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 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 2020-04-28 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-04-07 Other Events, Exhibits
8-K 2020-03-18 Officers
8-K 2020-03-11 Officers
8-K 2020-03-01 Officers
8-K 2020-02-25 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-02-19 Officers, Code of Ethics
8-K 2019-12-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-12-12 Officers
8-K 2019-12-03 Other Events, Exhibits
8-K 2019-10-29 Earnings, Regulation FD, Exhibits
8-K 2019-07-23 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-06-30 Officers
8-K 2019-06-27 Shareholder Vote
8-K 2019-06-05 Officers
8-K 2019-05-14 Other Events, Exhibits
8-K 2019-04-24 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-02-19 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-02-13 Officers, Code of Ethics, Exhibits
8-K 2018-12-18 Officers
8-K 2018-12-03 Other Events, Exhibits
8-K 2018-10-23 Earnings, Regulation FD, Exhibits
8-K 2018-10-18 Officers
8-K 2018-10-09 Enter Agreement, Exhibits
8-K 2018-09-27 Officers
8-K 2018-07-24 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-07-19 Officers, Exhibits
8-K 2018-06-29 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-18 Other Events
8-K 2018-06-13 Enter Agreement
8-K 2018-06-07 Officers, Shareholder Vote
8-K 2018-04-25 Officers
8-K 2018-04-23 Earnings, Regulation FD, Exhibits
8-K 2018-03-16 Regulation FD, Exhibits
8-K 2018-03-09 Officers
8-K 2018-02-20 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-02-16 Enter Agreement, Regulation FD, Exhibits
8-K 2018-02-16 Regulation FD, Exhibits
8-K 2018-02-15 Officers, Exhibits
8-K 2018-01-31 Enter Agreement, Regulation FD, Exhibits

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
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. Restructuring and Severance Related Expenses
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-31.1 agr-ex311xq12020.htm
EX-31.2 agr-ex312xq12020.htm
EX-32 agr-ex32xq12020.htm

Avangrid Earnings 2020-03-31

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, 2020
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
ggrklfywlkg0000001a05.jpg
 
Avangrid, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
New York
 
14-1798693
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
180 Marsh Hill Road
 
 
Orange,
Connecticut
 
06477
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (207) 629-1200
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of exchange on which registered
Common Stock, par value $0.01 per share
 
AGR
 
New 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 Filer
 
Accelerated Filer
Non-accelerated Filer
 
Smaller 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, 2020, the registrant had 309,005,485 shares of common stock, par value $0.01, outstanding.





Avangrid, Inc.
REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2020
INDEX
 


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.
AOCI
 
Accumulated other comprehensive income
ARHI
 
Avangrid Renewables Holdings, Inc.
ARP
 
Alternative Revenue Programs
ASC
 
Accounting Standards Codification
AVANGRID
 
Avangrid, Inc.
Bcf
 
One billion cubic feet
BGC
 
The Berkshire Gas Company
Cayuga
 
Cayuga Operating Company, LLC
CfDs
 
Contracts for Differences
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
DOE
 
Department of Energy
DPA
 
Deferred Payment Arrangements
EBITDA
 
Earnings before interest, taxes, depreciation and amortization
ESM
 
Earnings sharing mechanism
Evergreen Power
 
Evergreen Power, LLC
English Station
 
The 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
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, 2019, filed with the Securities and Exchange Commission on March 2, 2020.
Gas
 
Enstor Gas, LLC
HLBV
 
Hypothetical Liquidation at Book Value
Iberdrola
 
Iberdrola, S.A., which owns 81.5% of the outstanding shares of Avangrid, Inc.
Iberdrola Group
 
The group of companies controlled by Iberdrola, S.A.
Installed capacity
 
The production capacity of a power plant or wind farm based either on its rated (nameplate) capacity or actual capacity.
ISO
 
Independent system operator
Joint Proposal
 
Approved by the NYPSC on June 15, 2016, by NYSEG, RG&E and certain other signatory parties for a three-year rate plan for electric and gas service at NYSEG and RG&E commencing May 1, 2016.
Klamath Plant
 
Klamath gas-fired cogeneration facility located in the city of Klamath, Oregon.
KW
 
Kilowatts
LDCs
 
Local distribution companies
LIBOR
 
The London Interbank Offered Rate
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.
Non-GAAP
 
Financial measures that are not prepared in accordance with U.S. GAAP, including adjusted net income and adjusted earnings per share.
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.
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
RSSA
 
Reliability Support Services Agreement
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,
 
 
2020
 
2019
(Millions, except for number of shares and per share data)
 
 

 
 

Operating Revenues
 
$
1,789

 
$
1,842

Operating Expenses
 
 
 
 
Purchased power, natural gas and fuel used
 
475

 
563

Operations and maintenance
 
570

 
553

Depreciation and amortization
 
251

 
222

Taxes other than income taxes
 
166

 
163

Total Operating Expenses
 
1,462

 
1,501

Operating Income
 
327

 
341

Other Income and (Expense)
 
 

 
 

Other expense
 
(3
)
 
(7
)
(Losses) earnings from equity method investments
 
(6
)
 
1

Interest expense, net of capitalization
 
(76
)
 
(78
)
Income Before Income Tax
 
242

 
257

Income tax expense
 
12

 
41

Net Income
 
230

 
216

Net loss attributable to noncontrolling interests
 
10

 
1

Net Income Attributable to Avangrid, Inc.
 
$
240

 
$
217

Earnings Per Common Share, Basic
 
$
0.78

 
$
0.70

Earnings Per Common Share, Diluted
 
$
0.78

 
$
0.70

Weighted-average Number of Common Shares Outstanding:
 
 

 
 

Basic
 
309,491,082

 
309,491,082

Diluted
 
309,623,573

 
309,712,308

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,
 
 
2020
 
2019
(Millions)
 
 
 
 
Net Income
 
$
230

 
$
216

Other Comprehensive Income (Loss)
 
 
 
 
Unrealized loss during the period on derivatives qualifying as cash flow hedges, net of income tax of $(8.5) and $(10.9), respectively
 
(23
)
 
(29
)
Reclassification to net income of loss on cash flow hedges, net of income taxes of $0.3 and $0.7, respectively
 
2

 
2

Other Comprehensive Income (Loss)
 
(21
)
 
(27
)
Comprehensive Income
 
209

 
189

Net loss attributable to noncontrolling interests
 
10

 
1

Comprehensive Income Attributable to Avangrid, Inc.
 
$
219

 
$
190

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 of
 
2020
 
2019
(Millions)
 
 

 
 

Assets
 
 

 
 

Current Assets
 
 

 
 

Cash and cash equivalents
 
$
26

 
$
178

Accounts receivable and unbilled revenues, net
 
1,077

 
1,082

Accounts receivable from affiliates
 
4

 
10

Derivative assets
 
24

 
11

Fuel and gas in storage
 
78

 
110

Materials and supplies
 
143

 
141

Prepayments and other current assets
 
245

 
199

Regulatory assets
 
299

 
294

Total Current Assets
 
1,896

 
2,025

Total Property, Plant and Equipment ($1,447 and $787 related to VIEs, respectively)
 
25,488

 
25,218

Operating lease right-of-use assets
 
67

 
70

Equity method investments
 
656

 
645

Other investments
 
55

 
63

Regulatory assets
 
2,568

 
2,567

Other Assets
 
 
 
 
Goodwill
 
3,119

 
3,119

Intangible assets
 
313

 
314

Derivative assets
 
85

 
84

Other
 
346

 
311

Total Other Assets
 
3,863

 
3,828

Total Assets
 
$
34,593

 
$
34,416

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 of
 
2020
 
2019
(Millions, except share information)
 
 

 
 

Liabilities
 
 

 
 

Current Liabilities
 
 

 
 

Current portion of debt
 
$
726

 
$
730

Notes payable
 
731

 
560

Notes payable to affiliates
 
16

 

Interest accrued
 
77

 
72

Accounts payable and accrued liabilities
 
1,064

 
1,361

Accounts payable to affiliates
 
13

 
64

Dividends payable
 
136

 
136

Taxes accrued
 
62

 
56

Operating lease liabilities
 
17

 
12

Derivative liabilities
 
53

 
20

Other current liabilities
 
292

 
334

Regulatory liabilities
 
260

 
242

Total Current Liabilities
 
3,447

 
3,587

Regulatory liabilities
 
3,301

 
3,281

Other Non-current Liabilities
 
 
 
 
Deferred income taxes
 
1,826

 
1,814

Deferred income
 
1,256

 
1,274

Pension and other postretirement
 
1,079

 
1,100

Operating lease liabilities
 
56

 
65

Derivative liabilities
 
91

 
85

Asset retirement obligations
 
197

 
190

Environmental remediation costs
 
327

 
338

Other
 
390

 
380

Total Other Non-current Liabilities
 
5,222

 
5,246

Non-current debt
 
6,715

 
6,716

Total Non-current Liabilities
 
15,238

 
15,243

Total Liabilities
 
18,685

 
18,830

Commitments and Contingencies
 


 


Equity
 
 

 
 

Stockholders’ Equity:
 
 

 
 

Common stock, $.01 par value, 500,000,000 shares authorized, 309,752,140 shares issued; 309,005,485 and 309,005,272 shares outstanding, respectively
 
3

 
3

Additional paid in capital
 
13,667

 
13,660

Treasury stock
 
(12
)
 
(12
)
Retained earnings
 
1,784

 
1,681

Accumulated other comprehensive loss
 
(116
)
 
(95
)
Total Stockholders’ Equity
 
15,326

 
15,237

Non-controlling interests
 
582

 
349

Total Equity
 
15,908

 
15,586

Total Liabilities and Equity
 
$
34,593

 
$
34,416

 
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,
 
 
2020
 
2019
(Millions)
 
 
 
 
Cash Flow from Operating Activities:
 
 
 
 
Net income
 
$
230

 
$
216

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
251

 
222

Regulatory assets/liabilities amortization and carrying cost
 
18

 
14

Pension cost
 
20

 
25

Earnings from equity method investments
 
6

 
(1
)
Distributions of earnings received from equity method investments
 
3

 
2

Unrealized gain on marked-to-market derivative contracts
 
(18
)
 
(3
)
Deferred taxes
 
10

 
21

Other non-cash items
 
1

 
(2
)
Changes in operating assets and liabilities:
 
 
 
 
Current assets
 
(16
)
 
(43
)
Noncurrent assets
 
(55
)
 
(40
)
Current liabilities
 
(117
)
 
(44
)
Noncurrent liabilities
 
(26
)
 
(52
)
Net Cash Provided by Operating Activities
 
307

 
315

Cash Flow from Investing Activities:
 
 
 
 
Capital expenditures
 
(742
)
 
(425
)
Contributions in aid of construction
 
7

 
10

Proceeds from sale of assets
 
6

 
3

Proceeds from notes receivable from affiliates
 
2

 

Distributions received from equity method investments
 
1

 
2

Other investments and equity method investments, net
 
(23
)
 
(116
)
Net Cash Used in Investing Activities
 
(749
)
 
(526
)
Cash Flow from Financing Activities:
 
 
 
 
Non-current debt issuances
 

 
194

Repayments of non-current debt
 
(3
)
 
(43
)
Receipts of other short-term debt, net
 
187

 
211

Repayments of financing leases
 
(1
)
 
(21
)
Distributions to noncontrolling interests
 
(1
)
 
(3
)
Contributions from noncontrolling interests
 
244

 
3

Dividends paid
 
(136
)
 
(135
)
Net Cash Provided by Financing Activities
 
290

 
206

Net Decrease in Cash, Cash Equivalents and Restricted Cash
 
(152
)
 
(5
)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period
 
184

 
43

Cash, Cash Equivalents and Restricted Cash, End of Period
 
$
32

 
$
38

Supplemental Cash Flow Information
 
 
 
 
Cash paid for interest, net of amounts capitalized
 
$
70

 
$
58

Cash paid for income taxes
 
$
2

 
$
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 Stock
 
Additional paid-in capital
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total Stockholders’ Equity
 
Noncontrolling Interests
 
Total
As of December 31, 2018
 
309,005,272

 
$
3

 
$
13,657

 
$
(12
)
 
$
1,528

 
$
(72
)
 
$
15,104

 
$
299

 
$
15,403

Adoption of accounting standards
 

 

 

 

 
11

 
(12
)
 
(1
)
 

 
(1
)
Net income (loss)
 

 

 

 

 
217

 

 
217

 
(1
)
 
216

Other comprehensive loss, net of tax of $(10.2)