Atmos Energy 1999 Annual Report Download - page 52

Atmos
Energy
Corporation
48
Committed Credit Facilities The Company has two short-term
committed credit facilities. The committed lines are renewed or rene-
gotiated at least annually. One short-term unsecured credit facility
from a group of 10 banks is for $250.0 million. This facility expires in
August 2000. No balance was outstanding under this facility at
September 30, 1999 or 1998. This facility requires a commitment fee
of .08% on the unused portion. A second facility is for $12.0 million
with a single bank. This facility expires April 1, 2000. It requires a
commitment fee of .05% on the unused portion. Borrowings totaling
$12.0 million were outstanding under this facility at both September
30, 1999 and 1998.
Uncommitted Credit Facilities The Company also has unsecured
short-term uncommitted credit lines from two banks totaling $74.0
million. Borrowings under uncommitted credit facilities totaled $3.6
million and $54.4 million at September 30, 1999 and 1998, respec-
tively. These uncommitted lines expire in May and August 2000, and
are renewed or renegotiated at least annually. The uncommitted lines
have varying terms and the Company pays no fee for the availability
of the lines. Borrowings under these lines are made on a when and
as-available basis at the discretion of the banks.
Commercial Paper Program The Company implemented a $250.0
million commercial paper program in October 1998. It is supported
by the $250.0 million committed line of credit described above. The
Company’s commercial paper was rated A-2 by Standard and Poor’s
and P-2 by Moody’s. A total of $152.7 million of commercial paper
was outstanding at September 30, 1999.
5) INCOME TAXES
The components of income tax expense for 1999, 1998 and
1997 are as follows:
1999 1998 1997
(In thousands)
Current
Federal $ (18,761) $ 31,694 $ 7,917
State (4,081) 4,503 1,000
Deferred
Federal 27,370 (3,352) 4,807
State 5,321 (616) 1,000
Investment tax credits (294) (423) (426)
$ 9,555 $ 31,806 $ 14,298
Deferred income taxes reflect the tax effect of differences
between the basis of assets and liabilities for book and tax purposes.
The tax effect of temporary differences that give rise to significant
components of the deferred tax liabilities and deferred tax assets at
September 30, 1999 and 1998 are presented below:
1999 1998
(In thousands)
Deferred tax assets:
Costs expensed for book purposes
and capitalized for tax purposes $ 629 $ 1,049
Accruals not currently deductible
for tax purposes 12,657 7,189
Customer advances 4,535 3,730
Nonqualified benefit plans 7,947 11,297
Postretirement benefits 10,356 10,093
Unamortized investment tax credit 1,304 1,427
Regulatory liabilities 3,159 3,175
Tax net operating loss and
credit carryforwards 12,504 —
Other, net 4,787 2,838
Total deferred tax assets 57,878 40,798
Deferred tax liabilities:
Difference in net book value and
net tax value of assets (139,324) (114,229)
Pension funding (5,480) (4,120)
Gas cost adjustments 3,997 8,943
Regulatory assets (4,462) (4,941)
Cost capitalized for book purposes
and expensed for tax purposes (19,112) —
Other, net (6,107) (6,664)
Total deferred tax liabilities (170,488) (121,011)
Net deferred tax liabilities $ (112,610) $ (80,213)
SFAS No. 109 deferred accounts for
rate regulated entities (included in
other deferred credits) $ 1,896 $ 1,548