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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Data [Abstract] |
Quarterly Financial Data (Unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) We provide quarterly financial information for Sempra Energy Consolidated, SDG&E and SoCalGas below:
SEMPRA ENERGY
(In millions, except per share amounts)
| Quarters ended
| March 31 |  | June 30 |  | September 30 |  | December 31
2018: |  |  |  |  |  |  |
Revenues | $ | 2,962 |  |  | $ | 2,564 |  |  | $ | 2,940 |  |  | $ | 3,221 |
Expenses and other income | $ | 2,295 |  |  | $ | 3,673 |  |  | $ | 2,513 |  |  | $ | 2,160 |
Net income (loss) | $ | 358 |  |  | $ | (530 | ) |  | $ | 334 |  |  | $ | 964 |
Earnings (losses) attributable to common shares | $ | 347 |  |  | $ | (561 | ) |  | $ | 274 |  |  | $ | 864 |
Basic per-share amounts(1): |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1.39 |  |  | $ | (1.99 | ) |  | $ | 1.22 |  |  | $ | 3.51 |
Earnings (losses) attributable to common shares | $ | 1.34 |  |  | $ | (2.11 | ) |  | $ | 1.00 |  |  | $ | 3.15 |
Weighted-average common shares outstanding | 257.9 |  |  | 265.8 |  |  | 273.9 |  |  | 274.3 |
Diluted per-share amounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1.38 |  |  | $ | (1.99 | ) |  | $ | 1.21 |  |  | $ | 3.25 |
Earnings (losses) attributable to common shares(3) | $ | 1.33 |  |  | $ | (2.11 | ) |  | $ | 0.99 |  |  | $ | 3.03 |
Weighted-average common shares outstanding | 259.5 |  |  | 265.8 |  |  | 275.9 |  |  | 296.4 |
2017: |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 3,031 |  |  | $ | 2,533 |  |  | $ | 2,679 |  |  | $ | 2,964 |
Expenses and other income(4) | $ | 2,279 |  |  | $ | 2,136 |  |  | $ | 2,674 |  |  | $ | 2,567 |
Net income (loss) | $ | 452 |  |  | $ | 248 |  |  | $ | 102 |  |  | $ | (451 | )
Earnings (losses) attributable to common shares | $ | 441 |  |  | $ | 259 |  |  | $ | 57 |  |  | $ | (501 | )
Basic per-share amounts(1): |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1.80 |  |  | $ | 0.99 |  |  | $ | 0.41 |  |  | $ | (1.80 | )
Earnings (losses) attributable to common shares | $ | 1.76 |  |  | $ | 1.03 |  |  | $ | 0.23 |  |  | $ | (1.99 | )
Weighted-average common shares outstanding | 251.1 |  |  | 251.4 |  |  | 251.7 |  |  | 251.9 |
Diluted per-share amounts(1)(2): |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1.79 |  |  | $ | 0.98 |  |  | $ | 0.41 |  |  | $ | (1.80 | )
Earnings (losses) attributable to common shares | $ | 1.75 |  |  | $ | 1.03 |  |  | $ | 0.22 |  |  | $ | (1.99 | )
Weighted-average common shares outstanding | 252.2 |  |  | 252.8 |  |  | 253.4 |  |  | 251.9 |
(1) | EPS is computed independently for each of the quarters and therefore may not sum to the total for the year.
(2) | In the quarters ended June 30, 2018 and December 31, 2017, the total weighted-average potentially dilutive securities were not included in the computation of losses per common share since to do so would have decreased the loss per share.
(3) | Due to the dilutive effect of the mandatory convertible preferred stock in the quarter ended December 31, 2018, the numerator used to calculate diluted EPS included an add-back of $36 million of mandatory convertible preferred stock dividends declared in that quarter.
(4) | Amount reflects a reclassification of equity earnings to conform to current year presentation, which we discuss in Note 1.
In June 2018, we recorded impairment charges totaling $1.5 billion ($900 million after tax and NCI), which included $1.3 billion ($755 million after tax and NCI) at Sempra LNG & Midstream and $200 million ($145 million after tax) at Sempra Renewables. In December 2018, we reduced the impairment charge at Sempra LNG & Midstream by $183 million ($126 million after tax and NCI). We discuss the impairments in Notes 5 and 12. In December 2018, we completed the sale of our U.S. operating solar assets, solar and battery storage development projects, as well as an interest in one wind facility, and recognized a pretax gain on sale of $513 million ($367 million after tax). We discuss the sale and related gain in Note 5. In September 2018, we impaired our remaining equity method investment in RBS Sempra Commodities by recording a charge of $65 million in Equity Earnings. We discuss matters related to RBS Sempra Commodities further in Note 16. In December 2017, Sempra Energy’s income tax expense included $870 million related to the impact of the TCJA, as we discuss in Note 8. In September 2017, SDG&E recognized a charge of $351 million ($208 million after tax) for the write-off of its wildfire regulatory asset, which we discuss in Note 16. In June 2017, Sempra Mexico recognized an impairment charge of $71 million ($47 million after NCI) related to assets that were previously held for sale at TdM. We discuss the impairment in Notes 5 and 12.
SDG&E
(Dollars in millions)
| Quarters ended
| March 31 |  | June 30 |  | September 30 |  | December 31
2018: |  |  |  |  |  |  |
Operating revenues | $ | 1,055 |  |  | $ | 1,051 |  |  | $ | 1,299 |  |  | $ | 1,163 |
Operating expenses | 807 |  |  | 836 |  |  | 999 |  |  | 916 |
Operating income | $ | 248 |  |  | $ | 215 |  |  | $ | 300 |  |  | $ | 247 |
Net income | $ | 169 |  |  | $ | 146 |  |  | $ | 216 |  |  | $ | 145 |
Losses (earnings) attributable to noncontrolling interest | 1 |  |  | — |  |  | (11 | ) |  | 3 |
Earnings attributable to common shares | $ | 170 |  |  | $ | 146 |  |  | $ | 205 |  |  | $ | 148 |
2017: |  |  |  |  |  |  |  |  |  |  |
Operating revenues | $ | 1,057 |  |  | $ | 1,058 |  |  | $ | 1,236 |  |  | $ | 1,125 |
Operating expenses(1) | 783 |  |  | 821 |  |  | 1,294 |  |  | 869 |
Operating income (loss)(1) | $ | 274 |  |  | $ | 237 |  |  | $ | (58 | ) |  | $ | 256 |
Net income (loss) | $ | 157 |  |  | $ | 153 |  |  | $ | (19 | ) |  | $ | 130 |
(Earnings) losses attributable to noncontrolling interest | (2 | ) |  | (4 | ) |  | (9 | ) |  | 1 |
Earnings (losses) attributable to common shares | $ | 155 |  |  | $ | 149 |  |  | $ | (28 | ) |  | $ | 131 |
(1) | As adjusted for the retrospective adoption of ASU 2017-07, which we discuss in Note 2.
SOCALGAS
(Dollars in millions)
| Quarters ended
| March 31 |  | June 30 |  | September 30 |  | December 31
2018: |  |  |  |  |  |  |
Operating revenues | $ | 1,126 |  |  | $ | 772 |  |  | $ | 802 |  |  | $ | 1,262 |
Operating expenses | 848 |  |  | 703 |  |  | 797 |  |  | 1,023 |
Operating income | $ | 278 |  |  | $ | 69 |  |  | $ | 5 |  |  | $ | 239 |
Net income (loss) | $ | 225 |  |  | $ | 34 |  |  | $ | (14 | ) |  | $ | 156 |
Dividends on preferred stock | — |  |  | (1 | ) |  | — |  |  | — |
Earnings (losses) attributable to common shares | $ | 225 |  |  | $ | 33 |  |  | $ | (14 | ) |  | $ | 156 |
2017: |  |  |  |  |  |  |  |  |  |  |
Operating revenues | $ | 1,241 |  |  | $ | 770 |  |  | $ | 684 |  |  | $ | 1,090 |
Operating expenses(1) | 929 |  |  | 690 |  |  | 679 |  |  | 860 |
Operating income(1) | $ | 312 |  |  | $ | 80 |  |  | $ | 5 |  |  | $ | 230 |
Net income | $ | 203 |  |  | $ | 59 |  |  | $ | 7 |  |  | $ | 128 |
Dividends on preferred stock | — |  |  | (1 | ) |  | — |  |  | — |
Earnings attributable to common shares | $ | 203 |  |  | $ | 58 |  |  | $ | 7 |  |  | $ | 128 |
(1) | As adjusted for the retrospective adoption of ASU 2017-07, which we discuss in Note 2.
SoCalGas recognizes annual authorized revenue for core natural gas customers using seasonal factors established in the Triennial Cost Allocation Proceeding. Accordingly, a significant portion of SoCalGas’ annual earnings are recognized in the first and fourth quarters each year.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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