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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wgl Holdings (delisted) | NYSE:WGL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 88.74 | 0.00 | 01:00:00 |
Commission File Number | Exact name of registrant as specified in its charter and principal office address and telephone number | State of Incorporation | I.R.S. Employer Identification No. | |||
1-16163 | WGL Holdings, Inc. 101 Constitution Ave., N.W. Washington, D.C. 20080 (703) 750-2000 | Virginia | 52-2210912 | |||
0-49807 | Washington Gas Light Company 101 Constitution Ave., N.W. Washington, D.C. 20080 (703) 750-4440 | District of Columbia and Virginia | 53-0162882 |
[ ] | 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 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) | Exhibits |
99.1 | News Release issued November 13, 2015 |
WGL Holdings, Inc. | ||||
and | ||||
Washington Gas Light Company | ||||
(Registrants) | ||||
Date: November 13, 2015 | /s/ William R. Ford | |||
William R. Ford | ||||
Vice President & Chief Accounting Officer | ||||
(Principal Accounting Officer) |
FOR IMMEDIATE RELEASE November 13, 2015 | CONTACTS: | |||
News Media Jim Monroe | 202-624-6620 | |||
Financial Community Douglas Bonawitz | 202-624-6129 |
• | Consolidated GAAP earnings up — $2.62 per share vs. $2.05 per share |
• | Consolidated operating earnings per share up — $3.16 per share vs. $2.68 per share; Record operating earnings of $158.2 million |
• | Operating earnings guidance for fiscal year 2016 in a range of $3.00 per share to $3.20 per share |
(In thousands) | September 30, 2015 | September 30, 2014 | ||||||
ASSETS | ||||||||
Property, Plant and Equipment | ||||||||
At original cost | $ | 5,003,910 | $ | 4,582,764 | ||||
Accumulated depreciation and amortization | (1,331,182 | ) | (1,268,319 | ) | ||||
Net property, plant and equipment | 3,672,728 | 3,314,445 | ||||||
Current Assets | ||||||||
Cash and cash equivalents | 6,733 | 8,811 | ||||||
Accounts receivable, net | 358,491 | 298,978 | ||||||
Storage gas | 211,443 | 333,602 | ||||||
Derivatives and other | 204,716 | 194,124 | ||||||
Total current assets | 781,383 | 835,515 | ||||||
Deferred Charges and Other Assets | 840,090 | 706,539 | ||||||
Total Assets | $ | 5,294,201 | $ | 4,856,499 | ||||
CAPITALIZATION AND LIABILITIES | ||||||||
Capitalization | ||||||||
Common shareholders’ equity | $ | 1,243,247 | $ | 1,246,576 | ||||
Washington Gas Light Company preferred stock | 28,173 | 28,173 | ||||||
Long-term debt | 944,201 | 679,228 | ||||||
Total capitalization | 2,215,621 | 1,953,977 | ||||||
Current Liabilities | ||||||||
Notes payable and current maturities of long-term debt | 357,000 | 473,500 | ||||||
Accounts payable and other accrued liabilities | 325,146 | 313,221 | ||||||
Derivatives and other | 300,768 | 233,564 | ||||||
Total current liabilities | 982,914 | 1,020,285 | ||||||
Deferred Credits | 2,095,666 | 1,882,237 | ||||||
Total Capitalization and Liabilities | $ | 5,294,201 | $ | 4,856,499 |
Three Months Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
OPERATING REVENUES | ||||||||||||||||
Utility | $ | 129,648 | $ | 133,254 | $ | 1,303,044 | $ | 1,416,951 | ||||||||
Non-utility | 338,039 | 325,646 | 1,356,786 | 1,363,996 | ||||||||||||
Total Operating Revenues | 467,687 | 458,900 | 2,659,830 | 2,780,947 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Utility cost of gas | 11,772 | (10,131 | ) | 510,900 | 700,305 | |||||||||||
Non-utility cost of energy-related sales | 284,420 | 257,321 | 1,218,331 | 1,255,279 | ||||||||||||
Operation and maintenance | 100,461 | 88,068 | 395,770 | 365,873 | ||||||||||||
Depreciation and amortization | 31,733 | 29,256 | 121,892 | 110,772 | ||||||||||||
General taxes and other assessments | 25,689 | 24,820 | 152,164 | 151,196 | ||||||||||||
Total Operating Expenses | 454,075 | 389,334 | 2,399,057 | 2,583,425 | ||||||||||||
OPERATING INCOME | 13,612 | 69,566 | 260,773 | 197,522 | ||||||||||||
Equity in earnings of unconsolidated affiliates | 1,230 | 1,343 | 5,468 | 3,194 | ||||||||||||
Other income—net | 2,341 | 1,279 | 653 | 1,536 | ||||||||||||
Interest expense | 11,807 | 9,718 | 50,511 | 37,738 | ||||||||||||
INCOME BEFORE TAXES | 5,376 | 62,470 | 216,383 | 164,514 | ||||||||||||
INCOME TAX EXPENSE | 3,440 | 24,102 | 83,804 | 57,254 | ||||||||||||
NET INCOME | $ | 1,936 | $ | 38,368 | $ | 132,579 | $ | 107,260 | ||||||||
Dividends on Washington Gas Light Company preferred stock | 330 | 330 | 1,320 | 1,320 | ||||||||||||
NET INCOME APPLICABLE TO COMMON STOCK | $ | 1,606 | $ | 38,038 | $ | 131,259 | $ | 105,940 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||||||||||||||
Basic | 49,729 | 51,524 | 49,794 | 51,759 | ||||||||||||
Diluted | 50,069 | 51,527 | 50,060 | 51,770 | ||||||||||||
EARNINGS PER AVERAGE COMMON SHARE | ||||||||||||||||
Basic | $ | 0.03 | $ | 0.74 | $ | 2.64 | $ | 2.05 | ||||||||
Diluted | $ | 0.03 | $ | 0.74 | $ | 2.62 | $ | 2.05 |
Fiscal Year Ended September 30, | ||||
2015 | 2014 | |||
Closing Market Price — end of period | $57.67 | $42.12 | ||
52-Week Market Price Range | $59.08 - $42.04 | $45.40-$35.88 | ||
Price Earnings Ratio | 21.8 | 20.5 | ||
Annualized Dividends Per Share | $1.85 | $1.76 | ||
Dividend Yield | 3.2% | 4.2% | ||
Return on Average Common Equity | 10.5% | 8.4% | ||
Total Interest Coverage (times) | 5.2 | 5.2 | ||
Book Value Per Share — end of period | $25.00 | $24.61 | ||
Common Shares Outstanding — end of period (thousands) | 49,729 | 50,657 |
Three Months Ended September 30, | Fiscal Year Ended September 30, | ||||||||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Operating Revenues | |||||||||||||||||||||
Gas Sold and Delivered | |||||||||||||||||||||
Residential — Firm | $ | 61,641 | $ | 66,900 | $ | 816,666 | $ | 891,079 | |||||||||||||
Commercial and Industrial — Firm | 15,761 | 17,263 | 187,938 | 213,787 | |||||||||||||||||
Commercial and Industrial — Interruptible | 216 | 197 | 2,577 | 2,267 | |||||||||||||||||
Electric Generation | 275 | 275 | 1,100 | 1,100 | |||||||||||||||||
Total Sold and Delivered | 77,893 | 84,635 | 1,008,281 | 1,108,233 | |||||||||||||||||
Gas Delivered for Others | |||||||||||||||||||||
Firm | 28,702 | 26,422 | 205,204 | 199,079 | |||||||||||||||||
Interruptible | 8,268 | 8,192 | 52,477 | 59,329 | |||||||||||||||||
Electric Generation | 189 | 151 | 553 | 516 | |||||||||||||||||
Total Delivered for Others | 37,159 | 34,765 | 258,234 | 258,924 | |||||||||||||||||
115,052 | 119,400 | 1,266,515 | 1,367,157 | ||||||||||||||||||
Other | 14,596 | 13,854 | 36,529 | 49,794 | |||||||||||||||||
Total | $ | 129,648 | $ | 133,254 | $ | 1,303,044 | $ | 1,416,951 | |||||||||||||
Three Months Ended September 30, | Fiscal Year Ended September 30, | ||||||||||||||||||||
(In thousands of therms) | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Gas Sales and Deliveries | |||||||||||||||||||||
Gas Sold and Delivered | |||||||||||||||||||||
Residential — Firm | 32,660 | 36,406 | 734,874 | 738,963 | |||||||||||||||||
Commercial and Industrial — Firm | 15,926 | 17,235 | 197,543 | 200,153 | |||||||||||||||||
Commercial and Industrial — Interruptible | 286 | 428 | 2,072 | 2,193 | |||||||||||||||||
Total Sold and Delivered | 48,872 | 54,069 | 934,489 | 941,309 | |||||||||||||||||
Gas Delivered for Others | |||||||||||||||||||||
Firm | 51,932 | 50,178 | 558,125 | 535,503 | |||||||||||||||||
Interruptible | 42,452 | 45,231 | 260,264 | 267,705 | |||||||||||||||||
Electric Generation | 65,989 | 51,368 | 179,061 | 144,403 | |||||||||||||||||
Total Delivered for Others | 160,373 | 146,777 | 997,450 | 947,611 | |||||||||||||||||
Total | 209,245 | 200,846 | 1,931,939 | 1,888,920 | |||||||||||||||||
Utility Gas Purchased Expense (excluding asset optimization) | 44.21 | ¢ | 51.80 | ¢ | 55.58 | ¢ | 67.66 | ¢ | |||||||||||||
Heating Degree Days | |||||||||||||||||||||
Actual | — | — | 3,929 | 4,111 | |||||||||||||||||
Normal | 12 | 13 | 3,758 | 3,751 | |||||||||||||||||
Percent Colder (Warmer) than Normal | (100.0 | )% | (100.0 | )% | 4.6 | % | 9.6 | % | |||||||||||||
Average Active Customer Meters | 1,129,784 | 1,116,837 | 1,129,240 | 1,116,527 | |||||||||||||||||
WGL ENERGY SERVICES | |||||||||||||||||||||
Natural Gas Sales | |||||||||||||||||||||
Therm Sales (thousands of therms) | 85,000 | 82,310 | 713,000 | 718,090 | |||||||||||||||||
Number of Customers (end of period) | 143,800 | 156,600 | 143,800 | 156,600 | |||||||||||||||||
Electricity Sales | |||||||||||||||||||||
Electricity Sales (thousands of kWhs) | 3,507,100 | 3,021,468 | 12,057,000 | 11,692,366 | |||||||||||||||||
Number of Accounts (end of period) | 138,000 | 162,100 | 138,000 | 162,100 | |||||||||||||||||
WGL ENERGY SYSTEMS | |||||||||||||||||||||
Megawatts in service | 108 | 63 | 108 | 63 | |||||||||||||||||
Megawatt hours generated | 41,520 | 26,298 | 147,451 | 85,141 |
• | To better match the financial recognition of transactions with their economics; |
• | To better align with regulatory view/recognition; |
• | To eliminate the effects of: |
i. | Significant out of period adjustments; |
ii. | Other significant items that may obscure historical earnings comparisons and are not indicative of performance trends; and |
iii. | For adjusted EBIT, other items that may obscure segment comparisons. |
Three Months Ended September 30, | Fiscal Year Ended September 30, | |||||||||||||||
(In thousands) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Adjusted EBIT: | ||||||||||||||||
Regulated utility | $ | (19,787 | ) | $ | (15,198 | ) | $ | 235,713 | $ | 244,359 | ||||||
Retail energy-marketing | 13,818 | 12,114 | 68,459 | 10,653 | ||||||||||||
Commercial energy systems | 6,140 | 4,308 | 16,803 | 12,258 | ||||||||||||
Midstream energy services | (1,676 | ) | (3,664 | ) | (3,571 | ) | 5,144 | |||||||||
Other activities(*) | (752 | ) | (1,294 | ) | (4,042 | ) | (7,951 | ) | ||||||||
Eliminations | (421 | ) | (277 | ) | (1,013 | ) | (167 | ) | ||||||||
Total | $ | (2,678 | ) | $ | (4,011 | ) | $ | 312,349 | $ | 264,296 | ||||||
Non-GAAP adjustments(1) | 19,861 | 76,199 | (45,455 | ) | (62,044 | ) | ||||||||||
Interest expense | 11,807 | 9,718 | 50,511 | 37,738 | ||||||||||||
Income before income taxes | $ | 5,376 | $ | 62,470 | $ | 216,383 | $ | 164,514 | ||||||||
Income tax expense | 3,440 | 24,102 | 83,804 | 57,254 | ||||||||||||
Dividends on Washington Gas preferred stock | 330 | 330 | 1,320 | 1,320 | ||||||||||||
Net income applicable to common stock | $ | 1,606 | $ | 38,038 | $ | 131,259 | $ | 105,940 |
(*) | Activities and transactions that are not significant enough on a stand-alone basis to warrant treatment as an operating segment and that do not fit into one of our four operating segments. |
Fiscal Year 2015 | ||||||||||||||||||||
Quarterly Period Ended(**) | ||||||||||||||||||||
(In thousands, except per share data) | Dec. 31 | Mar. 31 | Jun. 30 | Sept. 30 | Fiscal Year | |||||||||||||||
Operating earnings (loss) | $ | 58,004 | $ | 101,034 | $ | 10,734 | $ | (11,525 | ) | $ | 158,247 | |||||||||
Non-GAAP adjustments(1) | 10,892 | (32,126 | ) | (44,082 | ) | 19,861 | (45,455 | ) | ||||||||||||
Income tax expense (benefit) on non-GAAP adjustments | (5,008 | ) | 12,547 | 17,658 | (6,730 | ) | 18,467 | |||||||||||||
Net income (loss) applicable to common stock | $ | 63,888 | $ | 81,455 | $ | (15,690 | ) | $ | 1,606 | $ | 131,259 | |||||||||
Diluted average common shares outstanding | 50,091 | 49,983 | 49,729 | 50,069 | 50,060 | |||||||||||||||
Operating earnings (loss) per share | $ | 1.16 | $ | 2.02 | $ | 0.22 | $ | (0.23 | ) | $ | 3.16 | |||||||||
Per share effect of non-GAAP adjustments | 0.12 | (0.39 | ) | (0.54 | ) | 0.26 | (0.54 | ) | ||||||||||||
Diluted earnings (loss) per average common share | $ | 1.28 | $ | 1.63 | $ | (0.32 | ) | $ | 0.03 | $ | 2.62 | |||||||||
Fiscal Year 2014 | ||||||||||||||||||||
Quarterly Period Ended(**) | ||||||||||||||||||||
(In thousands, except per share data) | Dec. 31 | Mar. 31 | Jun. 30 | Sept. 30 | Fiscal Year | |||||||||||||||
Operating earnings (loss) | $ | 51,398 | $ | 95,526 | $ | 827 | $ | (8,799 | ) | $ | 138,952 | |||||||||
Non-GAAP adjustments(1) | (58,843 | ) | (58,179 | ) | (21,221 | ) | 76,199 | (62,044 | ) | |||||||||||
Income tax expense (benefit) on non-GAAP adjustments | 22,453 | 23,866 | 8,454 | (29,362 | ) | 25,411 | ||||||||||||||
Regulatory asset - tax effect Medicare Part D (***) | 3,621 | — | — | — | 3,621 | |||||||||||||||
Net income (loss) applicable to common stock | $ | 18,629 | $ | 61,213 | $ | (11,940 | ) | $ | 38,038 | $ | 105,940 | |||||||||
Diluted average common shares outstanding | 51,827 | 51,899 | 51,921 | 51,527 | 51,770 | |||||||||||||||
Operating earnings (loss) per share | $ | 0.99 | $ | 1.84 | $ | 0.02 | $ | (0.17 | ) | $ | 2.68 | |||||||||
Per share effect of non-GAAP adjustments | (0.63 | ) | (0.66 | ) | (0.25 | ) | 0.91 | (0.63 | ) | |||||||||||
Diluted earnings (loss) per average common share | $ | 0.36 | $ | 1.18 | $ | (0.23 | ) | $ | 0.74 | $ | 2.05 |
(**) | Quarterly earnings per share may not sum to year-to-date or annual earnings per share as quarterly calculations are based on weighted average common and common equivalent shares outstanding, which may vary for each of those periods. |
(***) | In March 2010, the Patient Protection and Affordable Care Act (PPACA) eliminated future Medicare Part D (Med D) tax benefits for Washington Gas’ tax years beginning after September 30, 2013. On March 30, 2012, based on positions taken by the Public Service Commission of Maryland (PSC of MD) in Washington Gas’ rate case, Washington Gas determined that it is not probable that the PSC of MD would permit recovery of this asset. Therefore, the Maryland portion of the regulatory asset related to the Med D benefit was charged to tax expense. In November of 2013, the PSC of MD issued an order authorizing Washington Gas to establish a regulatory asset and amortize the costs related to the change in tax treatment of Med D. |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||||||||
(In thousands) | Regulated Utility | Retail-Energy Marketing | Commercial Energy Systems | Midstream Energy Services | Other Activities | Intersegment Eliminations | Total | ||||||||||||||||||||||
Adjusted EBIT | $ | (19,787 | ) | $ | 13,818 | $ | 6,140 | $ | (1,676 | ) | $ | (752 | ) | $ | (421 | ) | $ | (2,678 | ) | ||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Unrealized mark-to-market valuations on energy-related derivatives(a) | 7,006 | (5,271 | ) | — | 15,182 | — | — | 16,917 | |||||||||||||||||||||
Storage optimization program(b) | (461 | ) | — | — | — | — | — | (461 | ) | ||||||||||||||||||||
DC weather impact(c) | (95 | ) | — | — | — | — | — | (95 | ) | ||||||||||||||||||||
Distributed generation asset related investment tax credits(d) | — | — | (1,183 | ) | — | — | — | (1,183 | ) | ||||||||||||||||||||
Change in measured value of inventory(e) | — | — | — | 7,117 | — | — | 7,117 | ||||||||||||||||||||||
Competitive service provider imbalance cash settlement(f) | (1,331 | ) | (1,103 | ) | — | — | — | — | (2,434 | ) | |||||||||||||||||||
Total non-GAAP adjustments | $ | 5,119 | $ | (6,374 | ) | $ | (1,183 | ) | $ | 22,299 | $ | — | $ | — | $ | 19,861 | |||||||||||||
EBIT | $ | (14,668 | ) | $ | 7,444 | $ | 4,957 | $ | 20,623 | $ | (752 | ) | $ | (421 | ) | $ | 17,183 | ||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
(In thousands) | Regulated Utility | Retail-Energy Marketing | Commercial Energy Systems | Midstream Energy Services | Other Activities | Intersegment Eliminations | Total | ||||||||||||||||||||||
Adjusted EBIT | $ | (15,198 | ) | $ | 12,114 | $ | 4,308 | $ | (3,664 | ) | $ | (1,294 | ) | $ | (277 | ) | $ | (4,011 | ) | ||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Unrealized mark-to-market valuations on energy-related derivatives(a) | 39,060 | (3,285 | ) | — | 39,594 | — | — | 75,369 | |||||||||||||||||||||
Storage optimization program (b) | 866 | — | — | — | — | — | 866 | ||||||||||||||||||||||
DC weather impact(c) | (77 | ) | — | — | — | — | — | (77 | ) | ||||||||||||||||||||
Distributed generation asset related investment tax credits(d) | — | — | (806 | ) | — | — | — | (806 | ) | ||||||||||||||||||||
Change in measured value of inventory(e) | — | — | — | 1,892 | — | — | 1,892 | ||||||||||||||||||||||
Incremental professional service fees (k) | — | — | — | — | (18 | ) | — | (18 | ) | ||||||||||||||||||||
Regulatory implementation true-up (m) | 1,573 | — | — | — | — | — | 1,573 | ||||||||||||||||||||||
Legal related cost accrual(n) | — | — | (2,600 | ) | — | — | — | — | (2,600 | ) | |||||||||||||||||||
Total non-GAAP adjustments | $ | 41,422 | $ | (3,285 | ) | $ | (3,406 | ) | $ | 41,486 | $ | (18 | ) | $ | — | $ | 76,199 | ||||||||||||
EBIT | $ | 26,224 | $ | 8,829 | $ | 902 | $ | 37,822 | $ | (1,312 | ) | $ | (277 | ) | $ | 72,188 |
Fiscal Year Ended September 30, 2015 | ||||||||||||||||||||||||||||
(In thousands) | Regulated Utility | Retail-Energy Marketing | Commercial Energy Systems | Midstream Energy Services | Other Activities | Intersegment Eliminations | Total | |||||||||||||||||||||
Adjusted EBIT | $ | 235,713 | $ | 68,459 | $ | 16,803 | $ | (3,571 | ) | $ | (4,042 | ) | $ | (1,013 | ) | $ | 312,349 | |||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||
Unrealized mark-to-market valuations on energy-related derivatives(a) | (6,322 | ) | (20,727 | ) | — | (5,807 | ) | — | — | (32,856 | ) | |||||||||||||||||
Storage optimization program(b) | (3,704 | ) | — | — | — | — | — | (3,704 | ) | |||||||||||||||||||
DC weather impact(c) | 86 | — | — | — | — | — | 86 | |||||||||||||||||||||
Distributed generation asset related investment tax credits(d) | — | — | (4,134 | ) | — | — | — | (4,134 | ) | |||||||||||||||||||
Change in measured value of inventory(e) | — | — | — | 6,658 | — | — | 6,658 | |||||||||||||||||||||
Competitive service provider imbalance cash settlement(f) | (1,331 | ) | (1,103 | ) | — | — | — | — | (2,434 | ) | ||||||||||||||||||
Investment impairment(g) | — | — | — | — | (5,625 | ) | — | (5,625 | ) | |||||||||||||||||||
Impairment loss on Springfield Operations Center(h) | (465 | ) | — | — | — | — | — | (465 | ) | |||||||||||||||||||
Unrecovered government contracting costs(i) | — | — | (2,981 | ) | — | — | — | (2,981 | ) | |||||||||||||||||||
Total non-GAAP adjustments | $ | (11,736 | ) | $ | (21,830 | ) | $ | (7,115 | ) | $ | 851 | $ | (5,625 | ) | $ | — | $ | (45,455 | ) | |||||||||
EBIT | $ | 223,977 | $ | 46,629 | $ | 9,688 | $ | (2,720 | ) | $ | (9,667 | ) | $ | (1,013 | ) | $ | 266,894 | |||||||||||
Fiscal Year Ended September 30, 2014 | ||||||||||||||||||||||||||||
(In thousands) | Regulated Utility | Retail-Energy Marketing | Commercial Energy Systems | Midstream Energy Services | Other Activities | Intersegment Eliminations | Total | |||||||||||||||||||||
Adjusted EBIT | $ | 244,359 | $ | 10,653 | $ | 12,258 | $ | 5,144 | $ | (7,951 | ) | $ | (167 | ) | $ | 264,296 | ||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||
Unrealized mark-to-market valuations on energy-related derivatives(a) | (66,220 | ) | 3,362 | — | 1,464 | — | — | (61,394 | ) | |||||||||||||||||||
Storage optimization program(b) | 4,972 | — | — | — | — | — | 4,972 | |||||||||||||||||||||
DC weather impact(c) | 2,135 | — | — | — | — | — | 2,135 | |||||||||||||||||||||
Distributed generation asset related investment tax credits(d) | — | — | (2,795 | ) | — | — | — | (2,795 | ) | |||||||||||||||||||
Change in measured value of inventory(e) | — | — | — | 1,804 | — | — | 1,804 | |||||||||||||||||||||
Impairment loss on Springfield Operations Center(h) | (770 | ) | — | — | — | — | — | (770 | ) | |||||||||||||||||||
Competitive service provider imbalance cash settlement(j) | 488 | — | — | — | — | — | 488 | |||||||||||||||||||||
Incremental professional services fees(k) | — | — | — | — | (3,588 | ) | — | (3,588 | ) | |||||||||||||||||||
Impairment loss on proposed Chillum liquefied natural gas facility(l) | (1,869 | ) | — | — | — | — | — | (1,869 | ) | |||||||||||||||||||
Regulatory implementation true up (m) | 1,573 | — | — | — | — | — | 1,573 | |||||||||||||||||||||
Legal related cost accrual (n) | — | — | (2,600 | ) | — | — | — | (2,600 | ) | |||||||||||||||||||
Total non-GAAP adjustments | $ | (59,691 | ) | $ | 3,362 | $ | (5,395 | ) | $ | 3,268 | $ | (3,588 | ) | $ | — | $ | (62,044 | ) | ||||||||||
EBIT | $ | 184,668 | $ | 14,015 | $ | 6,863 | $ | 8,412 | $ | (11,539 | ) | $ | (167 | ) | $ | 202,252 |
(a) | Adjustments to eliminate unrealized mark-to-market gains (losses) for our energy-related derivatives for our regulated utility and retail energy-marketing operations as well as certain derivatives related to the optimization of transportation capacity for the midstream energy services segment. With the exception of certain transactions related to the optimization of system capacity assets as discussed in footnote (b) below, when these derivatives settle, the realized economic impact is reflected in our non-GAAP results, as we are only removing interim unrealized mark-to-market amounts. |
(b) | Adjustments to shift the timing of storage optimization margins for the regulated utility segment from the periods recognized for GAAP purposes to the periods in which such margins are recognized for regulatory sharing purposes. In addition, lower-of-cost or market adjustments related to system and non-system storage optimization are eliminated for non-GAAP reporting, since the margins will be recognized for regulatory purposes when the withdrawals are made at the unadjusted historical cost of storage inventory. |
(c) | Eliminates the estimated financial effects of warm or cold weather in the District of Columbia, as measured consistent with our regulatory tariff. For fiscal year 2015, Washington Gas did not enter into weather protection products due to the pricing environment. Washington Gas has regulatory weather protection mechanisms in Maryland and Virginia designed to neutralize the estimated financial effects of weather. Utilization of normal weather is an industry standard, and it is our practice to evaluate our rate-regulated revenues by utilizing normal weather and to provide estimates and guidance on the basis of normal weather. |
(d) | To reclassify the amortization of deferred investment tax credits from income taxes to operating income for the commercial energy systems segment. These credits are a key component of the operating success of this segment and therefore are included within adjusted EBIT to help management and investors better assess its performance. |
(e) | For our midstream energy services segment, adjustments to reflect storage inventory at market or at a value based on the price used to value the physical forward sales contract that is economically hedging the storage inventory. This adjustment also includes the estimated effects of certain sharing mechanisms on all of our non-GAAP unrealized gains and losses. Adjusting our storage optimization inventory in this fashion better aligns the settlement of both our physical and financial transactions and allows investors and management to better analyze the results of our non-utility asset optimization strategies. |
(f) | Eliminates the financial effects of a potential refund to customers related to an order of the DC Public Service Commission (PSC of DC) in October 2015 associated with a cash settlement of competitive service provider gas imbalances built during the 2008-2009 winter season. |
(g) | Represents an impairment of an equity investment in a solar holding company, accounted for at cost, which occurred in the first quarter of fiscal year 2015. We do not believe this impairment charge is indicative of our historical or future performance trends. |
(h) | Represents impairment charges and accrued selling expenses related to Washington Gas' Springfield Operations Center. |
(i) | Represents unrecovered government contracting costs under the Small Business Administration's Business Development 8(a) Program. We do not anticipate any further unrecovered costs as the company exits its participation in this program. |
(j) | Represents amounts collected by the regulated utility segment in relation to the refund to customers ordered by the PSC of MD in September 2011 associated with a cash settlement of gas imbalances with competitive service providers. |
(k) | These costs include incremental legal and consulting costs in connection with business development activities. These costs are unpredictable and may vary greatly with each opportunity. Management believes that excluding these costs allows management and investors to better compare, analyze and forecast the performance of our revenue generating opportunities. |
(l) | On July 7, 2014, the Virginia State Corporation Commission (SCC of VA) disallowed full recovery of certain costs related to a proposed Chillum liquefied natural gas facility, therefore a portion of the associated regulatory asset was impaired. |
(m) | Adjustment reflects a retroactive true-up to reflect the effects of a regulatory decision. |
(n) | Legal related cost accrual associated with subcontracting under the Small Business Administration's Business Development 8(a) Program. |
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