Atmos Energy 1999 Annual Report Download - page 63

Atmos
Energy
Corporation
59
The following table presents a reconciliation of the operating rev-
enues to total consolidated revenues for the years ended September
30, 1999, 1998 and 1997.
1999 1998 1997
(In thousands)
Total revenues for
reportable segments $697,571 $849,693 $909,011
Elimination of
intersegment revenues (7,375) (1,485) (2,176)
Total operating revenues $690,196 $848,208 $906,835
A reconciliation of total assets for the reportable segments to
total consolidated assets for September 30, 1999, 1998 and 1997 is
presented below.
1999 1998 1997
(In thousands)
Total assets for
reportable segments $1,247,096 $1,166,297 $1,106,456
Elimination of
intercompany receivables (16,559) (24,907) (18,145)
Total consolidated assets $1,230,537 $1,141,390 $1,088,311
The following table summarizes the Company’s revenues by prod-
ucts and services for the year ended September 30.
1999 1998 1997
(In thousands)
Gas sales revenues:
Residential $349,691 $410,538 $452,864
Commercial 144,836 184,046 193,302
Public authority and other 22,330 20,504 23,898
Industrial 73,194 91,972 109,241
Total gas sales revenues 590,051 707,060 779,305
Transportation revenues 23,035 23,883 19,804
Other gas revenues 4,227 7,502 6,143
Total utility revenues 617,313 738,445 805,252
Propane revenues 22,944 29,091 33,194
Energy services revenues 49,939 80,672 68,389
Total operating revenues $690,196 $848,208 $906,835
13) MARKETABLE SECURITIES
In accordance with Statement of Financial Accounting Standards
No. 115, “Accounting for Certain Investments in Debt and Equity
Securities,” all marketable securities are classified as available-for-sale
and are reported at market value with unrealized gains and losses
shown as a component of shareholders’ equity labeled “unrealized
holding gains (losses).” All marketable securities are held in rabbi
trusts for the Supplemental Executive Benefit Plan (“SEBP”).
The cost, unrealized holding gain (loss), and the market value of
the marketable securities are:
Unrealized Holding Market
Cost Gain (Loss) Value
(In thousands)
As of September 30, 1999
Available-for-sale securities:
Domestic equity
mutual funds $ 22,265 $ 1,041 $ 23,306
Foreign equity
mutual funds 2,359 399 2,758
$ 24,624 $ 1,440 $ 26,064
14) LEASES
The Company has entered into non-cancelable operating leases
for office and warehouse space used in its operations. The remaining
lease terms range from one to 20 years and generally provide for the
payment of taxes, insurance and maintenance by the lessee. The
Company has also entered into capital leases for division offices and
operating facilities. Property, plant and equipment included amounts
for capital leases of $4.6 million and $4.1 million at September 30,
1999 and 1998, respectively. Accumulated depreciation for these
capital leases totaled $1.2 million and $.9 million at September 30,
1999 and 1998, respectively.
The related future minimum lease payments at September 30,
1999 were as follows:
Capital Operating
Leases Leases
(In thousands)
2000 $ 735 $ 10,413
2001 735 10,010
2002 735 9,811
2003 735 9,262
2004 735 9,091
Thereafter 3,384 48,211
Total minimum lease payments 7,059 $ 96,798
Less amount representing interest (3,671)
Present value of net
minimum lease payments $ 3,388
Consolidated lease and rental expense amounted to $10.6 million,
$9.2 million and $10.5 million for fiscal 1999, 1998 and 1997, respec-
tively. Rents for the regulated business are expensed and the Company
receives rate treatment as a cost of service on a pay-as-you-go basis.