CenterPoint Energy 2013 Annual Report Download - page 124
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102
Equity in Earnings of Unconsolidated Affiliates, net:
Year Ended December 31,
2013 2012 2011
(in millions)
Enable................................................ $173$—$—
SESH (1) ............................................. 15 26 21
Waskom (2)......................................... —59
Total............................................... $ 188 $ 31 $ 30
(1) On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH.
(2) On July 31, 2012, Waskom became a wholly owned subsidiary of CenterPoint Energy. Beginning on August 1, 2012,
Waskom’s operating results are consolidated on the Statements of Consolidated Income. On May 1, 2013, CenterPoint
Energy contributed Waskom to Enable.
Summarized income information for Enable from formation on May 1, 2013 through December 31, 2013 is as follows (in
millions):
Operating revenues ..................................................................................... $ 2,123
Cost of sales, excluding depreciation and amortization ............................. 1,241
Operating income........................................................................................ 322
Net income attributable to Enable .............................................................. 289
CenterPoint Energy’ s approximate 58.3% interest..................................... $ 168
Basis difference accretion gain................................................................... 5
CenterPoint Energy’ s approximate 58.3% interest, net.............................. $ 173
Summarized balance sheet information for Enable as of December 31, 2013 is as follows (in millions):
Current assets.............................................................. $ 549
Non-current assets ...................................................... 10,683
Current liabilities ........................................................ 720
Non-current liabilities................................................. 2,331
Noncontrolling interest ............................................... 33
Enable Partners’ Capital ............................................. 8,148
CenterPoint Energy’ s approximate 58.3% interest..... $ 4,753
CenterPoint Energy’ s basis difference........................ (434)
CenterPoint Energy’ s investment in Enable............... $ 4,319