Company Quick10K Filing
Avangrid
Price52.07 EPS2
Shares310 P/E27
MCap16,117 P/FCF13
Net Debt6,842 EBIT925
TEV22,959 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-04
10-K 2020-12-31 Filed 2021-03-01
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-26
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-04-01
10-Q 2015-09-30 Filed 2015-12-16
8-K 2021-02-23 Earnings, Regulation FD, Exhibits
8-K 2021-02-15 Officers
8-K 2021-02-02 Officers, Exhibits
8-K 2020-12-29 Off-BS Arrangement
8-K 2020-12-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-10-20
8-K 2020-10-20
8-K 2020-07-21
8-K 2020-06-25
8-K 2020-06-22
8-K 2020-06-22
8-K 2020-06-11
8-K 2020-04-28
8-K 2020-04-07
8-K 2020-03-18
8-K 2020-03-11
8-K 2020-03-01
8-K 2020-02-25
8-K 2020-02-19
8-K 2019-12-31
8-K 2019-12-12
8-K 2019-12-03
8-K 2019-10-29
8-K 2019-07-23
8-K 2019-06-30
8-K 2019-06-27
8-K 2019-06-05
8-K 2019-05-14
8-K 2019-04-24
8-K 2019-02-19
8-K 2019-02-13
8-K 2018-12-18
8-K 2018-12-03
8-K 2018-10-23
8-K 2018-10-18
8-K 2018-10-09
8-K 2018-09-27
8-K 2018-07-24
8-K 2018-07-19
8-K 2018-06-29
8-K 2018-06-18
8-K 2018-06-13
8-K 2018-06-07
8-K 2018-04-25
8-K 2018-04-23
8-K 2018-03-16
8-K 2018-03-09
8-K 2018-02-20
8-K 2018-02-16
8-K 2018-02-16
8-K 2018-02-15
8-K 2018-01-31

AGR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Background and Nature of Operations
Note 2. Basis of Presentation
Note 3. Significant Accounting Policies and New Accounting Pronouncements
Note 4. Revenue
Note 5. Regulatory Assets and Liabilities
Note 6. Fair Value of Financial Instruments and Fair Value Measurements
Note 7. Derivative Instruments and Hedging
Note 8. Contingencies and Commitments
Note 9. Environmental Liabilities
Note 10. Post - Retirement and Similar Obligations
Note 11. Equity
Note 12. Earnings per Share
Note 13. Segment Information
Note 14. Related Party Transactions
Note 15. Other Financial Statement Items
Note 16. Income Tax Expense
Note 17. Stock - Based Compensation Expense
Note 18. Variable Interest Entities
Note 19. Equity Method Investments
Note 20. Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 agr-ex101.htm
EX-31.1 agr-ex311xq12021.htm
EX-31.2 agr-ex312xq12021.htm
EX-32 agr-ex32xq12021.htm

Avangrid Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
35282114702013201520172020
Assets, Equity
1.91.51.10.70.3-0.12015201620182020
Rev, G Profit, Net Income
0.60.3-0.0-0.4-0.7-1.02013201520172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  i
Commission File No. 001-37660
agr-20210331_g1.jpg
Avangrid, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York14-1798693
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
180 Marsh Hill Road
Orange,Connecticut06477
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (207) 629-1190
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, par value $0.01 per shareAGRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
As of April 30, 2021, the registrant had 309,369,894 shares of common stock, par value $0.01, outstanding.



Avangrid, Inc.
REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2021
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


GLOSSARY OF TERMS AND ABBREVIATIONS
Unless the context indicates otherwise, the terms “we,” “our” and the “Company” are used to refer to Avangrid, Inc. and its subsidiaries.
2020 Joint ProposalJoint proposal of NYSEG and RG&E and certain other signatory parties approved by the NYPSC on November 19, 2020, for a three-year rate plan for electric and gas service commencing December 1, 2020.
AOCI Accumulated other comprehensive income
ARHI Avangrid Renewables Holdings, Inc.
ARP Alternative Revenue Programs
ASC Accounting Standards Codification
AVANGRID Avangrid, Inc.
BGC The Berkshire Gas Company
CfDs Contracts for Differences
CFIUSCommittee on Foreign Investment in the United States
CL&P The Connecticut Light and Power Company
CMP Central Maine Power Company
CNG Connecticut Natural Gas Corporation
DEEP Connecticut Department of Energy and Environmental Protection
DIMP Distribution Integrity Management Program
DPA Deferred Payment Arrangements
DPUMassachusetts Department of Public Utilities
EBITDA Earnings before interest, taxes, depreciation and amortization
ESM Earnings sharing mechanism
Evergreen Power Evergreen Power, LLC
English StationThe former generation site on the Mill River in New Haven, Connecticut
Exchange Act The Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
FCCFederal Communications Commission
FERC Federal Energy Regulatory Commission
FirstEnergy FirstEnergy Corp.
Form 10-K
Avangrid, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 1, 2021.
HLBV Hypothetical Liquidation at Book Value
IberdrolaIberdrola, S.A., which owns 81.5% of the outstanding shares of Avangrid, Inc.
Iberdrola GroupThe group of companies controlled by Iberdrola, S.A.
Installed capacityThe production capacity of a power plant or wind farm based either on its rated (nameplate) capacity or actual capacity.
ISO Independent system operator
Klamath PlantKlamath gas-fired cogeneration facility located in the city of Klamath, Oregon.
KWKilowatts
LIBOR The London Interbank Offered Rate
Merger
The merger of PNMR with and into Merger Sub on the terms and subject to the conditions set forth in the Merger Agreement, with PNMR continuing as the surviving corporation and as a wholly-owned subsidiary of AVANGRID.
Merger Agreement
Agreement and Plan of Merger, dated as of October 20, 2020, among AVANGRID, PNMR and Merger Sub.
Merger Sub
NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID.
MNG Maine Natural Gas Corporation
MPUC Maine Public Utility Commission
MtM Mark-to-market
MW Megawatts
MWh Megawatt-hours
Networks Avangrid Networks, Inc.
New York TransCo New York TransCo, LLC.
NMPRCNew Mexico Public Regulation Commission
Non-GAAPFinancial measures that are not prepared in accordance with U.S. GAAP, including adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA with tax credits.
NRCNuclear Regulatory Commission
NYPSC New York State Public Service Commission
NYSEG New York State Electric & Gas Corporation
NYSERDA New York State Energy Research and Development Authority
OCI Other comprehensive income
PJM PJM Interconnection, L.L.C.
PNMRPNM Resources, Inc.
PUCTPublic Utility Commission of Texas
PURA Connecticut Public Utilities Regulatory Authority
Renewables Avangrid Renewables, LLC
RDM Revenue Decoupling Mechanism
RG&E Rochester Gas and Electric Corporation
ROE Return on equity
SCG The Southern Connecticut Gas Company
SEC United States Securities and Exchange Commission
Tax Act Tax Cuts and Jobs Act of 2017 enacted by the U.S. federal government on December 22, 2017
TEF Tax equity financing arrangements
UI The United Illuminating Company
UIL UIL Holdings Corporation
U.S. GAAP Generally accepted accounting principles for financial reporting in the United States.
VIEs Variable interest entities
3


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(unaudited)
 
Three Months Ended March 31,
 20212020
(Millions, except for number of shares and per share data)  
Operating Revenues$1,966 $1,789 
Operating Expenses
Purchased power, natural gas and fuel used501 475 
Operations and maintenance642 570 
Depreciation and amortization247 251 
Taxes other than income taxes170 166 
Total Operating Expenses1,560 1,462 
Operating Income406 327 
Other Income and (Expense)  
Other income (expense)1 (3)
Earnings (losses) from equity method investments1 (6)
Interest expense, net of capitalization(73)(76)
Income Before Income Tax335 242 
Income tax expense14 12 
Net Income321 230 
Net loss attributable to noncontrolling interests13 10 
Net Income Attributable to Avangrid, Inc.$334 $240 
Earnings Per Common Share, Basic$1.08 $0.78 
Earnings Per Common Share, Diluted$1.08 $0.78 
Weighted-average Number of Common Shares Outstanding:
  
Basic309,495,250 309,491,082 
Diluted309,736,266 309,623,573 
The accompanying notes are an integral part of our condensed consolidated financial statements.
4


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three Months Ended March 31,
 20212020
(Millions)  
Net Income$321 $230 
Other Comprehensive Income (Loss)
Unrealized loss during the period on derivatives qualifying as cash flow hedges, net of income tax of $(5) and $(8), respectively
(27)(23)
Reclassification to net income of loss on cash flow hedges, net of income taxes $(1) and $0, respectively
1 2 
Other Comprehensive Income (Loss)(26)(21)
Comprehensive Income295 209 
Net loss attributable to noncontrolling interests13 10 
Comprehensive Income Attributable to Avangrid, Inc.$308 $219 
The accompanying notes are an integral part of our condensed consolidated financial statements.
5


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
 March 31,December 31,
As of20212020
(Millions)  
Assets  
Current Assets  
Cash and cash equivalents$813 $1,463 
Accounts receivable and unbilled revenues, net1,283 1,187 
Accounts receivable from affiliates15 12 
Derivative assets23 18 
Fuel and gas in storage83 93 
Materials and supplies171 169 
Prepayments and other current assets534 525 
Regulatory assets317 310 
Total Current Assets3,239 3,777 
Total Property, Plant and Equipment ($1,637 related to VIEs)
27,168 26,751 
Operating lease right-of-use assets177 153 
Equity method investments695 668 
Other investments61 68 
Regulatory assets2,583 2,572 
Other Assets
Goodwill3,119 3,119 
Intangible assets302 305 
Derivative assets74 79 
Other350 331 
Total Other Assets3,845 3,834 
Total Assets$37,768 $37,823 
The accompanying notes are an integral part of our condensed consolidated financial statements.
6


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 March 31,December 31,
As of20212020
(Millions, except share information)  
Liabilities  
Current Liabilities  
Current portion of debt$387 $313 
Notes payable 307 
Notes payable to affiliates8  
Interest accrued81 70 
Accounts payable and accrued liabilities1,416 1,453 
Accounts payable to affiliates16 50 
Dividends payable136 136 
Taxes accrued60 73 
Operating lease liabilities16 8 
Derivative liabilities32 17 
Other current liabilities348 368 
Regulatory liabilities292 274 
Total Current Liabilities2,792 3,069 
Regulatory liabilities3,150 3,137 
Other Non-current Liabilities
Deferred income taxes1,924 1,919 
Deferred income1,181 1,204 
Pension and other postretirement979 1,007 
Operating lease liabilities172 154 
Derivative liabilities85 79 
Asset retirement obligations217 210 
Environmental remediation costs284 292 
Other591 448 
Total Other Non-current Liabilities5,433 5,313 
Non-current debt7,401 7,478 
Non-current debt to affiliate3,000 3,000 
Total Non-current Liabilities18,984 18,928 
Total Liabilities21,776 21,997 
Commitments and Contingencies
Equity  
Stockholders’ Equity:  
Common stock, $.01 par value, 500,000,000 shares authorized, 309,848,228 and 309,794,917 shares issued; 309,369,894 and 309,077,300 shares outstanding, respectively
3 3 
Additional paid in capital13,667 13,665 
Treasury stock(16)(14)
Retained earnings1,864 1,666 
Accumulated other comprehensive loss(137)(111)
Total Stockholders’ Equity15,381 15,209 
Non-controlling interests611 617 
Total Equity15,992 15,826 
Total Liabilities and Equity$37,768 $37,823 
The accompanying notes are an integral part of our condensed consolidated financial statements.
7


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended March 31,
 20212020
(Millions)
Cash Flow from Operating Activities:
Net income$321 $230 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization247 251 
Regulatory assets/liabilities amortization and carrying cost21 18 
Pension cost17 20 
(Earnings) losses from equity method investments(1)6 
Distributions of earnings received from equity method investments4 3 
Unrealized loss (gain) on marked-to-market derivative contracts53 (18)
Deferred taxes(13)10 
Other non-cash items(5)1 
Changes in operating assets and liabilities:
Current assets(169)(16)
Noncurrent assets(93)(55)
Current liabilities39 (117)
Noncurrent liabilities4 (26)
Net Cash Provided by Operating Activities425 307 
Cash Flow from Investing Activities:
Capital expenditures(623)(742)
Contributions in aid of construction9 7 
Proceeds from sale of assets8 6 
Proceeds from notes receivable from affiliates5 2 
Distributions received from equity method investments1 1 
Other investments and equity method investments, net(39)(23)
Net Cash Used in Investing Activities(639)(749)
Cash Flow from Financing Activities:
Repayments of non-current debt(2)(3)
(Repayments) receipts of other short-term debt, net(301)187 
Repayments of financing leases(1)(1)
Repurchase of common stock(2) 
Issuance of common stock(1) 
Distributions to noncontrolling interests(3)(1)
Contributions from noncontrolling interests10 244 
Dividends paid(136)(136)
Net Cash (Used in) Provided by Financing Activities(436)290 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(650)(152)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period1,467 184 
Cash, Cash Equivalents and Restricted Cash, End of Period$817 $32 
Supplemental Cash Flow Information
Cash paid for interest, net of amounts capitalized$51 $70 
Cash paid for income taxes$4 $2 
The accompanying notes are an integral part of our condensed consolidated financial statements.
8


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity
(unaudited)

Avangrid, Inc. Stockholders
(Millions, except for number of shares )Number of shares (*)Common StockAdditional paid-in capitalTreasury StockRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNoncontrolling InterestsTotal
As of December 31, 2019309,005,272 $3 $13,660 $(12)$1,634 $(95)$15,190 $349 $15,539 
Adoption of accounting standards— — — — (1)— (1)— (1)
Net income (loss)— — — — 240 — 240 (10)230 
Other comprehensive loss, net of tax of $(8)
— — — — — (21)(21)— (21)
Comprehensive income209 
Dividends declared, $0.44/share
— — — — (136)— (136)— (136)
Release of common stock held in trust213 — — — — — — — — 
Stock-based compensation— — 7 — — — 7 — 7 
Distributions to noncontrolling interests— — — — — — — (1)(1)
Contributions from noncontrolling interests— — — — — — — 244 244 
As of March 31, 2020309,005,485 $3 $13,667 $(12)$1,737 $(116)$15,279 $582 $15,861 
As of December 31, 2020309,077,300 $3 $13,665 $(14)$1,666 $(111)$15,209 $