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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NYSE:UIL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.10 | 0 | 01:00:00 |
Connecticut
|
1-15052
|
06-1541045
|
(State or other jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
157 Church Street, New Haven, Connecticut
|
06506
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Registrant's Telephone Number,
|
||
Including Area Code
|
(203) 499-2000
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits – The following exhibits are furnished as part of this report:
|
99.1
|
Financial Statements of The United Illuminating Company as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
99.2
|
Financial Statements of Connecticut Natural Gas Corporation as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
99.3
|
Financial Statements of The Southern Connecticut Gas Company as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
99.4
|
Financial Statements of The Berkshire Gas Company as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
UIL HOLDINGS CORPORATION
|
||||
Registrant
|
||||
Date: 11/16/15
|
By
|
/s/ |
Richard J. Nicholas
|
|
Richard J. Nicholas
|
||||
Executive Vice President
and Chief Financial Officer
|
Exhibit
|
Description
|
Financial Statements of The United Illuminating Company as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
|
Financial Statements of Connecticut Natural Gas Corporation as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
|
Financial Statements of The Southern Connecticut Gas Company as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
|
Financial Statements of The Berkshire Gas Company as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 (Unaudited).
|
Page
Number
|
|
Financial Statements:
|
|
Statement of Income for the three and nine months ended September 30, 2015 and 2014
|
3
|
Balance Sheet as of September 30, 2015 and December 31, 2014
|
4
|
Statement of Cash Flows for the nine months ended September 30, 2015 and 2014
|
6
|
Statement of Changes in Shareholder’s Equity
|
7
|
Notes to the Financial Statements
|
8
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating Revenues
|
$
|
236,355
|
$
|
197,215
|
$
|
676,759
|
$
|
581,099
|
||||||||
Operating Expenses
|
||||||||||||||||
Operation
|
||||||||||||||||
Purchased power
|
47,041
|
37,962
|
180,858
|
123,771
|
||||||||||||
Operation and maintenance
|
70,233
|
54,275
|
195,162
|
171,331
|
||||||||||||
Transmission wholesale
|
30,272
|
25,802
|
67,969
|
65,777
|
||||||||||||
Depreciation and amortization
|
18,030
|
16,151
|
53,714
|
48,537
|
||||||||||||
Taxes - other than income taxes
|
26,401
|
24,685
|
71,179
|
65,429
|
||||||||||||
Total Operating Expenses
|
191,977
|
158,875
|
568,882
|
474,845
|
||||||||||||
Operating Income
|
44,378
|
38,340
|
107,877
|
106,254
|
||||||||||||
Other Income and (Deductions), net (Note H), (Note A)
|
2,057
|
3,758
|
8,516
|
12,296
|
||||||||||||
Interest Charges, net
|
||||||||||||||||
Interest on long-term debt
|
10,848
|
10,562
|
31,969
|
31,678
|
||||||||||||
Other interest, net
|
674
|
35
|
1,771
|
(299
|
)
|
|||||||||||
11,522
|
10,597
|
33,740
|
31,379
|
|||||||||||||
Amortization of debt expense and redemption premiums
|
352
|
368
|
1,091
|
1,114
|
||||||||||||
Total Interest Charges, net
|
11,874
|
10,965
|
34,831
|
32,493
|
||||||||||||
Income from Equity Investments
|
3,408
|
3,492
|
10,284
|
10,398
|
||||||||||||
Income Before Income Taxes
|
37,969
|
34,625
|
91,846
|
96,455
|
||||||||||||
Income Taxes (Note E)
|
11,406
|
11,221
|
29,208
|
30,277
|
||||||||||||
Net Income
|
$
|
26,563
|
$
|
23,404
|
$
|
62,638
|
$
|
66,178
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Assets
|
||||||||
Unrestricted cash and temporary cash investments
|
$
|
46,645
|
$
|
96,363
|
||||
Restricted cash
|
1,246
|
1,051
|
||||||
Utility accounts receivable less allowance of $3,400 and $2,800, respectively
|
122,378
|
103,812
|
||||||
Unbilled revenues
|
42,833
|
46,588
|
||||||
Current regulatory assets (Note A)
|
44,456
|
52,419
|
||||||
Materials and supplies, at average cost
|
6,646
|
5,263
|
||||||
Refundable taxes
|
1,747
|
3,345
|
||||||
Prepayments
|
11,953
|
3,751
|
||||||
Current portion of derivative assets (Note A), (Note K)
|
10,382
|
6,849
|
||||||
Intercompany receivable
|
12,000
|
15,000
|
||||||
Other current assets
|
87
|
70
|
||||||
Total Current Assets
|
300,373
|
334,511
|
||||||
Other Investments
|
||||||||
Equity investment in GenConn (Note A)
|
110,346
|
114,195
|
||||||
Other
|
8,411
|
8,650
|
||||||
Total Other Investments
|
118,757
|
122,845
|
||||||
Net Property, Plant and Equipment (Note A)
|
2,043,199
|
1,943,054
|
||||||
Regulatory Assets (Note A)
|
438,078
|
430,263
|
||||||
Deferred Charges and Other Assets
|
||||||||
Unamortized debt issuance expenses
|
5,600
|
5,844
|
||||||
Other long-term receivable
|
1,486
|
1,490
|
||||||
Derivative assets (Note A), (Note K)
|
21,134
|
20,421
|
||||||
Other
|
1,386
|
18,792
|
||||||
Total Deferred Charges and Other Assets
|
29,606
|
46,547
|
||||||
Total Assets
|
$
|
2,930,013
|
$
|
2,877,220
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
89,258
|
$
|
117,886
|
||||
Accrued liabilities
|
23,238
|
26,768
|
||||||
Current regulatory liabilities (Note A)
|
3,730
|
5,039
|
||||||
Deferred income taxes (Note E)
|
25,394
|
24,903
|
||||||
Interest accrued
|
9,943
|
11,485
|
||||||
Taxes accrued
|
23,959
|
13,799
|
||||||
Current portion of derivative liabilities (Note A), (Note K)
|
28,206
|
23,308
|
||||||
Total Current Liabilities
|
203,728
|
223,188
|
||||||
Deferred Income Taxes (Note E)
|
537,821
|
534,205
|
||||||
Regulatory Liabilities
|
151,762
|
131,325
|
||||||
Other Noncurrent Liabilities
|
||||||||
Pension accrued
|
159,614
|
152,456
|
||||||
Other post-retirement benefits accrued
|
58,145
|
55,644
|
||||||
Derivative liabilities (Note A), (Note K)
|
74,752
|
61,766
|
||||||
Other
|
6,413
|
6,296
|
||||||
Total Other Noncurrent Liabilities
|
298,924
|
276,162
|
||||||
Commitments and Contingencies (Note J)
|
||||||||
Capitalization (Note B)
|
||||||||
Long-term debt, net of unamortized discount and premium
|
867,960
|
845,460
|
||||||
Common Stock Equity
|
||||||||
Common stock
|
1
|
1
|
||||||
Paid-in capital
|
704,730
|
704,730
|
||||||
Retained earnings
|
165,087
|
162,149
|
||||||
Net Common Stock Equity
|
869,818
|
866,880
|
||||||
Total Capitalization
|
1,737,778
|
1,712,340
|
||||||
Total Liabilities and Capitalization
|
$
|
2,930,013
|
$
|
2,877,220
|
Nine Months Ended
September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash Flows From Operating Activities
|
||||||||
Net income
|
$
|
62,638
|
$
|
66,178
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
54,805
|
49,651
|
||||||
Deferred income taxes
|
3,223
|
15,318
|
||||||
Pension expense
|
17,235
|
12,699
|
||||||
Allowance for funds used during construction (AFUDC) - equity
|
(4,494
|
)
|
(5,614
|
)
|
||||
Undistributed (earnings) losses in equity investments
|
(10,284
|
)
|
(10,400
|
)
|
||||
Other regulatory activity, net
|
15,515
|
24,269
|
||||||
Other non-cash items, net
|
844
|
(3,852
|
)
|
|||||
Changes in:
|
||||||||
Accounts receivable, net
|
(19,166
|
)
|
(8,564
|
)
|
||||
Unbilled revenues
|
3,755
|
5,748
|
||||||
Prepayments
|
(8,202
|
)
|
(9,022
|
)
|
||||
Accounts payable
|
(20,274
|
)
|
(1,132
|
)
|
||||
Cash distribution received from GenConn
|
10,147
|
10,404
|
||||||
Taxes accrued and refundable
|
12,000
|
28,471
|
||||||
Interest accrued
|
(1,542
|
)
|
(1,814
|
)
|
||||
Accrued liabilities
|
(4,116
|
)
|
11,244
|
|||||
Accrued pension
|
(7,179
|
)
|
(18,273
|
)
|
||||
Accrued post-employment benefits
|
(397
|
)
|
(478
|
)
|
||||
Other assets
|
(3,103
|
)
|
(689
|
)
|
||||
Other liabilities
|
714
|
1,668
|
||||||
Total Adjustments
|
39,481
|
99,634
|
||||||
Net Cash provided by Operating Activities
|
102,119
|
165,812
|
||||||
Cash Flows from Investing Activities
|
||||||||
Plant expenditures including AFUDC debt
|
(119,677
|
)
|
(91,600
|
)
|
||||
Cash distribution from GenConn
|
3,981
|
3,927
|
||||||
Deposits in New England West Solution (NEEWS) (Note C)
|
(1,451
|
)
|
(5,068
|
)
|
||||
Changes in restricted cash
|
(195
|
)
|
395
|
|||||
Intercompany receivable
|
3,000
|
4,000
|
||||||
Net Cash (used in) Investing Activities
|
(114,342
|
)
|
(88,346
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Issuance of long-term debt
|
50,000
|
-
|
||||||
Payment of long-term debt
|
(27,500
|
)
|
-
|
|||||
Payment of common stock dividend
|
(59,700
|
)
|
(64,200
|
)
|
||||
Equity infusion
|
-
|
45,000
|
||||||
Other
|
(295
|
)
|
-
|
|||||
Net Cash (used in) Financing Activities
|
(37,495
|
)
|
(19,200
|
)
|
||||
Unrestricted Cash and Temporary Cash Investments:
|
||||||||
Net change for the period
|
(49,718
|
)
|
58,266
|
|||||
Balance at beginning of period
|
96,363
|
16,874
|
||||||
Balance at end of period
|
$
|
46,645
|
$
|
75,140
|
||||
Non-cash investing activity:
|
||||||||
Plant expenditures included in ending accounts payable
|
$
|
13,753
|
$
|
10,099
|
||||
Plant expenditures funded by deposits in NEEWS
|
$
|
(20,012
|
)
|
$
|
-
|
|||
Deposits in New England East West Solution (NEEWS)
|
$
|
20,012
|
$
|
-
|
Common Stock
|
Paid-in
|
Retained
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Total
|
||||||||||||||||
Balance as of December 31, 2014
|
100
|
$
|
1
|
$
|
704,730
|
$
|
162,149
|
$
|
866,880
|
|||||||||||
Net income
|
62,638
|
62,638
|
||||||||||||||||||
Cash dividends
|
(59,700
|
)
|
(59,700
|
)
|
||||||||||||||||
Equity infusion from parent
|
-
|
|||||||||||||||||||
Balance as of September 30, 2015
|
100
|
$
|
1
|
$
|
704,730
|
$
|
165,087
|
$
|
869,818
|
September 30,
2015
|
December 31,
2014
|
|||||||
(In Thousands)
|
||||||||
Gross derivative assets:
|
||||||||
Current Assets
|
$
|
10,382
|
$
|
6,849
|
||||
Deferred Charges and Other Assets
|
$
|
21,134
|
$
|
20,421
|
||||
Gross derivative liabilities:
|
||||||||
Current Liabilities
|
$
|
28,206
|
$
|
23,308
|
||||
Noncurrent Liabilities
|
$
|
74,752
|
$
|
61,766
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(In Thousands)
|
(In Thousands)
|
|||||||||||||||
Regulatory Assets - Derivative liabilities
|
$
|
(3,206
|
)
|
$
|
393
|
$
|
7,751
|
$
|
(81,623
|
)
|
||||||
Regulatory Liabilities - Derivative assets
|
$
|
313
|
$
|
5,079
|
$
|
5,886
|
$
|
(6,616
|
)
|
Remaining
Period
|
September 30,
2015
|
December 31,
2014
|
|||||||
(In Thousands)
|
|||||||||
Regulatory Assets:
|
|||||||||
Unamortized redemption costs
|
7 to 19 years
|
$
|
9,897
|
$
|
10,499
|
||||
Pension and other post-retirement benefit plans
|
(a)
|
201,346
|
201,345
|
||||||
Income taxes due principally to book-tax differences
|
(b)
|
168,093
|
164,466
|
||||||
Contracts for differences
|
(c)
|
72,027
|
64,276
|
||||||
Deferred transmission expense
|
(d)
|
7,620
|
17,387
|
||||||
Other
|
(e)
|
23,551
|
24,709
|
||||||
Total regulatory assets
|
482,534
|
482,682
|
|||||||
Less current portion of regulatory assets
|
44,456
|
52,419
|
|||||||
Regulatory Assets, Net
|
$
|
438,078
|
$
|
430,263
|
|||||
Regulatory Liabilities:
|
|||||||||
Accumulated deferred investment tax credits
|
29 years
|
$
|
7,245
|
$
|
4,319
|
||||
Excess generation service charge
|
(f)
|
35,828
|
28,692
|
||||||
Middletown/Norwalk local transmission network service collections
|
35 years
|
20,398
|
20,828
|
||||||
Asset removal costs
|
(g)
|
79,625
|
68,789
|
||||||
Contracts for differences
|
(c)
|
586
|
6,472
|
||||||
Other
|
(e)
|
11,810
|
7,264
|
||||||
Total regulatory liabilities
|
155,492
|
136,364
|
|||||||
Less current portion of regulatory liabilities
|
3,730
|
5,039
|
|||||||
Regulatory Liabilities, Net
|
$
|
151,762
|
$
|
131,325
|
(a) | Life is dependent upon timing of final pension plan distribution; balance, which is fully offset by a corresponding asset/liability, is recalculated each year in accordance with ASC 715 "Compensation-Retirement Benefits." See Note (G) “Pension and Other Benefits” for additional information. |
(b) | Amortization period and/or balance vary depending on the nature and/or remaining life of the underlying assets/liabilities. |
(c) | Asset life is equal to delivery term of related contracts (which vary from approximately 5 - 12 years); balance fluctuates based upon quarterly market analysis performed on the related derivatives (Note K); amount, which does not earn a return, is fully offset by corresponding derivative asset/liability. See “-Contracts for Differences” discussion above for additional information. |
(d) | Regulatory asset or liability which defers transmission income or expense and fluctuates based upon actual revenues and revenue requirements. |
(e) | Amortization period and/or balance vary depending on the nature, cost of removal and/or remaining life of the underlying assets/liabilities; liability amount includes decoupling ($2.0 million) and certain other amounts that are not currently earning a return. |
(f) | Regulatory asset or liability which defers generation-related and nonbypassable federally mandated congestion costs or revenues for future recovery from or return to customers. Amount fluctuates based upon timing differences between revenues collected from rates and actual costs incurred. |
(g) | The liability will be extinguished simultaneous with the retirement of the assets and settlement of the corresponding asset retirement obligation. |
Three Months Ended September 30,
|
||||||||||||||||
Pension Benefits
|
Other Post-Retirement Benefits
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
1,955
|
$
|
1,467
|
$
|
290
|
$
|
251
|
||||||||
Interest cost
|
5,542
|
5,791
|
859
|
895
|
||||||||||||
Expected return on plan assets
|
(7,190
|
)
|
(6,968
|
)
|
(462
|
)
|
(454
|
)
|
||||||||
Amortization of prior service costs
|
(1
|
)
|
66
|
13
|
9
|
|||||||||||
Amortization of actuarial (gain) loss
|
4,472
|
3,146
|
266
|
32
|
||||||||||||
Net periodic benefit cost
|
$
|
4,778
|
$
|
3,502
|
$
|
966
|
$
|
733
|
Nine Months Ended September 30,
|
||||||||||||||||
Pension Benefits
|
Other Post-Retirement Benefits
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
5,865
|
$
|
4,401
|
$
|
870
|
$
|
753
|
||||||||
Interest cost
|
16,626
|
17,373
|
2,577
|
2,685
|
||||||||||||
Expected return on plan assets
|
(21,570
|
)
|
(20,904
|
)
|
(1,386
|
)
|
(1,362
|
)
|
||||||||
Prior service costs
|
(3
|
)
|
198
|
39
|
27
|
|||||||||||
Actuarial (gain) loss
|
13,416
|
9,438
|
798
|
96
|
||||||||||||
Net periodic benefit cost
|
$
|
14,334
|
$
|
10,506
|
$
|
2,898
|
$
|
2,199
|
Three and Nine Months Ended September 30,
|
||||||||||||||||
Pension Benefits
|
Other Post-Retirement Benefits
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Discount rate
|
4.20%-4.30
|
%
|
4.90%-5.20
|
%
|
4.30
|
%
|
5.20
|
%
|
||||||||
Average wage increase
|
3.80
|
%
|
3.80
|
%
|
N/A
|
|
N/A
|
|
||||||||
Return on plan assets
|
8.00
|
%
|
8.00
|
%
|
8.00
|
%
|
8.00
|
%
|
||||||||
Composite health care trend rate (current year)
|
N/A
|
|
N/A
|
|
7.00
|
%
|
7.50
|
%
|
||||||||
Composite health care trend rate (2019 forward)
|
N/A
|
|
N/A
|
|
5.00
|
%
|
5.00
|
%
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs (Level 3)
|
Total
|
|||||||||||||
September 30, 2015
|
(In Thousands)
|
|||||||||||||||
Assets:
|
||||||||||||||||
Derivative assets
|
$
|
-
|
$
|
-
|
31,516
|
$
|
31,516
|
|||||||||
Supplemental retirement benefit trust life insurance policies
|
-
|
8,254
|
-
|
8,254
|
||||||||||||
$
|
-
|
$
|
8,254
|
$
|
31,516
|
$
|
39,770
|
|||||||||
Liabilities:
|
||||||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
102,958
|
$
|
102,958
|
||||||||
Long-term debt
|
-
|
965,626
|
-
|
965,626
|
||||||||||||
$
|
-
|
$
|
965,626
|
$
|
102,958
|
$
|
1,068,584
|
|||||||||
Net fair value assets/(liabilities), September 30, 2015
|
$
|
-
|
$
|
(957,372
|
)
|
$
|
(71,442
|
)
|
$
|
(1,028,814
|
)
|
|||||
December 31, 2014
|
||||||||||||||||
Assets:
|
||||||||||||||||
Derivative assets
|
$
|
-
|
$
|
-
|
$
|
27,270
|
$
|
27,270
|
||||||||
Supplemental retirement benefit trust life insurance policies
|
-
|
8,498
|
-
|
8,498
|
||||||||||||
$
|
-
|
$
|
8,498
|
$
|
27,270
|
$
|
35,768
|
|||||||||
Liabilities:
|
||||||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
85,074
|
$
|
85,074
|
||||||||
Long-term debt
|
-
|
958,296
|
-
|
958,296
|
||||||||||||
$
|
-
|
$
|
958,296
|
$
|
85,074
|
$
|
1,043,370
|
|||||||||
Net fair value assets/(liabilities), December 31, 2014
|
$
|
-
|
$
|
(949,798
|
)
|
$
|
(57,804
|
)
|
$
|
(1,007,602
|
)
|
Unobservable Input
|
Range at
September 30, 2015
|
Range at
December 31, 2014
|
|||
Contracts for differences
|
Risk of non-performance
|
0.31% - 0.94%
|
0.00% - 0.66%
|
||
Discount rate
|
1.37% - 2.06%
|
1.65% - 2.25%
|
|||
Forward pricing ($ per MW)
|
$3.15 - $11.19
|
$3.15 - $14.59
|
Nine Months Ended
September 30, 2015
|
||||
(In Thousands)
|
||||
Net derivative assets/(liabilities), December 31, 2014
|
$
|
(57,804
|
)
|
|
Unrealized gains and (losses), net
|
(13,638
|
)
|
||
Net derivative assets/(liabilities), September 30, 2015
|
$
|
(71,442
|
)
|
|
Change in unrealized gains (losses), net relating to net derivative assets/(liabilities), still held as of September 30, 2015
|
$
|
(13,638
|
)
|
Nine Months Ended
September 30, 2015
|
||||
(In Thousands)
|
||||
Net regulatory assets/(liabilities), December 31, 2014
|
$
|
57,804
|
||
Unrealized (gains) and losses, net
|
13,638
|
|||
Net regulatory assets/(liabilities), September 30, 2015
|
$
|
71,442
|
Page
Number
|
|
Financial Statements:
|
|
Statement of Income for the three and nine months ended September 30, 2015 and 2014
|
3
|
Balance Sheet as of September 30, 2015 and December 31, 2014
|
4
|
Statement of Cash Flows for the nine months ended September 30, 2015 and 2014
|
6
|
Statement of Changes in Shareholder’s Equity
|
7
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating Revenues
|
$
|
41,287
|
$
|
41,958
|
$
|
242,552
|
$
|
272,849
|
||||||||
Operating Expenses
|
||||||||||||||||
Operation
|
||||||||||||||||
Natural gas purchased
|
11,635
|
14,087
|
114,372
|
149,434
|
||||||||||||
Operation and maintenance
|
22,207
|
19,793
|
61,359
|
54,494
|
||||||||||||
Depreciation and amortization
|
7,905
|
7,411
|
23,560
|
22,384
|
||||||||||||
Taxes - other than income taxes
|
3,836
|
4,057
|
16,513
|
17,053
|
||||||||||||
Total Operating Expenses
|
45,583
|
45,348
|
215,804
|
243,365
|
||||||||||||
Operating Income (Loss)
|
(4,296
|
)
|
(3,390
|
)
|
26,748
|
29,484
|
||||||||||
Other Income and (Deductions), net
|
186
|
134
|
824
|
386
|
||||||||||||
Interest Charges, net
|
||||||||||||||||
Interest on long-term debt
|
2,185
|
2,323
|
6,556
|
7,109
|
||||||||||||
Other interest, net
|
159
|
281
|
591
|
718
|
||||||||||||
2,344
|
2,604
|
7,147
|
7,827
|
|||||||||||||
Amortization of debt expense and redemption premiums
|
23
|
41
|
69
|
86
|
||||||||||||
Total Interest Charges, net
|
2,367
|
2,645
|
7,216
|
7,913
|
||||||||||||
Income (Loss) Before Income Taxes
|
(6,477
|
)
|
(5,901
|
)
|
20,356
|
21,957
|
||||||||||
Income Taxes
|
(2,234
|
)
|
(3,050
|
)
|
7,243
|
7,834
|
||||||||||
Net Income (Loss)
|
(4,243
|
)
|
(2,851
|
)
|
13,113
|
14,123
|
||||||||||
Less:
|
||||||||||||||||
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests
|
6
|
6
|
20
|
(21
|
)
|
|||||||||||
Net Income (Loss) attributable to Connecticut Natural Gas Corporation
|
$
|
(4,249
|
)
|
$
|
(2,857
|
)
|
$
|
13,093
|
$
|
14,144
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net Income (Loss)
|
$
|
(4,243
|
)
|
$
|
(2,851
|
)
|
$
|
13,113
|
$
|
14,123
|
||||||
Other Comprehensive Income (Loss), net of income taxes
|
||||||||||||||||
Changes in unrealized gains(losses) related to pension and other post-retirement benefit plans
|
-
|
-
|
128
|
-
|
||||||||||||
Total Other Comprehensive Income (Loss), net of income taxes
|
(4,243
|
)
|
(2,851
|
)
|
13,241
|
14,123
|
||||||||||
Comprehensive Income
|
||||||||||||||||
Less:
|
||||||||||||||||
Preferred Stock Dividends of Subsidiary, Noncontrolling Interests
|
6
|
6
|
20
|
(21
|
)
|
|||||||||||
Comprehensive Income (Loss)
|
$
|
(4,249
|
)
|
$
|
(2,857
|
)
|
$
|
13,221
|
$
|
14,144
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Assets
|
||||||||
Unrestricted cash and temporary cash investments
|
$
|
13,900
|
$
|
7,074
|
||||
Accounts receivable less allowance of $2,000 and $3,300, respectively
|
45,808
|
64,266
|
||||||
Unbilled revenues
|
3,925
|
21,402
|
||||||
Current regulatory assets
|
14,196
|
13,761
|
||||||
Deferred income taxes
|
3,673
|
2,267
|
||||||
Natural gas in storage, at average cost
|
27,868
|
39,627
|
||||||
Materials and supplies, at average cost
|
1,562
|
1,252
|
||||||
Refundable taxes
|
1,154
|
1,510
|
||||||
Prepayments
|
2,969
|
1,021
|
||||||
Intercompany Receivable
|
5,000
|
-
|
||||||
Other
|
175
|
175
|
||||||
Total Current Assets
|
120,230
|
152,355
|
||||||
Other investments
|
1,719
|
556
|
||||||
Net Property, Plant and Equipment
|
530,850
|
501,297
|
||||||
Regulatory Assets
|
110,865
|
115,930
|
||||||
Deferred Charges and Other Assets
|
||||||||
Unamortized debt issuance expenses
|
656
|
725
|
||||||
Goodwill
|
79,341
|
79,341
|
||||||
Other
|
234
|
-
|
||||||
Total Deferred Charges and Other Assets
|
80,231
|
80,066
|
||||||
Total Assets
|
$
|
843,895
|
$
|
850,204
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Liabilities
|
||||||||
Current portion of long-term debt
|
$
|
1,619
|
$
|
1,616
|
||||
Accounts payable
|
29,283
|
59,515
|
||||||
Accrued liabilities
|
13,274
|
11,621
|
||||||
Current regulatory liabilities
|
15,925
|
4,346
|
||||||
Interest accrued
|
2,958
|
2,098
|
||||||
Taxes accrued
|
7,692
|
3,615
|
||||||
Total Current Liabilities
|
70,751
|
82,811
|
||||||
Deferred Income Taxes
|
18,359
|
18,589
|
||||||
Regulatory Liabilities
|
179,838
|
171,596
|
||||||
Other Noncurrent Liabilities
|
||||||||
Pension accrued
|
58,381
|
61,024
|
||||||
Other post-retirement benefits accrued
|
12,690
|
13,390
|
||||||
Other
|
7,414
|
7,338
|
||||||
Total Other Noncurrent Liabilities
|
78,485
|
81,752
|
||||||
Commitments and Contingencies
|
||||||||
Capitalization
|
||||||||
Long-term debt, net of unamortized premium
|
140,558
|
141,773
|
||||||
Preferred Stock, not subject to mandatory redemption
|
340
|
340
|
||||||
Common Stock Equity
|
||||||||
Common stock
|
33,233
|
33,233
|
||||||
Paid-in capital
|
315,304
|
315,304
|
||||||
Retained earnings
|
6,926
|
4,833
|
||||||
Accumulated other comprehensive income
|
101
|
(27
|
)
|
|||||
Net Common Stock Equity
|
355,564
|
353,343
|
||||||
Total Capitalization
|
496,462
|
495,456
|
||||||
Total Liabilities and Capitalization
|
$
|
843,895
|
$
|
850,204
|
Nine Months Ended
September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash Flows From Operating Activities
|
||||||||
Net Income
|
$
|
13,113
|
$
|
14,123
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
23,629
|
22,470
|
||||||
Deferred income taxes
|
287
|
379
|
||||||
Pension expense
|
5,526
|
4,950
|
||||||
Regulatory activity, net
|
10,761
|
26,433
|
||||||
Other non-cash items, net
|
(2,717
|
)
|
157
|
|||||
Changes in:
|
||||||||
Accounts receivable, net
|
19,758
|
21,235
|
||||||
Unbilled revenues
|
17,477
|
15,071
|
||||||
Natural gas in storage
|
11,759
|
(1,116
|
)
|
|||||
Prepayments
|
(1,948
|
)
|
(369
|
)
|
||||
Accounts payable
|
(32,161
|
)
|
(26,210
|
)
|
||||
Taxes accrued/refundable, net
|
4,433
|
(1,589
|
)
|
|||||
Accrued pension
|
(7,674
|
)
|
(7,167
|
)
|
||||
Accrued other post-employment benefits
|
(1,195
|
)
|
(1,223
|
)
|
||||
Accrued liabilities
|
1,653
|
6,844
|
||||||
Other assets
|
(544
|
)
|
1,124
|
|||||
Other liabilities
|
1,002
|
1,213
|
||||||
Total Adjustments
|
50,046
|
62,202
|
||||||
Net Cash provided by Operating Activities
|
63,159
|
76,325
|
||||||
Cash Flows from Investing Activities
|
||||||||
Plant expenditures including AFUDC debt
|
(40,313
|
)
|
(35,069
|
)
|
||||
Intercompany receivable
|
(5,000
|
)
|
4,000
|
|||||
Other
|
-
|
690
|
||||||
Net Cash used in Investing Activities
|
(45,313
|
)
|
(30,379
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Distribution of capital
|
-
|
(42,100
|
)
|
|||||
Payment of common stock dividend
|
(11,000
|
)
|
(774
|
)
|
||||
Payments on long-term debt
|
-
|
(10,000
|
)
|
|||||
Other
|
(20
|
)
|
21
|
|||||
Net Cash used in Financing Activities
|
(11,020
|
)
|
(52,853
|
)
|
||||
Unrestricted Cash and Temporary Cash Investments:
|
||||||||
Net change for the period
|
6,826
|
(6,907
|
)
|
|||||
Balance at beginning of period
|
7,074
|
8,620
|
||||||
Balance at end of period
|
$
|
13,900
|
$
|
1,713
|
||||
Non-cash investing activity:
|
||||||||
Plant expenditures included in ending accounts payable
|
$
|
6,509
|
$
|
3,307
|
Common Stock
|
Paid-in
|
Retained
Earnings
(Accumulated
|
Accumulated
Other
Comprehensive
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit)
|
Income
|
Total
|
|||||||||||||||||||
Balance as of December 31, 2014
|
10,634,436
|
$
|
33,233
|
$
|
315,304
|
$
|
4,833
|
$
|
(27
|
)
|
$
|
353,343
|
||||||||||||
Net income
|
13,113
|
13,113
|
||||||||||||||||||||||
Other comprehensive income, net of income taxes
|
128
|
128
|
||||||||||||||||||||||
Payment of commom stock dividend
|
(11,000
|
)
|
(11,000
|
)
|
||||||||||||||||||||
Payment of preferred stock dividend
|
(20
|
)
|
(20
|
)
|
||||||||||||||||||||
Balance as of September 30, 2015
|
10,634,436
|
$
|
33,233
|
$
|
315,304
|
$
|
6,926
|
$
|
101
|
$
|
355,564
|
Page
Number
|
|
Consolidated Financial Statements:
|
|
Consolidated Statement of Income for the three and nine months ended September 30, 2015 and 2014
|
3
|
Consolidated Balance Sheet as of September 30, 2015 and December 31, 2014
|
4
|
Consolidated Statement of Cash Flows for the nine months ended September 30, 2015 and 2014
|
6
|
Consolidated Statement of Changes in Shareholder’s Equity
|
7
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating Revenues
|
$
|
46,124
|
$
|
45,420
|
$
|
248,319
|
$
|
279,204
|
||||||||
Operating Expenses
|
||||||||||||||||
Operation
|
||||||||||||||||
Natural gas purchased
|
14,075
|
14,166
|
104,180
|
141,081
|
||||||||||||
Operation and maintenance
|
19,894
|
19,884
|
58,390
|
58,744
|
||||||||||||
Depreciation and amortization
|
7,597
|
7,372
|
27,821
|
27,431
|
||||||||||||
Taxes - other than income taxes
|
4,109
|
4,399
|
17,576
|
17,884
|
||||||||||||
Total Operating Expenses
|
45,675
|
45,821
|
207,967
|
245,140
|
||||||||||||
Operating Income
|
449
|
(401
|
)
|
40,352
|
34,064
|
|||||||||||
Other Income and (Deductions), net
|
1,040
|
284
|
996
|
(1,410
|
)
|
|||||||||||
Interest Charges, net
|
||||||||||||||||
Interest on long-term debt
|
3,344
|
3,344
|
10,031
|
10,031
|
||||||||||||
Other interest, net
|
60
|
151
|
309
|
444
|
||||||||||||
3,404
|
3,495
|
10,340
|
10,475
|
|||||||||||||
Amortization of debt expense and redemption premiums
|
77
|
76
|
231
|
229
|
||||||||||||
Total Interest Charges, net
|
3,481
|
3,571
|
10,571
|
10,704
|
||||||||||||
Income (Loss) Before Income Taxes
|
(1,992
|
)
|
(3,688
|
)
|
30,777
|
21,950
|
||||||||||
Income Taxes
|
(1,142
|
)
|
(2,118
|
)
|
11,230
|
8,726
|
||||||||||
-
|
||||||||||||||||
Net Income (Loss)
|
$
|
(850
|
)
|
$
|
(1,570
|
)
|
$
|
19,547
|
$
|
13,224
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net Income (Loss)
|
$
|
(850
|
)
|
$
|
(1,570
|
)
|
$
|
19,547
|
$
|
13,224
|
||||||
Other Comprehensive Income (Loss), net of income taxes
|
||||||||||||||||
Changes in unrealized gains(losses) related to pension and other post-retirement benefit plans
|
(368
|
)
|
(104
|
)
|
(280
|
)
|
127
|
|||||||||
Comprehensive Income
|
$
|
(1,218
|
)
|
$
|
(1,674
|
)
|
$
|
19,267
|
$
|
13,351
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Assets
|
||||||||
Unrestricted cash and temporary cash investments
|
$
|
4,960
|
$
|
428
|
||||
Accounts receivable less allowance of $1,300 and $1,400, respectively
|
47,203
|
61,093
|
||||||
Unbilled revenues
|
7,356
|
22,310
|
||||||
Current regulatory assets
|
21,979
|
21,642
|
||||||
Natural gas in storage, at average cost
|
32,004
|
42,866
|
||||||
Materials and supplies, at average cost
|
2,595
|
2,060
|
||||||
Refundable taxes
|
12,653
|
5,172
|
||||||
Prepayments
|
2,730
|
782
|
||||||
Other
|
6
|
278
|
||||||
Total Current Assets
|
131,486
|
156,631
|
||||||
Other investments
|
10,517
|
10,832
|
||||||
Net Property, Plant and Equipment
|
621,905
|
592,484
|
||||||
Regulatory Assets
|
91,841
|
101,178
|
||||||
Deferred Charges and Other Assets
|
||||||||
Unamortized debt issuance expenses
|
3,508
|
3,739
|
||||||
Goodwill
|
134,931
|
134,931
|
||||||
Total Deferred Charges and Other Assets
|
138,439
|
138,670
|
||||||
Total Assets
|
$
|
994,188
|
$
|
999,795
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Liabilities
|
||||||||
Current portion of long-term debt
|
$
|
2,517
|
$
|
2,517
|
||||
Accounts payable
|
28,272
|
46,352
|
||||||
Accrued liabilities
|
15,921
|
14,927
|
||||||
Current regulatory liabilities
|
3,138
|
5,360
|
||||||
Deferred income taxes
|
10,942
|
8,458
|
||||||
Interest accrued
|
1,528
|
2,437
|
||||||
Taxes accrued
|
2,175
|
4,333
|
||||||
Intercompany payable
|
17,000
|
15,000
|
||||||
Total Current Liabilities
|
81,493
|
99,384
|
||||||
Deferred Income Taxes
|
28,942
|
17,398
|
||||||
Regulatory Liabilities
|
162,041
|
157,720
|
||||||
Other Noncurrent Liabilities
|
||||||||
Pension accrued
|
37,218
|
42,496
|
||||||
Other post-retirement benefits accrued
|
15,849
|
16,743
|
||||||
Other
|
14,241
|
14,029
|
||||||
Total Other Noncurrent Liabilities
|
67,308
|
73,268
|
||||||
Commitments and Contingencies
|
||||||||
Capitalization
|
||||||||
Long-term debt, net of unamortized premium
|
228,793
|
230,681
|
||||||
Noncontrolling interest (Note A)
|
20,369
|
20,369
|
||||||
Common Stock Equity
|
||||||||
Common stock
|
18,761
|
18,761
|
||||||
Paid-in capital
|
369,737
|
369,737
|
||||||
Retained earnings
|
17,265
|
12,718
|
||||||
Accumulated other comprehensive income
|
(521
|
)
|
(241
|
)
|
||||
Net Common Stock Equity
|
405,242
|
400,975
|
||||||
Total Capitalization
|
634,035
|
652,025
|
||||||
Total Liabilities and Capitalization
|
$
|
994,188
|
$
|
999,795
|
Nine Months Ended
September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash Flows From Operating Activities
|
||||||||
Net income
|
$
|
19,547
|
$
|
13,224
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
28,051
|
27,659
|
||||||
Deferred income taxes
|
13,667
|
3,423
|
||||||
Pension expense
|
4,032
|
5,031
|
||||||
Regulatory activity, net
|
(2,990
|
)
|
19,353
|
|||||
Other non-cash items, net
|
(555
|
)
|
(451
|
)
|
||||
Changes in:
|
||||||||
Accounts receivable, net
|
13,990
|
21,576
|
||||||
Unbilled revenues
|
14,954
|
15,559
|
||||||
Natural gas in storage
|
10,862
|
(987
|
)
|
|||||
Prepayments
|
(1,910
|
)
|
(425
|
)
|
||||
Accounts payable
|
(18,005
|
)
|
(21,861
|
)
|
||||
Interest accrued
|
(909
|
)
|
(260
|
)
|
||||
Taxes accrued/refundable, net
|
(9,419
|
)
|
(3,104
|
)
|
||||
Accrued liabilities
|
994
|
2,442
|
||||||
Accrued pension
|
(8,419
|
)
|
(6,632
|
)
|
||||
Accrued other post-employment benefits
|
(1,785
|
)
|
(1,818
|
)
|
||||
Other assets
|
307
|
1,573
|
||||||
Other liabilities
|
(305
|
)
|
1,874
|
|||||
Total Adjustments
|
42,560
|
62,952
|
||||||
Net Cash provided by Operating Activities
|
62,107
|
76,176
|
||||||
Cash Flows from Investing Activities
|
||||||||
Plant expenditures including AFUDC debt
|
(44,575
|
)
|
(36,517
|
)
|
||||
Net Cash used in Investing Activities
|
(44,575
|
)
|
(36,517
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Payment of common stock dividend
|
(15,000
|
)
|
(11,200
|
)
|
||||
Distribution of Capital
|
-
|
(8,500
|
)
|
|||||
Intercompany payable
|
2,000
|
(16,000
|
)
|
|||||
Net Cash used in provided by Financing Activities
|
(13,000
|
)
|
(35,700
|
)
|
||||
Unrestricted Cash and Temporary Cash Investments:
|
||||||||
Net change for the period
|
4,532
|
3,959
|
||||||
Balance at beginning of period
|
428
|
7,701
|
||||||
Balance at end of period
|
$
|
4,960
|
$
|
11,660
|
||||
Non-cash investing activity:
|
||||||||
Plant expenditures included in ending accounts payable
|
$
|
4,387
|
$
|
1,523
|
Common Stock
|
Paid-in
|
Retained
Earnings
(Accumulated
|
Accumulated
Other
Comprehensive
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit)
|
Income (Loss)
|
Total
|
|||||||||||||||||||
Balance as of December 31, 2014
|
1,407,072
|
$
|
18,761
|
$
|
369,737
|
$
|
12,718
|
$
|
(241
|
)
|
$
|
400,975
|
||||||||||||
Net income
|
19,547
|
19,547
|
||||||||||||||||||||||
Other comprehensive loss, net of income taxes
|
(280
|
)
|
(280
|
)
|
||||||||||||||||||||
Payment of common stock dividend
|
(15,000
|
)
|
(15,000
|
)
|
||||||||||||||||||||
Balance as of September 30, 2015
|
1,407,072
|
$
|
18,761
|
$
|
369,737
|
$
|
17,265
|
$
|
(521
|
)
|
$
|
405,242
|
Page
Number
|
|
Financial Statements:
|
|
Statement of Income for the three and nine months ended September 30, 2015 and 2014
|
3
|
Balance Sheet as of September 30, 2015 and December 31, 2014
|
4
|
Statement of Cash Flows for the nine months ended September 30, 2015 and 2014
|
6
|
Statement of Changes in Shareholder’s Equity
|
7
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating Revenues
|
$
|
6,758
|
$
|
7,330
|
$
|
58,954
|
$
|
64,727
|
||||||||
Operating Expenses
|
||||||||||||||||
Operation
|
||||||||||||||||
Natural gas purchased
|
603
|
1,459
|
22,382
|
30,678
|
||||||||||||
Operation and maintenance
|
6,275
|
5,477
|
19,477
|
17,727
|
||||||||||||
Depreciation and amortization
|
2,041
|
1,853
|
6,933
|
6,338
|
||||||||||||
Taxes - other than income taxes
|
690
|
657
|
2,359
|
2,174
|
||||||||||||
Total Operating Expenses
|
9,609
|
9,446
|
51,151
|
56,917
|
||||||||||||
Operating Income (loss)
|
(2,851
|
)
|
(2,116
|
)
|
7,803
|
7,810
|
||||||||||
Other Income and (Deductions), net
|
359
|
284
|
788
|
437
|
||||||||||||
Interest Charges, net
|
||||||||||||||||
Interest on long-term debt
|
842
|
869
|
2,526
|
2,609
|
||||||||||||
Other interest, net
|
1
|
-
|
(1
|
)
|
1
|
|||||||||||
843
|
869
|
2,525
|
2,610
|
|||||||||||||
Amortization of debt expense and redemption premiums
|
31
|
30
|
93
|
93
|
||||||||||||
Total Interest Charges, net
|
874
|
899
|
2,618
|
2,703
|
||||||||||||
Income (Loss) Before Income Taxes
|
(3,366
|
)
|
(2,731
|
)
|
5,973
|
5,544
|
||||||||||
Income Taxes
|
(1,486
|
)
|
(1,060
|
)
|
2,179
|
2,190
|
||||||||||
Net Income (Loss)
|
$
|
(1,880
|
)
|
$
|
(1,671
|
)
|
$
|
3,794
|
$
|
3,354
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net Income (Loss)
|
$
|
(1,880
|
)
|
$
|
(1,671
|
)
|
$
|
3,794
|
$
|
3,354
|
||||||
Other Comprehensive Income (Loss)
|
(1
|
)
|
(5
|
)
|
(1
|
)
|
(2
|
)
|
||||||||
Comprehensive Income (Loss)
|
$
|
(1,881
|
)
|
$
|
(1,676
|
)
|
$
|
3,793
|
$
|
3,352
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Assets
|
||||||||
Unrestricted cash and temporary cash investments
|
$
|
11,647
|
$
|
6,734
|
||||
Accounts receivable less allowance of $1,706 and $1,381, respectively
|
5,215
|
12,217
|
||||||
Unbilled revenues
|
931
|
5,516
|
||||||
Current regulatory assets
|
4,952
|
6,496
|
||||||
Deferred income taxes
|
104
|
-
|
||||||
Natural gas in storage, at average cost
|
2,305
|
3,935
|
||||||
Materials and supplies, at average cost
|
908
|
968
|
||||||
Other
|
2,408
|
1,720
|
||||||
Total Current Assets
|
28,470
|
37,586
|
||||||
Other Investments
|
905
|
1,027
|
||||||
Net Property, Plant and Equipment
|
137,931
|
131,321
|
||||||
Regulatory Assets
|
35,994
|
37,823
|
||||||
Deferred Charges and Other Assets
|
||||||||
Unamortized debt issuance expenses
|
764
|
857
|
||||||
Goodwill
|
51,933
|
51,933
|
||||||
Other
|
406
|
54
|
||||||
Total Deferred Charges and Other Assets
|
53,103
|
52,844
|
||||||
Total Assets
|
$
|
256,403
|
$
|
260,601
|
September 30,
2015
|
December 31,
2014
|
|||||||
Current Liabilities
|
||||||||
Current portion of long-term debt
|
$
|
2,393
|
$
|
2,393
|
||||
Accounts payable
|
3,589
|
10,466
|
||||||
Accrued liabilities
|
3,262
|
3,509
|
||||||
Current regulatory liabilities
|
2,563
|
-
|
||||||
Deferred income taxes
|
-
|
1,439
|
||||||
Interest accrued
|
618
|
862
|
||||||
Taxes accrued
|
8,499
|
8,898
|
||||||
Total Current Liabilities
|
20,924
|
27,567
|
||||||
Deferred Income Taxes
|
25,399
|
25,942
|
||||||
Regulatory Liabilities
|
30,437
|
28,910
|
||||||
Other Noncurrent Liabilities
|
||||||||
Pension accrued
|
9,103
|
9,036
|
||||||
Environmental remediation costs
|
4,105
|
4,105
|
||||||
Other
|
7,065
|
7,062
|
||||||
Total Other Noncurrent Liabilities
|
20,273
|
20,203
|
||||||
Commitments and Contingencies
|
||||||||
Capitalization
|
||||||||
Long-term debt
|
44,996
|
45,698
|
||||||
Common Stock Equity
|
||||||||
Paid-in capital
|
106,095
|
106,095
|
||||||
Retained earnings
|
8,290
|
6,196
|
||||||
Accumulated other comprehensive loss
|
(11
|
)
|
(10
|
)
|
||||
Net Common Stock Equity
|
114,374
|
112,281
|
||||||
Total Capitalization
|
159,370
|
157,979
|
||||||
Total Liabilities and Capitalization
|
$
|
256,403
|
$
|
260,601
|
Nine Months Ended
September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash Flows From Operating Activities
|
||||||||
Net income
|
$
|
3,794
|
$
|
3,354
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
7,026
|
6,431
|
||||||
Deferred income taxes
|
(2,938
|
)
|
(2,733
|
)
|
||||
Pension expense
|
981
|
828
|
||||||
Regulatory activity, net
|
4,925
|
1,254
|
||||||
Other non-cash items, net
|
358
|
1,288
|
||||||
Changes in:
|
||||||||
Accounts receivable, net
|
6,672
|
649
|
||||||
Unbilled revenues
|
4,585
|
4,837
|
||||||
Prepayments
|
(124
|
)
|
1,732
|
|||||
Natural gas in storage
|
1,630
|
(380
|
)
|
|||||
Accounts payable
|
(7,481
|
)
|
(1,557
|
)
|
||||
Interest accrued
|
(244
|
)
|
(243
|
)
|
||||
Taxes accrued/refundable, net
|
(962
|
)
|
4,212
|
|||||
Accrued liabilities
|
(247
|
)
|
(2,861
|
)
|
||||
Accrued pension
|
(914
|
)
|
(360
|
)
|
||||
Other assets
|
(294
|
)
|
(2,204
|
)
|
||||
Other liabilities
|
22
|
3,197
|
||||||
Total Adjustments
|
12,995
|
14,090
|
||||||
Net Cash provided by Operating Activities
|
16,789
|
17,444
|
||||||
Cash Flows from Investing Activities
|
||||||||
Plant expenditures including AFUDC debt
|
(10,176
|
)
|
(6,845
|
)
|
||||
Net Cash used in Investing Activities
|
(10,176
|
)
|
(6,845
|
)
|
||||
Cash Flows from Financing Activities
|
||||||||
Payment of common stock dividend
|
(1,700
|
)
|
(3,900
|
)
|
||||
Net Cash used in Financing Activities
|
(1,700
|
)
|
(3,900
|
)
|
||||
Unrestricted Cash and Temporary Cash Investments:
|
||||||||
Net change for the period
|
4,913
|
6,699
|
||||||
Balance at beginning of period
|
6,734
|
6,890
|
||||||
Balance at end of period
|
$
|
11,647
|
$
|
13,589
|
||||
Non-cash investing activity:
|
||||||||
Plant expenditures included in ending accounts payable
|
$
|
777
|
$
|
735
|
Common Stock
|
Paid-in
|
Retained
|
Accumulated
Other
Comprehensive
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Total
|
|||||||||||||||||||
Balance as of December 31, 2014
|
100
|
$
|
-
|
$
|
106,095
|
$
|
6,196
|
$
|
(10
|
)
|
$
|
112,281
|
||||||||||||
Net income
|
3,794
|
3,794
|
||||||||||||||||||||||
Other comprehensive income, net of deferred income taxes
|
(1
|
)
|
(1
|
)
|
||||||||||||||||||||
Payment of common stock dividend
|
(1,700
|
)
|
(1,700
|
)
|
||||||||||||||||||||
Balance as of September 30, 2015
|
100
|
$
|
-
|
$
|
106,095
|
$
|
8,290
|
$
|
(11
|
)
|
$
|
114,374
|
1 Year Uil Chart |
1 Month Uil Chart |
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