Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 23, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AGL RESOURCES INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 119,934,611 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1004155 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Position (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | ||||||
Current assets | ||||||
Cash and cash equivalents | $41 | $31 | $267 | |||
Short-term investments | 8 | 8 | 49 | |||
Receivables | ||||||
Natural gas, unbilled and other | 834 | 797 | 1,075 | |||
Energy marketing | 611 | 779 | 1,226 | |||
Less allowance for uncollectible accounts | 48 | 35 | 49 | |||
Total receivables, net | 1,397 | 1,541 | 2,252 | |||
Inventories, net | 302 | 716 | 253 | |||
Derivative instruments | 189 | 245 | 127 | |||
Regulatory assets | 63 | 83 | 250 | |||
Assets held for sale | 264 | |||||
Other | 79 | 266 | 127 | |||
Total current assets | 2,079 | 2,890 | 3,589 | |||
Long-term assets and other deferred debits | ||||||
Property, plant and equipment | 11,689 | 11,552 | 11,054 | |||
Less accumulated depreciation | 2,515 | 2,462 | 2,367 | |||
Property, plant and equipment, net | 9,174 | 9,090 | 8,687 | |||
Goodwill | 1,827 | 1,827 | 1,827 | |||
Regulatory assets | 634 | 631 | 696 | |||
Intangible assets | 116 | 125 | 140 | |||
Derivative instruments | 24 | 42 | 11 | |||
Other | 284 | 304 | 314 | |||
Total long-term assets and other deferred debits | 12,059 | 12,019 | 11,675 | |||
Total assets | 14,138 | 14,909 | 15,264 | |||
Current liabilities | ||||||
Energy marketing trade payables | 586 | 777 | 1,119 | |||
Short-term debt | 526 | 1,175 | 741 | |||
Other accounts payable – trade | 285 | 312 | 434 | |||
Accrued expenses | 259 | 229 | 385 | |||
Regulatory liabilities | 168 | 112 | 161 | |||
Customer deposits and credit balances | 109 | 125 | 104 | |||
Accrued environmental remediation liabilities | 93 | 87 | 82 | |||
Temporary LIFO liquidation | 87 | 252 | ||||
Current portion of long-term debt | 75 | 200 | 200 | |||
Derivative instruments | 48 | 88 | 63 | |||
Liabilities held for sale | 36 | |||||
Other | 135 | 114 | 177 | |||
Total current liabilities | 2,371 | 3,219 | 3,754 | |||
Long-term liabilities and other deferred credits | ||||||
Long-term debt | 3,524 | 3,602 | 3,610 | |||
Accumulated deferred income taxes | 1,738 | 1,724 | 1,655 | |||
Regulatory liabilities | 1,612 | 1,601 | 1,550 | |||
Accrued pension and retiree welfare benefits | 526 | 525 | 405 | |||
Accrued environmental remediation liabilities | 326 | 327 | 358 | |||
Derivative instruments | 4 | 5 | 19 | |||
Other | 73 | 78 | 70 | |||
Total long-term liabilities and other deferred credits | 7,803 | 7,862 | 7,667 | |||
Total liabilities and other deferred credits | 10,174 | 11,081 | 11,421 | |||
Commitments, guarantees and contingencies (see Note 10) | ||||||
Equity | ||||||
Common stock, $5 par value; 750,000,000 shares authorized: outstanding: 119,927,459 shares at March 31, 2015, 119,647,149 shares at December 31, 2014, and 119,247,421 shares at March 31, 2014 | 601 | 599 | 597 | |||
Additional paid-in capital | 2,090 | 2,087 | 2,060 | |||
Retained earnings | 1,444 | 1,312 | 1,289 | |||
Accumulated other comprehensive loss | -201 | [1] | -206 | [1] | -135 | [1] |
Treasury shares, at cost: 216,523 shares at March 31, 2015, December 31, 2014, and March 31, 2014 | -8 | -8 | -8 | |||
Total common shareholders’ equity | 3,926 | 3,784 | 3,803 | |||
Noncontrolling interest | 38 | 44 | 40 | |||
Total equity | 3,964 | 3,828 | 3,843 | |||
Total liabilities and equity | $14,138 | $14,909 | $15,264 | |||
[1] | All amounts are net of income taxes. Amounts in parentheses indicate debits to accumulated other comprehensive loss. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Common stock, par value (in Dollars per share) | $5 | $5 | |
Common stock, shares authorized | 750,000,000 | 750,000,000 | 750,000,000 |
Common stock, shares outstanding | 119,927,459 | 119,647,149 | 119,247,421 |
Treasury shares, shares | 216,523 | 216,523 | 216,523 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Operating revenues (includes revenue taxes of $56 for the three months in 2015 and $68 for the three months in 2014) | $1,721 | $2,462 | ||
Operating expenses | ||||
Cost of goods sold | 935 | 1,400 | ||
Operation and maintenance | 249 | 289 | ||
Depreciation and amortization | 97 | 93 | ||
Taxes other than income taxes | 76 | 88 | ||
Total operating expenses | 1,357 | 1,870 | ||
Operating income | 364 | 592 | ||
Other income | 3 | 3 | ||
Interest expense, net | -44 | -46 | ||
Income before income taxes | 323 | 549 | ||
Income tax expense | 118 | 203 | ||
Income from continuing operations | 205 | 346 | ||
(Loss) income from discontinued operations, net of tax | -50 | |||
Net income | 205 | 296 | ||
Less net income attributable to the noncontrolling interest | 12 | 12 | ||
Net income attributable to AGL Resources Inc. | 193 | 284 | ||
Amounts attributable to AGL Resources Inc. | ||||
Income from continuing operations attributable to AGL Resources Inc. | $193 | $334 | ||
Basic earnings (loss) per common share | ||||
Continuing operations (in Dollars per share) | $1.62 | $2.82 | ||
Discontinued operations (in Dollars per share) | ($0.43) | |||
Basic earnings per common share attributable to AGL Resources Inc. (in Dollars per share) | $1.62 | $2.39 | ||
Diluted earnings (loss) per common share | ||||
Continuing operations (in Dollars per share) | $1.62 | [1] | $2.81 | [1] |
Discontinued operations (in Dollars per share) | [1] | ($0.43) | [1] | |
Diluted earnings per common share attributable to AGL Resources Inc. (in Dollars per share) | $1.62 | $2.38 | ||
Cash dividends declared per common share (in Dollars per share) | $0.51 | $0.49 | ||
Weighted average number of common shares outstanding | ||||
Basic (in Shares) | 119.3 | [2] | 118.5 | [2] |
Diluted (in Shares) | 119.6 | [1] | 118.9 | [1] |
[1] | There were no outstanding stock options excluded from the computation of diluted earnings per common share attributable to AGL Resources Inc. for any of the periods presented because their effect would have been anti-dilutive as the exercise prices were greater than the average market price. | |||
[2] | Daily weighted average shares outstanding. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating revenues, revenue taxes | $56 | $68 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net income | $205 | $296 | ||
Other comprehensive income (loss), net of tax | ||||
Reclassification of actuarial losses to net benefit cost (net of income tax of $2 and $1 for the three months ended March 31, 2015 and 2014, respectively) | 3 | 1 | ||
Cash flow hedges, net of tax | ||||
Net derivative instrument gain arising during the period (net of income tax of $1 for the three months ended March 31, 2015) | 2 | 4 | ||
Reclassification of realized derivative instrument gain to net income | -4 | |||
Cash flow hedges, net | 2 | [1] | [1] | |
Other comprehensive income, net of tax | 5 | [1] | 1 | [1] |
Retirement benefit plans, net | 3 | [1] | 1 | [1] |
Comprehensive income | 210 | 297 | ||
Less comprehensive income attributable to noncontrolling interest | 12 | 12 | ||
Comprehensive income attributable to AGL Resources Inc. | $198 | $285 | ||
[1] | All amounts are net of income taxes. Amounts in parentheses indicate debits to accumulated other comprehensive loss. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification of losses to net benefit cost, income tax | $2 | $1 |
Net derivative instrument gains (losses) arising during the period, income tax | $1 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total | |
In Millions, except Share data | ||||||||
Balance at Dec. 31, 2013 | $595 | $2,054 | $1,063 | ($136) | ($8) | $45 | $3,613 | |
Balance, shares (in Shares) at Dec. 31, 2013 | 118,900,000 | |||||||
Net income | 284 | 12 | 296 | |||||
Other comprehensive income | 1 | 1 | [1] | |||||
Dividends on common stock | -58 | -58 | ||||||
Distributions to noncontrolling interest | -17 | -17 | ||||||
Stock granted, share-based compensation, net of forfeitures | -11 | -11 | ||||||
Stock issued, dividend reinvestment plan | 2 | 2 | ||||||
Stock issued, share-based compensation, net of forfeitures | 2 | 12 | 14 | |||||
Stock issued, share-based compensation, net of forfeitures (in Shares) | 300,000 | |||||||
Stock-based compensation expense, net of tax | 3 | 3 | ||||||
Balance at Mar. 31, 2014 | 597 | 2,060 | 1,289 | -135 | -8 | 40 | 3,843 | |
Balance, shares (in Shares) at Mar. 31, 2014 | 119,200,000 | 119,247,421 | ||||||
Balance at Dec. 31, 2014 | 599 | 2,087 | 1,312 | -206 | -8 | 44 | 3,828 | |
Balance, shares (in Shares) at Dec. 31, 2014 | 119,600,000 | 119,647,149 | ||||||
Net income | 193 | 12 | 205 | |||||
Other comprehensive income | 5 | 5 | [1] | |||||
Dividends on common stock | -61 | -61 | ||||||
Distributions to noncontrolling interest | -18 | -18 | ||||||
Stock granted, share-based compensation, net of forfeitures | -12 | -12 | ||||||
Stock issued, dividend reinvestment plan | 3 | 3 | ||||||
Stock issued, dividend reinvestment plan (in Shares) | 100,000 | |||||||
Stock issued, share-based compensation, net of forfeitures | 2 | 10 | 12 | |||||
Stock issued, share-based compensation, net of forfeitures (in Shares) | 200,000 | |||||||
Stock-based compensation expense, net of tax | 2 | 2 | ||||||
Balance at Mar. 31, 2015 | $601 | $2,090 | $1,444 | ($201) | ($8) | $38 | $3,964 | |
Balance, shares (in Shares) at Mar. 31, 2015 | 119,900,000 | 119,927,459 | ||||||
[1] | All amounts are net of income taxes. Amounts in parentheses indicate debits to accumulated other comprehensive loss. |
Condensed_Consolidated_Stateme7
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Dividends on common stock, per share | $0.51 | $0.49 |
Condensed_Consolidated_Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $205 | $296 |
Adjustments to reconcile net income to net cash flow provided by operating activities | ||
Depreciation and amortization | 97 | 93 |
Change in derivative instrument assets and liabilities | 33 | -17 |
Deferred income taxes | 5 | 8 |
Loss from discontinued operations, net of tax | 50 | |
Changes in certain assets and liabilities | ||
Inventories, net of temporary LIFO liquidation | 501 | 656 |
Prepaid and miscellaneous taxes | 267 | 199 |
Accrued/deferred natural gas costs | 22 | -228 |
Accrued expenses | -54 | -15 |
Receivables, other than energy marketing | -24 | -319 |
Energy marketing receivables and trade payables, net | -23 | 8 |
Trade payables, other than energy marketing | -13 | 52 |
Other, net | 104 | 63 |
Net cash flow provided by operating activities of discontinued operations | 7 | |
Net cash flow provided by operating activities | 1,120 | 853 |
Cash flows from investing activities | ||
Expenditures for property, plant and equipment | -188 | -161 |
Other, net | 4 | 2 |
Net cash flow used in investing activities of discontinued operations | -5 | |
Net cash flow used in investing activities | -184 | -164 |
Cash flows from financing activities | ||
Net repayments of commercial paper | -649 | -430 |
Payment of senior notes | -200 | |
Dividends paid on common shares | -61 | -58 |
Distribution to noncontrolling interest | -18 | -17 |
Other, net | 2 | 4 |
Net cash flow used in financing activities | -926 | -501 |
Net increase in cash and cash equivalents – continuing operations | 10 | 186 |
Net increase in cash and cash equivalents – discontinued operations | 2 | |
Cash and cash equivalents (including held for sale) at beginning of period | 31 | 105 |
Cash and cash equivalents (including held for sale) at end of period | 41 | 293 |
Less cash and cash equivalents held for sale at end of period | 26 | |
Cash and cash equivalents (excluding held for sale) at end of period | 41 | 267 |
Cash paid (received) during the period for | ||
Interest | 57 | 58 |
Income taxes | ($140) | $14 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 - Organization and Basis of Presentation |
General | |
AGL Resources Inc. is an energy services holding company that conducts substantially all of its operations through its subsidiaries. Unless the context requires otherwise, references to “we,” “us,” “our,” the “company,” or “AGL Resources” mean consolidated AGL Resources Inc. and its subsidiaries. | |
Our Condensed Consolidated Statements of Financial Position as of December 31, 2014 were derived from our audited consolidated financial statements, but do not include all disclosures required by GAAP. We have prepared the accompanying unaudited condensed consolidated financial statements under the rules and regulations of the SEC. In accordance with such rules and regulations, we have condensed or omitted certain information and notes normally included in financial statements prepared in conformity with GAAP. Our unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair statement of our financial results for the interim periods and should be read in conjunction with our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. | |
Due to the seasonal nature of our business and other factors, our results of operations and our financial condition for the periods presented are not necessarily indicative of the results of operations or financial condition to be expected for or as of any other period. | |
Basis of Presentation | |
Our unaudited condensed consolidated financial statements include our accounts, the accounts of our wholly owned subsidiaries, the accounts of our majority owned or otherwise controlled subsidiaries and the accounts of our variable interest entity, SouthStar, for which we are the primary beneficiary. For unconsolidated entities that we do not control, we use the equity method of accounting and our proportionate share of income or loss is recorded on the unaudited Condensed Consolidated Statements of Income. See Note 9 for additional information. We have eliminated intercompany profits and transactions in consolidation except for intercompany profits where recovery of such amounts is probable under the affiliates’ rate regulation process. | |
In November 2014, we filed a Form 10-Q/A to revise our March 31, 2014 financial statements and other affected disclosures for items related to the recognition of revenues for certain of our regulatory infrastructure programs and the amortization of our intangible assets as originally filed in our Form 10-Q for the period ended March 31, 2014. Our financial statements for the period ended March 31, 2014, reflect the revised amounts reported in our 2014 Form 10-Q/A. | |
In September 2014, we closed on the sale of Tropical Shipping, which operated within our former cargo shipping segment. The assets and liabilities of these businesses as of March 31, 2014 are classified as held for sale on the unaudited Condensed Consolidated Statements of Financial Position, and the financial results of these businesses for the three months ended March 31, 2014 are reflected as discontinued operations on the unaudited Condensed Consolidated Statements of Income. Amounts shown in the following notes, unless otherwise indicated, exclude assets held for sale and discontinued operations. Cargo shipping also included our investment in Triton, which was not part of the sale and has been reclassified into our “other” non-reportable segments. See Note 12 for additional information on the sale of Tropical Shipping. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies and Methods of Application | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies [Text Block] | Note 2 - Significant Accounting Policies and Methods of Application | ||||||||||||
Our accounting policies are described in Note 2 to our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. There were no significant changes to our accounting policies during the three months ended March 31, 2015. | |||||||||||||
Use of Accounting Estimates | |||||||||||||
The preparation of our financial statements in conformity with GAAP requires us to use judgment and make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our estimates may involve complex situations requiring a high degree of judgment either in the application and interpretation of existing accounting literature or in the development of estimates that impact our financial statements. The most significant estimates relate to the accounting for our rate-regulated subsidiaries, goodwill and other intangible assets, derivative and hedging activities, uncollectible accounts and other allowances for contingent losses, retirement plan benefit obligations and provisions for income taxes. We evaluate our estimates on an ongoing basis, and our actual results could differ from our estimates. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Our cash and cash equivalents primarily consist of cash on deposit, money market accounts and certificates of deposit held by domestic subsidiaries with original maturities of three months or less. As of March 31, 2014, there was $26 million of cash and cash equivalents held by Tropical Shipping that was excluded from cash and cash equivalents within our unaudited Condensed Consolidated Statements of Financial Position and included in assets held for sale. For more information on the sale of Tropical Shipping, see Note 12. | |||||||||||||
Energy Marketing Receivables and Payables | |||||||||||||
Our wholesale services segment provides services to retail and wholesale marketers and utility and industrial customers. These customers, also known as counterparties, utilize netting agreements that enable our wholesale services segment to net receivables and payables by counterparty upon settlement. Wholesale services also nets across product lines and against cash collateral, provided the master netting and cash collateral agreements include such provisions. While the amounts due from, or owed to, wholesale services’ counterparties are settled net, they are recorded on a gross basis in our unaudited Condensed Consolidated Statements of Financial Position as energy marketing receivables and energy marketing trade payables. | |||||||||||||
Our wholesale services segment has trade and credit contracts that contain minimum credit rating requirements. These credit rating requirements typically give counterparties the right to suspend or terminate credit if our credit ratings are downgraded to non-investment grade status. Under such circumstances, wholesale services would need to post collateral to continue transacting business with some of its counterparties. To date, our credit ratings have exceeded the minimum requirements. As of March 31, 2015 and 2014, and December 31, 2014, the collateral that wholesale services would have been required to post if our credit ratings had been downgraded to non-investment grade status would not have had a material impact to our consolidated results of operations, cash flows or financial condition. If such collateral were not posted, wholesale services’ ability to continue transacting business with these counterparties would be negatively impacted. | |||||||||||||
Inventories | |||||||||||||
For our regulated utilities, except Nicor Gas, our natural gas inventories and the inventories we hold for Marketers in Georgia are carried at cost on a WACOG basis. In Georgia’s competitive environment, Marketers sell natural gas to firm end-use customers at market-based prices. Part of the unbundling process, which resulted from deregulation and provides this competitive environment, is the assignment to Marketers of certain pipeline services that Atlanta Gas Light has under contract. On a monthly basis, Atlanta Gas Light assigns the majority of the pipeline storage services that it has under contract to Marketers, along with a corresponding amount of inventory. Atlanta Gas Light also retains and manages a portion of its pipeline storage assets and related natural gas inventories for system balancing and to serve system demand. See Note 10 for information regarding a regulatory filing by Atlanta Gas Light related to natural gas inventory. | |||||||||||||
Nicor Gas’ inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are expected to be restored prior to year-end are charged to cost of goods sold at the estimated annual replacement cost, and the difference between this cost and the actual liquidated LIFO layer cost is recorded as a temporary LIFO inventory liquidation. Any temporary LIFO liquidation is included as a current liability in our unaudited Condensed Consolidated Statements of Financial Position. Interim inventory decrements that are not expected to be restored prior to year end are charged to cost of goods sold at the actual LIFO cost of the layers liquidated. The inventory decrement as of March 31, 2015 is expected to be restored prior to year-end. The inventory decrement as of March 31, 2014 was restored prior to December 31, 2014. | |||||||||||||
Our retail operations, wholesale services and midstream operations segments carry inventory at LOCOM, where cost is determined on a WACOG basis. For these segments, we evaluate the weighted average cost of their natural gas inventories against market prices to determine whether any declines in market prices below the WACOG are other than temporary. For any declines considered to be other than temporary, we record pre-tax adjustments to our unaudited Condensed Consolidated Statements of Income to reduce the weighted average cost of the natural gas inventory to market value. For the three months ended March 31, 2015 and 2014, we had LOCOM adjustments primarily at wholesale services of $10 million and $2 million, respectively. | |||||||||||||
Additionally, we have $12 million of inventory at wholesale services that is currently inaccessible due to operational issues at a third party storage facility. The owner of the storage facility is working to resolve these issues. While we expect this inventory to be fully recovered, the timing of withdrawal of this gas may be impacted by the operational issues. | |||||||||||||
Regulated Operations | |||||||||||||
We account for the financial effects of regulation in accordance with authoritative guidance related to regulated entities whose rates are designed to recover the costs of providing service. In accordance with this guidance, incurred costs that would otherwise be charged to expense in the current period are capitalized as regulatory assets when it is probable that such costs will be recovered in rates in the future. Similarly, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for estimated expenditures that have not yet been incurred. Generally, regulatory assets and regulatory liabilities are amortized into our unaudited Condensed Consolidated Statements of Income over the period authorized by the regulatory commissions. | |||||||||||||
Fair Value Measurements | |||||||||||||
We have financial and nonfinancial assets and liabilities subject to fair value measurement. The financial assets and liabilities measured and carried at fair value include cash and cash equivalents, and derivative assets and liabilities. The carrying values of receivables, short- and long-term investments, accounts payable, short-term debt, other current assets and liabilities, and accrued interest approximate fair value. Our nonfinancial assets and liabilities include pension and other retirement benefits, which are presented in Note 4 to our consolidated financial statements and in related notes included in Item 8 of our 2014 Form 10-K. | |||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in valuing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements to utilize the best available information. Accordingly, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We classify fair value balances based on the observance of those inputs in accordance with the fair value hierarchy. | |||||||||||||
Derivative Instruments | |||||||||||||
The fair values of the natural gas and weather derivative instruments that we use to manage exposures arising from changing natural gas prices and weather risk reflect the estimated amounts that we would receive or pay to terminate or close the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. We also use forward-starting interest rate swaps and interest rate lock agreements to lock in fixed interest rates on our forecasted issuances of debt. The objective of these hedges is to offset the variability of future payments associated with the interest rate on debt instruments we expect to issue. The gain or loss on the interest rate swaps designated as cash flow hedges is generally deferred in accumulated OCI until settlement, at which point it is amortized to interest expense over the life of the related debt. We use external market quotes and indices to value substantially all of our derivative instruments. See Note 4 and Note 5 for additional derivative disclosures. | |||||||||||||
Goodwill | |||||||||||||
We perform an annual goodwill impairment test on our reporting units that contain goodwill during the fourth quarter of each year, or more frequently if impairment indicators arise. These indicators include, but are not limited to, a significant change in operating performance, the business climate, legal or regulatory factors, or a planned sale or disposition of a significant portion of the business. To estimate the fair value of our reporting units, we use two generally accepted valuation approaches, the income approach and the market approach, using assumptions consistent with a market participant’s perspective. The results of the two valuation approaches are weighted to estimate the fair value of each reporting unit. There were no triggering events during the current period that would require us to perform an interim impairment test. The amounts of goodwill as of March 31, 2015 and 2014, and December 31, 2014 are provided below. | |||||||||||||
In millions | Distribution | Retail | Midstream | Consolidated | |||||||||
operations | operations | operations | |||||||||||
Goodwill | $1,640 | $173 | $14 | $1,827 | |||||||||
Earnings Per Common Share | |||||||||||||
We compute basic earnings per common share attributable to AGL Resources Inc. by dividing our net income attributable to the common shareholders of AGL Resources Inc. by the daily weighted average number of common shares outstanding. Diluted earnings per common share attributable to AGL Resources Inc. reflect the potential reduction in earnings per common share attributable to AGL Resources Inc. that occurs when the exercise and/or conversion of all potentially dilutive common shares is added to the common shares outstanding. | |||||||||||||
We derive our potentially dilutive common shares by calculating the number of shares issuable under restricted stock, restricted stock units and stock options award programs. The vesting of certain shares of the restricted stock and restricted stock units depends on the satisfaction of defined performance and/or time-based criteria. The future issuance of shares underlying the outstanding stock options depends on whether the market price of the common shares underlying the options exceeds the respective exercise prices of the stock options. The following table shows the calculation of our diluted shares attributable to AGL Resources Inc. for the periods presented as if performance units currently earned under the plan ultimately vest and as if stock options currently exercisable at prices below the average market prices are exercised. | |||||||||||||
Three months ended March 31, | |||||||||||||
In millions (except per share amounts) | 2015 | 2014 | |||||||||||
Income from continuing operations attributable to AGL Resources Inc. | $193 | $334 | |||||||||||
Loss from discontinued operations, net of tax | - | (50 | ) | ||||||||||
Net income attributable to AGL Resources Inc. | $193 | $284 | |||||||||||
Denominator: | |||||||||||||
Basic weighted average number of common shares outstanding (1) | 119.3 | 118.5 | |||||||||||
Effect of dilutive securities | 0.3 | 0.4 | |||||||||||
Diluted weighted average number of common shares outstanding (2) | 119.6 | 118.9 | |||||||||||
Basic earnings per common share | |||||||||||||
Continuing operations | $1.62 | $2.82 | |||||||||||
Discontinued operations | - | (0.43 | ) | ||||||||||
Basic earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.39 | |||||||||||
Diluted earnings per common share (2) | |||||||||||||
Continuing operations | $1.62 | $2.81 | |||||||||||
Discontinued operations | - | (0.43 | ) | ||||||||||
Diluted earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.38 | |||||||||||
-1 | Daily weighted average shares outstanding. | ||||||||||||
-2 | There were no outstanding stock options excluded from the computation of diluted earnings per common share attributable to AGL Resources Inc. for any of the periods presented because their effect would have been anti-dilutive as the exercise prices were greater than the average market price. | ||||||||||||
Accounting Developments | |||||||||||||
In February 2015, the FASB issued updated authoritative guidance related to the consolidation of other legal entities into our financial statements. The amendments modify aspects of the consolidation determination that could potentially impact us, including the analysis of limited partnerships and similar legal entities, fee arrangements, and related party relationships. The guidance will be effective for us beginning January 1, 2016. Early adoption is permitted. We may elect to apply the new guidance either retrospectively to each prior period presented or via a cumulative effect adjustment upon the date of initial application. We have not yet determined the impact of this new guidance, nor have we selected a transition method. | |||||||||||||
In April 2015, the FASB issued updated authoritative guidance related to debt issuance costs. The amendment modifies the presentation of unamortized debt issuance costs on our consolidated statements of financial position. Under the new guidance, we will present such amounts as a direct deduction from the face amount of the debt, similar to unamortized debt discounts and premiums, rather than as an asset. Amortization of the debt issuance costs will continue to be reported as interest expense. The guidance will be effective for us beginning January 1, 2016. Early adoption is permitted. The new guidance must be applied retrospectively to each prior period presented. We have determined that the impact of this new guidance will not be material. | |||||||||||||
In April 2015, the FASB issued authoritative guidance related to the accounting for fees paid in connection with arrangements with cloud-based software providers. Under the new guidance, unless a software arrangement includes specific elements enabling customers to possess and operate software on platforms other than that offered by the cloud-based provider, the cost of such arrangements is to be accounted for as an operating expense of the period incurred. The new guidance may be applied either prospectively or retrospectively, is effective for us beginning January 1, 2016, and early adoption is permitted. We are currently evaluating our software arrangements in light of the new guidance. |
Note_3_Regulated_Operations
Note 3 - Regulated Operations | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||
Schedule of Regulatory Assets and Liabilities [Text Block] | Note 3 - Regulated Operations | ||||||||||||||||
Our regulatory assets and liabilities reflected within our unaudited Condensed Consolidated Statements of Financial Position as of the dates presented are summarized in the following table. | |||||||||||||||||
In millions | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||
Regulatory assets | |||||||||||||||||
Recoverable ERC | $37 | $49 | $38 | ||||||||||||||
Recoverable pension and retiree welfare benefit costs | 11 | 12 | 9 | ||||||||||||||
Deferred natural gas costs | 7 | 3 | 161 | ||||||||||||||
Recoverable seasonal rates | - | 10 | - | ||||||||||||||
Other | 8 | 9 | 42 | ||||||||||||||
Total regulatory assets - current | 63 | 83 | 250 | ||||||||||||||
Recoverable ERC | 331 | 326 | 419 | ||||||||||||||
Recoverable pension and retiree welfare benefit costs | 108 | 110 | 97 | ||||||||||||||
Recoverable regulatory infrastructure program costs | 73 | 69 | 57 | ||||||||||||||
Long-term debt fair value adjustment | 72 | 74 | 80 | ||||||||||||||
Other | 50 | 52 | 43 | ||||||||||||||
Total regulatory assets - long-term | 634 | 631 | 696 | ||||||||||||||
Total regulatory assets | $697 | $714 | $946 | ||||||||||||||
Regulatory liabilities | |||||||||||||||||
Accrued natural gas costs | $53 | $27 | $24 | ||||||||||||||
Bad debt over collection | 30 | 33 | 41 | ||||||||||||||
Accumulated removal costs | 25 | 25 | 27 | ||||||||||||||
Deferred seasonal rates | 20 | - | 20 | ||||||||||||||
Other | 40 | 27 | 49 | ||||||||||||||
Total regulatory liabilities - current | 168 | 112 | 161 | ||||||||||||||
Accumulated removal costs | 1,524 | 1,520 | 1,456 | ||||||||||||||
Regulatory income tax liability | 27 | 34 | 27 | ||||||||||||||
Unamortized investment tax credit | 22 | 22 | 25 | ||||||||||||||
Bad debt over collection | 19 | 12 | 14 | ||||||||||||||
Other | 20 | 13 | 28 | ||||||||||||||
Total regulatory liabilities - long-term | 1,612 | 1,601 | 1,550 | ||||||||||||||
Total regulatory liabilities | $1,780 | $1,713 | $1,711 | ||||||||||||||
Base rates are designed to provide the opportunity to recover cost and earn a return on investment during the period rates are in effect. As such, all of our regulatory assets recoverable through base rates are subject to review by the respective state regulatory commission during future rate proceedings. We are not aware of evidence that these costs will not be recoverable through either rate riders or base rates, and we believe that we will be able to recover such costs consistent with our historical recoveries. | |||||||||||||||||
Unrecognized Ratemaking Amounts The following table illustrates our authorized ratemaking amounts that are not recognized in our unaudited Condensed Consolidated Statements of Financial Position. These amounts are primarily composed of an allowed equity rate of return on assets associated with certain of our regulatory infrastructure programs. These amounts will be recognized as revenues in our financial statements in the periods they are billable to our customers. | |||||||||||||||||
In millions | Atlanta Gas Light | Virginia Natural Gas | Elizabethtown Gas | Total | |||||||||||||
31-Mar-15 | $119 | $12 | $2 | $133 | |||||||||||||
31-Dec-14 | 113 | 12 | 2 | 127 | |||||||||||||
31-Mar-14 | 88 | 12 | 2 | 102 | |||||||||||||
Natural Gas Costs We charge our utility customers for natural gas consumed using natural gas cost recovery mechanisms established by the state regulatory agencies. Under these mechanisms, all prudently incurred natural gas costs are passed through to customers without markup, subject to regulatory review. We defer or accrue the difference between the actual cost of natural gas and the amount of commodity revenue earned in a given period, such that no operating margin is recognized related to these costs. The deferred or accrued amount is either billed or refunded to our customers prospectively through adjustments to the commodity rate. Deferred natural gas costs are reflected as regulatory assets and accrued natural gas costs are reflected as regulatory liabilities. | |||||||||||||||||
Environmental Remediation Costs We are subject to federal, state and local laws and regulations governing environmental quality and pollution control that require us to remove or remedy the effect on the environment of the disposal or release of specified substances at our current and former operating sites, substantially all of which is related to our former MGP sites. The ERC assets and liabilities are associated with our distribution operations segment and remediation costs are generally recoverable from customers through rate mechanisms approved by regulators. Accordingly, both costs incurred to remediate the former MGP sites, plus the future estimated cost recorded as liabilities, net of amounts previously collected, are recognized as a regulatory asset until recovered from customers. | |||||||||||||||||
Our accrued environmental remediation liabilities are estimates of future remediation costs for investigation and cleanup of our current and former operating sites that are contaminated. These estimates are based on conventional engineering estimates and the use of probabilistic models of potential costs when such estimates cannot be made, on an undiscounted basis. These estimates contain various assumptions, which we refine and update on an ongoing basis. These liabilities do not include other potential expenses, such as unasserted property damage claims, personal injury or natural resource damage claims, legal expenses or other costs for which we may be held liable but for which we cannot reasonably estimate an amount. | |||||||||||||||||
Our accrued environmental remediation liabilities are not regulatory liabilities; however, the associated expenses are deferred as a corresponding regulatory asset until the costs are recovered from customers. We primarily recover these deferred costs through three rate riders that authorize dollar-for-dollar recovery. We expect to collect $37 million in revenues over the next 12 months, which is reflected as a current regulatory asset. The following table provides more information on the estimated costs to remediate our current and former operating sites as of March 31, 2015. | |||||||||||||||||
In millions | # of | Probabilistic model cost estimates | Engineering | Amount | Expected costs over | Cost recovery | |||||||||||
sites | estimates | recorded | next 12 months | period | |||||||||||||
Illinois (1) | 26 | $208 - $466 | $43 | $242 | $45 | As incurred | |||||||||||
New Jersey | 6 | 105-177 | 14 | 112 | 14 | 7 years | |||||||||||
Georgia and Florida | 13 | 40 -81 | 15 | 55 | 26 | 5 years | |||||||||||
North Carolina (2) | 1 | n/a | 10 | 10 | 8 | No recovery | |||||||||||
Total | 46 | $353 - $724 | $82 | $419 | $93 | ||||||||||||
-1 | Nicor Gas is responsible in whole or in part for 26 MGP sites, of which two sites have been remediated and their use is no longer restricted by the environmental condition of the property. Nicor Gas and Commonwealth Edison Company are parties to an agreement to cooperate in cleaning up residue at 23 of the sites. Nicor Gas’ allocated share of cleanup costs for these sites is 52%. | ||||||||||||||||
-2 | We have no regulatory recovery mechanism for the site in North Carolina. Therefore, there is no amount included within our regulatory assets and changes in estimated costs are recognized in income in the period of change. | ||||||||||||||||
In July 2014, we reached a $77 million insurance settlement for environmental claims relating to potential contamination at our MGP sites in New Jersey and North Carolina. The terms of the settlement required the $77 million to be paid in two installments. We received $45 million in the third quarter of 2014 and this payment was primarily recorded as a reduction to our recoverable ERC regulatory asset. The remaining $32 million is due in the third quarter of 2015. We will file for approval with the New Jersey BPU to utilize the insurance proceeds related to the New Jersey sites to reduce the ERC expenditures that otherwise would have been recovered from our customers in future periods. Once approved, the settlement is expected to reduce our recoverable ERC regulatory asset and have a favorable impact on the rates for our Elizabethtown Gas customers. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 4 - Fair Value Measurements | ||||||||||||||||||
The methods used to determine the fair values of our assets and liabilities are described within Note 2. | |||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
The following table summarizes, by level within the fair value hierarchy, our derivative assets and liabilities that were carried at fair value on a recurring basis in our unaudited Condensed Consolidated Statements of Financial Position as of the dates presented. See Note 5 for additional derivative instrument information. | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||
In millions | Assets (1) | Liabilities | Assets (1) | Liabilities | Assets (1) | Liabilities | |||||||||||||
Quoted prices in active markets (Level 1) | $- | $(106 | ) | $58 | $(80 | ) | $18 | $(38 | ) | ||||||||||
Significant other observable inputs (Level 2) | 108 | (52 | ) | 174 | (94 | ) | 50 | (75 | ) | ||||||||||
Netting of cash collateral | 104 | 106 | 52 | 81 | 69 | 31 | |||||||||||||
Total carrying value (2) | $212 | $(52 | ) | $284 | $(93 | ) | $137 | $(82 | ) | ||||||||||
-1 | Balances of $1 million at March 31, 2015, $3 million at December 31, 2014 and $1 million at March 31, 2014, associated with certain weather derivatives have been excluded, as they are accounted for based on intrinsic value rather than fair value. | ||||||||||||||||||
-2 | There were no significant unobservable inputs (Level 3) or significant transfers between Level 1, Level 2 or Level 3 for any of the dates presented. | ||||||||||||||||||
Debt | |||||||||||||||||||
Our long-term debt is recorded at amortized cost, with the exception of Nicor Gas’ first mortgage bonds, which are recorded at their acquisition-date fair value. We amortize the fair value adjustment of Nicor Gas’ first mortgage bonds over the lives of the bonds. The following table lists the carrying amount and fair value of our long-term debt as of the dates presented. | |||||||||||||||||||
In millions | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||
Long-term debt carrying amount | $3,599 | $3,802 | $3,810 | ||||||||||||||||
Long-term debt fair value (1) | 4,102 | 4,231 | 4,095 | ||||||||||||||||
-1 | Fair value determined using Level 2 inputs. | ||||||||||||||||||
Note_5_Derivative_Instruments
Note 5 - Derivative Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 5 - Derivative Instruments | |||||||||||||||||||
Our objectives and strategies for using derivative instruments, related accounting policies and methods used to determine their fair values are described in Note 2 to our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. See Note 4 for additional fair value disclosures. | ||||||||||||||||||||
Certain of our derivative instruments contain credit-risk-related or other contingent features that could require us to post collateral in the normal course of business when our financial instruments are in net liability positions. As of March 31, 2015, December 31, 2014 and March 31, 2014, for agreements with such features, derivative instruments with liability fair values totaled $52 million, $93 million and $82 million, respectively, for which we had posted no collateral to our counterparties. The maximum collateral that could be required with these features is $7 million. For more information, see “Energy Marketing Receivables and Payables” in Note 2, which also have credit-risk-related contingent features. Our derivative instrument activities are included within operating cash flows as an increase (decrease) to net income of $33 million and $(17) million for the three months ended March 31, 2015 and 2014, respectively. See Note 4 for additional derivative instrument information. The following table summarizes the ways in which we account for our derivative instruments and the impact on our unaudited condensed consolidated financial statements. | ||||||||||||||||||||
Accounting | Recognition and Measurement | |||||||||||||||||||
Treatment | Statements of Financial Position | Statements of Income | ||||||||||||||||||
Cash flow hedge | Derivative carried at fair value | Ineffective portion of the gain or loss on the derivative instrument is recognized in earnings | ||||||||||||||||||
Effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated OCI (loss) | Effective portion of the gain or loss realized and unrealized on the derivative instrument is reclassified out of accumulated OCI (loss) and into earnings when the hedged transaction affects earnings | |||||||||||||||||||
Fair value hedge | Derivative carried at fair value | Gains or losses realized and unrealized on the derivative instrument and the hedged item are recognized in earnings. As a result, to the extent the hedge is effective, the gains or losses will offset and there is no impact on earnings. Any hedge ineffectiveness will impact earnings. | ||||||||||||||||||
Changes in fair value of the hedged item are recorded as adjustments to the carrying amount of the hedged item | ||||||||||||||||||||
Not | Derivative carried at fair value | Gains or losses realized and unrealized on the derivative instrument are recognized in earnings | ||||||||||||||||||
designated | ||||||||||||||||||||
as hedges | Distribution operations’ gains and losses on derivative instruments are deferred as regulatory assets or liabilities until included in cost of goods sold | Gains or losses realized and unrealized on these derivative instruments are ultimately included in billings to customers and are recognized in cost of goods sold in the same period as the related revenues. | ||||||||||||||||||
Quantitative Disclosures Related to Derivative Instruments | ||||||||||||||||||||
As of the dates presented, our derivative instruments were comprised of both long and short natural gas positions. A long position is a contract to purchase natural gas, and a short position is a contract to sell natural gas. As of the dates presented, we had a net long natural gas contracts position outstanding in the following quantities: | ||||||||||||||||||||
In Bcf (1) | March 31, 2015 (2) | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||
Cash flow hedges | 9 | 9 | 6 | |||||||||||||||||
Not designated as hedges | 231 | 75 | 277 | |||||||||||||||||
Total volumes | 240 | 84 | 283 | |||||||||||||||||
Short position – cash flow hedges | (6 | ) | (7 | ) | (2 | ) | ||||||||||||||
Short position – not designated as hedges | (2,735 | ) | (2,825 | ) | (2,489 | ) | ||||||||||||||
Long position – cash flow hedges | 15 | 16 | 8 | |||||||||||||||||
Long position – not designated as hedges | 2,966 | 2,900 | 2,766 | |||||||||||||||||
Net long position | 240 | 84 | 283 | |||||||||||||||||
-1 | Volumes related to Nicor Gas exclude variable-priced contracts, which are carried at fair value, but whose fair values are not directly impacted by changes in commodity prices. | |||||||||||||||||||
-2 | Approximately 96% of these contracts have durations of two years or less and the remaining 4% expire between two and five years. | |||||||||||||||||||
Derivative Instruments in our Unaudited Condensed Consolidated Statements of Financial Position | ||||||||||||||||||||
In accordance with regulatory requirements, gains and losses on derivative instruments used to hedge natural gas purchases for customer use at distribution operations are reflected in accrued natural gas costs within our unaudited Condensed Consolidated Statements of Financial Position until billed to customers. The following amounts deferred as a regulatory asset or liability in our unaudited Condensed Consolidated Statements of Financial Position represent the net realized gains (losses) related to these natural gas cost hedges as of the periods presented. | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||
Nicor Gas | $(3 | ) | $2 | |||||||||||||||||
Elizabethtown Gas | (4 | ) | 3 | |||||||||||||||||
The following table presents the fair values and unaudited Condensed Consolidated Statements of Financial Position classifications of our derivative instruments as of the dates presented. | ||||||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||
In millions | Classification | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||
Designated as cash flow or fair value hedges | ||||||||||||||||||||
Natural gas contracts | Current | $- | $(6 | ) | $6 | $(11 | ) | $2 | $- | |||||||||||
Natural gas contracts | Long-term | - | (1 | ) | - | (1 | ) | - | - | |||||||||||
Interest rate swap agreements | Current | 1 | - | - | - | - | - | |||||||||||||
Interest rate swap agreements | Long-term | 3 | - | - | - | - | - | |||||||||||||
Total designated as cash flow or fair value hedges | $4 | $(7 | ) | $6 | $(12 | ) | $2 | $- | ||||||||||||
Not designated as hedges | ||||||||||||||||||||
Natural gas contracts | Current | $557 | $(592 | ) | $1,061 | $(1,020 | ) | $675 | $(703 | ) | ||||||||||
Natural gas contracts | Long-term | 98 | (109 | ) | 145 | (119 | ) | 80 | (98 | ) | ||||||||||
Total not designated as hedges | $655 | $(701 | ) | $1,206 | $(1,139 | ) | $755 | $(801 | ) | |||||||||||
Gross amount of recognized assets and liabilities (1) (2) | 659 | (708 | ) | 1,212 | (1,151 | ) | 757 | (801 | ) | |||||||||||
Gross amounts offset in our unaudited Condensed Consolidated Statements of Financial Position (2) | (446 | ) | 656 | (925 | ) | 1,058 | (619 | ) | 719 | |||||||||||
Net amounts of assets and liabilities presented in our unaudited Condensed Consolidated Statements of Financial Position (3) | $213 | $(52 | ) | $287 | $(93 | ) | $138 | $(82 | ) | |||||||||||
-1 | The gross amounts of recognized assets and liabilities are netted within our unaudited Condensed Consolidated Statements of Financial Position to the extent that we have netting arrangements with the counterparties. | |||||||||||||||||||
-2 | As required by the authoritative guidance related to derivatives and hedging, the gross amounts of recognized assets and liabilities do not include cash collateral held on deposit in broker margin accounts of $210 million as of March 31, 2015, $133 million as of December 31, 2014, and $100 million as of March 31, 2014. Cash collateral is included in the “Gross amounts offset in our unaudited Condensed Consolidated Statements of Financial Position” line of this table. | |||||||||||||||||||
-3 | As of March 31, 2015, December 31, 2014, and March 31, 2014, we held letters of credit from counterparties that under master netting arrangements would offset an insignificant portion of these assets. | |||||||||||||||||||
Derivative Instruments in the UnauditedCondensed Consolidated Statements of Income | ||||||||||||||||||||
The following table presents the impacts of our derivative instruments in our unaudited Condensed Consolidated Statements of Income for the periods presented. | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||
Designated as cash flow or fair value hedges | ||||||||||||||||||||
Natural gas contracts - net (loss) gain reclassified from OCI into cost of goods sold | $(1 | ) | $3 | |||||||||||||||||
Natural gas contracts - net gain reclassified from OCI into operation and maintenance expense | - | 1 | ||||||||||||||||||
Interest rate swaps - net gain reclassified from OCI into interest expense | 1 | - | ||||||||||||||||||
Income tax benefit | - | - | ||||||||||||||||||
Total designated as cash flow or fair value hedges, net of tax | - | 4 | ||||||||||||||||||
Not designated as hedges (1) | ||||||||||||||||||||
Natural gas contracts - net (loss) recorded in operating revenues | (24 | ) | (30 | ) | ||||||||||||||||
Natural gas contracts - net (loss) gain recorded in cost of goods sold (2) | (2 | ) | 2 | |||||||||||||||||
Income tax benefit | 10 | 11 | ||||||||||||||||||
Total not designated as hedges, net of tax | (16 | ) | (17 | ) | ||||||||||||||||
Total gains (losses) on derivative instruments, net of tax | $(16 | ) | $(13 | ) | ||||||||||||||||
-1 | Associated with the fair value of derivative instruments held at March 31, 2015 and 2014. | |||||||||||||||||||
-2 | Excludes losses recorded in cost of goods sold associated with weather derivatives of $2 million and $5 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
Any amounts recognized in operating income related to ineffectiveness or due to a forecasted transaction that is no longer expected to occur were immaterial for the three months ended March 31, 2015 and 2014. Our expected gains to be reclassified from OCI into cost of goods sold, operation and maintenance expense, interest expense and operating revenues and recognized in our unaudited Condensed Consolidated Statements of Income over the next 12 months are $9 million. These deferred gains and losses are related to natural gas derivative contracts associated with retail operations’ and Nicor Gas’ system use. The expected gains are based upon the fair values of these financial instruments at March 31, 2015. The effective portions of gains and losses on derivative instruments qualifying as cash flow hedges that were recognized in OCI during the periods are presented in our unaudited Condensed Consolidated Statements of Income. See Note 8 for these amounts. | ||||||||||||||||||||
There have been no other significant changes to our derivative instruments, as described in Note 2, Note 4 and Note 5 to our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. |
Note_6_Employee_Benefit_Plans
Note 6 - Employee Benefit Plans | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Compensation and Retirement Disclosure [Abstract] | |||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 6 - Employee Benefit Plans | ||||||
Pension Benefits | |||||||
We sponsor the AGL Resources Inc. Retirement Plan, a tax-qualified defined benefit retirement plan for our eligible employees, which is described in Note 6 to our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. Following are the components of our pension costs for the periods indicated. | |||||||
Three months ended March 31, | |||||||
In millions | 2015 | 2014 | |||||
Service cost | $7 | $6 | |||||
Interest cost | 11 | 12 | |||||
Expected return on plan assets | (16 | ) | (16 | ) | |||
Net amortization of prior service cost | (1 | ) | - | ||||
Recognized actuarial loss | 8 | 5 | |||||
Net periodic pension benefit cost | $9 | $7 | |||||
Welfare Benefits | |||||||
The benefits of our Health and Welfare Plan for Retirees and Inactive Employees of AGL Resources Inc. are described in Note 6 to our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. Following are the components of our welfare costs for the periods indicated. | |||||||
Three months ended March 31, | |||||||
In millions | 2015 | 2014 | |||||
Service cost | $1 | $1 | |||||
Interest cost | 3 | 4 | |||||
Expected return on plan assets | (2 | ) | (2 | ) | |||
Net amortization of prior service cost | - | (1 | ) | ||||
Recognized actuarial loss | 1 | 1 | |||||
Net periodic welfare benefit cost | $3 | $3 | |||||
Note_7_Debt_and_Credit_Facilit
Note 7 - Debt and Credit Facilities | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Debt Disclosure [Text Block] | Note 7 - Debt and Credit Facilities | ||||||||||||||||||
The following table provides maturity dates, year-to-date weighted average interest rates and amounts outstanding for our various debt securities and facilities for the periods presented. We fully and unconditionally guarantee all debt issued by AGL Capital. For additional information on our debt, see Note 8 in our consolidated financial statements and related notes in Item 8 of our 2014 Form 10-K. | |||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||
Dollars in millions | Year(s) due | Weighted | Outstanding | Outstanding at | Weighted | Outstanding | |||||||||||||
average | December 31, | average | |||||||||||||||||
interest rate | 2014 | interest rate | |||||||||||||||||
-1 | -1 | ||||||||||||||||||
Short-term debt | |||||||||||||||||||
Commercial paper - AGL Capital (2) | 2015 | 0.5 | % | $176 | $590 | 0.3 | % | $440 | |||||||||||
Commercial paper - Nicor Gas (2) | 2015 | 0.4 | 350 | 585 | 0.2 | 301 | |||||||||||||
Total short-term debt | 0.4 | % | $526 | $1,175 | 0.3 | % | $741 | ||||||||||||
Current portion of long-term debt | 2016 | 2.9 | % | $75 | $200 | 5 | % | $200 | |||||||||||
Long-term debt - excluding current portion | |||||||||||||||||||
Senior notes | 2016-2043 | 5 | % | $2,625 | $2,625 | 5 | % | $2,625 | |||||||||||
First mortgage bonds | 2016-2038 | 6 | 425 | 500 | 5.6 | 500 | |||||||||||||
Gas facility revenue bonds | 2022-2033 | 0.8 | 200 | 200 | 0.9 | 200 | |||||||||||||
Medium-term notes | 2017-2027 | 7.8 | 181 | 181 | 7.8 | 181 | |||||||||||||
Total principal long-term debt | 4.9 | % | 3,431 | 3,506 | 4.9 | % | 3,506 | ||||||||||||
Fair value adjustment of long-term debt (3) | n/a | n/a | 77 | 80 | n/a | 88 | |||||||||||||
Unamortized debt premium, net | n/a | n/a | 16 | 16 | n/a | 16 | |||||||||||||
Total non-principal long-term debt | n/a | 93 | 96 | n/a | 104 | ||||||||||||||
Total long-term debt – excluding current portion | $3,524 | $3,602 | $3,610 | ||||||||||||||||
Total debt | $4,125 | $4,977 | $4,551 | ||||||||||||||||
-1 | Interest rates are calculated based on the daily weighted average balance outstanding for the three months ended March 31. | ||||||||||||||||||
-2 | As of March 31, 2015, the effective interest rates on our commercial paper borrowings were 0.5% for AGL Capital and 0.4% for Nicor Gas. | ||||||||||||||||||
-3 | See Note 4 for additional information on our fair value measurements. | ||||||||||||||||||
Commercial Paper Programs | |||||||||||||||||||
We maintain commercial paper programs at AGL Capital and at Nicor Gas that consist of short-term, unsecured promissory notes used in conjunction with cash from operations to fund our seasonal working capital requirements. Working capital needs fluctuate during the year and are highest during the injection period in advance of the Heating Season. Nicor Gas’ commercial paper program supports working capital needs at Nicor Gas, while all of our other subsidiaries and SouthStar participate in AGL Capital’s commercial paper program. During the first three months of 2015, our commercial paper maturities ranged from 1 to 58 days, and at March 31, 2015, remaining terms to maturity ranged from 1 to 20 days. Total borrowings and repayments netted to a payment of $649 million during the first three months of 2015. During the first three months of 2015, we had no commercial paper issuances with original maturities over three months. | |||||||||||||||||||
Senior Notes | |||||||||||||||||||
On January 15, 2015, $200 million of senior notes matured and were repaid using the proceeds from commercial paper borrowings. | |||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||
On January 23, 2015, we executed $800 million in notional value of 10 year and 30 year fixed-rate, forward-starting interest rate swaps to hedge potential interest rate volatility prior to anticipated issuances of senior notes during 2015 and 2016. These debt issuances will be used to reduce our commercial paper for the amount that was borrowed to repay our senior notes that matured in January 2015 and to fund upcoming debt maturities as well as increased capital expenditures associated with utility investment and construction of our new pipeline projects. We have designated the forward-starting interest rate swaps, which will be settled on the debt issuance dates, as cash flow hedges. We performed a qualitative assessment of effectiveness as of March 31, 2015 and concluded that the hedges remain highly effective. | |||||||||||||||||||
Financial and Non-Financial Covenants | |||||||||||||||||||
The AGL Credit Facility and the Nicor Gas Credit Facility each include a financial covenant that requires us to maintain a ratio of total debt to total capitalization of no more than 70% at the end of any fiscal month; however, our goal is to maintain these ratios at levels between 50% and 60%. These ratios, as calculated in accordance with the debt covenants, include standby letters of credit and surety bonds and exclude accumulated OCI items related to non-cash pension adjustments, welfare benefits liability adjustments and accounting adjustments for cash flow hedges. Adjusting for these items, the following table contains our debt-to-capitalization ratios for the dates presented, which are below the maximum allowed. | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||
AGL Credit Facility | 50 | % | 55 | % | 54 | % | |||||||||||||
Nicor Gas Credit Facility | 54 | % | 62 | % | 54 | % | |||||||||||||
The credit facilities contain certain non-financial covenants that, among other things, restrict liens and encumbrances, loans and investments, acquisitions, dividends and other restricted payments, asset dispositions, mergers and consolidations and other matters customarily restricted in such agreements. | |||||||||||||||||||
Default Provisions | |||||||||||||||||||
Our credit facilities and other financial obligations include provisions that, if not complied with, could require early payment or similar actions. The most important default events include the following: | |||||||||||||||||||
● | a maximum leverage ratio | ||||||||||||||||||
● | insolvency events and/or nonpayment of scheduled principal or interest payments | ||||||||||||||||||
● | acceleration of other financial obligations, and | ||||||||||||||||||
● | change of control provisions. | ||||||||||||||||||
We have no triggering events in our debt instruments that are tied to changes in our specified credit ratings or our stock price and have not entered into any transaction that requires us to issue equity based on credit ratings or other triggering events. We were in compliance with all existing debt provisions and covenants, both financial and non-financial, for all periods presented. |
Note_8_Equity
Note 8 - Equity | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 8 - Equity | ||||||||||||||||||
Our OCI (loss) amounts are aggregated within our accumulated other comprehensive loss on our unaudited Condensed Consolidated Statements of Financial Position. The following table provides changes in the components of our accumulated other comprehensive loss balances, net of the related income tax effects. | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
In millions (1) | Cash flow hedges | Retirement benefit plans | Total | Cash flow hedges | Retirement benefit plans | Total | |||||||||||||
For the three months ended March 31, | |||||||||||||||||||
As of beginning of period | $(6 | ) | $(200 | ) | $(206 | ) | $1 | $(137 | ) | $(136 | ) | ||||||||
OCI, before reclassifications | 2 | - | 2 | 4 | - | 4 | |||||||||||||
Amounts reclassified from accumulated OCI | - | 3 | 3 | (4 | ) | 1 | (3 | ) | |||||||||||
Net current period other comprehensive income | 2 | 3 | 5 | - | 1 | 1 | |||||||||||||
As of end of period | $(4 | ) | $(197 | ) | $(201 | ) | $1 | $(136 | ) | $(135 | ) | ||||||||
-1 | All amounts are net of income taxes. Amounts in parentheses indicate debits to accumulated other comprehensive loss. | ||||||||||||||||||
The following table provides details of the reclassifications out of accumulated other comprehensive loss and the ultimate favorable (unfavorable) impact on net income for the periods presented. | |||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||
In millions (1) | 2015 | 2014 | |||||||||||||||||
Cash flow hedges | |||||||||||||||||||
Cost of goods sold (natural gas contracts) | $(1 | ) | $3 | ||||||||||||||||
Operation and maintenance expense (natural gas contracts) | - | 1 | |||||||||||||||||
Interest expense (interest rate contracts) | 1 | - | |||||||||||||||||
Total before income tax | - | 4 | |||||||||||||||||
Income tax benefit | - | - | |||||||||||||||||
Total cash flow hedges, net of income tax | - | 4 | |||||||||||||||||
Retirement benefit plans | |||||||||||||||||||
Operation and maintenance expense (actuarial losses) (2) | (5 | ) | (2 | ) | |||||||||||||||
Total before income tax | (5 | ) | (2 | ) | |||||||||||||||
Income tax benefit | 2 | 1 | |||||||||||||||||
Total retirement benefit plans | (3 | ) | (1 | ) | |||||||||||||||
Total reclassification for the period | $(3 | ) | $3 | ||||||||||||||||
-1 | Amounts in parentheses indicate reductions to our net income and to accumulated other comprehensive loss. Except for retirement benefit plan amounts, the net income impacts are immediate. | ||||||||||||||||||
-2 | Amortization of these accumulated other comprehensive loss components is included in the computation of net periodic benefit cost. See Note 6 for additional details about net periodic benefit cost. | ||||||||||||||||||
Note_9_Nonwholly_Owned_Entitie
Note 9 - Non-wholly Owned Entities | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | Note 9 - Non-Wholly Owned Entities | |||||||||||||||||||||||||||
SouthStar, a joint venture owned by us and Piedmont, is our only variable interest entity (VIE) for which we are the primary beneficiary. This requires us to consolidate its assets, liabilities, revenues and expenses. For additional information on SouthStar, see Note 10 to our consolidated financial statements and related notes included in Item 8 of our 2014 Form 10-K. Earnings from SouthStar in 2015 and 2014 were allocated entirely in accordance with the ownership interests. | ||||||||||||||||||||||||||||
Cash flows used in our investing activities include capital expenditures for SouthStar of $1 million for the three months ended March 31, 2015, and $2 million for the three months ended March 31, 2014. Cash flows used in our financing activities include SouthStar’s distribution to Piedmont for its portion of SouthStar’s annual earnings from the previous year, which generally occurs in the first quarter of each fiscal year. For the three months ended March 31, 2015 and 2014, SouthStar distributed $18 million and $17 million, respectively, to Piedmont. SouthStar’s creditors have no recourse to our general credit beyond our corporate guarantees that we have provided to SouthStar’s counterparties and natural gas suppliers. The following table provides additional information on SouthStar’s assets and liabilities as of the dates presented. | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||
In millions | Consolidated | SouthStar (1) | -2% | Consolidated | SouthStar (1) | -2% | Consolidated | SouthStar (1) | -2% | |||||||||||||||||||
Current assets | $2,079 | $182 | 9 | % | $2,890 | $238 | 8 | % | $3,589 | $235 | 7 | % | ||||||||||||||||
Goodwill and other intangible assets | 1,943 | 119 | 6 | 1,952 | 125 | 6 | 1,967 | 131 | 7 | |||||||||||||||||||
Long-term assets and other deferred debits | 10,116 | 17 | - | 10,067 | 17 | - | 9,708 | 16 | - | |||||||||||||||||||
Total assets | $14,138 | $318 | 2 | % | $14,909 | $380 | 3 | % | $15,264 | $382 | 3 | % | ||||||||||||||||
Current liabilities | $2,371 | $46 | 2 | % | $3,219 | $71 | 2 | % | $3,754 | $106 | 3 | % | ||||||||||||||||
Long-term liabilities and other deferred credits | 7,803 | 1 | - | 7,862 | - | - | 7,667 | - | - | |||||||||||||||||||
Total Liabilities | 10,174 | 47 | - | 11,081 | 71 | 1 | 11,421 | 106 | 1 | |||||||||||||||||||
Equity | 3,964 | 271 | 7 | 3,828 | 309 | 8 | 3,843 | 276 | 7 | |||||||||||||||||||
Total liabilities and equity | $14,138 | $318 | 2 | % | $14,909 | $380 | 3 | % | $15,264 | $382 | 3 | % | ||||||||||||||||
-1 | These amounts reflect information for SouthStar and exclude intercompany eliminations and the balances of our wholly owned subsidiary with an 85% ownership interest in SouthStar. | |||||||||||||||||||||||||||
-2 | SouthStar’s percentage of the amount in our unaudited Condensed Consolidated Statements of Financial Position. | |||||||||||||||||||||||||||
The following table provides information on SouthStar’s operating revenues and operating expenses for the periods presented, which are consolidated within our unaudited Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||||||||||
Operating revenues | $311 | $374 | ||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||
Cost of goods sold | 203 | 270 | ||||||||||||||||||||||||||
Operation and maintenance | 23 | 23 | ||||||||||||||||||||||||||
Depreciation and amortization | 2 | 3 | ||||||||||||||||||||||||||
Taxes other than income taxes | 1 | - | ||||||||||||||||||||||||||
Total operating expenses | 229 | 296 | ||||||||||||||||||||||||||
Operating income | $82 | $78 | ||||||||||||||||||||||||||
Equity Method Investments | ||||||||||||||||||||||||||||
For more information about our equity method investments, see Note 10 to our consolidated financial statements and related notes in Item 8 of our 2014 Form 10-K. The carrying amounts within our unaudited Condensed Consolidated Statements of Financial Position of our investments that are accounted for under the equity method were as follows: | ||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||||||||||||||
In millions | 2015 | 2014 | 2014 | |||||||||||||||||||||||||
Triton | $57 | $62 | $67 | |||||||||||||||||||||||||
Horizon Pipeline | 14 | 14 | 15 | |||||||||||||||||||||||||
Other (1) | 5 | 4 | 1 | |||||||||||||||||||||||||
Total | $76 | $80 | $83 | |||||||||||||||||||||||||
-1 | Primarily includes our current investment of $2 million in PennEast Pipeline and $3 million in Atlantic Coast Pipeline as of March 31, 2015 and $1 million and $2 million, respectively, as of December 31, 2014. | |||||||||||||||||||||||||||
Income from our equity method investments is classified as other income in our unaudited Condensed Consolidated Statements of Income. The following table provides the income from our equity method investments for the periods presented. | ||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||||||||||
Triton | $- | $2 | ||||||||||||||||||||||||||
Horizon Pipeline | 1 | 1 | ||||||||||||||||||||||||||
Total | $1 | $3 | ||||||||||||||||||||||||||
In the third quarter of 2014, we entered into partnerships to form two new interstate pipeline companies within our midstream operations segment as described below. The capacity from these pipelines will further enhance system reliability as well as provide access to a more diverse supply of natural gas. We have concluded that, at present, both companies are VIEs. We are not considered the primary beneficiary and, therefore, we have not consolidated the financial statements for these companies in our unaudited condensed consolidated financial statements because we share in the ability to direct the activities that most significantly impact their economic performance with their other member companies. We have accounted for our investment in these companies using the equity method of accounting, and have classified the investment within other noncurrent assets in our unaudited Condensed Consolidated Statements of Financial Position. | ||||||||||||||||||||||||||||
PennEast Pipeline In August 2014, we entered into a partnership in which we hold a 20% ownership interest in a new interstate pipeline company formed to develop and operate a 108-mile natural gas pipeline between New Jersey and Pennsylvania with initial transportation capacity of 1 Bcf per day, which may be expanded to 1.2 Bcf per day. Subject to FERC approval, construction is scheduled to begin in the first quarter of 2017. | ||||||||||||||||||||||||||||
Atlantic Coast Pipeline In September 2014, we entered into a project in which we hold a 5% ownership interest to develop and operate a 550-mile natural gas pipeline in North Carolina, Virginia and West Virginia with initial transportation capacity of 1.5 Bcf per day, which may be expanded to 2.0 Bcf per day. Subject to FERC approval, construction is scheduled to begin in the second half of 2016. |
Note_10_Commitments_Guarantees
Note 10 - Commitments, Guarantees and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 - Commitments, Guarantees and Contingencies |
We incur various contractual obligations and financial commitments in the normal course of our operating and financing activities that are reasonably likely to have a material effect on liquidity or the availability of capital resources. Contractual obligations include future cash payments required under existing contractual arrangements, such as debt and lease agreements. These obligations may result from both general financing activities and from commercial arrangements that are directly supported by related revenue-producing activities. | |
We also are involved in legal or administrative proceedings before various courts and agencies with respect to general claims, environmental remediation, gas cost prudence reviews and other matters. Although we are unable to determine the ultimate outcomes of these contingencies, we believe that our financial statements appropriately reflect these amounts, including the recording of liabilities when a loss is probable and reasonably estimable. For more information on these matters, see Note 11 in our consolidated financial statements and related notes in Item 8 of our 2014 Form 10-K. | |
Contingencies and Guarantees | |
Contingent financial commitments, such as financial guarantees, represent obligations that become payable only if certain predefined events occur. We have certain subsidiaries that enter into various financial and performance guarantees and indemnities providing assurance to third parties. We believe the likelihood of payment under our guarantees is remote. No liability has been recorded for such guarantees and indemnifications, as the fair value was inconsequential at inception. | |
Regulatory Matters | |
In December 2012, we filed a petition with the Georgia Commission for approval to resolve a volumetric imbalance of natural gas related to Atlanta Gas Light’s use of retained storage assets to operationally balance the system for the benefit of the natural gas market. In September 2014, we filed a stipulation that was entered between us, staff of the Georgia Commission and several Marketers that included a resolution of the 4.6 Bcf imbalance over a five-year period from January 1, 2015 through December 31, 2019. The Georgia Commission approved the stipulation in December 2014. Over the five-year period, discretionary funds available to the Universal Service Fund, which is controlled by the Georgia Commission, will be used to resolve 25% of the imbalance, or approximately 1.15 Bcf of natural gas. Atlanta Gas Light is obligated to resolve 25% of the 4.6 Bcf imbalance, or approximately 1.15 Bcf of natural gas, through system injections. The cost to resolve the remaining balance of approximately 2.3 Bcf of natural gas will be recovered from all Marketers through charges for system retained storage gas as it is used by the Marketers. As of March 31, 2015 Atlanta Gas Light had replaced approximately 15% of its 1.15 Bcf obligation and we have a reserve in our unaudited Condensed Consolidated Statements of Financial Position representing the remaining future estimated obligation. | |
In August 2014, staff of the Illinois Commission and the CUB filed testimony in the 2003 gas cost prudence review disputing certain gas loan transactions offered by Nicor Gas under its Chicago Hub services requesting refunds of $18 million and $22 million, respectively. We filed surrebuttal testimony in December 2014 in this proceeding disputing that any refund is due, as Nicor Gas was authorized to enter into these transactions, and revenues associated with such transactions reduced ratepayers’ costs as either credits to the PGA or reductions to base rates consistent with then-current Illinois Commission orders governing these activities. We believe these claims engage in hindsight speculation, which is expressly prohibited in a prudence review examination, and we intend to vigorously defend against these claims. Evidentiary hearings occurred in March 2015. Post-trial briefs will be filed later in 2015 and no date has been set for a proposed decision by the Administrative Law Judges. Similar gas loan transactions were provided in other open PGA review years. The resolution will ultimately be decided by the Illinois Commission. We are currently unable to predict the ultimate outcome and have recorded no liability for this matter. | |
In February 2015, Atlanta Gas Light made a filing with the Georgia Commission for a true-up recovery of $178 million related to our 15-year pipeline replacement program that ended on December 31, 2013. This recovery is for unrecovered revenue requirement for the program through December 2014. The surcharge increases proposed in the filing include an initial one-time $2.46 rate increase collected from 2016 through 2025, or an alternative phased-in schedule of four $0.58 cumulative increases in 2017, 2018, 2019 and 2020 collected through 2030. Our petition is under review, however, the Georgia Commission has not scheduled a formal proceeding for this and we are currently unable to predict the ultimate outcome of this matter. | |
One of the capital projects under Atlanta Gas Light’s pipeline replacement program experienced construction issues on certain segments in late 2013, and prior to these segments being placed into service it was necessary to complete mitigation work. Atlanta Gas Light is pursuing contractual and legal claims against third party contractors responsible for the construction issues. In August, 2014, Atlanta Gas Light reached an agreement with the Georgia Commission whereby it would delay recovery of the mitigation costs to a future rate proceeding after completion of litigation and the amount of recoveries from third party contractors was known. The mitigation costs of $32 million were not included in the February 2015 true-up filing discussed above. We are currently unable to predict the ultimate outcome of this matter. | |
Environmental Matters | |
We are subject to federal, state and local laws and regulations governing environmental quality and pollution control that require us to remove or remedy the effect on the environment of the disposal or release of specified substances at current and former operating sites. See Note 3 for additional information on our environmental remediation costs. | |
Litigation | |
We are involved in litigation arising in the normal course of business. Although in some cases we are unable to estimate the amount of loss reasonably possible in addition to any amounts already recognized, it is possible that the resolution of these contingencies, either individually or in aggregate, will require us to take charges against, or will result in reductions in, future earnings. Management believes that while the resolution of these contingencies, whether individually or in aggregate, could be material to earnings in a particular quarter, they will not have a material adverse effect on our consolidated financial position or cash flows for the year. For additional litigation information, see Note 11 in our consolidated financial statements and related notes in Item 8 of our 2014 Form 10-K. | |
PBR Proceeding Nicor Gas’ PBR plan was a regulatory plan that provided economic incentives based on natural gas cost performance. The PBR plan went into effect in 2000 and was terminated effective January 1, 2003, following allegations that Nicor Gas acted improperly in connection with the plan. Under this plan, Nicor Gas’ total gas supply costs were compared to a market-sensitive benchmark. Savings and losses relative to the benchmark were determined annually and shared equally with sales customers. Since 2002, the amount of the savings and losses required to be shared has been disputed by the CUB and others, with the Illinois Attorney General intervening, and subject to extensive contested discovery and other regulatory proceedings before administrative law judges and the Illinois Commission. In 2009, the staff of the Illinois Commission, Illinois Attorney General and CUB requested refunds of $85 million, $255 million and $305 million, respectively. | |
On June 7, 2013, the Illinois Commission issued an order requiring us to refund $72 million to current Nicor Gas customers through our PGA mechanism based upon natural gas throughput over 12 months beginning on July 1, 2013. All refunds were completed in the first half of 2014. The CUB’s February 28, 2014 appeal of the Illinois Commission’s order requesting refunds consistent with its 2009 request was rejected by the appellate court in Illinois on March 18, 2015. The CUB could appeal this decision to the Illinois Supreme Court. |
Note_11_Segment_Information
Note 11 - Segment Information | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 11 - Segment Information | |||||||||||||||||||||
Our reportable segments comprise revenue-generating components of the company for which we produce separate financial information internally that we regularly use to make operating decisions and assess performance. Our determination of reportable segments considers the strategic operating units under which we manage sales of various products and services to customers in differing regulatory environments. We manage our businesses through four reportable segments – distribution operations, retail operations, wholesale services and midstream operations. Our non-reportable segments are combined and presented as “other segments.” | ||||||||||||||||||||||
Effective September 1, 2014, we closed on the sale of Tropical Shipping, which operated within our former cargo shipping segment. The assets and liabilities of these businesses as of March 31, 2014 are classified as held for sale on the unaudited Condensed Consolidated Statements of Financial Position, and the financial results of these businesses for the three months ended March 31, 2014 are reflected as discontinued operations on the unaudited Condensed Consolidated Statements of Income. Amounts shown in this note, unless otherwise indicated, exclude assets held for sale and discontinued operations. Cargo shipping also included our investment in Triton, which was not part of the sale and has been reclassified to a non-reportable segment. See Note 12 for additional information on our discontinued operations. | ||||||||||||||||||||||
Our distribution operations segment is the largest component of our business and includes natural gas local distribution utilities that construct, manage and maintain intrastate natural gas pipelines and distribution facilities in seven states. Although the operations of distribution operations are geographically dispersed, the operating subsidiaries within the distribution operations segment are regulated utilities with rates determined by individual state regulatory commissions. These natural gas distribution utilities have similar economic and risk characteristics. | ||||||||||||||||||||||
We are also involved in several related and complementary businesses. Our retail operations segment includes retail natural gas marketing to end-use customers primarily in Georgia and Illinois. Additionally, retail operations provides home protection products and services. Our wholesale services segment engages in natural gas storage and gas pipeline arbitrage and related activities. Additionally, this segment provides natural gas asset management and/or related logistics services for each of our utilities except Nicor Gas, as well as for non-affiliated companies. Our midstream operations segment includes our non-utility storage and pipeline operations, including the operation of high-deliverability natural gas storage assets. Our “other” non-reportable segments include subsidiaries that individually are not significant on a stand-alone basis and that do not fit into one of our reportable segments. | ||||||||||||||||||||||
The chief operating decision maker of the company is the Chairman, President and Chief Executive Officer, who utilizes EBIT as the primary measure of profit and loss in assessing the results of each segment’s operations. EBIT includes operating income and other income and expenses. Items we do not include in EBIT are income taxes and financing costs, including interest expense, each of which we evaluate on a consolidated basis. Summarized Statements of Income, Statements of Financial Position and capital expenditure information by segment as of and for the periods presented are shown in the following tables. | ||||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||||
In millions | Distribution | Retail | Wholesale | Midstream | Other | Intercompany eliminations | Consolidated | |||||||||||||||
operations | operations | services (1) | operations | segments (2) | ||||||||||||||||||
Operating revenues from external parties | $1,285 | $341 | $90 | $19 | $6 | $(20 | ) | $1,721 | ||||||||||||||
Intercompany revenues | 56 | - | - | - | - | (56 | ) | - | ||||||||||||||
Total operating revenues | 1,341 | 341 | 90 | 19 | 6 | (76 | ) | 1,721 | ||||||||||||||
Operating expenses | ||||||||||||||||||||||
Cost of goods sold | 776 | 210 | 9 | 10 | 5 | (75 | ) | 935 | ||||||||||||||
Operation and maintenance | 185 | 37 | 24 | 6 | (2 | ) | (1 | ) | 249 | |||||||||||||
Depreciation and amortization | 82 | 6 | - | 5 | 4 | - | 97 | |||||||||||||||
Taxes other than income taxes | 71 | 1 | 1 | 1 | 2 | - | 76 | |||||||||||||||
Total operating expenses | 1,114 | 254 | 34 | 22 | 9 | (76 | ) | 1,357 | ||||||||||||||
Operating income (loss) | 227 | 87 | 56 | (3 | ) | (3 | ) | - | 364 | |||||||||||||
Other income | 1 | - | - | 1 | 1 | - | 3 | |||||||||||||||
EBIT | $228 | $87 | $56 | $(2 | ) | $(2 | ) | $- | $367 | |||||||||||||
Identifiable and total assets (3) | $11,899 | $1,100 | $698 | $693 | $9,052 | $(9,304 | ) | $14,138 | ||||||||||||||
Capital expenditures | $170 | $2 | $1 | $3 | $12 | $- | $188 | |||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||
In millions | Distribution | Retail | Wholesale | Midstream | Other | Intercompany eliminations | Consolidated | |||||||||||||||
operations | operations | services (1) | operations | segments (2) | ||||||||||||||||||
Operating revenues from external parties | $1,726 | $406 | $331 | $44 | $3 | $(48 | ) | $2,462 | ||||||||||||||
Intercompany revenues | 75 | - | - | - | - | (75 | ) | - | ||||||||||||||
Total operating revenues | 1,801 | 406 | 331 | 44 | 3 | (123 | ) | 2,462 | ||||||||||||||
Operating expenses | ||||||||||||||||||||||
Cost of goods sold | 1,202 | 280 | 3 | 36 | - | (121 | ) | 1,400 | ||||||||||||||
Operation and maintenance | 211 | 37 | 36 | 6 | 1 | (2 | ) | 289 | ||||||||||||||
Depreciation and amortization | 78 | 8 | - | 5 | 2 | - | 93 | |||||||||||||||
Taxes other than income taxes | 82 | 1 | 1 | 1 | 3 | - | 88 | |||||||||||||||
Total operating expenses | 1,573 | 326 | 40 | 48 | 6 | (123 | ) | 1,870 | ||||||||||||||
Operating income (loss) | 228 | 80 | 291 | (4 | ) | (3 | ) | - | 592 | |||||||||||||
Other income | 1 | - | - | 1 | 1 | - | 3 | |||||||||||||||
EBIT | $229 | $80 | $291 | $(3 | ) | $(2 | ) | $- | $595 | |||||||||||||
Identifiable and total assets (3) | $11,823 | $738 | $1,782 | $698 | $9,844 | $(9,885 | ) | $15,000 | ||||||||||||||
Capital expenditures | $150 | $3 | $1 | $- | $7 | $- | $161 | |||||||||||||||
-1 | The revenues for wholesale services are netted with costs associated with its energy and risk management activities. A reconciliation of our operating revenues and our intercompany revenues is shown in the following table. | |||||||||||||||||||||
In millions | Third party gross revenues | Intercompany revenues | Total gross revenues | Less gross gas costs | Operating revenues | |||||||||||||||||
Three months ended March 31, 2015 | $2,146 | $150 | $2,296 | $2,206 | $90 | |||||||||||||||||
Three months ended March 31, 2014 | 4,049 | 298 | 4,347 | 4,016 | 331 | |||||||||||||||||
-2 | Our other non-reportable segments include our investment in Triton, which was part of our cargo shipping segment that is classified as discontinued operations. For more information, see Note 12. | |||||||||||||||||||||
-3 | Identifiable assets are those used in each segment’s operations. Amounts as of March 31, 2014 exclude assets held for sale. | |||||||||||||||||||||
Information by segment on our Consolidated Statements of Financial Position as of December 31, 2014, is as follows: | ||||||||||||||||||||||
In millions | Identifiable and | |||||||||||||||||||||
total assets | ||||||||||||||||||||||
Distribution operations | $12,041 | |||||||||||||||||||||
Retail operations | 670 | |||||||||||||||||||||
Wholesale services | 1,402 | |||||||||||||||||||||
Midstream operations | 694 | |||||||||||||||||||||
Other segments | 9,723 | |||||||||||||||||||||
Intercompany elimination | (9,621 | ) | ||||||||||||||||||||
Consolidated | $14,909 | |||||||||||||||||||||
Note_12_Discontinued_Operation
Note 12 - Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 12 - Discontinued Operations | |||
On September 1, 2014, we closed on the sale of Tropical Shipping to an unrelated third party. The after-tax cash proceeds and distributions from the transaction were approximately $225 million. We determined that the cumulative foreign earnings of Tropical Shipping would no longer be indefinitely reinvested offshore. Accordingly, we recognized income tax expense of $60 million, of which $31 million was recorded in the first quarter of 2014, and the remaining $29 million was recorded in the third quarter of 2014 related to the cumulative foreign earnings for which no tax liabilities had been previously recorded, resulting in our repatriation of $86 million in cash. | ||||
During the first quarter of 2014, based upon the negotiated sales price, we also recorded a goodwill impairment charge of $19 million, for which there was no income tax benefit. Additionally, we recognized a total of $7 million charge in the second and third quarters of 2014 related to the suspension of depreciation and amortization for assets that we were not compensated for by the buyer. The assets and liabilities of Tropical Shipping classified as held for sale on the unaudited Condensed Consolidated Statements of Financial Position are as follows: | ||||
March 31, | ||||
In millions | 2014 | |||
Current assets | ||||
Cash and cash equivalents | $26 | |||
Short-term investments | 3 | |||
Receivables | 34 | |||
Inventories | 9 | |||
Other | 2 | |||
Total current assets | 74 | |||
Long-term assets and other deferred debits | ||||
Property, plant and equipment, net | 123 | |||
Goodwill | 42 | |||
Intangible assets | 19 | |||
Other | 6 | |||
Total long-term assets and other deferred debits | 190 | |||
Total assets held for sale | $264 | |||
Current liabilities | ||||
Other accounts payable – trade | $9 | |||
Accrued expenses | 4 | |||
Other | 23 | |||
Total liabilities held for sale | $36 | |||
The financial results of these businesses are reflected as discontinued operations, and the prior period presented has been recast to reflect the discontinued operations. The components of discontinued operations recorded on the unaudited Condensed Consolidated Statements of Income are as follows: | ||||
Three months ended | ||||
In millions | 31-Mar-14 | |||
Operating revenues | $89 | |||
Operating expenses | ||||
Cost of goods sold | 54 | |||
Operation and maintenance | 28 | |||
Depreciation and amortization | 5 | |||
Taxes other than income taxes | 1 | |||
Loss on sale and goodwill impairment | 19 | |||
Total operating expenses | 107 | |||
Operating loss | (18 | ) | ||
Loss before income taxes | (18 | ) | ||
Income tax expense | (32 | ) | ||
Loss from discontinued operations, net of tax | $(50 | ) | ||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | ||||||||||||
Our unaudited condensed consolidated financial statements include our accounts, the accounts of our wholly owned subsidiaries, the accounts of our majority owned or otherwise controlled subsidiaries and the accounts of our variable interest entity, SouthStar, for which we are the primary beneficiary. For unconsolidated entities that we do not control, we use the equity method of accounting and our proportionate share of income or loss is recorded on the unaudited Condensed Consolidated Statements of Income. See Note 9 for additional information. We have eliminated intercompany profits and transactions in consolidation except for intercompany profits where recovery of such amounts is probable under the affiliates’ rate regulation process. | |||||||||||||
In November 2014, we filed a Form 10-Q/A to revise our March 31, 2014 financial statements and other affected disclosures for items related to the recognition of revenues for certain of our regulatory infrastructure programs and the amortization of our intangible assets as originally filed in our Form 10-Q for the period ended March 31, 2014. Our financial statements for the period ended March 31, 2014, reflect the revised amounts reported in our 2014 Form 10-Q/A. | |||||||||||||
In September 2014, we closed on the sale of Tropical Shipping, which operated within our former cargo shipping segment. The assets and liabilities of these businesses as of March 31, 2014 are classified as held for sale on the unaudited Condensed Consolidated Statements of Financial Position, and the financial results of these businesses for the three months ended March 31, 2014 are reflected as discontinued operations on the unaudited Condensed Consolidated Statements of Income. Amounts shown in the following notes, unless otherwise indicated, exclude assets held for sale and discontinued operations. Cargo shipping also included our investment in Triton, which was not part of the sale and has been reclassified into our “other” non-reportable segments. See Note 12 for additional information on the sale of Tropical Shipping. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Accounting Estimates | ||||||||||||
The preparation of our financial statements in conformity with GAAP requires us to use judgment and make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our estimates may involve complex situations requiring a high degree of judgment either in the application and interpretation of existing accounting literature or in the development of estimates that impact our financial statements. The most significant estimates relate to the accounting for our rate-regulated subsidiaries, goodwill and other intangible assets, derivative and hedging activities, uncollectible accounts and other allowances for contingent losses, retirement plan benefit obligations and provisions for income taxes. We evaluate our estimates on an ongoing basis, and our actual results could differ from our estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||||||
Our cash and cash equivalents primarily consist of cash on deposit, money market accounts and certificates of deposit held by domestic subsidiaries with original maturities of three months or less. As of March 31, 2014, there was $26 million of cash and cash equivalents held by Tropical Shipping that was excluded from cash and cash equivalents within our unaudited Condensed Consolidated Statements of Financial Position and included in assets held for sale. For more information on the sale of Tropical Shipping, see Note 12. | |||||||||||||
Energy Marketing Receivables And Payables [Policy Text Block] | Energy Marketing Receivables and Payables | ||||||||||||
Our wholesale services segment provides services to retail and wholesale marketers and utility and industrial customers. These customers, also known as counterparties, utilize netting agreements that enable our wholesale services segment to net receivables and payables by counterparty upon settlement. Wholesale services also nets across product lines and against cash collateral, provided the master netting and cash collateral agreements include such provisions. While the amounts due from, or owed to, wholesale services’ counterparties are settled net, they are recorded on a gross basis in our unaudited Condensed Consolidated Statements of Financial Position as energy marketing receivables and energy marketing trade payables. | |||||||||||||
Our wholesale services segment has trade and credit contracts that contain minimum credit rating requirements. These credit rating requirements typically give counterparties the right to suspend or terminate credit if our credit ratings are downgraded to non-investment grade status. Under such circumstances, wholesale services would need to post collateral to continue transacting business with some of its counterparties. To date, our credit ratings have exceeded the minimum requirements. As of March 31, 2015 and 2014, and December 31, 2014, the collateral that wholesale services would have been required to post if our credit ratings had been downgraded to non-investment grade status would not have had a material impact to our consolidated results of operations, cash flows or financial condition. If such collateral were not posted, wholesale services’ ability to continue transacting business with these counterparties would be negatively impacted. | |||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||
For our regulated utilities, except Nicor Gas, our natural gas inventories and the inventories we hold for Marketers in Georgia are carried at cost on a WACOG basis. In Georgia’s competitive environment, Marketers sell natural gas to firm end-use customers at market-based prices. Part of the unbundling process, which resulted from deregulation and provides this competitive environment, is the assignment to Marketers of certain pipeline services that Atlanta Gas Light has under contract. On a monthly basis, Atlanta Gas Light assigns the majority of the pipeline storage services that it has under contract to Marketers, along with a corresponding amount of inventory. Atlanta Gas Light also retains and manages a portion of its pipeline storage assets and related natural gas inventories for system balancing and to serve system demand. See Note 10 for information regarding a regulatory filing by Atlanta Gas Light related to natural gas inventory. | |||||||||||||
Nicor Gas’ inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are expected to be restored prior to year-end are charged to cost of goods sold at the estimated annual replacement cost, and the difference between this cost and the actual liquidated LIFO layer cost is recorded as a temporary LIFO inventory liquidation. Any temporary LIFO liquidation is included as a current liability in our unaudited Condensed Consolidated Statements of Financial Position. Interim inventory decrements that are not expected to be restored prior to year end are charged to cost of goods sold at the actual LIFO cost of the layers liquidated. The inventory decrement as of March 31, 2015 is expected to be restored prior to year-end. The inventory decrement as of March 31, 2014 was restored prior to December 31, 2014. | |||||||||||||
Our retail operations, wholesale services and midstream operations segments carry inventory at LOCOM, where cost is determined on a WACOG basis. For these segments, we evaluate the weighted average cost of their natural gas inventories against market prices to determine whether any declines in market prices below the WACOG are other than temporary. For any declines considered to be other than temporary, we record pre-tax adjustments to our unaudited Condensed Consolidated Statements of Income to reduce the weighted average cost of the natural gas inventory to market value. For the three months ended March 31, 2015 and 2014, we had LOCOM adjustments primarily at wholesale services of $10 million and $2 million, respectively. | |||||||||||||
Additionally, we have $12 million of inventory at wholesale services that is currently inaccessible due to operational issues at a third party storage facility. The owner of the storage facility is working to resolve these issues. While we expect this inventory to be fully recovered, the timing of withdrawal of this gas may be impacted by the operational issues. | |||||||||||||
Public Utilities, Policy [Policy Text Block] | Regulated Operations | ||||||||||||
We account for the financial effects of regulation in accordance with authoritative guidance related to regulated entities whose rates are designed to recover the costs of providing service. In accordance with this guidance, incurred costs that would otherwise be charged to expense in the current period are capitalized as regulatory assets when it is probable that such costs will be recovered in rates in the future. Similarly, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for estimated expenditures that have not yet been incurred. Generally, regulatory assets and regulatory liabilities are amortized into our unaudited Condensed Consolidated Statements of Income over the period authorized by the regulatory commissions. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements | ||||||||||||
We have financial and nonfinancial assets and liabilities subject to fair value measurement. The financial assets and liabilities measured and carried at fair value include cash and cash equivalents, and derivative assets and liabilities. The carrying values of receivables, short- and long-term investments, accounts payable, short-term debt, other current assets and liabilities, and accrued interest approximate fair value. Our nonfinancial assets and liabilities include pension and other retirement benefits, which are presented in Note 4 to our consolidated financial statements and in related notes included in Item 8 of our 2014 Form 10-K. | |||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in valuing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements to utilize the best available information. Accordingly, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We classify fair value balances based on the observance of those inputs in accordance with the fair value hierarchy. | |||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Instruments | ||||||||||||
The fair values of the natural gas and weather derivative instruments that we use to manage exposures arising from changing natural gas prices and weather risk reflect the estimated amounts that we would receive or pay to terminate or close the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. We also use forward-starting interest rate swaps and interest rate lock agreements to lock in fixed interest rates on our forecasted issuances of debt. The objective of these hedges is to offset the variability of future payments associated with the interest rate on debt instruments we expect to issue. The gain or loss on the interest rate swaps designated as cash flow hedges is generally deferred in accumulated OCI until settlement, at which point it is amortized to interest expense over the life of the related debt. We use external market quotes and indices to value substantially all of our derivative instruments. See Note 4 and Note 5 for additional derivative disclosures. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | ||||||||||||
We perform an annual goodwill impairment test on our reporting units that contain goodwill during the fourth quarter of each year, or more frequently if impairment indicators arise. These indicators include, but are not limited to, a significant change in operating performance, the business climate, legal or regulatory factors, or a planned sale or disposition of a significant portion of the business. To estimate the fair value of our reporting units, we use two generally accepted valuation approaches, the income approach and the market approach, using assumptions consistent with a market participant’s perspective. The results of the two valuation approaches are weighted to estimate the fair value of each reporting unit. There were no triggering events during the current period that would require us to perform an interim impairment test. The amounts of goodwill as of March 31, 2015 and 2014, and December 31, 2014 are provided below. | |||||||||||||
In millions | Distribution | Retail | Midstream | Consolidated | |||||||||
operations | operations | operations | |||||||||||
Goodwill | $1,640 | $173 | $14 | $1,827 | |||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share | ||||||||||||
We compute basic earnings per common share attributable to AGL Resources Inc. by dividing our net income attributable to the common shareholders of AGL Resources Inc. by the daily weighted average number of common shares outstanding. Diluted earnings per common share attributable to AGL Resources Inc. reflect the potential reduction in earnings per common share attributable to AGL Resources Inc. that occurs when the exercise and/or conversion of all potentially dilutive common shares is added to the common shares outstanding. | |||||||||||||
We derive our potentially dilutive common shares by calculating the number of shares issuable under restricted stock, restricted stock units and stock options award programs. The vesting of certain shares of the restricted stock and restricted stock units depends on the satisfaction of defined performance and/or time-based criteria. The future issuance of shares underlying the outstanding stock options depends on whether the market price of the common shares underlying the options exceeds the respective exercise prices of the stock options. The following table shows the calculation of our diluted shares attributable to AGL Resources Inc. for the periods presented as if performance units currently earned under the plan ultimately vest and as if stock options currently exercisable at prices below the average market prices are exercised. | |||||||||||||
Three months ended March 31, | |||||||||||||
In millions (except per share amounts) | 2015 | 2014 | |||||||||||
Income from continuing operations attributable to AGL Resources Inc. | $193 | $334 | |||||||||||
Loss from discontinued operations, net of tax | - | (50 | ) | ||||||||||
Net income attributable to AGL Resources Inc. | $193 | $284 | |||||||||||
Denominator: | |||||||||||||
Basic weighted average number of common shares outstanding (1) | 119.3 | 118.5 | |||||||||||
Effect of dilutive securities | 0.3 | 0.4 | |||||||||||
Diluted weighted average number of common shares outstanding (2) | 119.6 | 118.9 | |||||||||||
Basic earnings per common share | |||||||||||||
Continuing operations | $1.62 | $2.82 | |||||||||||
Discontinued operations | - | (0.43 | ) | ||||||||||
Basic earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.39 | |||||||||||
Diluted earnings per common share (2) | |||||||||||||
Continuing operations | $1.62 | $2.81 | |||||||||||
Discontinued operations | - | (0.43 | ) | ||||||||||
Diluted earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.38 | |||||||||||
-1 | Daily weighted average shares outstanding. | ||||||||||||
-2 | There were no outstanding stock options excluded from the computation of diluted earnings per common share attributable to AGL Resources Inc. for any of the periods presented because their effect would have been anti-dilutive as the exercise prices were greater than the average market price. | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Developments | ||||||||||||
In February 2015, the FASB issued updated authoritative guidance related to the consolidation of other legal entities into our financial statements. The amendments modify aspects of the consolidation determination that could potentially impact us, including the analysis of limited partnerships and similar legal entities, fee arrangements, and related party relationships. The guidance will be effective for us beginning January 1, 2016. Early adoption is permitted. We may elect to apply the new guidance either retrospectively to each prior period presented or via a cumulative effect adjustment upon the date of initial application. We have not yet determined the impact of this new guidance, nor have we selected a transition method. | |||||||||||||
In April 2015, the FASB issued updated authoritative guidance related to debt issuance costs. The amendment modifies the presentation of unamortized debt issuance costs on our consolidated statements of financial position. Under the new guidance, we will present such amounts as a direct deduction from the face amount of the debt, similar to unamortized debt discounts and premiums, rather than as an asset. Amortization of the debt issuance costs will continue to be reported as interest expense. The guidance will be effective for us beginning January 1, 2016. Early adoption is permitted. The new guidance must be applied retrospectively to each prior period presented. We have determined that the impact of this new guidance will not be material. | |||||||||||||
In April 2015, the FASB issued authoritative guidance related to the accounting for fees paid in connection with arrangements with cloud-based software providers. Under the new guidance, unless a software arrangement includes specific elements enabling customers to possess and operate software on platforms other than that offered by the cloud-based provider, the cost of such arrangements is to be accounted for as an operating expense of the period incurred. The new guidance may be applied either prospectively or retrospectively, is effective for us beginning January 1, 2016, and early adoption is permitted. We are currently evaluating our software arrangements in light of the new guidance. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies and Methods of Application (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule of Goodwill [Table Text Block] | In millions | Distribution | Retail | Midstream | Consolidated | ||||||||
operations | operations | operations | |||||||||||
Goodwill | $1,640 | $173 | $14 | $1,827 | |||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | Three months ended March 31, | ||||||||||||
In millions (except per share amounts) | 2015 | 2014 | |||||||||||
Income from continuing operations attributable to AGL Resources Inc. | $193 | $334 | |||||||||||
Loss from discontinued operations, net of tax | - | (50 | ) | ||||||||||
Net income attributable to AGL Resources Inc. | $193 | $284 | |||||||||||
Denominator: | |||||||||||||
Basic weighted average number of common shares outstanding (1) | 119.3 | 118.5 | |||||||||||
Effect of dilutive securities | 0.3 | 0.4 | |||||||||||
Diluted weighted average number of common shares outstanding (2) | 119.6 | 118.9 | |||||||||||
Basic earnings per common share | |||||||||||||
Continuing operations | $1.62 | $2.82 | |||||||||||
Discontinued operations | - | (0.43 | ) | ||||||||||
Basic earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.39 | |||||||||||
Diluted earnings per common share (2) | |||||||||||||
Continuing operations | $1.62 | $2.81 | |||||||||||
Discontinued operations | - | (0.43 | ) | ||||||||||
Diluted earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.38 |
Note_3_Regulated_Operations_Ta
Note 3 - Regulated Operations (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Note 3 - Regulated Operations (Tables) [Line Items] | |||||||||||||||||
Schedule of Regulatory Assets [Table Text Block] | In millions | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||
Regulatory assets | |||||||||||||||||
Recoverable ERC | $37 | $49 | $38 | ||||||||||||||
Recoverable pension and retiree welfare benefit costs | 11 | 12 | 9 | ||||||||||||||
Deferred natural gas costs | 7 | 3 | 161 | ||||||||||||||
Recoverable seasonal rates | - | 10 | - | ||||||||||||||
Other | 8 | 9 | 42 | ||||||||||||||
Total regulatory assets - current | 63 | 83 | 250 | ||||||||||||||
Recoverable ERC | 331 | 326 | 419 | ||||||||||||||
Recoverable pension and retiree welfare benefit costs | 108 | 110 | 97 | ||||||||||||||
Recoverable regulatory infrastructure program costs | 73 | 69 | 57 | ||||||||||||||
Long-term debt fair value adjustment | 72 | 74 | 80 | ||||||||||||||
Other | 50 | 52 | 43 | ||||||||||||||
Total regulatory assets - long-term | 634 | 631 | 696 | ||||||||||||||
Total regulatory assets | $697 | $714 | $946 | ||||||||||||||
Regulatory liabilities | |||||||||||||||||
Accrued natural gas costs | $53 | $27 | $24 | ||||||||||||||
Bad debt over collection | 30 | 33 | 41 | ||||||||||||||
Accumulated removal costs | 25 | 25 | 27 | ||||||||||||||
Deferred seasonal rates | 20 | - | 20 | ||||||||||||||
Other | 40 | 27 | 49 | ||||||||||||||
Total regulatory liabilities - current | 168 | 112 | 161 | ||||||||||||||
Accumulated removal costs | 1,524 | 1,520 | 1,456 | ||||||||||||||
Regulatory income tax liability | 27 | 34 | 27 | ||||||||||||||
Unamortized investment tax credit | 22 | 22 | 25 | ||||||||||||||
Bad debt over collection | 19 | 12 | 14 | ||||||||||||||
Other | 20 | 13 | 28 | ||||||||||||||
Total regulatory liabilities - long-term | 1,612 | 1,601 | 1,550 | ||||||||||||||
Total regulatory liabilities | $1,780 | $1,713 | $1,711 | ||||||||||||||
Environmental Exit Costs by Cost [Table Text Block] | In millions | # of | Probabilistic model cost estimates | Engineering | Amount | Expected costs over | Cost recovery | ||||||||||
sites | estimates | recorded | next 12 months | period | |||||||||||||
Illinois (1) | 26 | $208 - $466 | $43 | $242 | $45 | As incurred | |||||||||||
New Jersey | 6 | 105-177 | 14 | 112 | 14 | 7 years | |||||||||||
Georgia and Florida | 13 | 40 -81 | 15 | 55 | 26 | 5 years | |||||||||||
North Carolina (2) | 1 | n/a | 10 | 10 | 8 | No recovery | |||||||||||
Total | 46 | $353 - $724 | $82 | $419 | $93 | ||||||||||||
Regulatory Asset Off Balance Sheet [Member] | |||||||||||||||||
Note 3 - Regulated Operations (Tables) [Line Items] | |||||||||||||||||
Schedule of Regulatory Assets [Table Text Block] | In millions | Atlanta Gas Light | Virginia Natural Gas | Elizabethtown Gas | Total | ||||||||||||
31-Mar-15 | $119 | $12 | $2 | $133 | |||||||||||||
31-Dec-14 | 113 | 12 | 2 | 127 | |||||||||||||
31-Mar-14 | 88 | 12 | 2 | 102 |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Note 4 - Fair Value Measurements (Tables) [Line Items] | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | In millions | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||
Long-term debt carrying amount | $3,599 | $3,802 | $3,810 | ||||||||||||||||
Long-term debt fair value (1) | 4,102 | 4,231 | 4,095 | ||||||||||||||||
Natural Gas and Interest Rate Derivatives [Member] | |||||||||||||||||||
Note 4 - Fair Value Measurements (Tables) [Line Items] | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||
In millions | Assets (1) | Liabilities | Assets (1) | Liabilities | Assets (1) | Liabilities | |||||||||||||
Quoted prices in active markets (Level 1) | $- | $(106 | ) | $58 | $(80 | ) | $18 | $(38 | ) | ||||||||||
Significant other observable inputs (Level 2) | 108 | (52 | ) | 174 | (94 | ) | 50 | (75 | ) | ||||||||||
Netting of cash collateral | 104 | 106 | 52 | 81 | 69 | 31 | |||||||||||||
Total carrying value (2) | $212 | $(52 | ) | $284 | $(93 | ) | $137 | $(82 | ) |
Note_5_Derivative_Instruments_
Note 5 - Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | In Bcf (1) | March 31, 2015 (2) | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||
Cash flow hedges | 9 | 9 | 6 | |||||||||||||||||
Not designated as hedges | 231 | 75 | 277 | |||||||||||||||||
Total volumes | 240 | 84 | 283 | |||||||||||||||||
Short position – cash flow hedges | (6 | ) | (7 | ) | (2 | ) | ||||||||||||||
Short position – not designated as hedges | (2,735 | ) | (2,825 | ) | (2,489 | ) | ||||||||||||||
Long position – cash flow hedges | 15 | 16 | 8 | |||||||||||||||||
Long position – not designated as hedges | 2,966 | 2,900 | 2,766 | |||||||||||||||||
Net long position | 240 | 84 | 283 | |||||||||||||||||
Loss Recognized In Income [Table Text Block] | Three months ended | |||||||||||||||||||
March 31, | ||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||
Nicor Gas | $(3 | ) | $2 | |||||||||||||||||
Elizabethtown Gas | (4 | ) | 3 | |||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, | December 31, | March 31, | |||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||
In millions | Classification | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||
Designated as cash flow or fair value hedges | ||||||||||||||||||||
Natural gas contracts | Current | $- | $(6 | ) | $6 | $(11 | ) | $2 | $- | |||||||||||
Natural gas contracts | Long-term | - | (1 | ) | - | (1 | ) | - | - | |||||||||||
Interest rate swap agreements | Current | 1 | - | - | - | - | - | |||||||||||||
Interest rate swap agreements | Long-term | 3 | - | - | - | - | - | |||||||||||||
Total designated as cash flow or fair value hedges | $4 | $(7 | ) | $6 | $(12 | ) | $2 | $- | ||||||||||||
Not designated as hedges | ||||||||||||||||||||
Natural gas contracts | Current | $557 | $(592 | ) | $1,061 | $(1,020 | ) | $675 | $(703 | ) | ||||||||||
Natural gas contracts | Long-term | 98 | (109 | ) | 145 | (119 | ) | 80 | (98 | ) | ||||||||||
Total not designated as hedges | $655 | $(701 | ) | $1,206 | $(1,139 | ) | $755 | $(801 | ) | |||||||||||
Gross amount of recognized assets and liabilities (1) (2) | 659 | (708 | ) | 1,212 | (1,151 | ) | 757 | (801 | ) | |||||||||||
Gross amounts offset in our unaudited Condensed Consolidated Statements of Financial Position (2) | (446 | ) | 656 | (925 | ) | 1,058 | (619 | ) | 719 | |||||||||||
Net amounts of assets and liabilities presented in our unaudited Condensed Consolidated Statements of Financial Position (3) | $213 | $(52 | ) | $287 | $(93 | ) | $138 | $(82 | ) | |||||||||||
Schedule of Derivative Instruments [Table Text Block] | Three months ended March 31, | |||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||
Designated as cash flow or fair value hedges | ||||||||||||||||||||
Natural gas contracts - net (loss) gain reclassified from OCI into cost of goods sold | $(1 | ) | $3 | |||||||||||||||||
Natural gas contracts - net gain reclassified from OCI into operation and maintenance expense | - | 1 | ||||||||||||||||||
Interest rate swaps - net gain reclassified from OCI into interest expense | 1 | - | ||||||||||||||||||
Income tax benefit | - | - | ||||||||||||||||||
Total designated as cash flow or fair value hedges, net of tax | - | 4 | ||||||||||||||||||
Not designated as hedges (1) | ||||||||||||||||||||
Natural gas contracts - net (loss) recorded in operating revenues | (24 | ) | (30 | ) | ||||||||||||||||
Natural gas contracts - net (loss) gain recorded in cost of goods sold (2) | (2 | ) | 2 | |||||||||||||||||
Income tax benefit | 10 | 11 | ||||||||||||||||||
Total not designated as hedges, net of tax | (16 | ) | (17 | ) | ||||||||||||||||
Total gains (losses) on derivative instruments, net of tax | $(16 | ) | $(13 | ) |
Note_6_Employee_Benefit_Plans_
Note 6 - Employee Benefit Plans (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Compensation and Retirement Disclosure [Abstract] | |||||||
Schedule of Net Benefit Costs [Table Text Block] | Three months ended March 31, | ||||||
In millions | 2015 | 2014 | |||||
Service cost | $7 | $6 | |||||
Interest cost | 11 | 12 | |||||
Expected return on plan assets | (16 | ) | (16 | ) | |||
Net amortization of prior service cost | (1 | ) | - | ||||
Recognized actuarial loss | 8 | 5 | |||||
Net periodic pension benefit cost | $9 | $7 | |||||
Three months ended March 31, | |||||||
In millions | 2015 | 2014 | |||||
Service cost | $1 | $1 | |||||
Interest cost | 3 | 4 | |||||
Expected return on plan assets | (2 | ) | (2 | ) | |||
Net amortization of prior service cost | - | (1 | ) | ||||
Recognized actuarial loss | 1 | 1 | |||||
Net periodic welfare benefit cost | $3 | $3 |
Note_7_Debt_and_Credit_Facilit1
Note 7 - Debt and Credit Facilities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Schedule of Debt [Table Text Block] | 31-Mar-15 | 31-Mar-14 | |||||||||||||||||
Dollars in millions | Year(s) due | Weighted | Outstanding | Outstanding at | Weighted | Outstanding | |||||||||||||
average | December 31, | average | |||||||||||||||||
interest rate | 2014 | interest rate | |||||||||||||||||
-1 | -1 | ||||||||||||||||||
Short-term debt | |||||||||||||||||||
Commercial paper - AGL Capital (2) | 2015 | 0.5 | % | $176 | $590 | 0.3 | % | $440 | |||||||||||
Commercial paper - Nicor Gas (2) | 2015 | 0.4 | 350 | 585 | 0.2 | 301 | |||||||||||||
Total short-term debt | 0.4 | % | $526 | $1,175 | 0.3 | % | $741 | ||||||||||||
Current portion of long-term debt | 2016 | 2.9 | % | $75 | $200 | 5 | % | $200 | |||||||||||
Long-term debt - excluding current portion | |||||||||||||||||||
Senior notes | 2016-2043 | 5 | % | $2,625 | $2,625 | 5 | % | $2,625 | |||||||||||
First mortgage bonds | 2016-2038 | 6 | 425 | 500 | 5.6 | 500 | |||||||||||||
Gas facility revenue bonds | 2022-2033 | 0.8 | 200 | 200 | 0.9 | 200 | |||||||||||||
Medium-term notes | 2017-2027 | 7.8 | 181 | 181 | 7.8 | 181 | |||||||||||||
Total principal long-term debt | 4.9 | % | 3,431 | 3,506 | 4.9 | % | 3,506 | ||||||||||||
Fair value adjustment of long-term debt (3) | n/a | n/a | 77 | 80 | n/a | 88 | |||||||||||||
Unamortized debt premium, net | n/a | n/a | 16 | 16 | n/a | 16 | |||||||||||||
Total non-principal long-term debt | n/a | 93 | 96 | n/a | 104 | ||||||||||||||
Total long-term debt – excluding current portion | $3,524 | $3,602 | $3,610 | ||||||||||||||||
Total debt | $4,125 | $4,977 | $4,551 | ||||||||||||||||
Schedule of Capitalization [Table Text Block] | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||
AGL Credit Facility | 50 | % | 55 | % | 54 | % | |||||||||||||
Nicor Gas Credit Facility | 54 | % | 62 | % | 54 | % |
Note_8_Equity_Tables
Note 8 - Equity (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2015 | 2014 | |||||||||||||||||
In millions (1) | Cash flow hedges | Retirement benefit plans | Total | Cash flow hedges | Retirement benefit plans | Total | |||||||||||||
For the three months ended March 31, | |||||||||||||||||||
As of beginning of period | $(6 | ) | $(200 | ) | $(206 | ) | $1 | $(137 | ) | $(136 | ) | ||||||||
OCI, before reclassifications | 2 | - | 2 | 4 | - | 4 | |||||||||||||
Amounts reclassified from accumulated OCI | - | 3 | 3 | (4 | ) | 1 | (3 | ) | |||||||||||
Net current period other comprehensive income | 2 | 3 | 5 | - | 1 | 1 | |||||||||||||
As of end of period | $(4 | ) | $(197 | ) | $(201 | ) | $1 | $(136 | ) | $(135 | ) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three months ended March 31, | ||||||||||||||||||
In millions (1) | 2015 | 2014 | |||||||||||||||||
Cash flow hedges | |||||||||||||||||||
Cost of goods sold (natural gas contracts) | $(1 | ) | $3 | ||||||||||||||||
Operation and maintenance expense (natural gas contracts) | - | 1 | |||||||||||||||||
Interest expense (interest rate contracts) | 1 | - | |||||||||||||||||
Total before income tax | - | 4 | |||||||||||||||||
Income tax benefit | - | - | |||||||||||||||||
Total cash flow hedges, net of income tax | - | 4 | |||||||||||||||||
Retirement benefit plans | |||||||||||||||||||
Operation and maintenance expense (actuarial losses) (2) | (5 | ) | (2 | ) | |||||||||||||||
Total before income tax | (5 | ) | (2 | ) | |||||||||||||||
Income tax benefit | 2 | 1 | |||||||||||||||||
Total retirement benefit plans | (3 | ) | (1 | ) | |||||||||||||||
Total reclassification for the period | $(3 | ) | $3 |
Note_9_Nonwholly_Owned_Entitie1
Note 9 - Non-wholly Owned Entities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||||
In millions | Consolidated | SouthStar (1) | -2% | Consolidated | SouthStar (1) | -2% | Consolidated | SouthStar (1) | -2% | |||||||||||||||||||
Current assets | $2,079 | $182 | 9 | % | $2,890 | $238 | 8 | % | $3,589 | $235 | 7 | % | ||||||||||||||||
Goodwill and other intangible assets | 1,943 | 119 | 6 | 1,952 | 125 | 6 | 1,967 | 131 | 7 | |||||||||||||||||||
Long-term assets and other deferred debits | 10,116 | 17 | - | 10,067 | 17 | - | 9,708 | 16 | - | |||||||||||||||||||
Total assets | $14,138 | $318 | 2 | % | $14,909 | $380 | 3 | % | $15,264 | $382 | 3 | % | ||||||||||||||||
Current liabilities | $2,371 | $46 | 2 | % | $3,219 | $71 | 2 | % | $3,754 | $106 | 3 | % | ||||||||||||||||
Long-term liabilities and other deferred credits | 7,803 | 1 | - | 7,862 | - | - | 7,667 | - | - | |||||||||||||||||||
Total Liabilities | 10,174 | 47 | - | 11,081 | 71 | 1 | 11,421 | 106 | 1 | |||||||||||||||||||
Equity | 3,964 | 271 | 7 | 3,828 | 309 | 8 | 3,843 | 276 | 7 | |||||||||||||||||||
Total liabilities and equity | $14,138 | $318 | 2 | % | $14,909 | $380 | 3 | % | $15,264 | $382 | 3 | % | ||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | Three months ended March 31, | |||||||||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||||||||||
Operating revenues | $311 | $374 | ||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||
Cost of goods sold | 203 | 270 | ||||||||||||||||||||||||||
Operation and maintenance | 23 | 23 | ||||||||||||||||||||||||||
Depreciation and amortization | 2 | 3 | ||||||||||||||||||||||||||
Taxes other than income taxes | 1 | - | ||||||||||||||||||||||||||
Total operating expenses | 229 | 296 | ||||||||||||||||||||||||||
Operating income | $82 | $78 | ||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | March 31, | December 31, | March 31, | |||||||||||||||||||||||||
In millions | 2015 | 2014 | 2014 | |||||||||||||||||||||||||
Triton | $57 | $62 | $67 | |||||||||||||||||||||||||
Horizon Pipeline | 14 | 14 | 15 | |||||||||||||||||||||||||
Other (1) | 5 | 4 | 1 | |||||||||||||||||||||||||
Total | $76 | $80 | $83 | |||||||||||||||||||||||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three months ended March 31, | |||||||||||||||||||||||||||
In millions | 2015 | 2014 | ||||||||||||||||||||||||||
Triton | $- | $2 | ||||||||||||||||||||||||||
Horizon Pipeline | 1 | 1 | ||||||||||||||||||||||||||
Total | $1 | $3 |
Note_11_Segment_Information_Ta
Note 11 - Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | In millions | Distribution | Retail | Wholesale | Midstream | Other | Intercompany eliminations | Consolidated | ||||||||||||||
operations | operations | services (1) | operations | segments (2) | ||||||||||||||||||
Operating revenues from external parties | $1,285 | $341 | $90 | $19 | $6 | $(20 | ) | $1,721 | ||||||||||||||
Intercompany revenues | 56 | - | - | - | - | (56 | ) | - | ||||||||||||||
Total operating revenues | 1,341 | 341 | 90 | 19 | 6 | (76 | ) | 1,721 | ||||||||||||||
Operating expenses | ||||||||||||||||||||||
Cost of goods sold | 776 | 210 | 9 | 10 | 5 | (75 | ) | 935 | ||||||||||||||
Operation and maintenance | 185 | 37 | 24 | 6 | (2 | ) | (1 | ) | 249 | |||||||||||||
Depreciation and amortization | 82 | 6 | - | 5 | 4 | - | 97 | |||||||||||||||
Taxes other than income taxes | 71 | 1 | 1 | 1 | 2 | - | 76 | |||||||||||||||
Total operating expenses | 1,114 | 254 | 34 | 22 | 9 | (76 | ) | 1,357 | ||||||||||||||
Operating income (loss) | 227 | 87 | 56 | (3 | ) | (3 | ) | - | 364 | |||||||||||||
Other income | 1 | - | - | 1 | 1 | - | 3 | |||||||||||||||
EBIT | $228 | $87 | $56 | $(2 | ) | $(2 | ) | $- | $367 | |||||||||||||
Identifiable and total assets (3) | $11,899 | $1,100 | $698 | $693 | $9,052 | $(9,304 | ) | $14,138 | ||||||||||||||
Capital expenditures | $170 | $2 | $1 | $3 | $12 | $- | $188 | |||||||||||||||
In millions | Distribution | Retail | Wholesale | Midstream | Other | Intercompany eliminations | Consolidated | |||||||||||||||
operations | operations | services (1) | operations | segments (2) | ||||||||||||||||||
Operating revenues from external parties | $1,726 | $406 | $331 | $44 | $3 | $(48 | ) | $2,462 | ||||||||||||||
Intercompany revenues | 75 | - | - | - | - | (75 | ) | - | ||||||||||||||
Total operating revenues | 1,801 | 406 | 331 | 44 | 3 | (123 | ) | 2,462 | ||||||||||||||
Operating expenses | ||||||||||||||||||||||
Cost of goods sold | 1,202 | 280 | 3 | 36 | - | (121 | ) | 1,400 | ||||||||||||||
Operation and maintenance | 211 | 37 | 36 | 6 | 1 | (2 | ) | 289 | ||||||||||||||
Depreciation and amortization | 78 | 8 | - | 5 | 2 | - | 93 | |||||||||||||||
Taxes other than income taxes | 82 | 1 | 1 | 1 | 3 | - | 88 | |||||||||||||||
Total operating expenses | 1,573 | 326 | 40 | 48 | 6 | (123 | ) | 1,870 | ||||||||||||||
Operating income (loss) | 228 | 80 | 291 | (4 | ) | (3 | ) | - | 592 | |||||||||||||
Other income | 1 | - | - | 1 | 1 | - | 3 | |||||||||||||||
EBIT | $229 | $80 | $291 | $(3 | ) | $(2 | ) | $- | $595 | |||||||||||||
Identifiable and total assets (3) | $11,823 | $738 | $1,782 | $698 | $9,844 | $(9,885 | ) | $15,000 | ||||||||||||||
Capital expenditures | $150 | $3 | $1 | $- | $7 | $- | $161 | |||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | In millions | Third party gross revenues | Intercompany revenues | Total gross revenues | Less gross gas costs | Operating revenues | ||||||||||||||||
Three months ended March 31, 2015 | $2,146 | $150 | $2,296 | $2,206 | $90 | |||||||||||||||||
Three months ended March 31, 2014 | 4,049 | 298 | 4,347 | 4,016 | 331 | |||||||||||||||||
Schedule of Segment Reporting Information by Segment Total Assets Goodwill [Table Text Block] | In millions | Identifiable and | ||||||||||||||||||||
total assets | ||||||||||||||||||||||
Distribution operations | $12,041 | |||||||||||||||||||||
Retail operations | 670 | |||||||||||||||||||||
Wholesale services | 1,402 | |||||||||||||||||||||
Midstream operations | 694 | |||||||||||||||||||||
Other segments | 9,723 | |||||||||||||||||||||
Intercompany elimination | (9,621 | ) | ||||||||||||||||||||
Consolidated | $14,909 |
Note_12_Discontinued_Operation1
Note 12 - Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Balance Sheet [Member] | ||||
Note 12 - Discontinued Operations (Tables) [Line Items] | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | March 31, | |||
In millions | 2014 | |||
Current assets | ||||
Cash and cash equivalents | $26 | |||
Short-term investments | 3 | |||
Receivables | 34 | |||
Inventories | 9 | |||
Other | 2 | |||
Total current assets | 74 | |||
Long-term assets and other deferred debits | ||||
Property, plant and equipment, net | 123 | |||
Goodwill | 42 | |||
Intangible assets | 19 | |||
Other | 6 | |||
Total long-term assets and other deferred debits | 190 | |||
Total assets held for sale | $264 | |||
Current liabilities | ||||
Other accounts payable – trade | $9 | |||
Accrued expenses | 4 | |||
Other | 23 | |||
Total liabilities held for sale | $36 | |||
Income Statement [Member] | ||||
Note 12 - Discontinued Operations (Tables) [Line Items] | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Three months ended | |||
In millions | 31-Mar-14 | |||
Operating revenues | $89 | |||
Operating expenses | ||||
Cost of goods sold | 54 | |||
Operation and maintenance | 28 | |||
Depreciation and amortization | 5 | |||
Taxes other than income taxes | 1 | |||
Loss on sale and goodwill impairment | 19 | |||
Total operating expenses | 107 | |||
Operating loss | (18 | ) | ||
Loss before income taxes | (18 | ) | ||
Income tax expense | (32 | ) | ||
Loss from discontinued operations, net of tax | $(50 | ) |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies and Methods of Application (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 2 - Significant Accounting Policies and Methods of Application (Details) [Line Items] | ||
Inventory Valuation Reserves | $10 | $2 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 0 | 0 |
Inaccessible [Member] | ||
Note 2 - Significant Accounting Policies and Methods of Application (Details) [Line Items] | ||
Inventory, Gross | 12 | |
Tropical Shipping [Member] | ||
Note 2 - Significant Accounting Policies and Methods of Application (Details) [Line Items] | ||
Investments and Cash | $26 |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies and Methods of Application (Details) - Changes in Amount of Goodwill (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Goodwill [Line Items] | |||
Goodwill | $1,827 | $1,827 | $1,827 |
Distribution Operations [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,640 | ||
Retail Operations [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 173 | ||
Midstream Operations [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $14 |
Note_2_Significant_Accounting_4
Note 2 - Significant Accounting Policies and Methods of Application (Details) - Potentially Dilutive Common Share Calculation (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Potentially Dilutive Common Share Calculation [Abstract] | ||||
Income from continuing operations attributable to AGL Resources Inc. (in Dollars) | $193 | $334 | ||
Loss from discontinued operations, net of tax (in Dollars) | -50 | |||
Net income attributable to AGL Resources Inc. (in Dollars) | $193 | $284 | ||
Basic weighted average number of common shares outstanding (1) (in Shares) | 119.3 | [1] | 118.5 | [1] |
Effect of dilutive securities (in Shares) | 0.3 | 0.4 | ||
Diluted weighted average number of common shares outstanding (2) (in Shares) | 119.6 | [2] | 118.9 | [2] |
Basic earnings per common share | ||||
Continuing operations | $1.62 | $2.82 | ||
Discontinued operations | ($0.43) | |||
Basic earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.39 | ||
Diluted earnings per common share (2) | ||||
Continuing operations | $1.62 | [2] | $2.81 | [2] |
Discontinued operations | [2] | ($0.43) | [2] | |
Diluted earnings per common share attributable to AGL Resources Inc. | $1.62 | $2.38 | ||
[1] | Daily weighted average shares outstanding. | |||
[2] | There were no outstanding stock options excluded from the computation of diluted earnings per common share attributable to AGL Resources Inc. for any of the periods presented because their effect would have been anti-dilutive as the exercise prices were greater than the average market price. |
Note_3_Regulated_Operations_De
Note 3 - Regulated Operations (Details) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Note 3 - Regulated Operations (Details) [Line Items] | |||||
Regulatory Assets, Current (in Dollars) | $63 | $83 | $250 | ||
Number of Former Operating Sites | 46 | ||||
Increase (Decrease) in Insurance Settlements Receivable (in Dollars) | 77 | ||||
Insurance Settlements Receivable, Number of Installments | 2 | ||||
Proceeds from Insurance Settlement, Operating Activities (in Dollars) | 45 | ||||
Insurance Settlements Receivable, Current (in Dollars) | 32 | ||||
Recoverable ERC Assets [Member] | |||||
Note 3 - Regulated Operations (Details) [Line Items] | |||||
Regulatory Assets, Current (in Dollars) | $37 | ||||
Nicor Gas [Member] | |||||
Note 3 - Regulated Operations (Details) [Line Items] | |||||
Number of Former Operating Sites | 26 | ||||
Number of Sites with Completed Cleanups | 2 | ||||
Number of Sites with Cleanup Responsibility | 23 | ||||
Cleanup Costs Allocated Percentage | 52.00% |
Note_3_Regulated_Operations_De1
Note 3 - Regulated Operations (Details) - Summary of Regulatory Assets and Liabilities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Regulatory assets | |||
Regulatory assets - current | $63 | $83 | $250 |
Regulatory assets - long-term | 634 | 631 | 696 |
Total regulatory assets | 697 | 714 | 946 |
Regulatory liabilities | |||
Regulatory liabilities - current | 168 | 112 | 161 |
Regulatory liabilities - long-term | 1,612 | 1,601 | 1,550 |
Total regulatory liabilities | 1,780 | 1,713 | 1,711 |
Accrued natural gas costs [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - current | 53 | 27 | 24 |
Bad debt rider [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - current | 30 | 33 | 41 |
Regulatory liabilities - long-term | 19 | 12 | 14 |
Accumulated removal costs [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - current | 25 | 25 | 27 |
Regulatory liabilities - long-term | 1,524 | 1,520 | 1,456 |
Deferred Seasonal Rates [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - current | 20 | 20 | |
Other Regulatory Liabilities [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - current | 40 | 27 | 49 |
Regulatory liabilities - long-term | 20 | 13 | 28 |
Regulatory Income Tax Liability [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - long-term | 27 | 34 | 27 |
Unamortized investment tax credit [Member] | |||
Regulatory liabilities | |||
Regulatory liabilities - long-term | 22 | 22 | 25 |
Recoverable Environmental Remediation Costs [Member] | |||
Regulatory assets | |||
Regulatory assets - current | 37 | 49 | 38 |
Regulatory assets - long-term | 331 | 326 | 419 |
Recoverable Pension and Other Retirement Benefit Costs [Member] | |||
Regulatory assets | |||
Regulatory assets - current | 11 | 12 | 9 |
Regulatory assets - long-term | 108 | 110 | 97 |
Deferred Natural Gas Costs [Member] | |||
Regulatory assets | |||
Regulatory assets - current | 7 | 3 | 161 |
Seasonal Rates [Member] | |||
Regulatory assets | |||
Regulatory assets - current | 10 | ||
Other Regulatory Assets [Member] | |||
Regulatory assets | |||
Regulatory assets - current | 8 | 9 | 42 |
Regulatory assets - long-term | 50 | 52 | 43 |
Recoverable Regulatory Infrastructure Program Costs [Member] | |||
Regulatory assets | |||
Regulatory assets - long-term | 73 | 69 | 57 |
Long-term Debt Fair Value Adjustment [Member] | |||
Regulatory assets | |||
Regulatory assets - long-term | $72 | $74 | $80 |
Note_3_Regulated_Operations_De2
Note 3 - Regulated Operations (Details) - Estimated Recognition of Rate Making Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset | $697 | $714 | $946 |
Regulatory Asset Off Balance Sheet [Member] | Atlanta Gas Light [Member] | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset | 119 | 113 | 88 |
Regulatory Asset Off Balance Sheet [Member] | Virginia Natural Gas [Member] | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset | 12 | 12 | 12 |
Regulatory Asset Off Balance Sheet [Member] | Elizabethtown Gas [Member] | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset | 2 | 2 | 2 |
Regulatory Asset Off Balance Sheet [Member] | |||
Regulatory Assets [Line Items] | |||
Regulatory Asset | $133 | $127 | $102 |
Note_3_Regulated_Operations_De3
Note 3 - Regulated Operations (Details) - Costs Related to Remediation of Former Operating Sites (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | |
Environmental Exit Cost [Line Items] | ||
# of sites | 46 | |
Probabilistic model cost estimates, low estimate | $353 | |
Probabilistic model cost estimates, high estimate | 724 | |
Engineering estimates | 82 | |
Amount recorded | 419 | [1] |
Expected costs over next 12 months | 93 | |
Illinois Environmental [Member] | ||
Environmental Exit Cost [Line Items] | ||
# of sites | 26 | [1],[2] |
Probabilistic model cost estimates, low estimate | 208 | |
Probabilistic model cost estimates, high estimate | 466 | |
Engineering estimates | 43 | [1] |
Amount recorded | 242 | [1],[2] |
Expected costs over next 12 months | 45 | [1],[2] |
New Jersey Environmental [Member] | ||
Environmental Exit Cost [Line Items] | ||
# of sites | 6 | |
Probabilistic model cost estimates, low estimate | 105 | |
Probabilistic model cost estimates, high estimate | 177 | |
Engineering estimates | 14 | |
Amount recorded | 112 | [1] |
Expected costs over next 12 months | 14 | |
Cost recovery period | 7 years | |
Georgia And Florida [Member] | ||
Environmental Exit Cost [Line Items] | ||
# of sites | 13 | |
Probabilistic model cost estimates, low estimate | 40 | |
Probabilistic model cost estimates, high estimate | 81 | |
Engineering estimates | 15 | |
Amount recorded | 55 | [1] |
Expected costs over next 12 months | 26 | |
Cost recovery period | 5 years | |
North Carolina Environmental [Member] | ||
Environmental Exit Cost [Line Items] | ||
# of sites | 1 | [2] |
Engineering estimates | 10 | [2] |
Amount recorded | 10 | [1],[2] |
Expected costs over next 12 months | $8 | [2] |
Cost recovery period | 0 years | [2] |
[1] | Nicor Gas is responsible in whole or in part for 26 MGP sites, of which two sites have been remediated and their use is no longer restricted by the environmental condition of the property. Nicor Gas and Commonwealth Edison Company are parties to an agreement to cooperate in cleaning up residue at 23 of the sites. Nicor Gas' allocated share of cleanup costs for these sites is 52%. | |
[2] | We have no regulatory recovery mechanism for the site in North Carolina. Therefore, there is no amount included within our regulatory assets and changes in estimated costs are recognized in income in the period of change. |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Weather Derivative Premium | $1 | $3 | $1 |
Note_4_Fair_Value_Measurements3
Note 4 - Fair Value Measurements (Details) - Derivative Assets and Liabilities (Natural Gas Derivatives [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | ||||||
Note 4 - Fair Value Measurements (Details) - Derivative Assets and Liabilities [Line Items] | ||||||
Derivative Assets | $212 | [1],[2] | $284 | [1],[2] | $137 | [1],[2] |
Derivative Liabilities | -52 | [2] | -93 | [2] | -82 | [2] |
Netting of cash collateral | 104 | [1] | 52 | [1] | 69 | [1] |
Netting of cash collateral | 106 | 81 | 31 | |||
Fair Value, Inputs, Level 1 [Member] | ||||||
Note 4 - Fair Value Measurements (Details) - Derivative Assets and Liabilities [Line Items] | ||||||
Derivative Assets | [1] | 58 | [1] | 18 | [1] | |
Derivative Liabilities | -106 | -80 | -38 | |||
Fair Value, Inputs, Level 2 [Member] | ||||||
Note 4 - Fair Value Measurements (Details) - Derivative Assets and Liabilities [Line Items] | ||||||
Derivative Assets | 108 | [1] | 174 | [1] | 50 | [1] |
Derivative Liabilities | ($52) | ($94) | ($75) | |||
[1] | Balances of $1 million at March 31, 2015, $3 million at December 31, 2014 and $1 million at March 31, 2014, associated with certain weather derivatives have been excluded, as they are accounted for based on intrinsic value rather than fair value. | |||||
[2] | There were no significant unobservable inputs (Level 3) or significant transfers between Level 1, Level 2 or Level 3 for any of the dates presented. |
Note_4_Fair_Value_Measurements4
Note 4 - Fair Value Measurements (Details) - Amortized Cost and Fair Value of Long-Term Debt (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | ||||||
Note 4 - Fair Value Measurements (Details) - Amortized Cost and Fair Value of Long-Term Debt [Line Items] | ||||||
Long-term debt carrying amount | $3,599 | $3,802 | $3,810 | |||
Fair Value, Inputs, Level 2 [Member] | ||||||
Note 4 - Fair Value Measurements (Details) - Amortized Cost and Fair Value of Long-Term Debt [Line Items] | ||||||
Long-term debt fair value (1) | $4,102 | [1] | $4,231 | [1] | $4,095 | [1] |
[1] | Fair value determined using Level 2 inputs. |
Note_5_Derivative_Instruments_1
Note 5 - Derivative Instruments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $52 | $82 | $93 |
Increase (Decrease) in Risk Management Assets and Liabilities | -33 | 17 | |
Collateral Already Posted, Aggregate Fair Value | 210 | 100 | 133 |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 9 | ||
Less Than Two Years [Member] | Natural Gas [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Percent of Derivative Contracts | 96.00% | ||
Less Than Two Years [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Derivative, Term of Contract | 2 years | ||
Expiring in Two to Five Years [Member] | Natural Gas [Member] | Maximum [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Derivative, Term of Contract | 5 years | ||
Expiring in Two to Five Years [Member] | Natural Gas [Member] | Minimum [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Derivative, Term of Contract | 2 years | ||
Expiring in Two to Five Years [Member] | Natural Gas [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Percent of Derivative Contracts | 4.00% | ||
Weather Derivatives [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -2 | -5 | |
Maximum [Member] | |||
Note 5 - Derivative Instruments (Details) [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | $7 |
Note_5_Derivative_Instruments_2
Note 5 - Derivative Instruments (Details) - Net Long Natural Gas Contracts | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
ft3 | ft3 | ft3 | ||||
Note 5 - Derivative Instruments (Details) - Net Long Natural Gas Contracts [Line Items] | ||||||
Cash flow hedges | 9,000,000,000 | [1],[2] | 9,000,000,000 | [1] | 6,000,000,000 | [1] |
Not designated as hedges | 231,000,000,000 | [1],[2] | 75,000,000,000 | [1] | 277,000,000,000 | [1] |
Total volumes | 240,000,000,000 | [1],[2] | 84,000,000,000 | [1] | 283,000,000,000 | [1] |
Net long position | 240,000,000,000 | [1],[2] | 84,000,000,000 | [1] | 283,000,000,000 | [1] |
Designated as Hedging Instrument [Member] | ||||||
Note 5 - Derivative Instruments (Details) - Net Long Natural Gas Contracts [Line Items] | ||||||
Short position | -6,000,000,000 | [1],[2] | -7,000,000,000 | [1] | -2,000,000,000 | [1] |
Long position | 15,000,000,000 | [1],[2] | 16,000,000,000 | [1] | 8,000,000,000 | [1] |
Not Designated as Hedging Instrument [Member] | ||||||
Note 5 - Derivative Instruments (Details) - Net Long Natural Gas Contracts [Line Items] | ||||||
Short position | -2,735,000,000,000 | [1],[2] | -2,825,000,000,000 | [1] | -2,489,000,000,000 | [1] |
Long position | 2,966,000,000,000 | [1],[2] | 2,900,000,000,000 | [1] | 2,766,000,000,000 | [1] |
[1] | Volumes related to Nicor Gas exclude variable-priced contracts, which are carried at fair value, but whose fair values are not directly impacted by changes in commodity prices. | |||||
[2] | Approximately 96% of these contracts have durations of two years or less and the remaining 4% expire between two and five years. |
Note_5_Derivative_Instruments_3
Note 5 - Derivative Instruments (Details) - Gains and Losses on Derivative Instruments (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Nicor Gas [Member] | ||
Note 5 - Derivative Instruments (Details) - Gains and Losses on Derivative Instruments [Line Items] | ||
Realized losses related to hedging natural gas costs | ($3) | $2 |
Elizabethtown Gas [Member] | ||
Note 5 - Derivative Instruments (Details) - Gains and Losses on Derivative Instruments [Line Items] | ||
Realized losses related to hedging natural gas costs | ($4) | $3 |
Note_5_Derivative_Instruments_4
Note 5 - Derivative Instruments (Details) - Derivative Instruments on the Condensed Consolidated Statements of Financial Position (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | $4 | $6 | $2 | |||
Liabilities | -7 | -12 | ||||
Net amounts of assets and liabilities presented in our unaudited Condensed Consolidated Statements of Financial Position (3) | -52 | -93 | -82 | |||
Current Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 6 | 2 | ||||
Liabilities | -6 | -11 | ||||
Current Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 557 | 1,061 | 675 | |||
Liabilities | -592 | -1,020 | -703 | |||
Long-Term Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Liabilities | -1 | -1 | ||||
Long-Term Natural Gas Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 98 | 145 | 80 | |||
Liabilities | -109 | -119 | -98 | |||
Long-Term Natural Gas Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 659 | [1],[2] | 1,212 | [1],[2] | 757 | [1],[2] |
Liabilities | -708 | [1],[2] | -1,151 | [1],[2] | -801 | [1],[2] |
Gross amounts offset in our unaudited Condensed Consolidated Statements of Financial Position (2) | -446 | [1] | -925 | [1] | -619 | [1] |
Gross amounts offset in our unaudited Condensed Consolidated Statements of Financial Position (2) | 656 | [1] | 1,058 | [1] | 719 | [1] |
Current Interest Rate Swap Agreements [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 1 | |||||
Long-term Interest Rate Swap Agreements [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 3 | |||||
Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Net amounts of assets and liabilities presented in our unaudited Condensed Consolidated Statements of Financial Position (3) | 213 | [3] | 287 | [3] | 138 | [3] |
Net amounts of assets and liabilities presented in our unaudited Condensed Consolidated Statements of Financial Position (3) | -52 | [3] | -93 | [3] | -82 | [3] |
Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Assets | 655 | 1,206 | 755 | |||
Liabilities | ($701) | ($1,139) | ($801) | |||
[1] | As required by the authoritative guidance related to derivatives and hedging, the gross amounts of recognized assets and liabilities do not include cash collateral held on deposit in broker margin accounts of $210 million as of March 31, 2015, $133 million as of December 31, 2014, and $100 million as of March 31, 2014. Cash collateral is included in the "Gross amounts offset in our unaudited Condensed Consolidated Statements of Financial Position" line of this table. | |||||
[2] | The gross amounts of recognized assets and liabilities are netted within our unaudited Condensed Consolidated Statements of Financial Position to the extent that we have netting arrangements with the counterparties. | |||||
[3] | As of March 31, 2015, December 31, 2014, and March 31, 2014, we held letters of credit from counterparties that under master netting arrangements would offset an insignificant portion of these assets. |
Note_5_Derivative_Instruments_5
Note 5 - Derivative Instruments (Details) - Derivative Instruments on the Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Designated as cash flow or fair value hedges | ||||
Total designated as cash flow or fair value hedges, net of tax | $4 | |||
Not designated as hedges (1) | ||||
Total gains (losses) on derivative instruments, net of tax | -16 | -13 | ||
Cost of Sales [Member] | Cash Flow Hedging [Member] | ||||
Designated as cash flow or fair value hedges | ||||
Natural gas contracts - gain reclassified from OCI | -1 | 3 | ||
Cost of Sales [Member] | Fair Value Hedging [Member] | ||||
Not designated as hedges (1) | ||||
Natural gas contracts - net value adjustments | -2 | [1],[2] | 2 | [1],[2] |
Operating Expense [Member] | Cash Flow Hedging [Member] | ||||
Designated as cash flow or fair value hedges | ||||
Natural gas contracts - gain reclassified from OCI | 1 | |||
Interest Expense [Member] | Cash Flow Hedging [Member] | ||||
Designated as cash flow or fair value hedges | ||||
Interest rate swaps - net gain reclassified from OCI into interest expense | 1 | |||
Sales [Member] | Fair Value Hedging [Member] | ||||
Not designated as hedges (1) | ||||
Natural gas contracts - net value adjustments | -24 | [1] | -30 | [1] |
Cash Flow Hedging [Member] | ||||
Designated as cash flow or fair value hedges | ||||
Total designated as cash flow or fair value hedges, net of tax | 4 | |||
Fair Value Hedging [Member] | ||||
Not designated as hedges (1) | ||||
Income tax benefit | 10 | [1] | 11 | [1] |
Total not designated as hedges, net of tax | ($16) | [1] | ($17) | [1] |
[1] | Associated with the fair value of derivative instruments held at March 31, 2015 and 2014. | |||
[2] | Excludes losses recorded in cost of goods sold associated with weather derivatives of $2 million and $5 million for the three months ended March 31, 2015 and 2014, respectively. |
Note_6_Employee_Benefit_Plans_1
Note 6 - Employee Benefit Plans (Details) - Components of Pension and Other Retirement Benefit Costs (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plan [Member] | ||
Note 6 - Employee Benefit Plans (Details) - Components of Pension and Other Retirement Benefit Costs [Line Items] | ||
Service cost | $7 | $6 |
Interest cost | 11 | 12 |
Expected return on plan assets | -16 | -16 |
Net amortization of prior service cost | -1 | |
Recognized actuarial loss | 8 | 5 |
Net periodic pension benefit cost | 9 | 7 |
Other Postretirement Benefit Plan [Member] | ||
Note 6 - Employee Benefit Plans (Details) - Components of Pension and Other Retirement Benefit Costs [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 3 | 4 |
Expected return on plan assets | -2 | -2 |
Net amortization of prior service cost | -1 | |
Recognized actuarial loss | 1 | 1 |
Net periodic pension benefit cost | $3 | $3 |
Note_7_Debt_and_Credit_Facilit2
Note 7 - Debt and Credit Facilities (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 23, 2015 | Dec. 31, 2014 |
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Proceeds from (Repayments of) Commercial Paper (in Dollars) | ($649) | ($430) | ||
Repayments of Senior Debt (in Dollars) | 200 | |||
Commercial Paper [Member] | Minimum [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Debt Instrument, Term | 1 day | |||
Debt Instrument, Remaining Maturity Term | 1 day | |||
Commercial Paper [Member] | Maximum [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Debt Instrument, Term | 58 days | |||
Debt Instrument, Remaining Maturity Term | 20 days | |||
Commercial Paper [Member] | AGL Capital [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||
Commercial Paper [Member] | Nicor Gas [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.40% | |||
Target ratio [Member] | Minimum [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.5 | |||
Target ratio [Member] | Maximum [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.6 | |||
Interest Rate Swap [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Derivative, Notional Amount (in Dollars) | $800 | |||
Maximum [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.7 | |||
Nicor Gas [Member] | ||||
Note 7 - Debt and Credit Facilities (Details) [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.54 | 0.54 | 0.62 |
Note_7_Debt_and_Credit_Facilit3
Note 7 - Debt and Credit Facilities (Details) - Debt Schedule (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Long-term debt - excluding current portion | ||||||
Total long-term debt – excluding current portion | $3,524 | $3,602 | $3,610 | |||
Total debt | 4,125 | 4,977 | 4,551 | |||
Commercial Paper [Member] | AGL Capital [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2015 | |||||
Weighted average interest rate | 0.50% | [1] | 0.30% | [1] | ||
Outstanding | 176 | [1] | 590 | [1],[2] | 440 | [1],[2] |
Long-term debt - excluding current portion | ||||||
Maturity Date | 2015 | |||||
Commercial Paper [Member] | Nicor Gas [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2015 | |||||
Weighted average interest rate | 0.40% | [1] | 0.20% | [1] | ||
Outstanding | 350 | [1] | 585 | [1],[2] | 301 | [1],[2] |
Long-term debt - excluding current portion | ||||||
Maturity Date | 2015 | |||||
Commercial Paper [Member] | ||||||
Short-term debt | ||||||
Weighted average interest rate | 0.40% | [2] | 0.30% | [2] | ||
Outstanding | 526 | 1,175 | [2] | 741 | ||
Current Portion Long-Term Debt [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2016 | |||||
Weighted average interest rate | 2.90% | 5.00% | ||||
Outstanding | 75 | 200 | [2] | 200 | [2] | |
Long-term debt - excluding current portion | ||||||
Maturity Date | 2016 | |||||
Senior Notes [Member] | Minimum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2016 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2016 | |||||
Senior Notes [Member] | Maximum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2043 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2043 | |||||
Senior Notes [Member] | ||||||
Long-term debt - excluding current portion | ||||||
Weighted average interest rate | 5.00% | 5.00% | ||||
Outstanding | 2,625 | 2,625 | [2] | 2,625 | [2] | |
First Mortgage Bonds [Member] | Minimum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2016 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2016 | |||||
First Mortgage Bonds [Member] | Maximum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2038 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2038 | |||||
First Mortgage Bonds [Member] | ||||||
Long-term debt - excluding current portion | ||||||
Weighted average interest rate | 6.00% | 5.60% | ||||
Outstanding | 425 | 500 | [2] | 500 | [2] | |
Gas Facility Revenue Bonds [Member] | Minimum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2022 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2022 | |||||
Gas Facility Revenue Bonds [Member] | Maximum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2033 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2033 | |||||
Gas Facility Revenue Bonds [Member] | ||||||
Long-term debt - excluding current portion | ||||||
Weighted average interest rate | 0.80% | 0.90% | ||||
Outstanding | 200 | 200 | [2] | 200 | [2] | |
Medium-term Notes [Member] | Minimum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2017 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2017 | |||||
Medium-term Notes [Member] | Maximum [Member] | ||||||
Short-term debt | ||||||
Maturity Date | 2027 | |||||
Long-term debt - excluding current portion | ||||||
Maturity Date | 2027 | |||||
Medium-term Notes [Member] | ||||||
Long-term debt - excluding current portion | ||||||
Weighted average interest rate | 7.80% | 7.80% | ||||
Outstanding | 181 | 181 | [2] | 181 | [2] | |
Long-term Debt Principal [Member] | ||||||
Long-term debt - excluding current portion | ||||||
Weighted average interest rate | 4.90% | [2] | 4.90% | [2] | ||
Outstanding | 3,431 | 3,506 | [2] | 3,506 | ||
Long-term Debt Fair Value Adjustment [Member] | ||||||
Short-term debt | ||||||
Maturity Date | ||||||
Long-term debt - excluding current portion | ||||||
Maturity Date | ||||||
Weighted average interest rate | [3] | [3] | ||||
Outstanding | 77 | [3] | 80 | [2],[3] | 88 | [2],[3] |
Unamortized Debt Premium Discount, Net [Member] | ||||||
Short-term debt | ||||||
Maturity Date | ||||||
Long-term debt - excluding current portion | ||||||
Maturity Date | ||||||
Weighted average interest rate | ||||||
Outstanding | 16 | 16 | [2] | 16 | [2] | |
Long-term Debt Non-principal [Member] | ||||||
Long-term debt - excluding current portion | ||||||
Weighted average interest rate | [2] | [2] | ||||
Outstanding | $93 | $96 | [2] | $104 | ||
[1] | As of March 31, 2015, the effective interest rates on our commercial paper borrowings were 0.5% for AGL Capital and 0.4% for Nicor Gas. | |||||
[2] | Interest rates are calculated based on the daily weighted average balance outstanding for the three months ended March 31. | |||||
[3] | See Note 4 for additional information on our fair value measurements. |
Note_7_Debt_and_Credit_Facilit4
Note 7 - Debt and Credit Facilities (Details) - Debt-to-Capitalization Ratios | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
AGL Resources Inc [Member] | |||
Schedule of Capitalization [Line Items] | |||
Debt-to-capitalization ratios | 0.5 | 0.55 | 0.54 |
Nicor Gas [Member] | |||
Schedule of Capitalization [Line Items] | |||
Debt-to-capitalization ratios | 0.54 | 0.62 | 0.54 |
Note_8_Equity_Details_Other_Co
Note 8 - Equity (Details) - Other Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Other Comprehensive Income (Loss) [Abstract] | ||||
As of beginning of period | ($6) | [1] | $1 | [1] |
As of beginning of period | -200 | [1] | -137 | [1] |
As of beginning of period | -206 | [1] | -136 | [1] |
OCI, before reclassifications | 2 | [1] | 4 | [1] |
OCI, before reclassifications | [1] | [1] | ||
OCI, before reclassifications | 2 | [1] | 4 | [1] |
Amounts reclassified from accumulated OCI | [1] | -4 | [1] | |
Amounts reclassified from accumulated OCI | 3 | [1] | 1 | [1] |
Amounts reclassified from accumulated OCI | 3 | [1] | -3 | [1] |
Net current period other comprehensive income | 2 | [1] | [1] | |
Net current period other comprehensive income | 3 | [1] | 1 | [1] |
Net current period other comprehensive income | 5 | [1] | 1 | [1] |
As of end of period | -4 | [1] | 1 | [1] |
As of end of period | -197 | [1] | -136 | [1] |
As of end of period | ($201) | [1] | ($135) | [1] |
[1] | All amounts are net of income taxes. Amounts in parentheses indicate debits to accumulated other comprehensive loss. |
Note_8_Equity_Details_Reclassi
Note 8 - Equity (Details) - Reclassifications Out of Accumulated Other Comprehensive Loss (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Cash flow hedges | ||||
Interest expense (interest rate contracts) | ($44,000,000) | ($46,000,000) | ||
Total before income tax | 323,000,000 | 549,000,000 | ||
Income tax benefit | 118,000,000 | 203,000,000 | ||
Net of tax | 193,000,000 | 284,000,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Natural Gas Derivatives [Member] | ||||
Cash flow hedges | ||||
Cost of goods sold (natural gas contracts) | -1,000,000 | [1] | 3,000,000 | [1] |
Operation and maintenance expense (natural gas contracts) | [1] | 1,000,000 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Contract [Member] | ||||
Cash flow hedges | ||||
Interest expense (interest rate contracts) | 1,000,000 | [1] | [1] | |
Total before income tax | [1] | 4,000,000 | [1] | |
Income tax benefit | [1] | [1] | ||
Net of tax | [1] | 4,000,000 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Cash flow hedges | ||||
Total before income tax | -5,000,000 | [1] | -2,000,000 | [1] |
Income tax benefit | 2,000,000 | [1] | 1,000,000 | [1] |
Net of tax | -3,000,000 | [1] | -1,000,000 | [1] |
Retirement benefit plans | ||||
Operation and maintenance expense (actuarial losses) (2) | -5,000,000 | [1],[2] | -2,000,000 | [1],[2] |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Cash flow hedges | ||||
Net of tax | ($3,000,000) | [1] | $3,000,000 | [1] |
[1] | Amounts in parentheses indicate reductions to our net income and to accumulated other comprehensive loss. Except for retirement benefit plan amounts, the net income impacts are immediate. | |||
[2] | Amortization of these accumulated other comprehensive loss components is included in the computation of net periodic benefit cost. See Note 6 for additional details about net periodic benefit cost. |
Note_9_Nonwholly_Owned_Entitie2
Note 9 - Non-wholly Owned Entities (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | $188 | $161 | |
Payments of Ordinary Dividends, Noncontrolling Interest | 18 | 17 | |
Equity Method Investments | 76 | 83 | 80 |
South Star [Member] | AGL Resources Inc [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 85.00% | ||
South Star [Member] | Piedmont [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Payments of Ordinary Dividends, Noncontrolling Interest | 18 | 17 | |
South Star [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 1 | 2 | |
PennEast Pipeline [Member] | Corporate Joint Venture [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Natural Gas Pipeline Length (in Miles) | 108 | ||
Natural Gas Pipeline Capacity (in Cubic Feet) | 1,000,000,000 | ||
Natural Gas Pipeline Expansion Capacity (in Cubic Feet) | 1,200,000,000 | ||
PennEast Pipeline [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Equity Method Investments | 2 | 1 | |
Atlantic Coast Pipeline [Member] | Corporate Joint Venture [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Equity Method Investment, Ownership Percentage | 5.00% | ||
Natural Gas Pipeline Length (in Miles) | 550 | ||
Natural Gas Pipeline Capacity (in Cubic Feet) | 1,500,000,000 | ||
Natural Gas Pipeline Expansion Capacity (in Cubic Feet) | 2,000,000,000 | ||
Atlantic Coast Pipeline [Member] | |||
Note 9 - Non-wholly Owned Entities (Details) [Line Items] | |||
Equity Method Investments | $3 | $2 |
Note_9_Nonwholly_Owned_Entitie3
Note 9 - Non-wholly Owned Entities (Details) - SouthStar’s Assets and Liabilities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||
In Millions, unless otherwise specified | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Current assets | $2,079 | $2,890 | $3,589 | ||||
Goodwill and other intangible assets | 1,943 | 1,952 | 1,967 | ||||
Long-term assets and other deferred debits | 10,116 | 10,067 | 9,708 | ||||
Total assets | 14,138 | 14,909 | 15,264 | ||||
Current liabilities | 2,371 | 3,219 | 3,754 | ||||
Long-term liabilities and other deferred credits | 7,803 | 7,862 | 7,667 | ||||
Total Liabilities | 10,174 | 11,081 | 11,421 | ||||
Equity | 3,964 | 3,828 | 3,843 | 3,613 | |||
Total liabilities and equity | 14,138 | 14,909 | 15,264 | ||||
South Star Percentage To Consolidated [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Current assets | 9.00% | [1] | 8.00% | [1] | 7.00% | [1] | |
Goodwill and other intangible assets | 6.00% | [1] | 6.00% | [1] | 7.00% | [1] | |
Long-term assets and other deferred debits | [1] | [1] | [1] | ||||
Total assets | 2.00% | [1] | 3.00% | [1] | 3.00% | [1] | |
Current liabilities | 2.00% | [1] | 2.00% | [1] | 3.00% | [1] | |
Long-term liabilities and other deferred credits | [1] | [1] | [1] | ||||
Total Liabilities | [1] | 1.00% | [1] | 1.00% | [1] | ||
Equity | 7.00% | [1] | 8.00% | [1] | 7.00% | [1] | |
Total liabilities and equity | 2.00% | [1] | 3.00% | [1] | 3.00% | [1] | |
South Star [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Current assets | 182 | [2] | 238 | [2] | 235 | [2] | |
Goodwill and other intangible assets | 119 | [2] | 125 | [2] | 131 | [2] | |
Long-term assets and other deferred debits | 17 | [2] | 17 | [2] | 16 | [2] | |
Total assets | 318 | [2] | 380 | [2] | 382 | [2] | |
Current liabilities | 46 | [2] | 71 | [2] | 106 | [2] | |
Long-term liabilities and other deferred credits | 1 | [2] | [2] | [2] | |||
Total Liabilities | 47 | [2] | 71 | [2] | 106 | [2] | |
Equity | 271 | [2] | 309 | [2] | 276 | [2] | |
Total liabilities and equity | $318 | [2] | $380 | [2] | $382 | [2] | |
[1] | SouthStar's percentage of the amount in our unaudited Condensed Consolidated Statements of Financial Position. | ||||||
[2] | These amounts reflect information for SouthStar and exclude intercompany eliminations and the balances of our wholly owned subsidiary with an 85% ownership interest in SouthStar. |
Note_9_Nonwholly_Owned_Entitie4
Note 9 - Non-wholly Owned Entities (Details) - SouthStar’s Revenues and Expenses (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Operating revenues | $1,721 | $2,462 |
Operating income | 364 | 592 |
Cost of goods sold | 935 | 1,400 |
Operation and maintenance | 249 | 289 |
Depreciation and amortization | 97 | 93 |
Taxes other than income taxes | 76 | 88 |
Total operating expenses | 1,357 | 1,870 |
South Star [Member] | ||
Variable Interest Entity [Line Items] | ||
Operating revenues | 311 | 374 |
Operating income | 82 | 78 |
Cost of goods sold | 203 | 270 |
Operation and maintenance | 23 | 23 |
Depreciation and amortization | 2 | 3 |
Taxes other than income taxes | 1 | |
Total operating expenses | $229 | $296 |
Note_9_Nonwholly_Owned_Entitie5
Note 9 - Non-wholly Owned Entities (Details) - Equity Method Investments (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments | $76 | $80 | $83 | |||
Triton [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments | 57 | 62 | 67 | |||
Horizon Pipeline [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments | 14 | 14 | 15 | |||
Other Equity Investments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments | $5 | [1] | $4 | [1] | $1 | [1] |
[1] | Includes our current investment of $2 million in PennEast Pipeline and $3 million in Atlantic Coast Pipeline as of March 31, 2015 and $1 million and $2 million, respectively, as of December 31, 2014. |
Note_9_Nonwholly_Owned_Entitie6
Note 9 - Non-wholly Owned Entities (Details) - Income from Equity Method Investments (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 9 - Non-wholly Owned Entities (Details) - Income from Equity Method Investments [Line Items] | ||
Income from equity method investment | $1 | $3 |
Triton [Member] | ||
Note 9 - Non-wholly Owned Entities (Details) - Income from Equity Method Investments [Line Items] | ||
Income from equity method investment | 2 | |
Horizon Pipeline [Member] | ||
Note 9 - Non-wholly Owned Entities (Details) - Income from Equity Method Investments [Line Items] | ||
Income from equity method investment | $1 | $1 |
Note_10_Commitments_Guarantees1
Note 10 - Commitments, Guarantees and Contingencies (Details) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Feb. 28, 2015 | Jun. 07, 2013 | Aug. 31, 2014 | Dec. 31, 2009 | Mar. 31, 2015 |
ft3 | ft3 | ||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Gas Balancing Volume Amount (in Cubic Feet) | 1,150,000,000 | 4,600,000,000 | |||||
Natural Gas Imbalance Resolution Period | 5 years | ||||||
Discretionary Funds Used For Natural Gas Imbalance, Percentage | 25.00% | ||||||
True-up Recovery [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Gain Contingency, Unrecorded Amount | $178 | ||||||
Pipeline Replacement Program Period | 15 years | ||||||
Gain Contingency, Unrecorded Amount, Initial One-time Increase (in Dollars per Item) | 2.46 | ||||||
Gain Contingency, Unrecorded Amount, Alternative Phased-in Cumulative Increases (in Dollars per Item) | 0.58 | ||||||
Mitigation Costs [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Gain Contingency, Unrecorded Amount | 32 | ||||||
Natural Gas Remainder [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Gas Balancing Volume Amount (in Cubic Feet) | 2,300,000,000 | ||||||
Atlanta Gas Light [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Gas Balancing Volume Amount (in Cubic Feet) | 1,150,000,000 | ||||||
Percent of NaturalGas Imbalance Obligated | 25.00% | ||||||
Gas Balancing Volume Replaced Percent | 15.00% | ||||||
Illinois Commission [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | 18 | 85 | |||||
Loss Contingency, Damages Awarded, Value | 72 | ||||||
CUB [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | 22 | 305 | |||||
IAGO [Member] | |||||||
Note 10 - Commitments, Guarantees and Contingencies (Details) [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $255 |
Note_11_Segment_Information_De
Note 11 - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Note 11 - Segment Information (Details) [Line Items] | |
Number of Reportable Segments | 4 |
Distribution Operations [Member] | |
Note 11 - Segment Information (Details) [Line Items] | |
Number of States in which Entity Operates | 7 |
Note_11_Segment_Information_De1
Note 11 - Segment Information (Details) - Intersegment Reporting (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $1,721 | $2,462 | |||
Operating expenses | |||||
Cost of goods sold | 935 | 1,400 | |||
Operation and maintenance | 249 | 289 | |||
Depreciation and amortization | 97 | 93 | |||
Taxes other than income taxes | 76 | 88 | |||
Total operating expenses | 1,357 | 1,870 | |||
Operating income (loss) | 364 | 592 | |||
Other income (expense) | 3 | 3 | |||
EBIT | 367 | 595 | |||
Identifiable and total assets | 14,138 | 15,264 | 14,909 | ||
Capital expenditures | 188 | 161 | |||
Intersegment Eliminations [Member] | Distribution Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 56 | [1] | 75 | [1] | |
Intersegment Eliminations [Member] | Retail Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | [1] | |||
Intersegment Eliminations [Member] | Wholesale Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1],[2] | [1],[2] | |||
Intersegment Eliminations [Member] | Midstream Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | [1] | [1] | ||
Intersegment Eliminations [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | [1] | [1] | ||
Intersegment Eliminations [Member] | Intercompany Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | -56 | -75 | |||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | [1] | [1] | ||
Operating expenses | |||||
Identifiable and total assets | -9,621 | ||||
Operating Segments [Member] | Distribution Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,341 | 1,801 | |||
Operating Segments [Member] | Retail Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 341 | 406 | |||
Operating Segments [Member] | Wholesale Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 90 | [2] | 331 | [2] | |
Operating Segments [Member] | Midstream Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 19 | 44 | |||
Operating Segments [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 6 | [1] | 3 | [1] | |
Operating Segments [Member] | Intercompany Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | -76 | -123 | |||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,721 | 2,462 | |||
Distribution Operations [Member] | Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | 11,899 | [3] | 11,823 | [3] | |
Distribution Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,285 | 1,726 | |||
Operating expenses | |||||
Cost of goods sold | 776 | 1,202 | |||
Operation and maintenance | 185 | 211 | |||
Depreciation and amortization | 82 | 78 | |||
Taxes other than income taxes | 71 | 82 | |||
Total operating expenses | 1,114 | 1,573 | |||
Operating income (loss) | 227 | 228 | |||
Other income (expense) | 1 | 1 | |||
EBIT | 228 | 229 | |||
Identifiable and total assets | 12,041 | ||||
Capital expenditures | 170 | 150 | |||
Retail Operations [Member] | Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | 1,100 | [3] | 738 | [3] | |
Retail Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 341 | 406 | |||
Operating expenses | |||||
Cost of goods sold | 210 | 280 | |||
Operation and maintenance | 37 | 37 | |||
Depreciation and amortization | 6 | 8 | |||
Taxes other than income taxes | 1 | 1 | |||
Total operating expenses | 254 | 326 | |||
Operating income (loss) | 87 | 80 | |||
EBIT | 87 | 80 | |||
Identifiable and total assets | 670 | ||||
Capital expenditures | 2 | 3 | |||
Wholesale Services [Member] | Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | 698 | [2],[3] | 1,782 | [2],[3] | |
Wholesale Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 90 | [2] | 331 | [2] | |
Operating expenses | |||||
Cost of goods sold | 9 | [2] | 3 | [2] | |
Operation and maintenance | 24 | [2] | 36 | [2] | |
Depreciation and amortization | [2] | [2] | |||
Taxes other than income taxes | 1 | [2] | 1 | [2] | |
Total operating expenses | 34 | [2] | 40 | [2] | |
Operating income (loss) | 56 | [2] | 291 | [2] | |
Other income (expense) | [2] | [2] | |||
EBIT | 56 | [2] | 291 | [2] | |
Identifiable and total assets | 1,402 | ||||
Capital expenditures | 1 | [2] | 1 | [2] | |
Midstream Operations [Member] | Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | 693 | [3] | 698 | [3] | |
Midstream Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 19 | 44 | |||
Operating expenses | |||||
Cost of goods sold | 10 | 36 | |||
Operation and maintenance | 6 | 6 | |||
Depreciation and amortization | 5 | 5 | |||
Taxes other than income taxes | 1 | 1 | |||
Total operating expenses | 22 | 48 | |||
Operating income (loss) | -3 | -4 | |||
Other income (expense) | 1 | 1 | |||
EBIT | -2 | -3 | |||
Identifiable and total assets | 694 | ||||
Capital expenditures | 3 | ||||
Other Segments [Member] | Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | 9,052 | [1],[3] | 9,844 | [1],[3] | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 6 | [1] | 3 | [1] | |
Operating expenses | |||||
Cost of goods sold | 5 | [1] | [1] | ||
Operation and maintenance | -2 | [1] | 1 | [1] | |
Depreciation and amortization | 4 | [1] | 2 | [1] | |
Taxes other than income taxes | 2 | [1] | 3 | [1] | |
Total operating expenses | 9 | [1] | 6 | [1] | |
Operating income (loss) | -3 | [1] | -3 | [1] | |
Other income (expense) | 1 | [1] | 1 | [1] | |
EBIT | -2 | [1] | -2 | [1] | |
Identifiable and total assets | 9,723 | ||||
Capital expenditures | 12 | [1] | 7 | [1] | |
Intercompany Eliminations [Member] | Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | -9,304 | [3] | -9,885 | [3] | |
Intercompany Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | -20 | -48 | |||
Operating expenses | |||||
Cost of goods sold | -75 | -121 | |||
Operation and maintenance | -1 | -2 | |||
Total operating expenses | -76 | -123 | |||
Continuing Operations [Member] | |||||
Operating expenses | |||||
Identifiable and total assets | $14,138 | [3] | $15,000 | [3] | $14,909 |
[1] | Our other non-reportable segments include our investment in Triton, which was part of our cargo shipping segment that is classified as discontinued operations. For more information, see Note 12. | ||||
[2] | The revenues for wholesale services are netted with costs associated with its energy and risk management activities. A reconciliation of our operating revenues and our intercompany revenues is shown in the following table. | ||||
[3] | Identifiable assets are those used in each segment's operations. Amounts as of March 31, 2014 exclude assets held for sale. |
Note_11_Segment_Information_De2
Note 11 - Segment Information (Details) - Operating Revenues (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $1,721 | $2,462 | ||
Third Party Gross Costs | 935 | 1,400 | ||
Operating Segments [Member] | Third Party Gross Revenues [Member] | Wholesale Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,146 | 4,049 | ||
Operating Segments [Member] | Intercompany Revenues [Member] | Wholesale Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 150 | 298 | ||
Operating Segments [Member] | Total Gross Revenues [Member] | Wholesale Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,296 | 4,347 | ||
Operating Segments [Member] | Third Party Gross Costs [Member] | Wholesale Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Third Party Gross Costs | 2,206 | 4,016 | ||
Operating Segments [Member] | Wholesale Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 90 | [1] | 331 | [1] |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,721 | 2,462 | ||
Wholesale Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 90 | [1] | 331 | [1] |
Third Party Gross Costs | $9 | [1] | $3 | [1] |
[1] | The revenues for wholesale services are netted with costs associated with its energy and risk management activities. A reconciliation of our operating revenues and our intercompany revenues is shown in the following table. |
Note_11_Segment_Information_De3
Note 11 - Segment Information (Details) - Segment Reporting (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Millions, unless otherwise specified | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | $14,138 | $14,909 | $15,264 | ||
Distribution Operations [Member] | Continuing Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 11,899 | [1] | 11,823 | [1] | |
Distribution Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 12,041 | ||||
Retail Operations [Member] | Continuing Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 1,100 | [1] | 738 | [1] | |
Retail Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 670 | ||||
Wholesale Services [Member] | Continuing Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 698 | [1],[2] | 1,782 | [1],[2] | |
Wholesale Services [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 1,402 | ||||
Midstream Operations [Member] | Continuing Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 693 | [1] | 698 | [1] | |
Midstream Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 694 | ||||
Other Segments [Member] | Continuing Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 9,052 | [1],[3] | 9,844 | [1],[3] | |
Other Segments [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | 9,723 | ||||
Intersegment Eliminations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | -9,621 | ||||
Continuing Operations [Member] | |||||
Note 11 - Segment Information (Details) - Segment Reporting [Line Items] | |||||
Assets | $14,138 | [1] | $14,909 | $15,000 | [1] |
[1] | Identifiable assets are those used in each segment's operations. Amounts as of March 31, 2014 exclude assets held for sale. | ||||
[2] | The revenues for wholesale services are netted with costs associated with its energy and risk management activities. A reconciliation of our operating revenues and our intercompany revenues is shown in the following table. | ||||
[3] | Our other non-reportable segments include our investment in Triton, which was part of our cargo shipping segment that is classified as discontinued operations. For more information, see Note 12. |
Note_12_Discontinued_Operation2
Note 12 - Discontinued Operations (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Note 12 - Discontinued Operations (Details) [Line Items] | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | ($32,000,000) | ||||
Income Tax Expense (Benefit) | 118,000,000 | 203,000,000 | |||
Distributed Earnings Of Foreign Subsidiaries [Member] | Tropical Shipping [Member] | |||||
Note 12 - Discontinued Operations (Details) [Line Items] | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | 60,000,000 | ||||
Distributed Earnings Of Foreign Subsidiaries [Member] | |||||
Note 12 - Discontinued Operations (Details) [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 86,000,000 | ||||
Tropical Shipping [Member] | |||||
Note 12 - Discontinued Operations (Details) [Line Items] | |||||
Proceeds from Divestiture of Businesses | 225,000,000 | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | 31,000,000 | 29,000,000 | |||
Goodwill, Impairment Loss, Net of Tax | 19,000,000 | ||||
Income Tax Expense (Benefit) | 0 | ||||
Depreciation And Amortization Suspension | $7,000,000 |
Note_12_Discontinued_Operation3
Note 12 - Discontinued Operations (Details) - Assets and Liabilities of Tropical Shipping (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Current assets | |
Cash and cash equivalents | $26 |
Total current assets | 264 |
Current liabilities | |
Total liabilities held for sale | 36 |
Tropical Shipping [Member] | |
Current assets | |
Cash and cash equivalents | 26 |
Short-term investments | 3 |
Receivables | 34 |
Inventories | 9 |
Other | 2 |
Total current assets | 74 |
Long-term assets and other deferred debits | |
Property, plant and equipment, net | 123 |
Goodwill | 42 |
Intangible assets | 19 |
Other | 6 |
Total long-term assets and other deferred debits | 190 |
Total assets held for sale | 264 |
Current liabilities | |
Other accounts payable – trade | 9 |
Accrued expenses | 4 |
Other | 23 |
Total liabilities held for sale | $36 |
Note_12_Discontinued_Operation4
Note 12 - Discontinued Operations (Details) - Discontinued Operations from Statement of Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Operating revenues | $89 | |
Operating expenses | ||
Cost of goods sold | 54 | |
Operation and maintenance | 28 | |
Depreciation and amortization | 5 | |
Taxes other than income taxes | 1 | |
Total operating expenses | 107 | |
Operating loss | -18 | |
Loss before income taxes | -18 | |
Income tax expense | -32 | |
Loss from discontinued operations, net of tax | -50 | |
Tropical Shipping [Member] | ||
Operating expenses | ||
Loss on sale and goodwill impairment | 19 | |
Income tax expense | $29 | $31 |