Company Quick10K Filing
Quick10K
Atmos Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$100.70 117 $11,780
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
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 2019-02-11 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 2018-02-14 Regulation FD
8-K 2018-02-07 Shareholder Vote, Other Events
DUK Duke Energy 63,180
PTC PTC 10,240
ENS Enersys 2,820
LX Lexinfintech Holdings 2,190
FLOW SPX Flow 1,660
OCFC Oceanfirst Financial 1,290
HNRG Hallador Energy 169
VSTM Verastem 140
FNGR Fingermotion 0
ABHD AbTech 0
ATO 2019-06-30
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 6. Exhibits
EX-15 ato20190630ex-15.htm
EX-31 ato20190630ex-31.htm
EX-32 ato20190630ex-32.htm

Atmos Energy Earnings 2019-06-30

ATO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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2018-09-30 0000731802 us-gaap:FairValueInputsLevel2Member us-gaap:DebtSecuritiesMember 2018-09-30 xbrli:pure iso4217:USD xbrli:shares ato:customer ato:state xbrli:shares iso4217:USD ato:regulated_distribution_division utreg:Bcf utreg:MMcf


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                    
Commission File Number 1-10042
Atmos Energy Corporation
(Exact name of registrant as specified in its charter)
Texas
and
Virginia
 
75-1743247
(State or other jurisdiction of
incorporation or organization)
 
(IRS employer
identification no.)
 
 
 
 
1800 Three Lincoln Centre
 
 
5430 LBJ Freeway
 
 
Dallas
Texas
 
75240
(Address of principal executive offices)
 
(Zip code)
(972934-9227
(Registrant’s telephone number, including area code)
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock
No Par Value
ATO
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  þ
Number of shares outstanding of each of the issuer’s classes of common stock, as of July 31, 2019.
Class
 
Shares Outstanding
Common stock
No Par Value
 
118,200,689




GLOSSARY OF KEY TERMS
 
 
 
Adjusted diluted net income per share
Non-GAAP measure defined as diluted net income per share before the one-time, non-cash income tax benefit
Adjusted net income
Non-GAAP measure defined as net income before the one-time, non-cash income tax benefit
AEC
Atmos Energy Corporation
AOCI
Accumulated other comprehensive income
ARM
Annual Rate Mechanism
ASC
Accounting Standards Codification
Bcf
Billion cubic feet
Contribution Margin
Non-GAAP measure defined as operating revenues less purchased gas cost
DARR
Dallas Annual Rate Review
ERISA
Employee Retirement Income Security Act of 1974
FASB
Financial Accounting Standards Board
FERC
Federal Energy Regulatory Commission
GAAP
Generally Accepted Accounting Principles
GRIP
Gas Reliability Infrastructure Program
GSRS
Gas System Reliability Surcharge
Mcf
Thousand cubic feet
MMcf
Million cubic feet
Moody’s
Moody’s Investors Services, Inc.
NTSB
National Transportation Safety Board
PPA
Pension Protection Act of 2006
PRP
Pipeline Replacement Program
RRC
Railroad Commission of Texas
RRM
Rate Review Mechanism
RSC
Rate Stabilization Clause
S&P
Standard & Poor’s Corporation
SAVE
Steps to Advance Virginia Energy
SEC
United States Securities and Exchange Commission
SIR
System Integrity Rider
SRF
Stable Rate Filing
SSIR
System Safety and Integrity Rider
TCJA
Tax Cuts and Jobs Act of 2017
WNA
Weather Normalization Adjustment

2



PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS 
 
June 30,
2019
 
September 30,
2018
 
(Unaudited)
 
 
 
(In thousands, except
share data)
ASSETS
 
 
 
Property, plant and equipment
$
13,687,833

 
$
12,567,373

Less accumulated depreciation and amortization
2,347,237

 
2,196,226

Net property, plant and equipment
11,340,596

 
10,371,147

Current assets
 
 
 
Cash and cash equivalents
46,163

 
13,771

Accounts receivable, net
285,433

 
253,295

Gas stored underground
106,014

 
165,732

Other current assets
65,924

 
46,055

Total current assets
503,534

 
478,853

Goodwill
730,419

 
730,419

Deferred charges and other assets
306,549

 
294,018

 
$
12,881,098

 
$
11,874,437

CAPITALIZATION AND LIABILITIES
 
 
 
Shareholders’ equity
 
 
 
Common stock, no par value (stated at $0.005 per share); 200,000,000 shares authorized; issued and outstanding: June 30, 2019 — 118,196,113 shares; September 30, 2018 — 111,273,683 shares
$
591

 
$
556

Additional paid-in capital
3,599,724

 
2,974,926

Accumulated other comprehensive loss
(115,663
)
 
(83,647
)
Retained earnings
2,157,344

 
1,878,116

Shareholders’ equity
5,641,996

 
4,769,951

Long-term debt
3,529,135

 
2,493,665

Total capitalization
9,171,131

 
7,263,616

Current liabilities
 
 
 
Accounts payable and accrued liabilities
206,500

 
217,283

Other current liabilities
494,932

 
547,068

Short-term debt
74,942

 
575,780

Current maturities of long-term debt
125,000

 
575,000

Total current liabilities
901,374

 
1,915,131

Deferred income taxes
1,280,307

 
1,154,067

Regulatory excess deferred taxes (See Note 13)
709,974

 
739,670

Regulatory cost of removal obligation
464,855

 
466,405

Pension and postretirement liabilities
177,602

 
177,520

Deferred credits and other liabilities
175,855

 
158,028

 
$
12,881,098

 
$
11,874,437

See accompanying notes to condensed consolidated financial statements.

3



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended June 30
 
2019
 
2018
 
(Unaudited)
(In thousands, except per
share data)
Operating revenues
 
 
 
Distribution segment
$
444,944

 
$
535,488

Pipeline and storage segment
149,198

 
127,633

Intersegment eliminations
(108,404
)
 
(100,876
)
Total operating revenues
485,738

 
562,245

 
 
 
 
Purchased gas cost
 
 
 
Distribution segment
139,518

 
230,887

Pipeline and storage segment
(96
)
 
561

Intersegment eliminations
(108,096
)
 
(100,562
)
Total purchased gas cost
31,326

 
130,886

 
 
 
 
Operation and maintenance expense
164,545

 
143,748

Depreciation and amortization expense
97,700

 
90,671

Taxes, other than income
69,965

 
72,620

Operating income
122,202

 
124,320

Other non-operating income (expense)
1,645

 
(3,330
)
Interest charges
19,592

 
23,349

Income before income taxes
104,255

 
97,641

Income tax expense
23,789

 
26,448

Net income
$
80,466

 
$
71,193

Basic net income per share
$
0.68

 
$
0.64

Diluted net income per share
$
0.68

 
$
0.64

Cash dividends per share
$
0.525

 
$
0.485

Basic weighted average shares outstanding
118,075

 
111,851

Diluted weighted average shares outstanding
118,430

 
111,851

 
 
 
 
Net income
$
80,466

 
$
71,193

Other comprehensive income, net of tax
 
 
 
Net unrealized holding gains on available-for-sale securities, net of tax of $27 and $92 (See Note 2)
94

 
310

Cash flow hedges:
 
 
 
Amortization and unrealized gain on interest rate agreements, net of tax of $312 and $2,460
1,053

 
8,320

Total other comprehensive income
1,147

 
8,630

Total comprehensive income
$
81,613

 
$
79,823

See accompanying notes to condensed consolidated financial statements.







4



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Nine Months Ended June 30
 
2019
 
2018
 
(Unaudited)
(In thousands, except per
share data)
Operating revenues
 
 
 
Distribution segment
$
2,341,668

 
$
2,595,571

Pipeline and storage segment
419,318

 
375,051

Intersegment eliminations
(302,821
)
 
(299,776
)
Total operating revenues
2,458,165

 
2,670,846

 
 
 
 
Purchased gas cost
 
 
 
Distribution segment
1,147,598

 
1,421,698

Pipeline and storage segment
(544
)
 
1,906

Intersegment eliminations
(301,887
)
 
(298,841
)
Total purchased gas cost
845,167

 
1,124,763

 
 
 
 
Operation and maintenance expense
452,572

 
431,952

Depreciation and amortization expense
290,537

 
268,426

Taxes, other than income
213,546

 
208,400

Operating income
656,343

 
637,305

Other non-operating expense
(1,846
)
 
(8,054
)
Interest charges
74,390

 
82,162

Income before income taxes
580,107

 
547,089

Income tax expense (benefit)
127,107

 
(17,228
)
Net income
$
453,000

 
$
564,317

Basic net income per share
$
3.89

 
$
5.09

Diluted net income per share
$
3.88

 
$
5.09

Cash dividends per share
$
1.575

 
$
1.455

Basic weighted average shares outstanding
116,485

 
110,707

Diluted weighted average shares outstanding
116,673

 
110,707

 
 
 
 
Net income
$
453,000

 
$
564,317

Other comprehensive income (loss), net of tax
 
 
 
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $56 and $(246) (See Note 2)
191

 
(736
)
Cash flow hedges:
 
 
 
Amortization and unrealized gain (loss) on interest rate agreements, net of tax of $(7,093) and $8,486
(23,997
)
 
29,609

Total other comprehensive income (loss)
(23,806
)
 
28,873

Total comprehensive income
$
429,194

 
$
593,190

See accompanying notes to condensed consolidated financial statements.


5



ATMOS ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Nine Months Ended June 30
 
2019
 
2018
 
(Unaudited)
(In thousands)
Cash Flows From Operating Activities
 
 
 
Net income
$
453,000

 
$
564,317

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
290,537

 
268,426

Deferred income taxes
120,220

 
139,852

One-time income tax benefit

 
(165,522
)
Other
9,649

 
18,007

Net assets / liabilities from risk management activities
(1,976
)
 
912

Net change in operating assets and liabilities
(62,502
)
 
209,304

Net cash provided by operating activities
808,928

 
1,035,296

Cash Flows From Investing Activities
 
 
 
Capital expenditures
(1,199,199
)
 
(1,088,472
)
Proceeds from the sale of discontinued operations
4,000

 
3,000

Debt and equity securities activities, net
(4,041
)
 
(7,857
)
Other, net
3,839

 
6,105

Net cash used in investing activities
(1,195,401
)
 
(1,087,224
)
Cash Flows From Financing Activities
 
 
 
Net decrease in short-term debt
(500,838
)
 
(202,968
)
Net proceeds from equity offering
593,731

 
395,092

Issuance of common stock through stock purchase and employee retirement plans
14,128

 
15,850

Proceeds from issuance of long-term debt
1,045,221

 

Settlement of interest rate swaps
(90,141
)
 

Repayment of long-term debt
(450,000
)
 

Cash dividends paid
(181,982
)
 
(160,007
)
Debt issuance costs
(11,254
)
 

Other

 
(1,518
)
Net cash provided by financing activities
418,865

 
46,449

Net increase (decrease) in cash and cash equivalents
32,392

 
(5,479
)
Cash and cash equivalents at beginning of period
13,771

 
26,409

Cash and cash equivalents at end of period
$
46,163

 
$
20,930


See accompanying notes to condensed consolidated financial statements.

6



ATMOS ENERGY CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
June 30, 2019
1.    Nature of Business
Atmos Energy Corporation (“Atmos Energy” or the “Company”) and its subsidiaries are engaged in the regulated natural gas distribution and pipeline and storage businesses. Our distribution business is subject to federal and state regulation and/or regulation by local authorities in each of the states in which our regulated divisions and subsidiaries operate.
Our distribution business delivers natural gas through sales and transportation arrangements to over three million residential, commercial, public authority and industrial customers through our six regulated distribution divisions, which at June 30, 2019, 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, 2018. 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, 2018. Because of seasonal and other factors, the results of operations for the nine-month period ended June 30, 2019 are not indicative of our results of operations for the full 2019 fiscal year, which ends September 30, 2019.
No events have occurred subsequent to the balance sheet date that would require recognition or disclosure in the 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, 2018.
During the second quarter of fiscal 2019, we completed our annual goodwill impairment assessment. Based on the assessment performed, we determined that our goodwill was not impaired.
Accounting pronouncements adopted in fiscal 2019
During the first quarter of fiscal 2019, we adopted the following accounting guidance updates, effective October 1, 2018. The adoption of this new guidance, individually and collectively, did not have a material impact on our financial position, results of operations or cash flows.
Revenue recognition - Under the new guidance, we are required to recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. See Note 5 for our discussion of the effects of implementing this standard.

Classification and measurement of financial instruments - The new guidance requires that we recognize changes in the fair value of our equity securities formerly designated as available-for-sale in other non-operating income (expense) in our condensed consolidated statement of comprehensive income on a prospective basis from the date of adoption. However, we continue to classify cash flows from purchases and sales of equity securities within investing activities given the nature of these securities. Additionally, in accordance with the guidance, we reclassified a net $8.2 million unrealized gain related to these equity securities from accumulated other comprehensive income (AOCI) to retained earnings. The accounting for debt securities designated as available-for-sale did not change as a result of this new guidance. Accordingly, changes in the fair value of these securities will continue to be recorded as a component of AOCI.

Presentation of the Components of Net Periodic Benefit Cost - The new guidance requires us to present only the current service cost component of the net benefit cost within operations and maintenance expense in the statement of

7



comprehensive income. The remaining components of net benefit cost are now recorded in other non-operating income (expense) in our condensed consolidated statements of comprehensive income. The change in presentation of these costs was implemented on a retrospective basis as required by the guidance. In lieu of determining how each component of the net periodic benefit cost was actually reflected in the prior periods’ condensed statement of comprehensive income, we elected to utilize a practical expedient that permits the use of the amounts disclosed for these costs in our pension and post-retirement benefit plans footnote as the basis to retroactively apply this standard.

In addition, under the new guidance, only the service cost component of net benefit cost is eligible for capitalization (e.g., as part of inventory or property, plant, and equipment). We continue to capitalize these costs into property, plant and equipment.
However, the Federal Energy Regulatory Commission (FERC), which establishes the regulatory accounting practices for rate-regulated entities, issued guidance that permits such entities the option to continue to capitalize non-service benefit costs for regulatory purposes.  Since the accounting guidelines by the FERC are typically followed by our state regulatory authorities, for U.S. GAAP reporting purposes, we are prospectively deferring into a regulatory asset the portion of non-service components of net periodic benefit cost that are capitalizable for regulatory purposes.
Accounting for Implementation Costs Incurred in A Hosting Arrangement That Is A Service Contract - The new guidance aligns the requirements for capitalizing implementation costs incurred for these contracts with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). We elected to early adopt the new guidance on a prospective basis. Accordingly, we will capitalize the up-front costs incurred for cloud computing arrangements had they been capitalizable in a similar on-premise software solution.
Accounting pronouncements that will be effective after fiscal 2019
In February 2016, the Financial Accounting Standards Board (FASB) issued a comprehensive new leasing standard that will require lessees to recognize a lease liability and a right-of-use asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. Subsequently, the FASB issued practical expedients to 1) allow entities to not evaluate existing or expired land easements that were not previously accounted for as leases under the current guidance and 2) allow entities the option to adopt the standard and recognize a cumulative–effect adjustment to the opening balance of retained earnings in the period of adoption rather than applying the new guidance at the beginning of the earliest comparative period presented in the year of adoption. The new standard will be effective for us beginning on October 1, 2019.
The impact of this change on our financial position is not reasonably estimable at this time. We do not anticipate the adoption of this standard will have a material impact to our results of operations or cash flows. We continue to evaluate our adoption of certain practical expedients, however we currently anticipate adopting the following practical expedients:
land easements under the provisions of ASU 2018-01, as described above,
package of three practical expedients described in ASC 842-10-65-1 and
transition method practical expedient provided in ASU 2018-11, as described above.
We are implementing a new lease accounting system, which we will utilize to capture, track and account for lease data. The new system will also aid in automating the compilation of disclosure information.
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 for available-for-sale debt securities to be recorded through an allowance account. The new standard will be effective for us beginning on October 1, 2020; 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 August 2018, the FASB issued new guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance removes the disclosure requirements for the amounts of gain/loss and prior service cost/credit amortization expected in the following year and the disclosure of the effect of a one-percentage-point change in the health care cost trend rate, among other changes. The guidance adds certain disclosures including the weighted average interest crediting rate for cash balance plans and a narrative description for the significant change in gains and losses as well as any other significant change in the plan obligations or assets. The new guidance is effective for us in the fiscal year beginning October 1, 2020 and should be applied on a retrospective basis to all periods

8



presented. Early adoption is permitted. The adoption of this new guidance impacts only our disclosures. We intend to early adopt the guidance as of September 30, 2019.
Regulatory assets and liabilities
Accounting principles generally accepted in the United States require cost-based, rate-regulated entities that meet certain criteria to reflect the authorized recovery of costs due to regulatory decisions in their financial statements. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. We record certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Substantially all of our regulatory assets are recorded as a component of deferred charges and other assets and our regulatory liabilities are recorded as a component of other current liabilities and deferred credits and other liabilities. Deferred gas costs are recorded either in other current assets or liabilities and our regulatory excess deferred taxes and regulatory cost of removal obligation are reported separately.
Significant regulatory assets and liabilities as of June 30, 2019 and September 30, 2018 included the following:
 
June 30,
2019
 
September 30,
2018
 
(In thousands)
Regulatory assets:
 
 
 
Pension and postretirement benefit costs
$
8,007

 
$
6,496

Infrastructure mechanisms(1)
111,211

 
96,739

Deferred gas costs
7,227

 
1,927

Recoverable loss on reacquired debt
7,000

 
8,702

Deferred pipeline record collection costs
25,347

 
20,467

Rate case costs
1,413

 
2,741

Other
4,465

 
6,739

 
$
164,670

 
$
143,811

Regulatory liabilities:
 
 
 
Regulatory excess deferred taxes(2)
$
731,837

 
$
744,895

Regulatory cost of service reserve(3)
6,079

 
22,508

Regulatory cost of removal obligation
526,403

 
522,175

Deferred gas costs
66,171

 
94,705

Asset retirement obligation
12,887

 
12,887

APT annual adjustment mechanism
63,130

 
35,228

Pension and postretirement benefit costs
80,330

 
69,113

Other
3,038

 
9,486

 
$
1,489,875

 
$
1,510,997


 
(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.
(2)
The TCJA resulted in the remeasurement of the net deferred tax liability included in our rate base. Of this amount, $21.9 million as of June 30, 2019 and $5.2 million as of September 30, 2018 is recorded in other current liabilities. The period and timing of the return of the excess deferred taxes is being determined by regulators in each of our jurisdictions. See Note 13 for further information.
(3)
Effective January 1, 2018, regulators in each of our service areas required us to establish a regulatory liability for the difference in recoverable federal taxes included in revenues based on the former 35% federal statutory rate and the new 21% federal statutory rate for service provided on or after January 1, 2018. The period and timing of the return of this liability to utility customers is being determined by regulators in each of our jurisdictions. See Note 13 for further information.

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.

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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, 2018.
Income statements and capital expenditures for the three and nine months ended June 30, 2019 and 2018 by segment are presented in the following tables:
 
Three Months Ended June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
444,287

 
$
41,451

 
$

 
$
485,738

Intersegment revenues
657

 
107,747

 
(108,404
)
 

Total operating revenues
444,944

 
149,198

 
(108,404
)
 
485,738

Purchased gas cost
139,518

 
(96
)
 
(108,096
)
 
31,326

Operation and maintenance expense
123,998

 
40,855

 
(308
)
 
164,545

Depreciation and amortization expense
70,611

 
27,089

 

 
97,700

Taxes, other than income
62,134

 
7,831

 

 
69,965

Operating income
48,683

 
73,519

 

 
122,202

Other non-operating income (expense)
3,005

 
(1,360
)
 

 
1,645

Interest charges
10,597

 
8,995

 

 
19,592

Income before income taxes
41,091

 
63,164

 

 
104,255

Income tax expense
8,693

 
15,096

 

 
23,789

Net income
$
32,398

 
$
48,068

 
$

 
$
80,466

Capital expenditures
$
316,825

 
$
104,788

 
$

 
$
421,613



 
Three Months Ended June 30, 2018
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
534,816

 
$
27,429

 
$

 
$
562,245

Intersegment revenues
672

 
100,204

 
(100,876
)
 

Total operating revenues
535,488

 
127,633

 
(100,876
)
 
562,245

Purchased gas cost
230,887

 
561

 
(100,562
)
 
130,886

Operation and maintenance expense
110,568

 
33,494

 
(314
)
 
143,748

Depreciation and amortization expense
66,504

 
24,167

 

 
90,671

Taxes, other than income
64,420

 
8,200

 

 
72,620

Operating income
63,109

 
61,211

 

 
124,320

Other non-operating expense
(2,518
)
 
(812
)
 

 
(3,330
)
Interest charges
13,315

 
10,034

 

 
23,349

Income before income taxes
47,276

 
50,365

 

 
97,641

Income tax expense
11,932

 
14,516

 

 
26,448

Net income
$
35,344

 
$
35,849

 
$

 
$
71,193

Capital expenditures
$
284,209

 
$
110,285

 
$

 
$
394,494



10



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

 
$
118,505

 
$

 
$
2,458,165

Intersegment revenues
2,008

 
300,813

 
(302,821
)
 

Total operating revenues
2,341,668

 
419,318

 
(302,821
)
 
2,458,165

Purchased gas cost
1,147,598

 
(544
)
 
(301,887
)
 
845,167

Operation and maintenance expense
347,386

 
106,120

 
(934
)
 
452,572

Depreciation and amortization expense
210,224

 
80,313

 

 
290,537

Taxes, other than income
189,377

 
24,169

 

 
213,546

Operating income
447,083

 
209,260

 

 
656,343

Other non-operating income (expense)
1,791

 
(3,637
)
 

 
(1,846
)
Interest charges
44,703

 
29,687

 

 
74,390

Income before income taxes
404,171

 
175,936

 

 
580,107

Income tax expense
85,195

 
41,912

 

 
127,107

Net income
$
318,976

 
$
134,024

 
$

 
$
453,000

Capital expenditures
$
912,640

 
$
286,559

 
$

 
$
1,199,199


 
Nine Months Ended June 30, 2018
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Operating revenues from external parties
$
2,593,578

 
$
77,268

 
$

 
$
2,670,846

Intersegment revenues
1,993

 
297,783

 
(299,776
)
 

Total operating revenues
2,595,571

 
375,051

 
(299,776
)
 
2,670,846

Purchased gas cost
1,421,698

 
1,906

 
(298,841
)
 
1,124,763

Operation and maintenance expense
343,860

 
89,027

 
(935
)
 
431,952

Depreciation and amortization expense
197,587

 
70,839

 

 
268,426

Taxes, other than income
184,219

 
24,181

 

 
208,400

Operating income
448,207

 
189,098

 

 
637,305

Other non-operating expense
(5,961
)
 
(2,093
)
 

 
(8,054
)
Interest charges
51,581

 
30,581

 

 
82,162

Income before income taxes
390,665

 
156,424

 

 
547,089

Income tax (benefit) expense
(39,021
)
 
21,793

 

 
(17,228
)
Net income
$
429,686

 
$
134,631

 
$

 
$
564,317

Capital expenditures
$
749,693

 
$
338,779

 
$

 
$
1,088,472

 

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Balance sheet information at June 30, 2019 and September 30, 2018 by segment is presented in the following tables:
 
June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Property, plant and equipment, net
$
8,404,238

 
$
2,936,358

 
$

 
$
11,340,596

Total assets
$
12,083,315

 
$
3,174,516

 
$
(2,376,733
)
 
$
12,881,098


 
September 30, 2018
 
Distribution
 
Pipeline and Storage
 
Eliminations
 
Consolidated
 
(In thousands)
Property, plant and equipment, net
$
7,644,693

 
$
2,726,454

 
$

 
$
10,371,147

Total assets
$
11,109,128

 
$
2,963,480

 
$
(2,198,171
)
 
$
11,874,437


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 7, when the impact is dilutive. Basic and diluted earnings per share for the three and nine months ended June 30, 2019 and 2018 are calculated as follows:

 
Three Months Ended June 30
 
Nine Months Ended June 30
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share amounts)
Basic Earnings Per Share
 
 
 
 
 
 
 
Net income
$
80,466

 
$
71,193

 
$
453,000

 
$
564,317

Less: Income allocated to participating securities
64

 
59

 
386

 
545

Income available to common shareholders
$
80,402

 
$
71,134

 
$
452,614

 
$
563,772

Basic weighted average shares outstanding
118,075

 
111,851

 
116,485

 
110,707

Net income per share — Basic
$
0.68

 
$
0.64

 
$
3.89

 
$
5.09

Diluted Earnings Per Share
 
 
 
 
 
 
 
Income available to common shareholders
$
80,402

 
$
71,134

 
$
452,614

 
$
563,772

Effect of dilutive shares

 

 

 

Income available to common shareholders
$
80,402

 
$
71,134

 
$
452,614

 
$
563,772

Basic weighted average shares outstanding
118,075

 
111,851

 
116,485

 
110,707

Dilutive shares
355

 

 
188

 

Diluted weighted average shares outstanding
118,430

 
111,851

 
116,673

 
110,707

Net income per share - Diluted
$
0.68

 
$
0.64

 
$
3.88

 
$
5.09



5.    Revenue

Effective October 1, 2018, we adopted the new guidance under Accounting Standards Codification (ASC) Topic 606. The implementation of the new guidance did not have a material impact on our financial position, results of operations, cash flow or

12



business processes. However, the guidance introduced new disclosures which are presented below. The following table disaggregates our revenue from contracts with customers by customer type and segment and provides a reconciliation to total revenues for the period presented.

 
Three Months Ended June 30, 2019
 
Nine Months Ended June 30, 2019
 
Distribution
 
Pipeline and Storage
 
Distribution
 
Pipeline and Storage
 
(In thousands)
Gas sales revenues:
 
 
 
 
 
 
 
Residential
$
269,484

 
$

 
$
1,513,239

 
$

Commercial
113,591

 

 
611,474

 

Industrial
25,277

 

 
95,701

 

Public authority and other
6,305

 

 
36,677

 

Total gas sales revenues
414,657

 

 
2,257,091

 

Transportation revenues
22,923

 
166,864

 
76,005

 
456,558

Miscellaneous revenues
6,125

 
2,407

 
20,439

 
6,862

Revenues from contracts with customers
443,705

 
169,271

 
2,353,535

 
463,420