project will increase electric grid reliability and create a new pathway for clean, renewable energy.”
Sempra Energy today also announced that the company will begin a $500 million accelerated share-repurchase program later this quarter.
SUBSIDIARY OPERATING RESULTS
San DiegoGas & Electric
In the second quarter 2010, earnings for San Diego Gas & Electric (SDG&E) were $75 million, up from $70 million in last year’s second quarter.
For the first six months of 2010, SDG&E earned $158 million , compared with $169 million during the same period last year.
On July 13, SDG&E received approval from the U.S. Forest Service and now is moving forward with construction of the $1.9 billion Sunrise Powerlink transmission line project. The U.S. Forest Service permit was the last major regulatory approval required for the project. SDG&E previously received approvals from the California Public Utilities Commission and the federal Bureau of Land Management.
Southern California Gas Co.
Southern California Gas Co. (SoCalGas) had second-quarter earnings of $69 million in 2010, compared with $65 million in the prior-year’s second quarter.
SoCalGas’ earnings in the first half of the year increased to $134 million in 2010 from $124 million in 2009.
Sempra Generation
; Sempra Generation’s second-quarter earnings rose to $48 million in 2010 from $33 million last year, due primarily to additional renewable energy tax credits from new projects. The gains from the tax credits in the most recent quarter were offset partially by lower earnings due to scheduled maintenance at two power plants and earthquake damage at the company’s Mexican plant.
In the first half of 2010, Sempra Generation recorded a loss of $5 million, compared with earnings of $76 million during the same period last year. In the first quarter 2010, Sempra Generation took a charge of $84 million related to a proposed energy-crisis litigation settlement.
Sempra Pipelines & Storage
&n bsp; In the second quarter 2010, Sempra Pipelines & Storage earned $39 million, compared with a loss of $27 million in the prior year’s quarter. In the second quarter 2009, Sempra Pipelines & Storage recorded a charge of $64 million for the write-off of certain assets at Liberty Gas Storage.
For the first six months of 2010, Sempra Pipelines & Storage’s earnings increased to $77 million from $10 million in the same period last year.
Sempra LNG
Sempra LNG’s earnings in the second quarter 2010 were $13 million, compared with a loss of $12 million in the second quarter 2009, due to higher earnings from operations. In the third quarter last year, Sempra LNG’s Louisiana receipt terminal began operations and a major supply contract commenced for the company’s Mexican receipt terminal.
In the first half of 2010, Sempra LNG earned $45 million, compared with a loss of $19 million in the first half of 2009.
Sempra Commodities
Sempra Energy’s commodity operations broke even in the second quarter 2010, compared with earnings of $85 million in last year’s second quarter, due primarily to lower results in crude oil, oil products and natural gas, as well as higher costs for employee retention.
For the first six months of 2010, Sempra Energy recorded a loss of $5 million in its commodity operations, compared with earnings of $199 million in the same period last year.
On July 1, Sempra Energy and the Royal Bank of Scotland completed the sale to J.P. Morgan of the RBS Sempra Commodities joint venture’s metals, oil, and European power and gas businesses for $1.6 billion. Sempra Energy’s share of the proceeds from the sale was approximately $1 billion, including distributions of 2009 earnings.
In February, Sempra Energy announced its intention to exit the joint venture. An active sales process is under way for the remaining North American operations of RBS Sempra Commodities. As stated previously, Sempra Commodities’ performance is not expected to improve significantly prior to completion of the sales process, because of low commodity prices and the disruptions caused by the sale.
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 7403945.
& nbsp; Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2009 revenues of more than $8 billion. The Sempra Energy companies’ 13,800 employees serve about 29 million consumers worldwide.
Complete financial tables, including earnings information by business unit, are available on Sempra Energy’s Web site at http://www.sempra.com/downloads/2Q2010.pdf.
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,” “would,” ”could,” “should,” 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, California Department of Water Resources, Federal Energy Regulator y Commission, Federal Reserve Board, and other regulatory and governmental bodies in the United States and other countries where the company does business; capital market conditions and inflation, interest and exchange rates; energy and trading 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 t hrough the EDGAR system free-of-charge on the SEC’s website, www.sec.gov, and on the company’s website at www.sempra.com.
Sempra Pipelines & Storage, Sempra Generation, Sempra LNG and RBS Sempra Commodities dba Sempra Energy Solutions 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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| < p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt; FONT-FAMILY:Arial"> |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
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|
| Three months ended |
| Six months ended |
|
| June 30, |
| June 30, | ||||
| (Dollars in millions, except per share amounts) | 2010 |
| 2009 |
| 2010 |
| 2009 |
|
| (unaudited) | ||||||
| REVENUES |
|
|
|
|
|
|
|
| Sempra Utilities | $ 1,512 |
| $ 1,316 |
| $ 3,424 |
| $ 2,958 |
| Sempra Global and parent | 496 |
| 373 |
| 1,118 |
| 839 |
| Total revenues | 2,008 |
| 1,689 |
| 4,542 |
| 3,797 |
| EXPENSES AND OTHER INCOME |
|
|
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|
|
|
|
| Sempra Utilities: |
|
|
|
|
|
|
|
| Cost of natural gas | (359) |
| (249) |
| (1,117) |
| (789) |
| Cost of electric fuel and purchased power |
| (129) |
| (277) |
| (300) | |
| Sempra Global and parent: |
|
|
|
|
|
|
|
| Cost of natural gas, electric fuel and purchased power | (257) |
| (187) |
| (595) |
| (455) |
| Other cost of sales | (20) |
| (16) |
| (45) |
| (33) |
| Li tigation expense | 1 |
| (4) |
| (167) |
| 3 |
| Other operation and maintenance | (616) |
| (582) |
| (1,192) |
| (1,105) |
| Depreciation and amortization | (215) |
| (189) |
| (425) |
| (372) |
| Franchise fees and other taxes | (77) |
| (69) |
| (167) |
| (1 51) |
| Write-off of long-lived assets | - |
| (132) |
| - |
| (132) |
| Equity earnings (losses): |
|
|
|
|
|
|
|
| RBS Sempra Commodities LLP | (16) |
| 126 |
| (9) |
| 279 |
| Other | 8 |
| 2 |
| 16 |
| 9 |
| Other income, net | 8 |
| 70 |
| 16 |
| 73 |
| Interest income | 4 |
| 5 |
| 8 |
| 11 |
| Interest expense | (103) |
| (79) |
| (212) |
| (161) |
| Income before income taxes and equity earnings of certain unconsolidated subsidiaries | 237 |
| 256 |
| 376 |
| 674 |
| Income tax expense | (59) |
| (90) |
| (117) |
| (199) |
| Equity earnings, net of income tax | 27 |
| 23 |
| 46 |
| 39 |
| Net income | 205 |
| 189 |
| 305 |
| 514 |
| Losses attributable to noncontrolling interests | 20 |
| 12 |
| 28 |
| 5 |
| Preferred dividends of subsidiaries | (3) |
| (3) |
| (5) |
| (5) |
| Earnings | $ 222 |
| $ 198 |
| $ 328 |
| $ 514 |
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| Basic earnings per common share | $ 0.90 |
| $ 0.82 |
| $ 1.33 |
| $ 2.12 |
| Weighted-average number of shares outstanding, basic (thousands) | 246,784 |
| 242,718 |
| 246,435 |
| 242,245 |
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| Diluted earnings per common share | $ 0.89 |
| $ 0.80 |
| $ 1.31 |
| $ 2.09 |
| Weighted-average number of shares outstanding, diluted (thousands) | 249,727 |
| 247,090 |
| 249,835 |
| 246,039 |
| Dividends declared per share of common stock | $ 0.39 |
| $ 0.39 |
| $ 0.78 |
| $ 0.78 |
| SEMPRA ENERGY | ||||||
| Table B | ||||||
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
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| &nbs p; |
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| June 30, |
| December 31, |
| (Dollars in millions) | 2010 |
| 2009 | |||
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|
| (unaudited) |
|
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| Assets |
|
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| |||
| Current assets: |
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| |||
| &nb sp; | Cash and cash equivalents | $ 188 |
| $ 110 | ||
|
| Restricted cash | 3 |
| 35 | ||
|
| Accounts receivable | 818 |
| 1,130 | ||
|
| Due from unconsolidated affiliates | 32 |
| 41 | ||
|
| Income taxes receivable | 196 |
| 221 | ||
|
| Deferred income taxes | - |
| 10 | ||
|
| Inventories | 151 |
| 197 | ||
|
| Regulatory assets | 82 |
| 54 | ||
|
| Fixed-price contracts and other derivatives | 77 |
| 77 | ||
|
| Insurance receivable related to wildfire litigation | 150 |
| 273 | ||
|
| Other | 176 |
| 147 | ||
|
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|
| Total current assets | 1,873 |
| 2,295 |
|
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| Investments and other assets: |
|
| < /td> | |||
|
| Restricted cash | 27 |
| - | ||
|
| Re gulatory assets arising from fixed-price contracts and other derivatives | 243 |
| 241 | ||
|
| Regulatory assets arising from pension and other postretirement benefit obligations | 967 |
| 959 | ||
|
| Other regulatory assets | 836 |
| 603 | ||
|
| Nuclear decommissioning trusts | 675 |
| 678 | ||
|
| Investment in RBS Sempra Commodities LLP | 1,956 |
| 2,172 | ||
|
| Other investments | 2,451 |
| 2 ,151 | ||
|
| Goodwill and other intangible assets | 538 |
| 524 | ||
|
| Sundry | 596 |
| 608 | ||
|
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|
Total investments and other assets | 8,289 |
| 7,936 |
| Property, plant and equipment, net | 18,924 |
| 18,281 | |||
| Total assets | $ 29,086 |
| $ 28,512 | |||
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| Liabilities and Equity |
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| Current liabilities: |
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| |||
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| Short-term debt | $ 923 |
| $ 618 | ||
|
| Accounts payable | 649 |
| 693 | ||
|
| Due to unconsolidated affiliates | 12 |
| 29 | ||
|
| Deferred income taxes | 2 |
| - | ||
|
| Dividends and interest payable | 181 |
| 190 | ||
|
| Accrued compensation and benefits | 220 | &nbs p; | 264 | ||
|
| Regulatory balancing accounts, net | 525 |
| 382 | ||
| &n bsp; | Current portion of long-term debt | 307 |
| 573 | ||
|
| Fixed-price contracts and other derivatives | 99 |
| 95 | ||
|
| Customer deposits | 138 |
| 145 | ||
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| Reserve for wildfire litigation | 241 |
| 270 | ||
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| Other | 754 |
| 629 | ||
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| Total current liabilities | 4,051 |
| 3,888 |
| Long-term debt | 7,562 |
| 7,460 | |||
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| Deferred credits and other liabilities: |
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| |||
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| Due to unconsolidated affiliate | - |
| 2 | ||
|
| Customer advances for construction | 147 |
| 146 | ||
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| Pension and other postretirement benefit obligations, net of plan assets | 1,242 |
| 1,252 | ||
|
| Deferred income taxes | 1,466 |
| 1,318 | ||
|
| Deferred investment tax credits | 53 |
| 54 | ||
|
| Regulatory liabilities arising from removal obligations | 2,588 |
| 2,557 | ||
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| Asset retirement obligations | 1,319 |
| 1,277 | ||
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| Other regulatory liabilities | 156 |
| 181 | ||
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| Fixed-price contracts and other derivatives | 326 |
| 312 | ||
|
| Deferred credits and other | 687 |
| 735 | ||
| &nbs p; |
|
| Total deferred credits and other liabilities | 7,984 |
| 7,834 |
| Contingently redeemable preferred stock of subsidiary | 79 |
| 79 | |||
| Equity: |
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| |||
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| Total Sempra Energy shareholders' equity | 9,190 |
| 9,007 | ||
|
| Preferred stock of subsidiaries | 100 |
| 100 | ||
|
| Other noncontrolling interests | 120 |
| 144 | ||
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| Total equity | 9,410 |
| 9,251 |
| Total liabilities and equity | $ 29,086 |
| $ 28,512 | |||
| SEMPRA ENERGY | |||||
| Table C | |||||
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| CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS | |||||
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| Six months ended June 30, | ||
| (Dollars in millions) |
| 2010 |
| 2009 | |
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| (unaudited) | ||
| Cash Flows from Operating Activities: |
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| |
| Net income |
| $ 305 |
| $ 514 | |
| Adjustments to reconcile net income to net cash |
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| |
| provided by operating activities: |
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| |
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| Depreciation and amortization |
| 425 |
| 372 |
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| Deferred income taxes and investment tax credits |
| 96 |
| 90 |
|
| Equity earnings |
| (53) |
| (327) |
|
| Write-off of long-lived assets |
| - |
| 132 |
|
| Fixed-price contracts and other derivatives |
| 14 |
| (38) |
|
| Other |
| (6) |
| 48 |
| Net change in other working capital components |
| 294 |
| 364 | |
| Distributions from RBS Sempra Commodities LLP |
| 198 |
| 375 | |
| Changes in other assets |
| 53 |
| 21 | |
| Changes in other liabilities |
| (19) |
| (26) | |
|
| Net cash provided by operating activities |
| 1,307 |
| 1,525 |
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| Cash Flows from Investing Activities: |
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|
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| |
| Expenditures for property, plant and equipment |
| (839) |
| (938) | |
| Proceeds from sale of assets |
| - |
| 179 | |
| Expenditures for investments and acquisition of businesses, net of cash acquired |
| (370) |
| (217) | |
| Distributions from investments |
| 36 |
| 9 | |
| Purchases of nuclear decommissioning and other trust assets |
| (159) |
| (99) | |
| Proceeds from sales by nuclear decommissioning and other trusts |
| 159 |
| 93 | |
| Other |
| 6 |
| (14) | |
|
| Net cash used in investing activities |
| (1,167) |
| (987) |
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| Cash Flows from Financing Activities: |
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| |
| Common dividends paid |
| (172) |
| (170) | |
| Preferred dividends paid by subsidiaries |
| (5) |
| (5) | |
| Issuances of common stock |
| 22 |
| 28 | |
| Repurchases of common stock |
| (2) |
| - | |
| Increase (decre ase) in short-term debt, net |
| 534 |
| (612) | |
| Issuances of debt (maturities greater than 90 days) |
| 270 |
| 1,108 | |
| Payments on debt (maturities greater than 90 days) |
| (710) |
| (311) | |
| Purchase of noncontrolling interes t |
| - |
| (94) | |
| Other |
| 1 |
| 5 | |
|
| Net cash used in financing activities |
| (62) |
| (51) |
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| Increase in cash and cash equivalents |
| 78 |
| 487 | |
| Cash and cash equivalents, January 1 |
| 110 |
| 331 | |
| Cash and cash equivalents, June 30 |
| $ 188 |
| $ 818 | |
| SEMPRA ENERGY | |||||||||
| Table D | |||||||||
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| BUSINESS UNIT EARNINGS AND CAPITAL EXPENDITURES & INVESTMENTS | |||||||||
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| Three months ended |
| Six months ended | ||||
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| June 30, |
| June 30, | ||||
| (Dollars in millions) | 2010 |
| 2009 |
| 2010 |
| 2009 | ||
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| &n bsp; |
| (unaudited) | ||||||
| Earnings (Losses) |
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| < /p> |
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| San Diego Gas & Electric | $ 75 |
| $ 70 |
| $ 158 |
| $ 169 | ||
| Southern California Gas | 69 |
| 65 |
| 134 |
| 124 | ||
| Sempra Generation | 48 |
| 33 |
| (5) |
| 76 | ||
| Sempra Pipelines & Storage | 39 |
| (27) |
| 77 |
| 10 | ||
| Sempra LNG | 13 |
| (12) |
| 45 |
| (19) | ||
| Parent & Other | (22) |
| (16) |
| (76) |
| (45) | ||
| Earnings before Sempra Commodities | 222 |
| 113 |
| 333 |
| 315 | ||
| Sempra Commodities | - |
| 85 |
| (5) |
| 199 | ||
| Earnings | $ 222 |
| $ 198 |
| $ 328 |
| $ 514 | ||
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| Three months ended |
| Six months ended | ||||
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| June 30, |
| June 30, | ||||
| (Dollars in millions) | 2010 |
| 2009 |
| 2010 |
| 2009 |
||
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| (unaudited) | ||||||
| Capital Expenditures and Investments |
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| San Diego Gas & Electric | $ 232 |
| $ 366 |
| $ 522 |
| $ 595 | ||
| Southern California Gas | 102 |
| 115 |
| 216 |
| 227 | ||
| Sempra Generation | 1 |
| 10 |
| 5 |
| 13 | ||
| Sempra Pipelines & Storage | 350 |
| 227 |
| 460 |
| 328 | ||
| Sempra LNG | 2 |
| 71 |
| 4 |
| 142 | ||
| Parent & Other | 2 |
| 1 |
| 2 |
| 2 | ||
| Eliminations(1) | - |
| (152) |
| - |
| (152) | ||
| Consolidated Capita l Expenditures and Investments | $ 689 |
| $ 638 |
| $ 1,209 |
| $ 1,155 | ||
|
|
|
|
|
|
|
|
|
|
|
| (1) | In the second quarter of 2009, SDG&E purchased $152 industrial development bonds from Parent and Other. | ||||||||
| SEMPRA ENERGY |
|
|
| ||||||
| Table E |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER OPERATING STATISTICS (Unaudited) |
|
|
| ||||||
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| ||||
|
|
|
| Three months ended |
| Six months ended | ||||
|
|
|
| June 30, |
| June 30, | ||||
| SEMPRA UTILITIES | 2010 |
| 2009 |
| 2010 |
| 2009 | ||
| Revenues (Dollars in millions) |
|
|
|
|
|
|
| ||
|
| SDG&E (excludes intercompany sales) | $ 688 |
| $ 629 |
| $ 1,429 |
| $ 1,359 | |
|
| SoCalGas (excludes intercompany sales) | $ 824 |
| $ 687 |
| $ 1,995 |
| $ 1,599 | |
|
|
|
|
|
|
|
|
|
|
|
| Gas Sales (bcf) < /td> | 85 |
| 80 |
| 217 |
| 211 | ||
| Transportatio n (bcf) | 113 |
| 123 |
| 230 |
| 251 | ||
| Total Deliveries (bcf) | 198 |
| 203 |
| 447 |
| 462 | ||
| Total Gas Customers (Thousands) |
|
|
|
| 6,622 |
| 6,590 | ||
|
|
|
|
|
|
|
|
|
|
|
| Electric Sales (Millions of kWhs) | 3,763 |
| 3,968 |
| 7,818 |
| 8,132 | ||
| Direct Access (Millions of kWhs) | 764 |
| 750 |
| 1,484 |
| 1,490 | ||
| Total Deliveries (Millions of kWhs) | 4,527 |
| 4,718< /p> |
| 9,302 |
| 9,622 | ||
| Total Electric Customers (Thousands) |
|
|
|
| 1,383 |
| 1,375 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SEMPRA GENERATION |
|
|
|
|
|
|
| ||
| Power Sold (Millions of kWhs) | 5,553 |
| 5,482 |
| 10,505 |
| 11,209 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SEMPRA PIPELINES & STORAGE |
|
|
|
|
|
|
| ||
| (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 | 83 |
| 83 |
| 147 |
| 148 | |
|
| Mexico < /td> | 5 |
| 4 |
| 11 |
| 9 | |
|
| Mobile Gas | 8 |
| 7 |
| 18 |
| 16 | |
| Natural Gas Customers (Thousands) |
|
|
|
|
|
|
| ||
|
| Argentina |
|
|
|
| 1,731 |
| 1,693 | |
|
| Mexico |
|
|
|
| 90 |
| 93 | |
|
| Mobile Gas |
|
|
|
| 90 |
| 94 | |
| Electric Sales (Millions of kWhs) |
|
|
|
|
|
|
| ||
|
| Peru | 1,483 |
| 1,380 |
| 2,962 |
| 2,773 | |
|
| Chile | 570 |
| 593 |
| 1,170 |
| 1,270 | |
| Electric Customers (Thousands) |
|
|
|
|
|
|
| ||
|
| Peru |
|
|
|
| 877 |
| 851 | |
|
| Chile |
|
|
|
| 586 |
| 569 | |
| SEMPRA ENERGY | |||||||||
| Table E (Continued) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| SEMPRA COMMODITIES | |||||||||
| The following information for the Sempra Commodities segment includes information related to RBS Sempra Commodities LLP. The Sempra Commodities segment is composed primarily of the company's equity interest in RBS Sempra Commodities LLP, but also includes the results of Sempra Rockies Marketing. The margin and financial data below represent the total results of RBS Sempra Commodities LLP as calculated under International Financial Reporting Standards (IFRS). | |||||||||
|
|
|
|
|
|
|
|
|
| <
td width=89 style=BACKGROUND-COLOR:#ffffff valign=bottom> |
| RBS Sempra Commodities LLP |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating Statistics |
|
|
|
|
|
|
|
| |
| (in millions of US dollars) |
|
|
|
|
|
|
|
| |
|
|
|
| Three months ended June 30, |
| Six months ended June 30, | ||||
| RBS Sempra Commodities LLP - Joint Venture level margin(1) |
| 2010 |
| 2009 |
| 2010 |
| 2009 | |
|
|
|
|
|
|
|
|
|
|
|
| Geographical: |
|
|
|
|
|
|
|
| |
|
| North America |
| $ 180 |
| $ 220 |
| $ 292 |
| $ 472 |
|
| Europe/Asia |
| 10 |
| 103 |
| 105 |
| 205 |
|
|
| $ 190 |
| $ 323 |
| $ 397 |
| $ 677 | |
|
|
|
|
|
|
|
|
|
|
|
| Product Line: |
|
|
|
|
|
|
|
| |
|
| Oil - Crude & Products |
| $ 9 |
| $ 70 |
| $ (4) |
| $ 193 |
|
| Power |
| 160 |
| 94 |
| 265 |
| 187 |
|
| Natural Gas |
| (44) |
| 67 |
| (11) |
| 145 |
|
| Metals |
| 41 |
| 81 |
| 102 |
| 135 |
|
| Other |
| 24 |
| 11 |
| 45 |
| 17 |
|
| Total |
| $ 190 |
| $ 323 |
| $ 397 |
| $ 677 |
|
|
|
|
|
|
|
|
|
|
|
| Financial Information |
|
|
|
|
|
|
|
| |
| (in millions of US dollars) |
|
|
|
|
|
|
|
| |
|
|
|
| Three months ended June 30, |
| Six months ended June 30, | ||||
| RBS Sempra Commodities LLP |
| 2010 |
| 2009 |
| 2010 |
| 2009 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fee income and trading revenue, net of selling costs |
| $ 190 |
| $ 323 |
| $ 397 |
| $ 677 | |
| Operating and other expenses |
| (163) |
| (181) |
| (371) |
| (381) | |
|
| Joint Venture distributable income |
| $ 27 |
| $ 142 |
| $ 26 |
| $ 296 |
|
|
|
|
|
|
|
|
|
|
|
| Joint Venture Total: |
|
|
|
|
|
|
|
| |
|
| Preferred return on capital |
| $ 26 |
| $ 84 |
| $ 26 |
| $ 161 |
|
| Reversal of Q1 2010 loss |
| 1 |
| - |
| - |
| - |
|
| 1st allocation - 70% Sempra / 30% RBS |
| - |
| 58 |
| - |
| 135 |
|
| Distributable income |
| $ 27 |
| $ 142 |
| $ 26 |
| $ 296 |
|
|
|
|
|
|
|
|
|
|
|
| Sempra's Share(2): |
|
|
|
|
|
|
|
| |
|
| Preferred return on capital |
| $ 26 |
| $ 60 |
| $ 26 |
| $ 119 |
|
| Reversal of Q1 2010 loss |
| 1 |
| - |
| - |
| - |
|
| 1st allocation - 70% Sempra / 30% RBS |
| - |
| 41 |
| - |
| 94 |
|
| Certain allocated costs |
| 5 |
| 1 |
| 5 |
| 3 |
|
| Distributable income |
| $ 32 |
| $ 102 | < p style="MARGIN:0px; FONT-FAMILY:Arial"> | $ 31 |
| $ 216 |
|
|
|
|
| <
td width=21 style=BACKGROUND-COLOR:#ffffff valign=bottom>
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Sempra Commodities Earnings |
|
|
|
|
|
|
|
| |
|
|
|
| Three months ended June 30, |
| Six months ended June 30, | ||||
| (in millions of US dollars) |
| 2010 |
| 2009 |
| 2010 |
| 2009 | |
| Sempra share of distributable income - IFRS basis |
| $ 32 |
| $ 102 |
| $ 31 |
| $ 216 | |
| U.S. GAAP conversion impact |
| (48) |
| 24 |
| (40) |
| 63 | |
|
| Sempra equity earnings (losse s) before income taxes - U.S. GAAP basis |
| (16) |
| 126 |
| (9) |
| 279 |
| Income tax (expense) benefit |
| 14 |
| (39) |
| 15 |
| (76) | |
|
| Sempra equity earnings (losses) from RBS Sempra Commodities LLP |
| (2) |
|
87 |
| 6 |
| 203 |
| Other segment activity |
| 2 |
| (2) |
| (11) |
| (4) | |
|
| Sempra Commodities earnings (losses) |
| $ - |
| $ 85 |
| $ (5) |
| $ 199 |
|
|
|
|
|
|
|
|
|
|
|
| (1) | Margin consists of operating revenues less cost of sales (primarily transportation and storage costs) reduced by certain transaction-related execution costs (primarily brokerage and other fees) and net interest income/expense. | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| (2) | After a 15% preferred return to Sempra and then a 15% return to RBS, Sempra receives 70% of the next $500 million and 30% of any remaining income on an annual basis. Losses are shared equally between Sempra and RBS. | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ; |
|
|
|
|
|
SEMPRA ENERGY |
|
|
| ||||||||||||||
Table F (Unaudited) |
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Data by Business Unit | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2010 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ 692 |
| $ 834 |
| $ 26 |
| $ 242 |
| $ 75 |
| $ 166 |
| $ (27) |
|
| $ 2,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Expenses |
| (458) |
| (638) |
| (22) |
| (178) |
| (54) |
| (123) |
| 15 |
|
| (1,458) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Adjustment (Expense) |
| 7 |
| (1) |
| - |
| (2) |
| (1) |
| (1) |
| (1) |
|
| 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (95) |
| (77) |
| - |
| (16) |
| (10) |
| (13) |
| (4) |
|
| (215) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| (16) |
| (1) |
| 12 |
| - |
| (3) |
|
| (8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| (16) |
| 2 |
| - |
| 6 |
| (1) |
| - |
| 17 |
|
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 130 |
| 120 |
| (12) |
| 51 |
| 21 |
| 29 |
| (3) |
|
| 336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (2) |
| (32) |
| (17) |
| - |
| - |
| (2) |
| (12) |
| (39) |
|
| (102) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (44) |
| (34) |
| 12 |
| (3) |
| (7) |
| (4) |
| 21 |
|
| (59) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| - |
| 27 |
| - |
| - |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses Attributable to Noncontrolling Interests |
| 21 |
| - |
| - |
| - |
| - |
| - |
| (1) |
|
| 20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 75 |
| $ 69 |
| $ - |
| $ 48 |
| $ 39 |
| $ 13 |
| $ (22) |
|
| $ 222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2009 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ 631 |
| $ 694 |
| $ 13 |
| $ 245 |
| $ 98 |
| $ 25 |
| $ (17) |
|
| $ 1,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Expenses |
| (437) |
| (501) |
| (14) |
| (157) |
| (208) | (3) | (38) |
| (9) |
|
| (1,364) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Expense |
| - |
| (2) |
| - |
| - |
| (1) |
| (1) |
| - |
|
| (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (81) |
| (75) |
| - |
| (15) |
| (9) |
| (7) |
| (2) |
|
| (189) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| 126 |
| (6) |
| 11 |
| - |
| (3) |
|
| 128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income, Net |
| 27 |
| 4 |
| - |
| 1 |
| 1 |
| 1 |
| 36 |
|
| 70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 140 |
| 120 |
| 125 |
| 68 |
| (108) |
| (20) |
| 5 |
|
| 330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (2) |
| (22) |
| (18) |
| (3) |
| (1) |
| (3) |
| (2) |
| (28) |
|
| (77) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (28) |
| (37) |
| (37) |
| (34) |
| 29 |
| 10 |
| 7 |
|
| (90) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| - |
| 23 |
| - |
| - |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) Losses Attributable to Noncontrolling Interests |
| (20) |
| - |
| - |
| - |
| 32 |
| - |
| - |
|
| 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 70 |
| $ 65 |
| $ 85 |
| $ 33 |
| $ (27) |
| $ (12) |
| $ (16) |
|
| $ 198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net Interest Expense includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Includes $132 million write-off of long-lived assets. | |||||||||||||||||
SEMPRA ENERGY |
|
|
| ||||||||||||||
Table F (Unaudited) |
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Data by Business Unit | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2010 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ 1,434 |
| $ 2,016 |
| $ 49 |
| $ 537 |
| $ 185 |
| $ 371 |
| $ (50) |
|
| $ 4,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Expenses |
| (963) |
| (1,611) |
| (45) |
| (411) |
| (132) |
| (259) |
| 28 |
|
| (3,393) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Expense |
| - |
| (1) |
| (20) |
| (141) |
| (1) |
| (2) |
| (2) |
|
| (167) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (187) |
| (152) |
| - |
| (31) |
| (21) |
| (25) |
| (9) |
|
| (425) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| (9) |
| (1) |
| 22 |
| - |
| (5) |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
| (16) |
| 6 |
| 1 |
| 7 |
| (2) |
| - |
| 20 |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 268 |
| 258 |
| (24) |
| (40) |
| 51 |
| 85 |
| (18) |
|
| 580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (2) |
| (64) |
| (34) |
| (1) |
| (2) |
| (7) |
| (24) |
| (77) |
|
| (209) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (75) |
| (90) |
| 20 |
| 37 |
| (13) |
| (16) |
| 20 |
|
| (117) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| - |
| 46 |
| - |
| - |
|
| 46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses Attributable to Noncontrolling Interests |
| 29 |
| - |
| - |
| - |
| - |
| - |
| (1) |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 158 |
| $ 134 |
| $ (5) |
| $ (5) |
| $ 77 |
| $ 45 |
| $ (76) |
|
| $ 328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2009 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
| SDG&E |
| SoCalGas |
| Commodities |
| Generation |
| Pipelines & Storage |
| LNG |
| Consolidating Adjustments, Parent & Other |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| $ 1,363 |
| $ 1,614 |
| $ 26 |
| $ 542 |
| $ 230 |
| $ 57 |
| $ (35) |
|
| $ 3,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales and Other Expenses |
| (925) |
| (1,239) |
| (26) |
| (384) |
| (303) | (3) | (81) |
| (7) |
|
| (2,965) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litigation Adjustment (Expense) |
| 8 |
| (2) |
| - |
| - |
| (1) |
| (1) |
| (1) |
|
| 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
| (158) |
| (147) |
| - |
| (29) |
| (19) |
| (13) |
| (6) |
|
| (372) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings (Losses) Recorded Before Income Tax |
| - |
| - |
| 279 |
| (6) |
| 21 |
| - |
| (6) |
|
| 288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income, Net |
| 44 |
| 5 |
| - |
| 1 |
| - |
| 1 |
| 22 |
|
| 73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Interest & Tax (1) |
| 332 |
| 231 |
| 279 |
| 124 |
| (72) |
| (37) |
| (33) |
|
| 824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Expense (2) |
| (48) |
| (34) |
| (6) |
| (2) |
| (6) |
| (4) |
| (55) |
|
| (155) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
| (88) |
| (73) |
| (74) |
| (46) |
| 17 |
| 22 |
| 43 |
|
| (199) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Earnings Recorded Net of Income Tax |
| - |
| - |
| - |
| - |
| 39 |
| - |
| - |
|
| 39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Earnings) Losses Attributable to Noncontrolling Interests |
| (27) |
| - |
| - |
| - |
| 32 |
| - |
| - |
|
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) |
| $ 169 |
| $ 124 |
| $ 199 |
| $ 76 |
| $ 10 |
| $ (19) |
| $ (45) |
|
| $ 514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net Interest Expense includes Interest Income, Interest Expense and Preferred Dividends of Subsidiaries. | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Includes $132 million write-off of long-lived assets. | |||||||||||||||||