Financial Highlights

($ millions except per share amounts) 2020 2019 2018 2017 2016
Revenue 5,587 5,495 4,257 2,556 2,190
Normalized EBITDA(1)(2) 1,310 1,302 1,009 797 701
  Utilities(2)(3) 788 698 426 298 277
  Midstream(2)(3) 473 531 277 221 163
  Power(3) - - 320 303 285
  Corporate(3) - - (14) (25) (24)
  Corporate/Other(3) 49 73 - - -
Net income (loss) applicable to common shares 486 769 (502) 30 155
Normalized net income(1)(2) 396 347 195 204 153
Total assets 21,532 19,795 23,488 10,032 10,201
Total long-term liabilities 11,264 9,301 11,746 4,578 4,589
Net additions (dispositions) to property, plant and equipment 825 (1,090) 573 388 405
Dividends declared 268 266 463 362 320
Cash flows          
  Normalized funds from operations(1) 1,003 895 657 615 554
($ per basic share, except shares outstanding and debt to capitalization ratio)
Net income (loss) - basic 1.74 2.78 (2.25) 0.18 0.99
Net income (loss) - diluted 1.74 2.77 (2.25) 0.18 0.99
Normalized net income(1)(2) 1.42 1.25 0.88 1.19 0.98
Dividends declared 0.96 0.96 2.09 2.12 2.03
Cash flows          
  Normalized funds from operations(1) 3.59 3.23 2.95 3.60 3.52
Shares outstanding - basic (millions)          
  During the period(4) 279 277 223 171 157
  End of period 279 279 275 175 167
Debt-to-total capitalization ratio (%) 52 49 57 44 45

Notes:

(1) Non-GAAP financial measure; see discussion in Non-GAAP Financial Measures section of the MD&A.
(2) Beginning in 2020, Management no longer adjusts normalized EBITDA or normalized net income for changes in the fair value of natural gas optimization inventory. As such, 2019 balances have been adjusted to reflect the impacts of this change.
(3) In 2020, AltaGas revised its reportable segments to align with the structure of its business following asset sales completed as part of its 2019 asset monetization program. Beginning in 2020, AltaGas has two operating segments: Utilities (which includes the WGL retail marketing business) and Midstream. The Corporate/Other segment consists of AltaGas' corporate activities and a small portfolio of remaining power assets. Segment totals for 2019 have been adjusted to reflect the impacts of this change.
(4) Weighted average.