NORTHERN ILLINOIS GAS CO /IL/ /NEW/

CIK:0000110104|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Operating revenues (includes revenue taxes of $14, $15, $96 and $121, respectively)	$ 210	$ 240	$ 1,072	$ 1,515
Cost of goods sold	64	93	515	915
Operation and maintenance	63	60	219	209
Depreciation and amortization	49	47	146	141
Taxes other than income taxes	19	19	109	134
Total operating expenses	195	219	989	1,399
Operating income	15	21	83	116
Interest expense, net	7	8	23	23
Earnings before income taxes	8	13	60	93
Income tax expense	4	5	24	35
Net income	$ 4	$ 8	$ 36	$ 58

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net income	$ 36	$ 58
Adjustments to reconcile net income to net cash flow provided by operating activities
Depreciation and amortization	146	141
Deferred income taxes	11	17
Change in derivative instrument assets and liabilities	(31)	(19)
Changes in certain assets and liabilities
Receivables	210	222
Accrued natural gas costs	30	(9)
Accounts payable	30	(34)
Inventories	(25)	(76)
Other - net	42	57
Net cash flow provided by operating activities	449	357
Cash flows from investing activities
Expenditures for property, plant and equipment	(146)	(140)
Other investing activities	5	4
Net cash flow used in investing activities	(141)	(136)
Cash flows from financing activities
Dividends paid	(29)	(64)
Net payments and borrowings of short-term debt	(279)	(115)
Proceeds from issuing long-term debt	0	75
Payments of long-term debt	0	(75)
Net repayments of loan from affiliates	0	(40)
Other financing activities	0	(2)
Net cash flow used in financing activities	(308)	(221)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Cash paid (received) during the period for
Interest	21	23
Income taxes	$ 0	$ (2)

Condensed Consolidated Statements of Financial Position (Unaudited) (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011
Receivables
Gas, unbilled and other receivables	$ 147	$ 357	$ 191
Less allowance for uncollectible accounts	21	21	25
Total receivables	126	336	166
Inventories	148	123	202
Regulatory assets	59	36	49
Derivative instruments	10	2	3
Margin accounts - derivative instruments	0	21	28
Deferred income taxes and other assets	53	58	43
Total current assets	396	576	491
Long-term assets and other deferred debits
Property, plant and equipment	4,995	4,889	4,842
Less accumulated depreciation	2,022	1,961	1,944
Property, plant and equipment, net	2,973	2,928	2,898
Regulatory assets	446	404	247
Derivative instruments	1	1	2
Other long-term assets and other deferred debits	41	39	88
Total long-term assets and other deferred debits	3,461	3,372	3,235
Total assets	3,857	3,948	3,726
Current liabilities
Short-term debt	173	452	310
Accounts payable - trade	121	91	144
Customer deposits and credit balances	113	102	109
Regulatory liabilities	107	77	46
Accrued expenses	37	36	69
Accrued other retirement benefit costs	14	14	13
Derivative instruments	2	25	31
Other current liabilities	64	49	33
Total current liabilities	631	846	755
Long-term liabilities and other deferred credits
Regulatory liabilities	982	946	932
Long-term debt	499	499	499
Accumulated deferred income taxes	413	401	392
Accrued other retirement benefit costs	251	269	233
Accrued environmental remediation liabilities	216	134	53
Asset retirement obligations	207	200	197
Other long-term liabilities and other deferred credits	9	12	13
Total long-term liabilities and other deferred credits	2,577	2,461	2,319
Total liabilities and other deferred credits	3,208	3,307	3,074
Equity
Common stock , $5 par value; 25 million shares authorized, 32,365 shares reserved for share-based awards, 15,232,414 shares outstanding at September 30, 2012, December 31, 2011 and September 30, 2011.	76	76	76
Preferred stock, cumulative $100 par value per share, 800,000 shares authorized; Non-redeemable preferred stock, 4.60% and 5.00% convertible series, 14,008 shares outstanding at September 30, 2012, December 31, 2011 and September 30, 2011.	1	1	1
Retained earnings	471	465	473
Additional paid in capital	108	108	108
Accumulated other comprehensive loss	(7)	(9)	(6)
Total equity	649	641	652
Total liabilities and equity	$ 3,857	$ 3,948	$ 3,726