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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, 2022
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-20220331_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 28, 2022, the registrant had 386,624,231 shares of common stock, par value $0.01, outstanding.



Avangrid, Inc.
REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2022
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.
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
DOCDepartment of Commerce
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, 2021, filed with the Securities and Exchange Commission on March 1, 2022.
HLBV Hypothetical Liquidation at Book Value
IberdrolaIberdrola, S.A.
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 AgreementAgreement and Plan of Merger, dated as of October 20, 2020 and as amended and modified as of January 3, 2022 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.
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
NYSENew York Stock Exchange
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
Side LetterA side letter agreement dated as of April 15, 2021 between AVANGRID and Iberdrola concerning items
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,
 20222021
(Millions, except for number of shares and per share data)  
Operating Revenues$2,133 $1,966 
Operating Expenses
Purchased power, natural gas and fuel used741 501 
Operations and maintenance651 642 
Depreciation and amortization261 247 
Taxes other than income taxes178 170 
Total Operating Expenses1,831 1,560 
Operating Income302 406 
Other Income and (Expense)  
Other income (expense)11 1 
Earnings from equity method investments253 1 
Interest expense, net of capitalization(71)(73)
Income Before Income Tax495 335 
Income tax expense68 14 
Net Income427 321 
Net loss attributable to noncontrolling interests18 13 
Net Income Attributable to Avangrid, Inc.$445 $334 
Earnings Per Common Share, Basic$1.15 $1.08 
Earnings Per Common Share, Diluted$1.15 $1.08 
Weighted-average Number of Common Shares Outstanding:
  
Basic386,698,132 309,495,250 
Diluted387,114,285 309,736,266 
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,
 20222021
(Millions)  
Net Income$427 $321 
Other Comprehensive Income (Loss)
Gain on nonqualified pension plans, net of income taxes of $3 and $0, respectively
9  
Unrealized gain from equity method investment, net of income taxes of $5 and $0, respectively
15  
Unrealized loss during the period on derivatives qualifying as cash flow hedges, net of income tax of $(15) and $(5), respectively
(39)(27)
Reclassification to net income of loss on cash flow hedges, net of income taxes $4 and $(1), respectively
11 1 
Other Comprehensive Income (Loss)(4)(26)
Comprehensive Income423 295 
Net loss attributable to noncontrolling interests18 13 
Comprehensive Income Attributable to Avangrid, Inc.$441 $308 
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 of20222021
(Millions)  
Assets  
Current Assets  
Cash and cash equivalents$648 $1,474 
Accounts receivable and unbilled revenues, net1,476 1,269 
Accounts receivable from affiliates4 11 
Derivative assets135 35 
Fuel and gas in storage91 139 
Materials and supplies217 204 
Prepayments and other current assets281 245 
Regulatory assets377 400 
Total Current Assets3,229 3,777 
Total Property, Plant and Equipment ($1,941 and $1,959 related to VIEs, respectively)
29,719 28,866 
Operating lease right-of-use assets156 148 
Equity method investments434 560 
Other investments58 61 
Regulatory assets2,087 2,247 
Other Assets
Goodwill3,119 3,119 
Intangible assets289 293 
Derivative assets47 59 
Other403 374 
Total Other Assets3,858 3,845 
Total Assets$39,541 $39,504 
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 of20222021
(Millions, except share information)  
Liabilities  
Current Liabilities  
Current portion of debt$281 $372 
Notes payable33 159 
Notes payable to affiliates2 2 
Interest accrued86 69 
Accounts payable and accrued liabilities1,343 1,586 
Accounts payable to affiliates15 61 
Dividends payable340 170 
Taxes accrued76 43 
Operating lease liabilities10 12 
Derivative liabilities115 64 
Other current liabilities500 484 
Regulatory liabilities499 307 
Total Current Liabilities3,300 3,329 
Regulatory liabilities3,011 3,022 
Other Non-current Liabilities
Deferred income taxes2,125 2,016 
Deferred income1,113 1,130 
Pension and other postretirement473 684 
Operating lease liabilities143 149 
Derivative liabilities154 160 
Asset retirement obligations256 253 
Environmental remediation costs284 298 
Other589 580 
Total Other Non-current Liabilities5,137 5,270 
Non-current debt8,033 7,922 
Total Non-current Liabilities16,181 16,214 
Total Liabilities19,481 19,543 
Commitments and Contingencies
Equity  
Stockholders’ Equity:  
Common stock, $.01 par value, 500,000,000 shares authorized, 387,734,757 and 387,678,630 shares issued; 386,624,231 and 386,568,104 shares outstanding, respectively
3 3 
Additional paid in capital17,683 17,679 
Treasury stock(47)(47)
Retained earnings1,819 1,714 
Accumulated other comprehensive loss(277)(273)
Total Stockholders’ Equity19,181 19,076 
Non-controlling interests879 885 
Total Equity20,060 19,961 
Total Liabilities and Equity$39,541 $39,504 
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,
 20222021
(Millions)
Cash Flow from Operating Activities:
Net income$427 $321 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization261 247 
Regulatory assets/liabilities amortization and carrying cost2 21 
Pension cost8 17 
Earnings from equity method investments(253)(1)
Distributions of earnings received from equity method investments5 4 
Unrealized loss on marked-to-market derivative contracts3 53 
Deferred taxes51 (13)
Other non-cash items (5)
Changes in operating assets and liabilities:
Current assets(183)(169)
Noncurrent assets(127)(93)
Current liabilities196 39 
Noncurrent liabilities(2)4 
Net Cash Provided by Operating Activities388 425 
Cash Flow from Investing Activities:
Capital expenditures(811)(623)
Contributions in aid of construction30 9 
Proceeds from sale of assets3 8 
Proceeds from notes receivable from affiliates 5 
Distributions received from equity method investments2 1 
Other investments and equity method investments, net(172)(39)
Net Cash Used in Investing Activities(948)(639)
Cash Flow from Financing Activities:
Non-current debt issuances149  
Repayments of non-current debt(89)(2)
Repayments of other short-term debt, net(161)(301)
Repayments of financing leases(6)(1)
Repurchase of common stock (2)
Issuance of common stock(1)(1)
Distributions to noncontrolling interests(1)(3)
Contributions from noncontrolling interests13 10 
Dividends paid(170)(136)
Net Cash Used in Financing Activities(266)(436)
Net Decrease in Cash, Cash Equivalents and Restricted Cash(826)(650)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period1,477 1,467 
Cash, Cash Equivalents and Restricted Cash, End of Period$651 $817 
Supplemental Cash Flow Information
Cash paid for interest, net of amounts capitalized$55 $51 
Cash paid for income taxes$5 $4 
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, 2020309,077,300 $3 $13,665 $(14)$1,666 $(111)$15,209 $617 $15,826 
Net income (loss)— — — — 334 — 334 (13)321 
Other comprehensive loss, net of tax of $(6)
— — — — — (26)(26)— (26)
Comprehensive income295 
Dividends declared, $0.44/share
— — — — (136)— (136)— (136)
Release of common stock held in trust292,594 — — — — — — — — 
Issuance of common stock53,311 — (1)— — — (1)— (1)
Repurchase of common stock(53,311)— — (2)— — (2)— (2)
Stock-based compensation— — 3 — — — 3 — 3 
Distributions to noncontrolling interests— — — — — — — (3)(3)
Contributions from noncontrolling interests— — — — — — — 10 10 
As of March 31, 2021309,369,894 $3 $13,667 $(16)$1,864 $(137)$15,381 $611 $15,992 
As of December 31, 2021386,568,104 $3 $17,679 $(47)$1,714 $(273)$19,076 $885 $19,961 
Net income (loss)— — — — 445 — 445 (18)427 
Other comprehensive loss, net of tax of $(3)
— — — — — (4)(4)— (4)
Comprehensive income423 
Dividends declared, $0.44/share
— — — — (340)— (340)— (340)
Issuance of common stock56,127 — (1)— — — (1)— (1)
Stock-based compensation— — 5 — — — 5 — 5 
Distributions to noncontrolling interests— — — — — — — (1)(1)
Contributions from noncontrolling interests— — — — — — — 13 13 
As of March 31, 2022386,624,231 $3 $17,683 $(47)$1,819 $(277)$19,181 $879 $20,060 
(*) Par value of share amounts is $0.01
The accompanying notes are an integral part of our condensed consolidated financial statements.
9


Avangrid, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
Note 1. Background and Nature of Operations
Avangrid, Inc. (AVANGRID, we or the Company) is an energy services holding company engaged in the regulated energy transmission and distribution business through its principal subsidiary, Avangrid Networks, Inc. (Networks), and in the renewable energy generation business through its principal subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables). Iberdrola, S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain, owns 81.6% of the outstanding common stock of AVANGRID. The remaining outstanding shares are owned by various shareholders with approximately 18.4% of AVANGRID's outstanding shares publicly-traded on the New York Stock Exchange (NYSE).
Proposed Merger with PNMR
On October 20, 2020, AVANGRID, PNM Resources, Inc., a New Mexico corporation (PNMR) and NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID (Merger Sub), entered into an Agreement and Plan of Merger (Merger Agreement), pursuant to which Merger Sub is expected to merge with and into PNMR, with PNMR surviving the Merger as a direct wholly-owned subsidiary of AVANGRID (Merger). Pursuant to the Merger Agreement, each issued and outstanding share of the common stock of PNMR (PNMR common stock) (other than (i) the issued shares of PNMR common stock that are owned by AVANGRID, Merger Sub, PNMR or any wholly-owned subsidiary of AVANGRID or PNMR, which will be automatically cancelled at the time the Merger is consummated and (ii) shares of PNMR common stock held by a holder who has not voted in favor of, or consented in writing to, the Merger who is entitled to, and who has demanded, payment for fair value of such shares) will be converted, at the time the Merger is consummated, into the right to receive $50.30 in cash (Merger Consideration).
Consummation of the Merger (Closing) is subject to the satisfaction or waiver of certain customary closing conditions, including, without limitation, the approval of the Merger Agreement by the holders of at least a majority of the outstanding shares of PNMR common stock entitled to vote thereon, the absence of any material adverse effect on PNMR, the receipt of certain required regulatory approvals (including approvals from the Public Utility Commission of Texas (PUCT), the New Mexico Public Regulation Commission (NMPRC), the Federal Energy Regulatory Commission (FERC), the Federal Communications Commission (FCC), the Committee on Foreign Investment in the United States (CFIUS), the Nuclear Regulatory Commission (NRC) and approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), the Four Corners Divestiture Agreements (as defined below) being in full force and effect and all applicable regulatory filings associated therewith being made, as well as holders of no more than 15% of the outstanding shares of PNMR common stock validly exercising their dissenters’ rights. On February 12, 2021, the shareholders of PNMR approved the proposed Merger. As of November 1, the Merger had obtained all regulatory approvals other than from the NMPRC. On November 1, 2021, after public hearing and briefing on the matter, the hearing examiner in the Merger proceeding at the NMPRC issued an unfavorable recommendation related to the amended stipulated agreement entered into by PNMR, AVANGRID and several interveners in the NMPRC proceeding with respect to consideration of the joint Merger application in June 2021. On December 8, 2021, the NMPRC issued an order rejecting the amended stipulated agreement. On January 3, 2022, AVANGRID and PNMR filed a notice of appeal of the December 8, 2021 decision of the NMPRC with the New Mexico Supreme Court. The Statement of Issues was filed on February 2, 2022 and the Brief in Chief was filed on April 7, 2022. The Answer Brief is currently due on June 13, 2022, and the Reply Brief is currently due on July 5, 2022 (pending any extensions granted to the parties). In addition, on January 3, 2022, AVANGRID, PNMR and Merger Sub entered into an Amendment to the Merger Agreement (the Amendment), pursuant to which AVANGRID, PNMR and Merger Sub each agreed to extend the “End Date” for consummation of the Merger until April 20, 2023. The parties acknowledge in the Amendment that the required regulatory approval from the NMPRC has not been obtained and that the parties have reasonably determined that such outstanding approval will not be obtained by April 20, 2022. In light of this outstanding approval, the parties determined to approve the Amendment. As amended, the Merger agreement may be terminated by each of AVANGRID and PNMR under certain circumstances, including if the Merger is not consummated by April 20, 2023 (subject to a three-month extension by AVANGRID and PNMR by mutual consent if all of the conditions to the closing, other than the conditions related to obtaining regulatory approvals, have been satisfied or waived). During the pendency of this appeal certain required regulatory approvals and consents may expire and AVANGRID and PNMR will reapply and/or apply for extensions of such approvals, as the case may be. We cannot predict the outcome of this proceeding for the outstanding approvals.
The Merger Agreement contains representations, warranties and covenants of PNMR, AVANGRID and Merger Sub, which are customary for transactions of this type. In addition, among other things, the Merger Agreement contains a covenant requiring PNMR to, prior to the closing, enter into agreements (Four Corners Divestiture Agreements) providing for, and to make filings
10


required to, exit from all ownership interests in the Four Corners Power Plant, all with the objective of having the closing date for such exit be no later than December 31, 2024.
The Merger Agreement (as amended) provides for certain customary termination rights including the right of either party to terminate the Merger Agreement if the Merger is not completed on or before April 20, 2023 (subject to a three-month extension by AVANGRID and PNMR by mutual consent if all of the conditions to the closing, other than the conditions related to obtaining regulatory approvals, have been satisfied or waived). The Merger Agreement further provides that, upon termination of the Merger Agreement under certain specified circumstances (including if AVANGRID terminates the Merger Agreement due to a change in recommendation of the board of directors of PNMR or if PNMR terminates the Merger Agreement to accept a superior proposal (as defined in the Merger Agreement)), PNMR will be required to pay AVANGRID a termination fee of $130 million. In addition, the Merger Agreement provides that (i) if the Merger Agreement is terminated by either party due to a failure of a regulatory closing condition and such failure is the result of AVANGRID’s breach of its regulatory covenants, or (ii) AVANGRID fails to effect the Closing when all closing conditions have been satisfied and it is otherwise obligated to do so under the Merger Agreement, then, in either such case, upon termination of the Merger Agreement, AVANGRID will be required to pay PNMR a termination fee of $184 million as the sole and exclusive remedy. Upon the termination of the Merger Agreement under certain specified circumstances involving a breach of the Merger Agreement, either PNMR or AVANGRID will be required to reimburse the other party’s reasonable and documented out-of-pocket fees and expenses up to $10 million (which amount will be credited toward, and offset against, the payment of any applicable termination fee).
In connection with the Merger, Iberdrola has provided AVANGRID a commitment letter (Iberdrola Funding Commitment Letter), pursuant to which Iberdrola has unilaterally agreed to provide to AVANGRID, or arrange the provision to AVANGRID of, funds to the extent necessary for AVANGRID to consummate the Merger, including the payment of the aggregate Merger Consideration.
On April 15, 2021, AVANGRID entered into a side letter agreement with Iberdrola, which sets forth certain terms and conditions relating to the Iberdrola Funding Commitment Letter (the Side Letter Agreement). The Side Letter Agreement provides that any drawing in the form of indebtedness made by the Corporation pursuant to the Funding Commitment Letter shall bear interest at an interest rate equal to 3-month LIBOR plus 0.75% per annum calculated on the basis of a 360-day year for the actual number of days elapsed and, commencing on the date of the Funding Commitment Letter, we shall pay Iberdrola a facility fee equal to 0.12% per annum on the undrawn portion of the funding commitment set forth in the Funding Commitment Letter.
On May 18, 2021, we issued 77,821,012 shares of common stock in two private placements. Iberdrola purchased 63,424,125 shares and Hyde Member LLC, a Delaware limited liability company and a wholly owned subsidiary of Qatar Investment Authority, purchased 14,396,887 shares of our common stock, par value $0.01 per share, at the purchase price of $51.40 per share, which was the closing price of the shares of our common stock on the NYSE as of May 11, 2021. Proceeds of the private placements were $4,000 million. $3,000 million of the proceeds were used to repay the Iberdrola Loan. After the effect of the private placements, Iberdrola retained its 81.6% ownership interest in AVANGRID.
Note 2. Basis of Presentation
The accompanying condensed consolidated financial statements should be read in conjunction with the Form 10-K for the fiscal year ended December 31, 2021.
The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of AVANGRID and its consolidated subsidiaries, Networks and ARHI. All intercompany transactions and accounts have been eliminated in consolidation. The year-end balance sheet data was derived from audited financial statements. The unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the interim condensed consolidated financial statements do not include all the information and note disclosures required by U.S. GAAP for complete financial statements.
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly our condensed consolidated financial statements for the interim periods described herein. All such adjustments are of a normal and recurring nature, except as otherwise disclosed. The results for the three months ended March 31, 2022, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2022.
Note 3. Significant Accounting Policies and New Accounting Pronouncements
The new accounting pronouncements we have adopted as of January 1, 2022, and reflected in our condensed consolidated financial statements are described below. There have been no other material changes to the significant accounting policies
11


described in our Form 10-K for the fiscal year ended December 31, 2021, except for those described below resulting from the adoption of new authoritative accounting guidance issued by the Financial Accounting Standards Board (FASB).
Adoption of New Accounting Pronouncements
(a) Facilitation of the effects of reference rate reform on financial reporting, and subsequent scope clarification
In March 2020, the FASB issued amendments and created ASC 848 to provide temporary optional guidance to entities to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments respond to concerns about structural risks of interbank offered rates, and particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR). The guidance is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform, around the end of 2021. The guidance applies to contracts that have modified terms that affect, or have the potential to affect, the amount or timing of contractual cash flows resulting from the discontinuance of the reference rate reform. The amendments are effective for all entities as of March 12, 2020, through December 31, 2022, although the FASB has indicated it will monitor developments in the marketplace and consider whether developments warrant an extension.
In January 2021, the FASB issued amendments to clarify the scope of ASC 848 and respond to questions from stakeholders about whether ASC 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is modified because of reference rate reform. The modification, commonly referred to as the “discounting transition,” may have accounting implications, raising concerns about the need to reassess previous accounting determinations related to those derivatives and about the possible hedge accounting consequences of the discounting transition. The amendments clarify that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition, capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments are effective immediately, and may be elected retrospectively to eligible modifications as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date within the interim period that includes January 7, 2021.
We expect our adoption of reference rate reform and the subsequent scope clarification will not materially affect our consolidated results of operations, financial position and cash flows.
(b) Disclosures by business entities about government assistance
In November 2021, the FASB issued amendments that apply to business entities (all entities except specified not-for-profit entities and employee benefit plans) that account for a transaction with a government by applying a grant or contribution accounting model by analogy to other accounting guidance (such as a grant model within International Accounting Standards 20 Accounting for Government Grants and Disclosure of Government Assistance, or ASC Subtopic 958-605, Not-For-Profit Entities—Revenue Recognition). Government assistance can include tax credits (excluding transactions within the scope of Topic 740, Income Taxes), cash grants, grants of other assets, and project grants. Often, government assistance is provided to an entity for a particular purpose, and the entity promises to take specific actions. Transactions with a government, as used in ASC 832, Government Assistance, include assistance administered by domestic, foreign, local (city, town, county, municipal), regional (state, provincial, territorial), and national (federal) governments and entities related to those governments. The amendments require annual disclosures in notes to financial statements about transactions with a government as follows: (1) information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) the line items on the balance sheet and income statement affected by the transactions, and the amounts applicable to each financial statement line item, and (3) significant terms and conditions of the transactions, including commitments and contingencies. For entities within scope the amendments are effective for annual periods beginning after December 15, 2021, with early application permitted. The amendments are to be applied either (1) prospectively to transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or (2) retrospectively to those transactions. Our adoption of the amendments on January 1, 2022 did not materially affect our disclosures.
(c) Fair Value Hedging – Portfolio Layer Method
In March 2022, the FASB issued amendments to ASC 815 to provide additional guidance on hedge accounting. The update expands the current last-layer method that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. It also specifies that eligible hedging instruments in a single-layer hedge may include spot-starting or forward-starting constant notional or amortizing
12


notional swaps. It also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method.
The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance date. We have elected to early apply the amendments effective April 1, 2022. Our adoption does not materially affect our consolidated results of operations, financial position and cash flows.
Accounting Pronouncements Issued but Not Yet Adopted
The following are new accounting pronouncements not yet adopted, including those issued since December 31, 2021, that we have evaluated or are evaluating to determine their effect on our condensed consolidated financial statements.
(a) Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued amendments to ASC 326 to provide guidance for troubled debt restructurings (TDRs) and vintage disclosures. For TDRs, the update requires entities to measure and record lifetime expected credit losses on an asset that is within scope of Topic 326. The prior guidance in Topic 310 of designating a loan as a TDR was considered unnecessarily complex. For vintage disclosures, the amendments require an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20.
The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively, except as provided in the next sentence. For the transition method related to the recognition of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption is permitted.
We expect our adoption will not materially affect our consolidated results of operations, financial position and cash flows.
Note 4. Revenue
We recognize revenue when we have satisfied our obligations under the terms of a contract with a customer, which generally occurs when the control of promised goods or services transfers to the customer. We measure revenue as the amount of consideration we expect to receive in exchange for providing those goods or services. Contracts with customers may include multiple performance obligations. For such contracts, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers. Certain revenues are not within the scope of ASC 606, such as revenues from leasing, derivatives, other revenues that are not from contracts with customers and other contractual rights or obligations, and we account for such revenues in accordance with the applicable accounting standards. We exclude from revenue amounts collected on behalf of third parties, including any such taxes collected from customers and remitted to governmental authorities. We do not have any significant payment terms that are material because we receive payment at or shortly after the point of sale.
The following describes the principal activities, by reportable segment, from which we generate revenue. For more detailed information about our reportable segments, refer to Note 13.
Networks Segment
Networks derives its revenue primarily from tariff-based sales