NICOR INC

CIK:0000072020|SEC Filings

COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2011

11.	COMPREHENSIVE INCOME

Total comprehensive income (loss) is as follows (in millions):

	Three months ended						Nine months ended
	September 30						September 30
	2011			2010			2011			2010

Net income	$	5.7		$	13.6		$	70.1		$	98.3
Other comprehensive loss, after tax		(6.0	)		(3.0	)		(6.4	)		(6.4	)
Total comprehensive income (loss)	$	(.3	)	$	10.6		$	63.7		$	91.9

Other comprehensive loss consists primarily of net gains and losses from derivative financial instruments accounted for as cash flow hedges and gains and losses from postretirement benefits.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities
Net income	$ 70.1	$ 98.3
Adjustments to reconcile net income to net cash flow provided from operating activities:
Depreciation	155.4	151.9
Deferred income tax expense (benefit)	2.0	(9.9)
Changes in assets and liabilities:
Receivables, less allowances	241.1	256.4
Gas in storage	(76.3)	(90.6)
Deferred/accrued gas costs	(9.2)	6.9
Derivative instruments	(9.1)	6.6
Margin accounts - derivative instruments	33.5	(1.7)
Other assets	(9.7)	23.2
Accounts payable	(39.6)	(68.1)
Customer credit balances and deposits	(1.3)	(10.5)
Other liabilities	20.1	(6.3)
Other items	(11.9)	(8.4)
Net cash flow provided from operating activities	365.1	347.8
Investing activities
Additions to property, plant & equipment	(190.5)	(148.7)
Purchases of held-to-maturity securities	0	(8.0)
Net decrease in other short-term investments	20.0	10.8
Other investing activities	(1.5)	(1.6)
Net cash flow used for investing activities	(172.0)	(147.5)
Financing activities
Proceeds from issuing long-term debt	75.0	0
Disbursements to retire long-term debt	(75.0)	0
Net repayments of commercial paper	(112.4)	(120.7)
Debt issuance costs	(1.5)	(5.8)
Dividends paid	(64.0)	(63.8)
Repurchases of common stock	(11.1)	(0.3)
Proceeds from exercise of stock options	5.9	9.0
Other financing activities	0.1	0.7
Net cash flow used for financing activities	(183.0)	(180.9)
Net increase in cash and cash equivalents	10.1	19.4
Cash and cash equivalents, beginning of period	31.5	55.7
Cash and cash equivalents, end of period	$ 41.6	$ 75.1

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Millions	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010
Current assets
Cash and cash equivalents	$ 41.6	$ 31.5	$ 75.1
Short-term investments	52.8	70.6	66.8
Receivables, less allowances of $27.1, $27.6 and $37.7, respectively	231.5	472.4	235.7
Gas in storage	240.2	163.9	227.8
Derivative instruments	49.6	49.1	70.4
Margin accounts - derivative instruments	27.5	50.9	58.8
Other	144.8	115.2	148.8
Total current assets	788.0	953.6	883.4
Property, plant and equipment, at cost [Abstract]
Property, plant and equipment, at cost	5,278.3	5,127.7	5,060.6
Less accumulated depreciation	2,172.6	2,104.9	2,081.1
Total property, plant and equipment, net	3,105.7	3,022.8	2,979.5
Long-term investments	134.6	134.2	133.9
Other assets	381.9	385.9	373.6
Total assets	4,410.2	4,496.5	4,370.4
Current liabilities
Long-term debt due within one year	0	0	75.0
Short-term debt	312.6	425.0	373.3
Accounts payable	305.8	335.5	285.8
Customer credit balances and deposits	109.3	110.6	131.2
Derivative instruments	80.3	82.9	115.9
Other	116.3	120.3	96.3
Total current liabilities	924.3	1,074.3	1,077.5
Deferred credits and other liabilities
Regulatory asset retirement liability	878.5	843.9	836.0
Deferred income taxes	437.1	423.4	416.2
Health care and other postretirement benefits	232.6	229.7	201.9
Asset retirement obligation	197.3	190.9	188.6
Other	140.2	132.0	148.0
Total deferred credits and other liabilities	1,885.7	1,819.9	1,790.7
Commitments and contingencies
Capitalization
Long-term obligations	498.5	498.4	423.4
Common equity
Common stock	113.9	113.9	113.8
Paid-in capital	67.5	69.1	67.0
Retained earnings	939.9	934.1	915.4
Accumulated other comprehensive loss	(19.6)	(13.2)	(17.4)
Total common equity	1,101.7	1,103.9	1,078.8
Total capitalization	1,600.2	1,602.3	1,502.2
Total liabilities and capitalization	4,410.2	4,496.5	4,370.4
Gas Distribution [Member]
Property, plant and equipment, at cost [Abstract]
Property, plant and equipment, at cost	4,841.7	4,733.6	4,680.3
Shipping [Member]
Property, plant and equipment, at cost [Abstract]
Property, plant and equipment, at cost	323.7	333.6	332.2
Other [Member]
Property, plant and equipment, at cost [Abstract]
Property, plant and equipment, at cost	$ 112.9	$ 60.5	$ 48.1