Company Quick10K Filing
Atmos Energy
Price114.42 EPS4
Shares119 P/E27
MCap13,655 P/FCF14
Net Debt4,192 EBIT753
TEV17,846 TEV/EBIT24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-02-04
10-K 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-31 Filed 2019-02-05
10-K 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-31 Filed 2018-02-06
10-K 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-12-31 Filed 2017-02-07
10-K 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-Q 2015-12-31 Filed 2016-02-02
10-K 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-Q 2014-12-31 Filed 2015-02-03
10-K 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-Q 2013-12-31 Filed 2014-02-04
10-K 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-02
10-Q 2012-12-31 Filed 2013-02-07
10-K 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-22
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-12-31 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-03
8-K 2020-05-06 Earnings, Exhibits
8-K 2020-04-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-04-09 Enter Agreement, Earnings, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-03-19 Officers, Exhibits
8-K 2020-02-12 Enter Agreement, Exhibits
8-K 2020-02-05 Shareholder Vote
8-K 2020-02-04 Exhibits
8-K 2019-11-06 Exhibits
8-K 2019-10-02 Enter Agreement, Exhibits
8-K 2019-09-25 Other Events, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-08-01 Officers, Regulation FD, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-03-04 Enter Agreement, Exhibits
8-K 2019-02-25 Other Events, Exhibits
8-K 2019-02-11 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-11-28 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-11-16 Enter Agreement, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-11-01 Officers, Exhibits
8-K 2018-10-04 Enter Agreement, Exhibits
8-K 2018-10-01 Other Events, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-08-06 Officers, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-02-14 Regulation FD
8-K 2018-02-07 Shareholder Vote, Other Events
8-K 2018-02-06 Earnings, Exhibits

ATO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-15 ato20200331ex-15.htm
EX-31 ato20200331ex-31.htm
EX-32 ato20200331ex-32.htm

Atmos Energy Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.10.90.70.40.20.02016201720182020
Rev, G Profit, Net Income
0.60.40.2-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                    
Commission File Number 1-10042
Atmos Energy Corporation
(Exact name of registrant as specified in its charter)
Texas
and
Virginia
 
75-1743247
(State or other jurisdiction of
incorporation or organization)
 
(IRS employer
identification no.)
 
 
 
 
1800 Three Lincoln Centre
 
 
5430 LBJ Freeway
 
 
Dallas
Texas
 
75240
(Address of principal executive offices)
 
(Zip code)
(972934-9227
(Registrant’s telephone number, including area code)
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock
No Par Value
ATO
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  þ
Number of shares outstanding of each of the issuer’s classes of common stock, as of May 1, 2020.
Class
 
Shares Outstanding
Common stock
No Par Value
 
122,311,513




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

2



PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS 
 
March 31,
2020
 
September 30,
2019
 
(Unaudited)
 
 
 
(In thousands, except
share data)
ASSETS
 
 
 
Property, plant and equipment
$
15,044,831

 
$
14,180,593

Less accumulated depreciation and amortization
2,496,591

 
2,392,924

Net property, plant and equipment
12,548,240

 
11,787,669

Current assets
 
 
 
Cash and cash equivalents
320,099

 
24,550

Accounts receivable, net
377,817

 
230,571

Gas stored underground
68,061

 
130,138

Other current assets
63,584

 
72,772

Total current assets
829,561

 
458,031

Goodwill
730,706

 
730,706

Deferred charges and other assets
607,891

 
391,213

 
$
14,716,398

 
$
13,367,619

CAPITALIZATION AND LIABILITIES
 
 
 
Shareholders’ equity
 
 
 
Common stock, no par value (stated at $0.005 per share); 200,000,000 shares authorized; issued and outstanding: March 31, 2020 — 122,308,725 shares; September 30, 2019 — 119,338,925 shares
$
612

 
$
597

Additional paid-in capital
3,986,187

 
3,712,194

Accumulated other comprehensive loss
(112,641
)
 
(114,583
)
Retained earnings
2,430,257

 
2,152,015

Shareholders’ equity
6,304,415

 
5,750,223

Long-term debt
4,328,866

 
3,529,452

Total capitalization
10,633,281

 
9,279,675

Current liabilities
 
 
 
Accounts payable and accrued liabilities
190,088

 
265,024

Other current liabilities
543,248

 
479,501

Short-term debt
199,923

 
464,915

Current maturities of long-term debt
131

 

Total current liabilities
933,390

 
1,209,440

Deferred income taxes
1,421,779

 
1,300,015

Regulatory excess deferred taxes
694,433

 
705,101

Regulatory cost of removal obligation
448,681

 
473,172

Deferred credits and other liabilities
584,834

 
400,216

 
$
14,716,398

 
$
13,367,619

See accompanying notes to condensed consolidated financial statements.

3



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended March 31
 
2020
 
2019
 
(Unaudited)
(In thousands, except per
share data)
Operating revenues
 
 
 
Distribution segment
$
933,005

 
$
1,057,889

Pipeline and storage segment
146,237

 
135,650

Intersegment eliminations
(101,577
)
 
(98,894
)
Total operating revenues
977,665

 
1,094,645

 
 
 
 
Purchased gas cost
 
 
 
Distribution segment
418,935

 
570,348

Pipeline and storage segment
202

 
(90
)
Intersegment eliminations
(101,254
)
 
(98,582
)
Total purchased gas cost
317,883

 
471,676

 
 
 
 
Operation and maintenance expense
147,824

 
149,427

Depreciation and amortization expense
105,916

 
96,772

Taxes, other than income
74,604

 
79,093

Operating income
331,438

 
297,677

Other non-operating income (expense)
(2,989
)
 
4,232

Interest charges
22,171

 
26,949

Income before income taxes
306,278

 
274,960

Income tax expense
66,632

 
60,072

Net income
$
239,646

 
$
214,888

Basic net income per share
$
1.95

 
$
1.83

Diluted net income per share
$
1.95

 
$
1.82

Cash dividends per share
$
0.575

 
$
0.525

Basic weighted average shares outstanding
122,916

 
117,581

Diluted weighted average shares outstanding
122,997

 
117,756

 
 
 
 
Net income
$
239,646

 
$
214,888

Other comprehensive income (loss), net of tax
 
 
 
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $(49) and $29
(163
)
 
97

Cash flow hedges:
 
 
 
Amortization and unrealized loss on interest rate agreements, net of tax of $312 and $(825)
1,053

 
(2,792
)
Total other comprehensive income (loss)
890

 
(2,695
)
Total comprehensive income
$
240,536

 
$
212,193

See accompanying notes to condensed consolidated financial statements.

4




ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Six Months Ended March 31
 
2020
 
2019
 
(Unaudited)
(In thousands, except per
share data)
Operating revenues
 
 
 
Distribution segment
$
1,761,509

 
$
1,896,724

Pipeline and storage segment
294,413

 
270,120

Intersegment eliminations
(202,694
)
 
(194,417
)
Total operating revenues
1,853,228

 
1,972,427

 
 
 
 
Purchased gas cost
 
 
 
Distribution segment
816,493

 
1,008,080

Pipeline and storage segment
301

 
(448
)
Intersegment eliminations
(202,043
)
 
(193,791
)
Total purchased gas cost
614,751

 
813,841

 
 
 
 
Operation and maintenance expense
300,069

 
288,027

Depreciation and amortization expense
210,978

 
192,837

Taxes, other than income
143,211

 
143,581

Operating income
584,219

 
534,141

Other non-operating income (expense)
1,898

 
(3,491
)
Interest charges
49,400

 
54,798

Income before income taxes
536,717

 
475,852

Income tax expense
118,398

 
103,318

Net income
$
418,319

 
$
372,534

Basic net income per share
$
3.43

 
$
3.22

Diluted net income per share
$
3.42

 
$
3.21

Cash dividends per share
$
1.15

 
$
1.05

Basic weighted average shares outstanding
122,015

 
115,690

Diluted weighted average shares outstanding
122,179

 
115,794

 
 
 
 
Net income
$
418,319

 
$
372,534

Other comprehensive income (loss), net of tax
 
 
 
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $(49) and $29
(164
)
 
97

Cash flow hedges:
 
 
 
Amortization and unrealized loss on interest rate agreements, net of tax of $623 and $(7,405)
2,106

 
(25,050
)
Total other comprehensive income (loss)
1,942

 
(24,953
)
Total comprehensive income
$
420,261

 
$
347,581

See accompanying notes to condensed consolidated financial statements.

5



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Six Months Ended March 31
 
2020
 
2019
 
(Unaudited)
(In thousands)
Cash Flows From Operating Activities
 
 
 
Net income
$
418,319

 
$
372,534

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
210,978

 
192,837

Deferred income taxes
110,664

 
96,885

Other
7,144

 
5,334

Net assets / liabilities from risk management activities
1,310

 
(333
)
Net change in operating assets and liabilities
(114,640
)
 
(106,428
)
Net cash provided by operating activities
633,775

 
560,829

Cash Flows From Investing Activities
 
 
 
Capital expenditures
(994,737
)
 
(777,586
)
Proceeds from the sale of discontinued operations

 
4,000

Debt and equity securities activities, net
(1,131
)
 
777

Other, net
4,631

 
4,388

Net cash used in investing activities
(991,237
)
 
(768,421
)
Cash Flows From Financing Activities
 
 
 
Net decrease in short-term debt
(264,992
)
 
(575,780
)
Net proceeds from equity offering
258,047

 
494,085

Issuance of common stock through stock purchase and employee retirement plans
8,321

 
10,344

Proceeds from issuance of long-term debt
799,450

 
1,045,221

Settlement of interest rate swaps

 
(90,141
)
Repayment of long-term debt

 
(450,000
)
Cash dividends paid
(140,077
)
 
(120,328
)
Debt issuance costs
(7,738
)
 
(11,227
)
Net cash provided by financing activities
653,011

 
302,174

Net increase in cash and cash equivalents
295,549

 
94,582

Cash and cash equivalents at beginning of period
24,550

 
13,771

Cash and cash equivalents at end of period
$
320,099

 
$
108,353


See accompanying notes to condensed consolidated financial statements.

6



ATMOS ENERGY CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2020
1.    Nature of Business
Atmos Energy Corporation (“Atmos Energy” or the “Company”) and its subsidiaries are engaged in the regulated natural gas distribution and pipeline and storage businesses. Our distribution business is subject to federal and state regulation and/or regulation by local authorities in each of the states in which our regulated divisions and subsidiaries operate.
Our distribution business delivers natural gas through sales and transportation arrangements to over three million residential, commercial, public authority and industrial customers through our six regulated distribution divisions, which at March 31, 2020, covered service areas located in eight states.
Our pipeline and storage business, which is also subject to federal and state regulations, includes the transportation of natural gas to our Texas and Louisiana distribution systems and the management of our underground storage facilities used to support our distribution business in various states.
    
2.    Unaudited Financial Information
These consolidated interim-period financial statements have been prepared in accordance with accounting principles generally accepted in the United States on the same basis, aside from accounting policy changes noted below, as those used for the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. In the opinion of management, all material adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been made to the unaudited consolidated interim-period financial statements. These consolidated interim-period financial statements are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of Atmos Energy Corporation included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. Because of seasonal and other factors, the results of operations for the six-month period ended March 31, 2020 are not indicative of our results of operations for the full 2020 fiscal year, which ends September 30, 2020.
Except as noted below related to recent ratemaking activity, in Note 7 to the unaudited condensed consolidated financial statements regarding recent financing activity and in Note 11 to the unaudited condensed consolidated financial statements regarding new cash flow hedges, no events have occurred subsequent to the balance sheet date that would require recognition or disclosure in the unaudited condensed consolidated financial statements.

Significant accounting policies
Our accounting policies are described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019.
During the second quarter of fiscal 2020, we completed our annual goodwill impairment assessment using a qualitative assessment, as permitted under U.S. GAAP. We test goodwill for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit. Based on the assessment performed, we determined that our goodwill was not impaired.
Accounting pronouncements adopted in fiscal 2020
In February 2016, the Financial Accounting Standards Board (FASB) issued a comprehensive new leasing standard that requires lessees to recognize a lease liability and a right-of-use (ROU) asset for all leases, including operating leases on its balance sheet. The new standard was effective for us beginning on October 1, 2019. See Note 6 to the unaudited condensed consolidated financial statements for further details regarding our adoption of the new lease standard and the related disclosures.
Accounting pronouncements that will be effective after fiscal 2020
In March 2020, the FASB issued optional guidance which will ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the cessation of the London Interbank Offered Rate (LIBOR). The amendments can be elected immediately, as of March 12, 2020, through December 31, 2022. We are currently evaluating if we will apply the optional guidance as we assess the impact of the cessation of LIBOR on our current contracts and hedging relationships and the potential impact on our financial position, results of operations and cash flows.

7



In December 2019, the FASB issued new guidance related to accounting for income taxes which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocations and calculating income taxes in interim periods. The new standard also adds guidance to reduce complexity in certain areas, such as recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The new standard will be effective for us beginning on October 1, 2021; early adoption is permitted. We are currently evaluating the potential impact of this new guidance on our financial position, results of operations and cash flows. 
In June 2016, the FASB issued new guidance which will require credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. In contrast, current U.S. GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. The new guidance also introduces a new impairment recognition model for available-for-sale debt securities that will require credit losses to be recorded through an allowance account. The new standard will be effective for us beginning on October 1, 2020. We are currently evaluating the potential impact of this new guidance on our financial position, results of operations and cash flows. 
Regulatory assets and liabilities
Accounting principles generally accepted in the United States require cost-based, rate-regulated entities that meet certain criteria to reflect the authorized recovery of costs due to regulatory decisions in their financial statements. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. We record certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Substantially all of our regulatory assets are recorded as a component of deferred charges and other assets and our regulatory liabilities are recorded as a component of other current liabilities and deferred credits and other liabilities. Deferred gas costs are recorded either in other current assets or liabilities and our regulatory excess deferred taxes and regulatory cost of removal obligation are reported separately.
Significant regulatory assets and liabilities as of March 31, 2020 and September 30, 2019 included the following:
 
March 31,
2020
 
September 30,
2019
 
(In thousands)
Regulatory assets:
 
 
 
Pension and postretirement benefit costs
$
80,955

 
$
86,089

Infrastructure mechanisms(1)
142,075

 
131,894

Deferred gas costs

 
23,766

Recoverable loss on reacquired debt
5,652

 
6,551

Deferred pipeline record collection costs
27,811

 
26,418

Rate case costs
2,250

 
1,346

Other
7,765

 
8,483

 
$
266,508

 
$
284,547

Regulatory liabilities:
 
 
 
Regulatory excess deferred taxes(2)
$
715,807

 
$
726,307

Regulatory cost of service reserve
3,770

 
5,238

Regulatory cost of removal obligation
521,319

 
528,893

Deferred gas costs
115,112

 
14,112

Asset retirement obligation
17,054

 
17,054

APT annual adjustment mechanism
68,048

 
78,402

Other
17,591

 
16,120

 
$
1,458,701

 
$
1,386,126


 
(1)
Infrastructure mechanisms in Texas and Louisiana allow for the deferral of all eligible expenses associated with capital expenditures incurred pursuant to these rules, including the recording of interest on deferred expenses until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates.

8



(2)
The Tax Cuts and Jobs Act of 2017 (the "TCJA") resulted in the remeasurement of the net deferred tax liability included in our rate base. Of this amount, $21.4 million as of March 31, 2020 and $21.2 million as of September 30, 2019 is recorded in other current liabilities. These liabilities are being returned to customers in most of our jurisdictions on a provisional basis over 15 to 46 years until formal orders establish the final refund periods.

Subsequent to March 31, 2020, we have received regulatory orders in Louisiana, Mississippi, Texas (including APT) and Virginia to defer into a regulatory asset all expenses, beyond the normal course of business, related to Coronavirus Disease 2019 (COVID-19 or virus), including bad debt expense.

3.    Segment Information

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

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

The accounting policies of the segments are the same as those described in the summary of significant accounting policies found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019.
Income statements and capital expenditures for the three and six months ended March 31, 2020 and 2019 by segment are presented in the following tables:
 
Three Months Ended March 31, 2020
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
932,296

 
$
45,369

 
$

 
$
977,665

Intersegment revenues
709

 
100,868

 
(101,577
)
 

Total operating revenues
933,005

 
146,237

 
(101,577
)
 
977,665

Purchased gas cost
418,935

 
202

 
(101,254
)
 
317,883

Operation and maintenance expense
115,851

 
32,296

 
(323
)
 
147,824

Depreciation and amortization expense
76,265

 
29,651

 

 
105,916

Taxes, other than income
68,413

 
6,191

 

 
74,604

Operating income
253,541

 
77,897

 

 
331,438

Other non-operating income (expense)
(5,191
)
 
2,202

 

 
(2,989
)
Interest charges
10,797

 
11,374

 

 
22,171

Income before income taxes
237,553

 
68,725

 

 
306,278

Income tax expense
50,489

 
16,143

 

 
66,632

Net income
$
187,064

 
$
52,582

 
$

 
$
239,646

Capital expenditures
$
373,313

 
$
92,238

 
$

 
$
465,551




9



 
Three Months Ended March 31, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
1,057,192

 
$
37,453

 
$

 
$
1,094,645

Intersegment revenues
697

 
98,197

 
(98,894
)
 

Total operating revenues
1,057,889

 
135,650

 
(98,894
)
 
1,094,645

Purchased gas cost
570,348

 
(90
)
 
(98,582
)
 
471,676

Operation and maintenance expense
117,621

 
32,118

 
(312
)
 
149,427

Depreciation and amortization expense
69,904

 
26,868

 

 
96,772

Taxes, other than income
71,053

 
8,040

 

 
79,093

Operating income
228,963

 
68,714

 

 
297,677

Other non-operating income (expense)
5,263

 
(1,031
)
 

 
4,232

Interest charges
15,896

 
11,053

 

 
26,949

Income before income taxes
218,330

 
56,630

 

 
274,960

Income tax expense
46,137

 
13,935

 

 
60,072

Net income
$
172,193

 
$
42,695

 
$

 
$
214,888

Capital expenditures
$
293,270

 
$
67,912

 
$

 
$
361,182


 
Six Months Ended March 31, 2020
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
1,760,136

 
$
93,092

 
$

 
$
1,853,228

Intersegment revenues
1,373

 
201,321

 
(202,694
)
 

Total operating revenues
1,761,509

 
294,413

 
(202,694
)
 
1,853,228

Purchased gas cost
816,493

 
301

 
(202,043
)
 
614,751

Operation and maintenance expense
230,203

 
70,517

 
(651
)
 
300,069

Depreciation and amortization expense
152,339

 
58,639

 

 
210,978

Taxes, other than income
128,656

 
14,555

 

 
143,211

Operating income
433,818

 
150,401

 

 
584,219

Other non-operating income (expense)
(3,237
)
 
5,135

 

 
1,898

Interest charges
27,159

 
22,241

 

 
49,400

Income before income taxes
403,422

 
133,295

 

 
536,717

Income tax expense
86,601

 
31,797

 

 
118,398

Net income
$
316,821

 
$
101,498

 
$

 
$
418,319

Capital expenditures
$
777,560

 
$
217,177

 
$

 
$
994,737




10



 
Six Months Ended March 31, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
1,895,373

 
$
77,054

 
$

 
$
1,972,427

Intersegment revenues
1,351

 
193,066

 
(194,417
)
 

Total operating revenues
1,896,724

 
270,120

 
(194,417
)
 
1,972,427

Purchased gas cost
1,008,080

 
(448
)
 
(193,791
)
 
813,841

Operation and maintenance expense
223,388

 
65,265

 
(626
)
 
288,027

Depreciation and amortization expense
139,613

 
53,224

 

 
192,837

Taxes, other than income
127,243

 
16,338

 

 
143,581

Operating income
398,400

 
135,741

 

 
534,141

Other non-operating expense
(1,214
)
 
(2,277
)
 

 
(3,491
)
Interest charges
34,106

 
20,692

 

 
54,798

Income before income taxes
363,080

 
112,772

 

 
475,852

Income tax expense
76,502

 
26,816

 

 
103,318

Net income
$
286,578

 
$
85,956

 
$

 
$
372,534

Capital expenditures
$
595,815

 
$
181,771

 
$

 
$
777,586

 

Balance sheet information at March 31, 2020 and September 30, 2019 by segment is presented in the following tables:
 
March 31, 2020
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Property, plant and equipment, net
$
9,364,424

 
$
3,183,816

 
$

 
$
12,548,240

Total assets
$
13,946,651

 
$
3,403,106

 
$
(2,633,359
)
 
$
14,716,398


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

 
$
3,050,079

 
$

 
$
11,787,669

Total assets
$
12,579,741

 
$
3,279,323

 
$
(2,491,445
)
 
$
13,367,619


4.    Earnings Per Share
We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic weighted average shares outstanding is calculated based upon the weighted average number of common shares outstanding during the periods presented. Also, this calculation includes fully vested stock awards that have not yet been issued as common stock. Additionally, the weighted average shares outstanding for diluted EPS includes the incremental effects of the forward sale agreements, discussed in Note 8 to the unaudited condensed consolidated financial statements, when the impact is dilutive. Basic and diluted earnings per share for the three and six months ended March 31, 2020 and 2019 are calculated as follows:


11



 
Three Months Ended March 31
 
Six Months Ended March 31
 
2020
 
2019
 
2020
 
2019
 
(In thousands, except per share amounts)
Basic Earnings Per Share