extreme-weather-impacts/Qwen2.5-7B-Instruct-impactdirectionality
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string | asset
int64 | economic_flows
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3,055
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As of April 26, 2022, SCE was aware of at least 353 currently pending lawsuits, representing approximately 4,500 plaintiffs, related to the Woolsey Fire naming SCE as a defendant. One hundred twenty-one of the 353 lawsuits also name Edison International as a defendant based on its ownership and alleged control of SCE. At least one of the lawsuits were filed as purported class actions. The lawsuits, which have been filed in the superior courts of Ventura and Los Angeles Counties allege, among other things, negligence, inverse condemnation, personal injury, wrongful death, trespass, private nuisance, and violations of the public utilities and health and safety codes. A bellwether jury trial previously scheduled for October 26, 2021 has been vacated to provide SCE and certain of the individual plaintiffs in the Woolsey Fire litigation the opportunity to pursue settlements of claims under a mediation program adopted to promote an efficient and orderly settlement process. Some individual plaintiffs may opt to pursue trial outside of the settlement program.The Thomas and Koenigstein Fires and Montecito Mudslides lawsuits are being coordinated in the Los Angeles Superior Court. The Woolsey Fire lawsuits have also been coordinated in the Los Angeles Superior Court.For further information, including regarding settlement activity related to the 2017/2018 Wildfire/Mudslide Events, see "Notes to Consolidated Financial Statements—Note 12.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,377
|
necessary so that the Company will not recognize any increase or decrease in expense as a result of subsequent changes in the value of the Company common stock and the purchased shares are treated as treasury stock and the SERP benefit is included in additional paid-in capital in the Company’s accompanying condensed consolidated financial statements.18. EMPLOYEE SEVERANCE COSTS:In the nine months ended September 30, 2010, as a result of the Nashville Flood, the Company temporarily eliminated approximately 1,700 employee positions at Gaylord Opryland. As a result, the Company recognized approximately $2.3 million in severance costs in the nine months ended September 30, 2010. These costs are included in casualty loss in the accompanying condensed consolidated statement of operations. The Company has rehired the majority of these positions in preparation for the reopening of Gaylord Opryland.In the nine months ended September 30, 2009, as part of the Company’s cost containment initiative, the Company eliminated approximately 475 employee positions, which included positions in all segments of the organization. As a result, the Company recognized approximately $7.3 million in severance costs in the nine months ended September 30, 2009. These costs are comprised of operating costs and selling, general and administrative costs of $3.0 million and $4.3 million, respectively, for the nine months ended September 30, 2009, in the accompanying condensed consolidated statements of operations.19.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,370
|
The RSA may be terminated by any Consenting Creditor as to itself if the Aggregate Subrogation Recovery is modified. The RSA may be terminated by the Consenting Creditors holding at least two-thirds of the Subrogation Claims held by Consenting Creditors under certain circumstances, including, among others, if (i) they reasonably determine in good faith at any time prior to confirmation of the Proposed Plan that the Debtors are insolvent or otherwise unable to raise sufficient capital to pay the Aggregate Subrogation Recovery on the Effective Date, (ii) the Debtors breach the terms of the RSA or otherwise fail to take certain actions specified in the RSA, (iii) the Proposed Plan does not treat the individual plaintiffs’ Wildfire-related claims consistent with the provisions of AB 1054, (iv) the Bankruptcy Court allows a plan proponent other than the Debtors to commence soliciting votes on a plan (other than the Proposed Plan) that incorporates the terms of the settlement contemplated by the RSA and the Debtors have not already commenced soliciting votes on the Proposed Plan which incorporates such settlement, (v) the Bankruptcy Court confirms a plan other than the Proposed Plan or (vi) the Proposed Plan is modified to be inconsistent with such settlement. The RSA may be terminated by the Debtors (a) in the event of certain breaches of the RSA by Consenting Creditors holding at least 5% of the Subrogation Claims held by Consenting Creditors or (b) if the Bankruptcy Court confirms a plan other than the Proposed Plan or if the terms of the Proposed Plan related to the settlement contemplated by the RSA become unenforceable or are enjoined.
| 0
| 0
| 1
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```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
2,092
|
On August 25, 2017, Hurricane Harvey made landfall as a Category 4 hurricane. The storm lingered over Texas and Louisiana for days producing over 50 inches of rain in some areas, resulting in widespread flooding and damage. We experienced an impact from Hurricane Harvey in our Terminalling and Storage and Sulfur Services segments, where damages were suffered to our property, plant, and equipment at our Neches, Stanolind, Galveston, and Harbor Island terminals located along the Texas gulf coast. The damage incurred did not exceed the insurance deductible at these locations and therefore we do not expect to receive any insurance proceeds resulting from the damage from Hurricane Harvey. For the year ended
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,036
|
Net cash provided by (used in) financing activities increased to $31.7 million for the three months ended September 30, 2011 from ($5.0) million for the three months ended September 30, 2010. On August 24, 2011, we entered into a $200.0 million revolving credit facility that replaced our prior senior credit facility of which $113.0 million outstanding under our old credit facility and accrued interest totaling $0.3 million was paid off at that time. Total costs associated with the new revolving credit facility were approximately $1.7 million which are being capitalized and amortized over the term of the new debt using the effective interest method. Prior to the replacement of our old credit facility, we borrowed $14.0 million, including $10.0 million used to finance the Pine Valley acquisition during the three months ended September 30, 2011. Under our new revolving credit facility, we borrowed $17.5 million due to increased working capital requirements from storm activity during the three months ended September 30, 2011.
| 0
| 1
| 0
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```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
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Negative
|
973
|
a credit passed on to customers as a result of the Act 55 storm cost financing; and
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| 1
| 0
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```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
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Reimbursement
|
3,175
|
News release dated January 19, 2012, “Cincinnati Financial Corporation Announces Reduced Estimate for Prior-Quarter Storm Losses, Stronger Pricing Trends and Higher Investment Valuations”
| 0
| 1
| 0
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```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,203
|
Item 8.01 Other Events2017 Northern California WildfiresAs previously reported, beginning on October 8, 2017, multiple wildfires spread through Northern California, including Napa, Sonoma, Butte, Humboldt, Mendocino, Del Norte, Lake, Nevada and Yuba Counties, as well as in the area surrounding Yuba City (the “Northern California wildfires”). According to the California Department of Forestry and Fire Protection (“CAL FIRE”) California Statewide Fire Summary dated October 30, 2017, at the peak of the wildfires, there were 21 major wildfires in Northern California that, in total, burned over 245,000 acres and destroyed an estimated 8,900 structures. The wildfires also resulted in 44 fatalities.As previously disclosed, on May 25, 2018, CAL FIRE issued a news release announcing its determination on the causes of four of the Northern California wildfires (the La Porte, McCourtney, Lobo and Honey fires located in Butte and Nevada Counties) and, on June 8, 2018, CAL FIRE issued a news release announcing its determination on the causes of twelve additional Northern California wildfires (the Redwood, Sulphur, Cherokee, 37, Blue, Norrbom, Adobe, Partrick, Pythian, Nuns, Pocket and Atlas fires, located in Mendocino, Lake, Butte, Sonoma, Humboldt and Napa counties). CAL FIRE has not issued any news releases or other determinations for the Tubbs, Cascade, Maacama, Pressley and Point wildfires.As of June 18, 2018, PG&E Corporation and Pacific Gas and Electric Company (the “Utility”) had received approximately 200 complaints on behalf of at least 2,700 plaintiffs related to the Northern California wildfires. These cases have been coordinated in the San Francisco Superior Court. The coordinated litigation is in the early stages of discovery. The next case management conference is scheduled for July 9, 2018.The litigation pending against PG&E Corporation and the Utility includes claims under multiple theories of liability, including inverse condemnation and negligence. Under the doctrine of inverse condemnation, the Utility could be strictly liable for property damages and attorneys’ fees if its equipment was a substantial cause of a fire, even if the Utility followed established inspection and safety rules. The Utility also may be liable for fire suppression andclean-upcosts, personal injury damages, and other damages if the Utility is found to be negligent, and the Utility could be subject to material fines or penalties if the California Public Utilities Commission or any law enforcement agency were to bring an enforcement action and determine that the Utility failed to comply with applicable laws and regulations. PG&E Corporation or the Utility also could be the subject of investigations or other actions by the county District Attorneys to whom CAL FIRE has referred its investigations into the McCourtney, Lobo, Honey, Sulphur, Blue, Norrbom, Adobe, Partrick, Pythian, Pocket and Atlas fires. Regardless of any determinations of cause by CAL FIRE, ultimately PG&E Corporation and the Utility’s liability will be resolved through litigation, regulatory and any potential enforcement proceedings, which could take a number of years to resolve. The timing and outcome of these and other potential proceedings are uncertain.PG&E Corporation and the Utility are continuing to review the evidence concerning the causes of the Northern California wildfires. PG&E Corporation and the Utility currently do not have access to the evidence collected by CAL FIRE as part of its investigation or to the investigation reports for the fires CAL FIRE has referred to the county District Attorneys.Following accounting rules, PG&E Corporation and the Utility record a liability when a loss is probable and reasonably estimable. Potential liabilities related to the Northern California wildfires depend on various factors, including but not limited to the cause of each fire, contributing causes of the fires (including alternative potential origins, weather and climate related issues), the number, size and type of structures damaged or destroyed, the contents of such structures and other personal property damage, the number and types of trees damaged or destroyed, attorneys’ fees for claimants, the nature and extent of any personal injuries, the amount of fire suppression andclean-upcosts, other damages the Utility may be responsible for if found negligent, and the amount of any penalties or fines that may be imposed by governmental entities. In accordance with U.S. generally accepted accounting principles, PG&E Corporation and the Utility evaluate which potential liabilities are probable and the related range of reasonably estimated losses, and record a charge that is the amount within the range that is a better estimate than any other amount or the lower end of the range, if there is no better estimate. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of losses is estimable, often involves a series of complex judgments about future events.- 2 -In light of the current state of the law on inverse condemnation and the information currently available to the Utility including, among other things, the CAL FIRE determinations of cause, PG&E Corporation and the Utility have determined that it is probable they will incur a loss for claims in connection with fourteen of the Northern California wildfires referred to as the La Porte, McCourtney, Lobo, Honey, Redwood, Sulphur, Cherokee, Blue, Pocket and Sonoma/Napa merged fires (which include the Nuns, Norrbom, Adobe, Partrick and Pythian fires), and accordingly PG&E Corporation and the Utility intend to record an estimatedpre-taxcharge in the amount of $2.5 billion for the quarter ending June 30, 2018 ($1.8 billionafter-tax).This expected charge corresponds to the lower end of the range of PG&E Corporation and the Utility’s reasonably estimated losses, and is subject to change based on additional information, which change could occur prior to the filing of PG&E Corporation and the Utility’s Quarterly Report on Form10-Qfor the period ending June 30, 2018 (the “Form10-Q”).PG&E Corporation and the Utility currently believe that it is reasonably possible that the amount of the loss will be greater than the amount accrued and are unable to reasonably estimate the additional loss and the upper end of the range because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the total scope and nature of claims that may be asserted against PG&E Corporation and the Utility. PG&E Corporation and the Utility intend to continue to review the available information and other information as it becomes available, including evidence in CAL FIRE’s possession, evidence from or held by other parties, claims that have not yet been submitted, and additional information about the nature and extent of personal and business property damage and losses, the nature, number and severity of personal injuries, and information made available through the discovery process.The process for estimating losses associated with claims requires management to exercise significant judgment based on a number of assumptions and subjective factors, including but not limited to factors identified above and estimates based on currently available information and prior experience with similar fires. As more information becomes available, management estimates and assumptions regarding the financial impact of the Northern California wildfires may change, which could result in material increases to the loss accrued.The expected $2.5 billionpre-taxcharge does not include any amounts for potential penalties or fines that may be imposed by governmental entities on PG&E Corporation or the Utility. It also does not include any amounts in connection with any of the other Northern California wildfires (including the Atlas, 37, Tubbs, Cascade, Maacama, Pressley and Point fires) because at this time PG&E Corporation and the Utility have concluded that a loss arising from those fires is not probable. However, in the future it is possible that facts could emerge that lead PG&E Corporation and the Utility to believe that a loss is probable, resulting in the accrual of a liability at that time, the amount of which could be significant.As previously reported, on January 31, 2018, the California Department of Insurance issued a news release announcing an update on property losses in connection with the October and December 2017 wildfires in California, stating that, as of such date, “insurers have received nearly 45,000 insurance claims totaling more than $11.79 billion in losses,” of which approximately $10 billion relates to statewide claims from the Northern California wildfires. That news release reflected insured property losses only. Additionally, that amount did not account for uninsured losses, interest, attorneys’ fees, fire suppression andclean-upcosts, personal injury and wrongful death damages or other costs. If PG&E Corporation and the Utility were to be found liable for certain or all of such other costs and expenses, including the potential liabilities outlined above, the amount of the liability could significantly exceed the approximately $10 billion in estimated insured property losses with respect to the Northern California wildfires.PG&E Corporation and the Utility have liability insurance from various insurers, which provides coverage for third-party liability attributable to the Northern California wildfires in an aggregate amount of approximately $840 million, subject to an initial self-insured retention of $10 million per occurrence and further retentions of approximately $40 million per occurrence. In addition, coverage limits within these wildfire insurance policies could result in further material self-insured costs in the event each fire were deemed to be a separate occurrence under the terms of the insurance policies.PG&E Corporation and the Utility record a receivable for insurance recoveries when it is deemed probable that recovery of a recorded loss will occur. PG&E Corporation and the Utility currently expect to record $375 million ($270 millionafter-tax)for probable insurance recoveries in connection with the Northern California wildfires for the quarter ending June 30, 2018. This amount reflects an assumption that the cause of each fire is deemed to be a separate occurrence under the insurance policies. The amount of the expected receivable is also subject to change based on additional information, which change could occur prior to the filing of the Form10-Q.PG&E Corporation and the Utility intend to seek full recovery for all insured losses and believe it is reasonably possible that they will record a receivable for the full amount of the insurance limits in the future. If PG&E Corporation and the Utility are unable to recover the full amount of their insurance, or if insurance is otherwise unavailable, PG&E Corporation’s and the Utility’s- 3 -financial condition, results of operations, or cash flows could be materially affected. Even if PG&E Corporation and the Utility were to recover the full amount of their insurance, the potential losses arising out of the Northern California wildfires could significantly exceed the coverage limits of the insurance.In addition, it could take a number of years before the Utility’s final liability is known and the Utility could apply for cost recovery. The Utility may be unable to fully recover costs in excess of insurance through regulatory mechanisms, if at all, and, even if such recovery is possible, it could take a number of years to resolve and a number of years to collect. PG&E Corporation and the Utility have considered actions that might be taken to attempt to address liquidity needs of the business in such circumstances, but the inability to recover costs in excess of insurance through increases in rates and by collecting such rates in a timely manner could have a material adverse effect on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, capital markets access and cash flows.Finally, the CPUC’s capital structure decisions require the Utility to maintain a minimum 51% equity ratio at all times and a minimum 52% average equity ratio over the period that the authorized capital structure is in place. The Utility currently does not anticipate that net charges that the Utility intends to record in connection with the Northern California wildfires for the quarter ending June 30, 2018, and described herein, will result in noncompliance by the Utility with its authorized capital structure. However, in the future, maintaining compliance with the Utility’s authorized capital structure may require PG&E Corporation to issue a significant amount of equity, depending on the timing and amount of any claims payments and whether additional charges are recorded. The Utility also may submit to the CPUC an application for a waiver to its capital structure condition if its equity ratio were to fall below the minimum levels. However, there can be no assurance that the CPUC ultimately would grant any such waiver.For additional information about the Northern California wildfires, see PG&E Corporation and the Utility’s annual report on Form10-Kfor the year ended December 31, 2017, their quarterly report for the quarter ended March 31, 2018, their current reports on Form8-Kdated May 29, 2018 and June 8, 2018, and their subsequent reports filed with the Securities and Exchange Commission.Cautionary Statement Concerning Forward-Looking StatementsThis current report on Form8-Kincludes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s annual report on Form10-Kfor the year ended December 31, 2017, their quarterly report for the quarter ended March 31, 2018, and their subsequent reports filed with the Securities and Exchange Commission.- 4 -SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.PG&E CORPORATIONBy:/s/ Jason P. WellsDated: June 21, 2018Jason P. WellsSenior Vice President and Chief Financial OfficerPACIFIC GAS AND ELECTRIC COMPANYBy:/s/ David S. ThomasonDated: June 21, 2018David S. ThomasonVice President, Chief Financial Officer and Controller
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
716
|
(a) Recovery period varies by jurisdiction. See discussion below for additional information regarding our regulatory assets related to winter weather event costs and regulatory liabilities related to federal income tax rate changes.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
180
|
In the quarter ended March 31, 2021, as a result of the change in brand product mix, cost of goods sold increased 12% compared to the 17% increase in revenue resulting in the gross margin improvement over the same period last year. However, the Company continued to be adversely impacted from the plant stress resulting fron the extreme temperatures experienced in the third quarter of 2020. As a result, cultivation yields did not return to levels realized prior to the stress event. The Company has purchased and developed new genetics and is beginning to see significantly improved yields in the second quarter of 2021.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
116
|
As previously disclosed, multiple lawsuits have been initiated against SCE and Edison International related to the "Thomas Fire" that originated on December 4, 2017 in the Anlauf Canyon area of Ventura County, the "Koenigstein Fire" that originated on December 4, 2017 near Koenigstein Road in the City of Santa Paula, and the "Woolsey Fire" that originated on November 8, 2018 in Ventura County. Some of the lawsuits related to the Thomas and Koenigstein Fires claim that SCE and Edison International also have responsibility for the damages caused by mudslides and flooding in Montecito and surrounding areas in January 2018 (the "Montecito Mudslides," and, together with the Thomas Fire, the Koenigstein Fire and the Montecito Mudslides, the "2017/2018 Wildfire/Mudslide Events").
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,255
|
On November 12, 2012, Host Hotels & Resorts, Inc. issued a press release to revise its forecast for earnings for 2012 due to the effects of Hurricane Sandy. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated by reference herein.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
659
|
As a result of Hurricane Katrina’s direct hit on the Mississippi Gulf Coast on August 29, 2005, two of the Company’s casinos, Hollywood Casino Bay St. Louis and Boomtown Biloxi, were significantly damaged, many employees were displaced and operations ceased at the two properties. Boomtown Biloxi reopened on June 29, 2006 and Hollywood Casino Bay St. Louis reopened on August 31, 2006.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,806
|
20092008RSUI:Net casualty reserve releases$(38.4)$(43.7)Reserve release for third quarter 2008 hurricanes(9.9)—Non-catastrophe property case reserve re-estimation11.5(6.2)All other, net1.6(4.8)$(35.2)$(54.7)CATA:Net insurance reserve releases$(10.7)$(11.8)EDC:Net workers’ compensation increase$26.5$25.4All other, net1.5(1.7)$28.0$23.7Total incurred related to prior years$(17.9)$(42.8)
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,834
|
Availability of Components. Our facilities in Thailand include our magnetic head slider fabrication facilities in Bang Pa-In, which prior to the flooding supplied a substantial majority of our magnetic head requirements, as well as our assembly facilities for hard drives, head gimbal assemblies (“HGAs”) and HSAs. Due to the flooding and the temporary suspension of our operations in Thailand, the availability of magnetic heads for our hard drives has been significantly constrained.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,244
|
$94.5 million of non-regulated energy marketing margins recognized at Evergy Kansas Central related to the February 2021 winter weather event;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,480
|
Net current accident quarter weather losses of $21.5 million – mostly stemming from Florida and North Carolina – including $13.4 million of net current accident quarter catastrophe losses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,350
|
Various government entities, including Mendocino, Napa and Sonoma Counties and the City of Santa Rosa, also have asserted claims against PG&E based on the damages that these government entities allegedly suffered as a result of the 2017 Northern California wildfires. Such alleged damages include, among other things, loss of natural resources, loss of public parks, property damages and fire suppression costs. The causes of action and allegations are similar to the ones made by individual plaintiffs and the insurance carriers. PG&E expects similar claims to be made by various government entities with respect to the Camp Fire.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,892
|
On September 18, 2012, Entergy Corporation (“Entergy”) issued a press release, announcing its preliminary analysis of the effects of Hurricane Isaac on Entergy and its utility operating companies. The complete text of this release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
3,197
|
Other matters—We are involved in various tax matters and various regulatory matters. We are also involved in lawsuits relating to damage claims arising out of hurricanes Katrina and Rita, all of which are insured and which are not material to us. As of December 31, 2011, we were involved in a number of other lawsuits, including a dispute for municipal tax payments in Brazil and a dispute involving customs procedures in India, neither of which is material to us, and all of which have arisen in the ordinary course of our business. We do not expect the liability, if any, resulting from these other matters to have a material adverse effect on our consolidated statement of financial position, results of operations or cash flows. We cannot predict with certainty the outcome or effect of any of the litigation matters specifically described above or of any such other pending or threatened litigation. There can be no assurance that our beliefs or expectations as to the outcome or effect of any lawsuit or other litigation matter will prove correct and the eventual outcome of these matters could materially differ from management’s current estimates.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Reimbursement
|
528
|
Farm and food products revenues increased by $0.6 million, or 7.5%. The increase consisted of $3.2 million due to a 37.3% increase in average revenues per carload, partially offset by $2.6 million due to a carload decrease of 5,179, or 21.7%. The carload decrease was primarily due to GWA’s drought affected grain traffic. Because rates for GWA’s grain traffic have both a fixed and variable component, the grain traffic decrease resulted in higher average revenues per carload.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,325
|
In February 2021, a prolonged period of historic cold temperatures across the central United States covered all of our Utilities’ service territories, caused a substantial increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity. As a result of Winter Storm Uri, we incurred significant incremental natural gas and fuel costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
804
|
During the third quarter of 2005, a number of our rigs were damaged as a result of hurricanes Katrina and Rita. All these rigs returned to work with the exception of theGSF High Island IIIand theGSF Adriatic VII. During the second quarter of 2006, we recorded gains of $32.8 million on theGSF High Island IIIand $30.9 million on theGSF Adriatic VII, which represent recoveries of partial losses under our insurance policy, less amounts previously recognized when the rigs were written down to salvage value. In December 2006, we sold theGSF Adriatic VIIto a third party for approximately $29.4 million, net of selling costs, and recorded a gain of $28 million, which represents the selling price less the $1.4 million salvage value. In addition, we increased the gain recognized in the second quarter of 2006 related to theGSF Adriatic VIIby $3.2 million to include additional costs reimbursable under the insurance policy. There was no tax impact related to these transactions. Subsequent to December 31, 2006, we entered into an agreement to sell theGSF High Island IIIto a third party for approximately $26.3 million and expect to complete the sale during the first quarter of 2007. We will record a gain equal to the selling price, net of expenses, less the salvage value of $1.2 million.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,148
|
In June 2007, the company reached a final agreement with all but one of the insurers in its first layer of coverage under which the insurers agreed to pay their policy limits (less the policy deductible and certain other minor costs). As a result of the agreement regarding the claims from the first layer of coverage, the company received a total insurance recovery for damages to the shipyards of $466 million reflecting policy limits less certain minor costs. The company is continuing to seek recovery of its claim from the remaining insurer in the first layer that did not participate in the agreement. As a result of the agreement, the company received final cash payments totaling $113 million in the quarter ended June 30, 2007, of which $62 million has been attributed to the recovery of lost profits due to the storm and this amount was recognized in the consolidated condensed statement of income for that period as an adjustment to operating margin (cost of product sales) in the Ships segment. Through September 30, 2007, cumulative proceeds from the agreement have also been used to fund $126 million in capital expenditures for assets fully or partially damaged by the storm and $278 million inclean-upand restoration costs. Insurance recoveries received to date have enabled the company to recover the entire net book value of $98 million of assets totally or partially destroyed by the storm. To the extent that the company is unsuccessful in receiving the full value of its remaining claim relating to capital assets, the company will be responsible for funding the capital expenditures necessary to operate its shipyards. Through September 30, 2007, the company has incurred capital expenditures totaling $269 million related to assets damaged by Hurricane Katrina, of which approximately two-thirds represents the replacement cost of assets destroyed and the remainder represents the capitalized value of asset improvements that extended the useful life of assets damaged by the storm.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,097
|
Item 7.01.Regulation FD DisclosureAssurant, Inc. (“Assurant” or the “Company”) announced today that as of December 19, 2018, it expects to record between $110 million to $150 millionpre-tax,of fourth quarter 2018 reportable catastrophe losses in its Global Housing segment. This loss range for the quarter includes an initial view of expected losses related to the November Camp Fire and Woolsey Fire in California (together the “California fires”) and a refined range for losses related to Hurricane Michael that occurred in October 2018.The California wildfire losses were primarily driven by fire damage for lender-placed and manufactured housing products. Hurricane Michael losses are related to wind damage for lender-placed and other housing products.The Company’s reportable catastrophes include individual catastrophic events that generate losses in excess of $5 million,pre-taxand net of reinsurance and including reinstatement and other premiums.Below is a table summarizing the expected reportable catastrophe losses from fourth quarter 2018 events:EventAssurant 4Q18reportable catastrophe losses(Pre-tax,dollars in millions)Hurricane Michael$80-$100California fires$30-$50Total$110-$150On February 12, 2019, the Company will report actual reportable catastrophe losses as part of its fourth quarter 2018 results.CAUTIONARY STATEMENT– Some of the statements included in this Form8-K,particularly expected reportable catastrophe losses, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s best estimates, assumptions and projections and are subject to significant uncertainties. Actual results may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this-Kas a result of new information or future events or developments. For a detailed discussion of the general risk factors that could affect the Company’s results, please refer to the risk factors identified in the Company’s annual and periodic reports as filed with the U.S. Securities and Exchange Commission.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
854
|
Gas Utilities’ adjusted operating income increased $1.0 million primarily due to new rates and higher heating demand from colder weather mostly offset by Winter Storm Uri costs incurred by Black Hills Energy Services, Nebraska Gas TCJA-related bill credits to customers, and higher operating expenses;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
984
|
On December 21, 2012, Validus Holdings, Ltd. issued a press release disclosing its initial estimate of losses from Hurricane Sandy. The full text of the press release is being furnished as Exhibit 99.1 to this Current Report on -K and is incorporated by reference herein.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,436
|
The effective income tax rates for the first quarter of 2010 and 2009 were 28.8% and 25.1%, respectively. The differences in the effective income tax rates for the first quarters of 2010 and 2009 versus the federal statutory rate of 35.0% are primarily due to book and tax differences related to storm cost financing and allowance for equity funds used during construction, partially offset by certain book and tax differences related to utility plant items and state income taxes.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,731
|
an increase of $11 million in intercompany dividend income resulting from the Entergy Louisiana storm trust’s investment of securitization proceeds in affiliated preferred membership interests, partially offset by the liquidation of Entergy Louisiana’s investment in affiliated preferred membership interests acquired in connection with previous securitizations of storm restoration costs;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,794
|
Based on an ongoing assessment of the flood damage and necessary replacement of property and equipment, in connection with its preparation of financial information for the second quarter of 2010, the Company made an estimate of the amount of the impairment
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,159
|
On November 1, 2012, Hudson City Bancorp, Inc. (the “Company”), the holding company for Hudson City Savings Bank (the “Bank”), issued a press release regarding the impact of Hurricane Sandy on the Bank’s ability to serve its customers. A copy of the press release is attached as Exhibit 99.1 to this Report.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
895
|
In February 2021, Texas experienced extreme winter weather conditions in which certain of the Company's wind projects were unable to operate and experienced outages due to the weather conditions at that time. Due to this event, and inclusive of amounts related to third-party equity investors, the Company recorded a reduction of approximately $50 million in revenue in the first quarter of 2021 to settle obligations for wind facilities during the extreme weather conditions. After factoring in third-party equity investor contributions, the cash impact to the Company during the first quarter of 2021 was approximately $25 million.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,410
|
$12.1 million increase in construction payables and a $27.6 million increase due to the capital portion of Hurricane Katrina grant proceeds received in 2007.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,677
|
This current report should be read with Edison International's and Southern California Edison Company's ("SCE") combined Annual Report on -K for the year ended December 31, 2018 and subsequent Quarterly Reports on -Q. Additionally, Edison International and SCE post or provide direct links to certain documents and information related to Southern California wildfires which may be of interest to investors at www.edisoninvestor.com (Southern California Wildfires) in order to publicly disseminate such information. Edison International and SCE also routinely post or provide direct links to presentations, documents and other information that may be of interest to investors at www.edisoninvestor.com (Events and Presentations) in order to publicly disseminate such information.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,281
|
South Carolina customers were impacted by the slow-moving storm that brought high winds, tornadoes and heavy rain. With storm-response mobilization occurring in preparation for the storm and the assistance of mutual aid partners, full restoration was accomplished within four days for all customers able to receive service. Total estimated incremental operation and maintenance expenses incurred to repair and restore the system are approximately
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,158
|
an increase of $8.7 million in storm spending in 2019.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
752
|
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form8-KCURRENT REPORTPursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934Date of Report (Date of earliest event reported)March 23, 2021CommissionFile NumberExact nameofregistrant as specifiedinitscharterandprincipalofficeaddressandtelephonenumberState of IncorporationI.R.S. EmployerIdentification No.001-37976Southwest Gas Holdings, Inc.8360 S. Durango Dr.Post Office Box 98510Las Vegas,Nevada89193-8510(702)876-7237Delaware81-3881866001-07850Southwest Gas Corporation8360 S. Durango Dr.Post Office Box 98510Las Vegas,Nevada89193-8510(702)876-7237California88-0085720Check the appropriate box below if the Form8-Kfiling is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)☐Soliciting material pursuant to Rule14a-12under the Exchange Act (17 CFR240.14a-12)☐Pre-commencementcommunications pursuant to Rule14d-2(b)under the Exchange Act (17 CFR240.14d-2(b))☐Pre-commencementcommunications pursuant to Rule13e-4(c)under the Exchange Act (17 CFR240.13e-4(c))Securities registered pursuant to Section 12(b) of the Act:Southwest Gas Holdings, Inc:(Title of class)(Tradingsymbol)(Exchangeon which registered)Southwest Gas Holdings, Inc. Common Stock, $1 par valueSWXNew York Stock ExchangeSouthwest Gas Corporation:None.Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) orRule12b-2of the Securities Exchange Act of 1934(§240.12b-2of this chapter).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. ☐Item 1.01Entry into a Material Definitive Agreement.On March 23, 2021, Southwest Gas Corporation entered into a Term Loan Agreement (the “Term Loan Agreement”) with the lenders, book runners and syndication agents party thereto and The Bank of New York Mellon, as Administrative Agent (the “Agent”). The Term Loan Agreement provides for a term loan (the “Term Loan”) of $250 million that matures on March 22, 2022. Southwest Gas Corporation intends to use the proceeds from the Term Loan to fund the increased cost of natural gas supply during the month of February 2021 caused by extreme weather conditions in the central United States.Interest rates for the Term Loan are calculated at either LIBOR or the “alternate base rate,” plus in each case an applicable margin that is determined based on Southwest Gas Corporation’s senior unsecured long-term debt rating. The applicable margin ranges from 0.550% to 1.000% for loans bearing interest with reference to LIBOR. Loans bearing interest with reference to the alternate base rate have an applicable margin of 0.000%. Upon the occurrence of certain events providing for a transition away from LIBOR or if LIBOR is no longer a widely recognized benchmark rate, the Term Loan will bear interest at a rate based on a replacement benchmark, as further set forth in the Term Loan Agreement.The Term Loan Agreement contains certain customary representations and warranties and affirmative and negative covenants. In addition, the Term Loan Agreement contains a financial covenant requiring Southwest Gas Corporation to maintain a ratio of funded debt to total capitalization not to exceed 0.70 to 1.00 as of the end of any quarter of any fiscal year.The description of the Term Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the Term Loan Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.Item 2.03Creation of a Direct Financial Obligation or an Obligation under anOff-BalanceSheet Arrangement of a Registrant.The disclosure set forth under Item 1.01 is incorporated herein by reference.Item 9.01Financial Statements and Exhibits.(d) ExhibitsExhibitNumberDescription10.1Term Loan Agreement, dated as of March 23, 2021, by and among Southwest Gas Corporation, The Bank of New York Mellon, as Administrative Agent, and the lenders party, book runners and syndication agents thereto.104Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.SOUTHWEST GAS HOLDINGS, INC./s/ Lori L. ColvinDate: March 23, 2021Lori L. ColvinVice President/Controller/Chief Accounting OfficerSOUTHWEST GAS CORPORATION/s/ Lori L. ColvinDate: March 23, 2021Lori L. ColvinVice President/Controller/Chief Accounting Officer
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
577
|
Amending and restating the third full paragraph on page 61 under the heading “Opinion of the Partnership’s Financial Advisor—Financial Analysis—Discounted Distributions Analysis” as follows (with new text in underline):Wells Fargo Securities performed a discounted distributions analysis for the Partnership by calculating the estimated net present value (as of December 31, 2018) of the projected future distributions of the Partnership (reflecting the Partnership’s revised policy towards distributions based on financial data pro forma for the closing of the Partnership’s divestitures of its equity interest in VTTI B.V. and a package of certain domestic pipeline and terminal assets) for the fiscal year ending December 31, 2019 through the fiscal year ending December 31, 2023, based on the 2019 Management Case and adding a terminal value utilizing perpetuity growth rates ranging from 0.00% to 2.00% and costs of equity ranging from 9.80% to 10.30%.The range of perpetuity growth rates waschosen by Wells Fargo Securities based on its experience and professional judgment,taking into account the 2019 Management Case and market expectations regarding the industry and long-term real growth of gross domestic product and inflation. The range of costs of equitywere chosen by Wells Fargo Securities based on a CAPM analysis of the Partnership and selected MLPs with publicly traded equity securities that Wells Fargo Securities deemed relevantin one or more respects, together with its experience and professional judgment.Such analysis takes into account certain metrics, including target capital structure, the cost of long-term Treasury debt, tax rates and levered, unlevered and relevered betas for the selected MLPs discussed below, as well as certain financial metrics for the U.S. financial markets generally. The implied terminal values of each of the perpetuity growth rate and the unit price used in the discounted distributions analysis were 0.00% and $29.85, respectively. Wells Fargo Securities derived such implied terminal values using the perpetuity growth method, based on a 0.00% terminal growth rate, which was determined by Wells Fargo Securities based on the anticipated distributions policy of the Partnership described by management. Using amid-yearconvention, Wells Fargo Securities discounted to present value as of December31, 2018 the Partnership’s forecasted distributions per unit at a cost of equity of 10.05%. The cost of equity was based on a CAPM analysis. Based on such analysis, Wells Fargo Securities derived an implied terminal multiple of 10.4x.The discounted distributions analysis indicated the following implied price per unit reference range for Partnership Units:Implied Price per UnitLowHighDiscounted Distributions Analysis$30.59$37.74Amending and restating the sixth full paragraph on page 61 under the heading “Opinion of the Partnership’s Financial Advisor—Financial Analysis—Selected Precedent Transactions Analysis” as follows (with new text in underline):The selected transactions and selected multiples of such financial data for such selected transactions were:AnnouncementDateClosingDateTargetAcquirorTotalTransactionValue in$ millionTargetEnterpriseValue(“TEV”) in$ millionTEV/LTMEBITDATEV/FY1EBITDA11/25/20182/26/2019TransMontaigne Partners, L.P.ArcLight Energy Partners$1,246$1,47710.9x9.8x11/2/20181/17/2019VTTI B.V.Terminal Finance B.V.$975$1,47510.7xN/A8/29/201712/21/2017Arc Logistics Partners LPZenith Energy U.S., L.P.$563$67312.0x11.2xThe disclosure in the section entitled “The Merger” under the heading “Financial Forecasts”, beginning on page 63 of the proxy statement, is hereby amended by:Amending and restating the first full paragraph on page 66 under the heading “Financial Forecasts” as follows (with new text in underline):For comparison purposes in connection with the review by the Board of the 2019 Management Case as discussed below, the Partnership’s management adjusted the 2018 Management Case to exclude the financial impact of both the Partnership’s equity interest in VTTI and the divestiture of the package of non-integrated domestic pipeline and terminal assets (the 2018 Management Case, as so updated, the “Updated 2018 Management Case”). The following table sets forth a summary of the Updated 2018 Management Case:Fiscal Year Ending December 31,2018F(1)2019E2020E2021E2022E(Dollars in millions, except per unit amounts)Adjusted EBITDA(2)$892$979$1,143$1,230$1,320Total Capital Expenditures(including contributions to joint ventures)$(762)$(610)$(622)$(634)$(637)Distribution per Partnership Unit$4.025$3.000$3.000$3.000$3.000(1)Reflects actual Adjusted EBITDA through July 31, 2018 and projected Adjusted EBITDA from August 1, 2018 to December 31, 2018, in each case as of the time the Updated 2018 Management Case was prepared and excluding the financial impact of both the Partnership’s equity interest in VTTI and the divestiture of the package of non-integrated domestic pipeline and terminal assets.(2)Adjusted EBITDA is defined in the same manner as set forth in the Partnership’s filings with the SEC.The Partnership’s Adjusted EBITDA is calculated as earnings (losses) before interest expense, income taxes, depreciation and amortization, further adjusted to exclude certain non-cash items, such as non-cash compensation expense; transaction, transition and integration costs associated with acquisitions; certain gains and losses on foreign currency transactions and foreign currency derivative financial instruments, as applicable; and certain other operating expense or income items, reflected in net income, that the Partnership does not believe are indicative of its core operating performance results and business outlook, such as hurricane-related costs, gains and losses on property damage recoveries, non-cash impairment charges and gains and losses on asset sales. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income or operating income as a measure of operating performance or cash flows or as a measure of liquidity.For additional information, please see the items incorporated by reference in this proxy statement referred to in the section entitled “Where You Can Find Additional Information About Us”.Amending and restating the fifth full paragraph starting on page 67 under the heading “Financial Forecasts” as follows (with new text in underline):The following table sets forth a summary of the 2019 Management Case.The following table also sets forththe financial forecast for 2019 from the Initial 2019 Management Case.The financial forecast for fiscal years 2020 through 2023 from the Initial 2019 Management Case is the same as the financial forecast for fiscal years 2020 through 2023 from the 2019 Management Case (as described further in the section entitled “—Background of the Merger”) and is therefore also set forth below.Fiscal Year Ending December 31,Initial 2019ManagementCase2019 Management Case2019E2019E(1)2020E2021E2022E2023E(Dollars in millions, except per unit amounts)Adjusted EBITDA(2)$874$905$962$1,035$1,083$1,100Total Capital Expenditures(including contributions to joint ventures)$(377)$(450)$(421)$(428)$(427)$(425)Unlevered free cash flow(3)$497$455$541$607$656$675Distribution per Partnership Unit$3.000$3.000$3.000$3.000$3.000$3.000(1)Reflects actual Adjusted EBITDA through March 31, 2019 and projected Adjusted EBITDA from April 1, 2019 to December 31, 2019, as of the time the 2019 Management Case was prepared.(2)Adjusted EBITDA is defined in the same manner as set forth in the Partnership’s filings with the SEC.The Partnership’s Adjusted EBITDA is calculated as earnings (losses) before interest expense, income taxes, depreciation and amortization, further adjusted to exclude certain non-cash items, such as non-cash compensation expense; transaction, transition and integration costs associated with acquisitions; certain gains and losses on foreign currency transactions and foreign currency derivative financial instruments, as applicable; and certain other operating expense or income items, reflected in net income, that the Partnership does not believe are indicative of its core operating performance results and business outlook, such as hurricane-related costs, gains and losses on property damage recoveries, non-cash impairment charges and gains and losses on asset sales. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income or operating income as a measure of operating performance or cash flows or as a measure of liquidity.For additional information, please see the items incorporated by reference in this proxy statement referred to in the section entitled “Where You Can Find Additional Information About Us”.(3)The Partnership’s unlevered free cash flows are defined as the Partnership’s Adjusted EBITDA less capital expenditures based on management’s capital expenditures estimates for the relevant periods. Unlevered free cash flows is a non-GAAP financial measure and should not be considered as an alternative to net income or operating income as a measure of operating performance or cash flows or as a measure of liquidity.5
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
549
|
denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to amounts associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability, any of which may raise our cost of capital and materially impair our ability to finance our operations; the greater degree and prevalence of wildfires in California in recent years and risk that we may be found liable for damages regardless of fault, such as in cases where inverse condemnation applies, and risk that we may not be able to recover any such costs in rates from customers in California; the availability of electric power, natural gas and liquefied natural gas, and natural gas pipeline and storage capacity, including disruptions caused by failures in the transmission grid, moratoriums or limitations on the withdrawal or injection of natural gas from or into storage facilities, and equipment failures; changes in energy markets; volatility in commodity prices; moves to reduce or eliminate reliance on natural gas; and the impact on the value of our investments in natural gas storage and related assets from low natural gas prices, low volatility of natural gas prices and the inability to procure favorable long-term contracts for storage services; risks posed by actions of third parties who control the operations of our investments, and risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments; weather conditions, natural disasters, accidents, equipment failures, computer system outages, explosions, terrorist attacks and other events that disrupt our operations, damage our facilities and systems, cause the release of greenhouse gases, radioactive materials and harmful emissions, cause wildfires and subject us to third-party liability for property damage or personal injuries, fines and penalties, some of which may not be covered by insurance (including costs in excess of applicable policy limits), may be disputed by insurers or may otherwise not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of insurance, to the extent that such insurance is available or not prohibitively expensive; cybersecurity threats to the energy grid, storage and pipeline infrastructure, the information and systems used to operate our businesses and the confidentiality of our proprietary information and the personal information of our customers and employees; our ability to successfully execute our plan to divest certain non-strategic Assets on the anticipated timeframe, if at all, or that such plan may not yield the anticipated benefits; capital markets and economic conditions, including the availability of credit and the liquidity of our investments; and fluctuations in inflation, interest and currency exchange rates and our ability to effectively hedge the risk of such fluctuations; the impact of recent federal tax reform and uncertainty as to how it may be applied, and our ability to mitigate adverse impacts; actions by credit rating agencies to downgrade our credit ratings or those of our subsidiaries or to place those ratings on negative outlook; changes in foreign and domestic trade policies and laws, including border tariffs, and revisions to international trade agreements, such as the North American Free Trade Agreement, that make us less competitive or impair our ability to resolve trade disputes; the ability to win competitively bid infrastructure projects against a number of strong and aggressive competitors; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates due to the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system and from possible departing retail load resulting from customers transferring to Direct Access and Community Choice Aggregation or other forms of distributed and local power generation, and the potential risk of nonrecovery for stranded assets and contractual obligations; the ability to realize the anticipated benefits from our investment in Oncor Electric Delivery Holdings Company LLC (Oncor Holdings); the ability to obtain additional permanent equity financing for the acquisition of our investment in Oncor Holdings on favorable terms; indebtedness we have incurred to fund the acquisition of our investment in Oncor Holdings, which may make it more difficult for us to repay or refinance our debt or may require us to take other actions that may decrease business flexibility and increase borrowing costs; Oncor Electric Delivery Company LLC’s (Oncor) ability to eliminate or reduce its quarterly dividends due to its requirement to meet and maintain its regulatory capital structure, or because any of the three major credit rating agencies rates Oncor's senior secured debt securities below BBB (or the equivalent) or Oncor's independent directors or a minority member director determine it is in the best interest of Oncor to retain such amounts to meet future capital expenditures; and other uncertainties, some of which may be difficult to predict and are beyond our control.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
194
|
·The hurricane-force storms that hit West Virginia, Pennsylvania, Indiana and the Carolinas in late June and early July had a severe impact on our operation as 277 central offices were impacted, causing the purchase of 203 generators and replacement of 167,000 feet of cable. We moved personnel from non-affected states to those areas hit hardest. Our incremental overtime and contractor costs in the third quarter are expected to be approximately $15M over Q2 and approximately $3M over Q3 2011 storm costs. Overtime in September has dropped back down to normal levels.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,186
|
ITEM 7.01.Regulation FD Disclosure.On November 13, 2012, the Company issued a press release reporting the impact of Hurricane Sandy on its expected financial results for the fourth fiscal quarter and year ending December 31, 2012. A copy of that press release is furnished as Exhibit 99.1 to this report. The press release has also been posted in the investor relations/presentations section of its website atwww.drhc.com.The information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, the information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933, as amended.ITEM 9.01.Financial Statements and Exhibits.(d) Exhibits.See Index to Exhibits attached hereto.SIGNATUREPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.DIAMONDROCK HOSPITALITY COMPANYDate: November 14, 2012By:/s/ William J. TennisWilliam J. TennisExecutive Vice President, General Counsel and Corporate SecretaryEXHIBIT INDEXExhibit No.Description99.1Press release dated November 13, 2012.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,690
|
Total revenues for the Retail Electricity Segment for the six months ended June 30, 2021 were approximately $150.4 million, a decrease of approximately $83.6 million, or 36%, from approximately $234.0 million for the six months ended June 30, 2020. This decrease was largely due to a decrease in volumes, resulting in a decrease of $94.3 million. This was partially offset by higher weighted average revenue rates, due to our customer mix shifting away from large commercial customers, which resulted in an increase of $9.7 million and an increase of $0.9 million related to electricity revenue due to Winter Storm Uri.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,620
|
Combined ratios of99.9%and108.5%for the active underwriting operations within our Atrium and StarStone segments, respectively. Excluding the impact of hurricanes Harvey, Irma and Maria during 2017, the combined ratios were 86.7% and 96.7% for Atrium and StarStone, respectively (refer to "Underwriting Ratios" above)
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,177
|
See the -K for a discussion of Entergy Gulf States Louisiana’s Act 55 financing of its Hurricane Katrina and Hurricane Rita storm costs. In February 2012, Entergy Gulf States Louisiana sold 500,000 of its Class A preferred membership units in Entergy Holdings Company LLC, a wholly-owned Entergy subsidiary, to a third party in exchange for $51 million plus accrued but unpaid distributions on the units. The 500,000 preferred membership units are mandatorily redeemable in January 2112.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,178
|
Pursuant to the Omnibus Agreement, Williams will indemnify the Partnership from and against or reimburse the Partnership for (i) amounts incurred by the Partnership or its subsidiaries for repair or abandonment costs for damages to certain facilities caused by Hurricane Ike, up to a maximum of $10,000,000, (ii) maintenance capital expenditure amounts incurred by the Partnership or its subsidiaries in respect of certain U.S. Department of Transportation projects, up to a maximum aggregate amount of $50,000,000, and (iii) the amount of amortization over time of deferred revenue amounts that relate to cash payments received prior to the closing of the transactions contemplated by the Contribution Agreement for services to be rendered by the Partnership in the future at the Devils Tower floating production platform located in Mississippi Canyon Block 773. In addition, the Partnership will pay to Williams the proceeds of certain sales of natural gas recovered from the Hester storage field pursuant to the FERC order dated March 27, 2008, approving a settlement agreement in Docket No. RP06-569.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
412
|
Entergy is pursuing a broad range of initiatives to recover storm restoration and business continuity costs and incremental losses. Initiatives include obtaining reimbursement of certain costs covered by insurance, obtaining assistance through federal legislation for damage caused by Hurricanes Katrina and Rita, and, as noted above, pursuing recovery through existing or new rate mechanisms regulated by the FERC and local regulatory bodies, in combination with securitization.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
690
|
2019versus2018:The current accident year loss ratiodecreasedto60.8%in2019from67.2%in2018. The decrease in the current accident year loss ratio was impacted by a lower level of catastrophe and weather-related losses. During2019, we incurred pre-tax catastrophe and weather-related losses of$84 million, or3.8points primarily attributable to Hurricane Dorian, and other weather-related events. Comparatively, in2018we incurred pre-tax catastrophe and weather-related losses of$204 million, or8.7points primarily attributable to Hurricanes Michael and Florence, California Wildfires, and other weather-related events.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,320
|
On September 30, 2010, we issued a press release covering our earnings expectations for the third and fourth quarter of 2010. Within this press release, we highlighted the start up costs related to the expansion efforts of our Vein Clinics Division and other earnings pressures that we are experiencing in the second half of 2010 (including physician departures in both divisions and a flood at one of our larger partner practices).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
417
|
deviations from regulatory precedent or practice that result in a reallocation of benefits or burdens among shareholders and ratepayers; modifications of settlements; delays in, or disallowance or denial of, regulatory agency authorizations to recover costs in rates from customers (including with respect to regulatory assets associated with the San Onofre Nuclear Generating Station facility and 2007 wildfires) or regulatory agency approval for projects required to enhance safety and reliability;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
677
|
In September 2019, FPU filed a petition, with the Florida PSC, for approval of its consolidated electric depreciation rates. The petition was joined to the Hurricane Michael docket, and was approved at the Florida PSC Agenda in September 2020. The approved rates were retroactively applied effective January 1, 2020.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
799
|
ITEM 7.01REGULATION FD DISCLOSUREOn January 25, 2021, the registrant issued a news release announcing preliminary financial information for both fullyear 2020 and fourthquarter 2020.For the full year2020, the registrant announcedan estimated range ofnet incomebetween$475millionand$525millionandanestimatedrangeofnetoperatingincomebetween$275millionand$325 million.For thefourth quarterof 2020,the registrantannounced preliminarypre-tax catastrophelosses of$70million,netofreinsurancerecoveriesandreinstatementpremiumswhichincludestheimpactofHurricanesDelta,Zeta,EtaandIotaaswellastheQueenslandAustraliahailstorm;preliminarypre-taxCOVID-19lossesof$76million, net of reinsurance recoveries; and strengthening of prior year loss reserves by $400 million pre-tax.ITEM 9.01FINANCIAL STATEMENTSAND EXHIBITS(c)ExhibitsExhibit No.Description99.1News Release of the registrant,dated January 25, 2021
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,221
|
Energy’s business strategies and strategic initiatives, restructurings, joint ventures and acquisitions or dispositions of assets or businesses, including the completed sale of its Natural Gas businesses in Arkansas and Oklahoma and the internal restructuring of certain subsidiaries, which we cannot assure you will have the anticipated benefits to us; (2) industrial, commercial and residential growth in CenterPoint Energy’s service territories and changes in market demand; (3) CenterPoint Energy’s ability to fund and invest planned capital and the timely recovery of its investments; (4) financial market and general economic conditions, including access to debt and equity capital and the effect on sales, prices and costs; (5) continued disruptions to the global supply chain and increases in commodity prices; (6) actions by credit rating agencies, including any potential downgrades to credit ratings; (7) the timing and impact of regulatory proceedings and actions and legal proceedings, including those related to the February 2021 winter storm event; (8) legislative decisions, including tax and developments related to the environment such as global climate change, air emissions, carbon, waste water discharges and the handling of coal combustion residuals, among others, and CenterPoint Energy’s net zero and carbon emissions reduction goals; (9) the impact of theCOVID-19pandemic; (10) the recording of impairment charges; (11) weather variations and CenterPoint Energy’s ability to mitigate weather impacts, including impacts from the February 2021 winter storm event; (12) changes in business plans; (13) CenterPoint Energy’s ability to execute on its initiatives, targets and goals, including its net zero and carbon emissions reduction goals and operations and maintenance goals; and (14) other factors discussed CenterPoint Energy’s and CERC’s Annual Report on Form10-Kfor the fiscal year ended December 31, 2021 and CenterPoint Energy’s and CERC’s Quarterly Reports on Form10-Qfor the quarters ended March 31, 2022 and June 30, 2022, including in the “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” sections of such reports, and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.The information in this Report is being furnished pursuant to Item 7.01 of Form8-Kand is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act, as amended, or the Exchange Act.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,381
|
•a $50 million increase in operation, maintenance and other expense driven by higher employee-related costs, a prior year severance cost adjustment related to the 2019 North Carolina retail rate case and outage costs, partially offset by reduced storm amortization at Duke Energy Florida.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,772
|
On December 7, 2012, American International Group, Inc. issued a press release announcing its preliminary estimate of losses related to Storm Sandy. A copy of the press release is attached as Exhibit 99.1 to this Current Report on -K and is incorporated by reference herein.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
1,876
|
Item 7.01.Regulation FD DisclosureAssurant, Inc. (“Assurant” or the “Company”) announced today that as of December 19, 2018, it expects to record between $110 million to $150 millionpre-tax,of fourth quarter 2018 reportable catastrophe losses in its Global Housing segment. This loss range for the quarter includes an initial view of expected losses related to the November Camp Fire and Woolsey Fire in California (together the “California fires”) and a refined range for losses related to Hurricane Michael that occurred in October 2018.The California wildfire losses were primarily driven by fire damage for lender-placed and manufactured housing products. Hurricane Michael losses are related to wind damage for lender-placed and other housing products.The Company’s reportable catastrophes include individual catastrophic events that generate losses in excess of $5 million,pre-taxand net of reinsurance and including reinstatement and other premiums.Below is a table summarizing the expected reportable catastrophe losses from fourth quarter 2018 events:EventAssurant 4Q18reportable catastrophe losses(Pre-tax,dollars in millions)Hurricane Michael$80-$100California fires$30-$50Total$110-$150On February 12, 2019, the Company will report actual reportable catastrophe losses as part of its fourth quarter 2018 results.CAUTIONARY STATEMENT– Some of the statements included in this Form8-K,particularly expected reportable catastrophe losses, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s best estimates, assumptions and projections and are subject to significant uncertainties. Actual results may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this-Kas a result of new information or future events or developments. For a detailed discussion of the general risk factors that could affect the Company’s results, please refer to the risk factors identified in the Company’s annual and periodic reports as filed with the U.S. Securities and Exchange Commission.SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.Assurant, Inc.By:/s/ Carey S. RobertsCarey S. RobertsExecutive Vice President, Chief Legal Officer andSecretaryDate: December 19, 2018
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
938
|
In Western Digital’s press release attached as Exhibit 99.1 hereto, Western Digital reports certain financial information, including net income and earnings per share on both a GAAP and a non-GAAP basis for the third fiscal quarter ended March 30, 2012. These non-GAAP measures exclude expenses related to Western Digital’s acquisition of Hitachi Global Storage Technologies; costs recognized upon the sale of inventory that was written-up to fair value and amortization of intangibles related to the acquisition; charges and expenses related to the flooding in Thailand net of recoveries; and tax benefits related to the aforementioned items. Because management believes these expenses and gains may not be indicative of ongoing operations, management believes that the non-GAAP measures presented in the press release are useful to investors as an alternative method for measuring Western Digital’s operating performance and comparing it against prior periods’ performance.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
507
|
Check the appropriate box below if the -K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:[ ] 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))Top of the FormItem 2.02 Results of Operations and Financial Condition.On December 12, 2012 Platinum Underwriters Holdings, Ltd. issued a press release estimating the preliminary net negative impact from Hurricane Sandy. A copy of the press release is furnished herewith as Exhibit 99.1. The information hereunder is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, is not otherwise subject to the liabilities of that section and is not incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such a filing.Item 8.01 Other Events.The information contained in Item 2.02 is incorporated herein by reference.Item 9.01 Financial Statements and Exhibits.Exhibit 99.1 Press Release dated December 12, 2012.Top of the FormSIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.Platinum Underwriters Holdings, Ltd.December 12, 2012By:Allan C. DecleirName: Allan C. DecleirTitle: Executive Vice President and Chief Financial OfficerTop of the FormExhibit IndexExhibit No.Description99.1Press Release dated December 12, 2012
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,329
|
The PSAs only address the Wildfire Claims of the Supporting Public Entities and only to the extent set forth therein. As described in the Debtors’ Quarterly Report on -Q for the quarterly period ended March 31, 2019, the Debtors are subject to a substantial number of claims from other claimants, including individuals, insurance carriers and other government entities. In addition, there can be no assurance that the Debtors will successfully develop, consummate or implement the Debtor Plan which will ultimately require Bankruptcy Court, creditor and regulatory approval.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,803
|
a $47 million decrease in operations and maintenance expense primarily due to lower planned outage costs, lower severance expenses and lower employee benefit costs, partially offset by higher storm restoration costs in the current year.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
559
|
The decrease in operating cash for fiscal year 2006 as compared to fiscal year 2005 is due primarily to providing hurricane disaster recovery work. In executing our disaster recovery work associated with Hurricanes Katrina and Rita, we experienced payment terms with subcontractors generally shorter than historical levels reflecting a tight market for delivery of services and supplies into the disaster affected area. In contrast, we experienced significantly slower historical receipts for our services as final contract terms were resolved with customers and our state and local government customers await federal relief funds. The extended periods to collect payment for our services combined with a significant increase in the volume of work on these disaster relief efforts resulted in a use of cash and reduction in operating cash flows during fiscal year 2006. The decrease in net operating cash flows in fiscal year 2006 was also impacted by the disbursement of funds associated with one project in the U.S., which achieved substantial completion during the third quarter of fiscal year 2006. Additionally, we recorded claims and unapproved charge orders on certain projects that were being executed in 2006 which did not result in cash flows until the final contractual terms were mutually agreed and settled in fiscal year 2007. Partially offsetting these fiscal year 2006 decreases were cash receipts related to claims recovery of approximately $67.7 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,588
|
variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes (including from Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Hurricane Ida), ice storms, or other weather events and the recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance, as well as any related unplanned outages;
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
885
|
•Catastrophe losses for 2008 were $156.1 million or 13.9 loss ratio points compared to $37.1 million or 3.7 loss ratio points for the same 2007
period. Hurricane Ike delivered tropical storm force winds to Texas and three of our largest states-Ohio, Kentucky and Indiana, accounting for $44.1 million of catastrophe losses or 3.9 loss ratio points. See the “Loss and LAE” section
included in this Item 7.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,120
|
Other income increased primarily due to carrying charges on Hurricane Ike storm restoration costs as authorized by Texas legislation in the second quarter 2009, partially offset by a decrease in taxes collected on advances for transmission projects and a decrease in interest earned on money pool investments. See Note 2 to the financial statements for further discussion of Hurricane Ike storm cost recovery filings.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,412
|
·a slight increase in construction expenditures, including spending resulting from April 2011 storms that caused damage to transmission and distribution lines, equipment, poles, and other facilities, primarily in Arkansas. The capital cost of repairing that damage was approximately $55 million. Entergy’s construction spending plans for 2012 through 2014 are discussed in “Management’s Financial Discussion and Analysis -Capital Expenditure Plans and Other Uses of Capital.”
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,728
|
In October 2007, San Diego County experienced several catastrophic wildfires. Reports issued by the California Department of Forestry and Fire Protection (Cal Fire) concluded that two of these fires (the Witch and Rice fires) were SDG&E "power line caused" and that a third fire (the Guejito fire) occurred when a wire securing a Cox fiber optic cable came into contact with an SDG&E power line "causing an arc and starting the fire." Cal Fire reported that the Rice fire burned approximately 9,500 acres and damaged 206 homes and two commercial properties, and the Witch and Guejito fires merged and eventually burned approximately 198,000 acres, resulting in two fatalities, approximately 40 firefighters injured and approximately 1,141 homes destroyed.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,374
|
•Mars: All parties are continuing to assess and determine the extent of damage to the SPLC operated West Delta 143 facilities, as well as when it will be safe to return to service. Today, Shell Offshore Inc. (“SOI”) provided notice to Mars Oil Pipeline Company (“Mars”) that, effective as of August 29, 2021, Hurricane Ida constituted an event of force majeure under certain agreements between SOI and Mars, damaging the West Delta 143 facilities and causing a shut-down of such facilities for an unknown duration.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,009
|
Rowan suffered a significant loss of prospective revenues and has incurred significant claims for removal of wreckage from the total destruction of six rigs in four separate storms from 2002 through 2008. Due to the increased cost and reduced availability of coverage as discussed above, in 2009 we decided to discontinue windstorm physical damage coverage on four of our older, lower-specification jack-up rigs, and our coverage for removal of wreckage is subject to a $100 million per occurrence deductible. Our windstorm physical damage coverage is subject to a $50 million per occurrence deductible with an annual aggregate limit of $150 million and covers only theGorilla II, theBob Palmerand theRowan-Mississippi.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,309
|
On October 3, 2022, Belpointe PREP, LLC (the “Company”) issued a press release providing its initial assessment of Hurricane Ida’s impact on the Company’s Florida assets. A copy of the press release is attached to this Current Report on -K as Exhibit 99.1.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,667
|
•Other items which may include, but are not limited to the following: management contract termination fees; gains or losses from legal settlements; repairs from hurricanes and tropical storms; impairment losses and Jamaica delayed opening accrual reversals.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
637
|
Gross Loss Ratio BreakdownThree MonthsEnded June 30,2021Six MonthsEnded June30, 2021Winter Storm Uri14%58%PCS Catastrophic Weather Losses85%58%Non-PCS Weather and Other Losses62%61%Total Gross Loss Ratio161%177%
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,176
|
HoldingsSpiritNon-GuarantorSubsidiariesConsolidatingAdjustmentsTotalNet revenues$—$6,487.3$1,361.2$(626.5)$7,222.0Operating costs and expensesCost of sales—5,541.41,221.0(626.5)6,135.9Selling, general and administrative10.4182.617.4—210.4Impact of severe weather event—(10.0)——(10.0)Research and development—37.55.0—42.5Total operating costs and expenses10.45,751.51,243.4(626.5)6,378.8Operating income (loss)(10.4)735.8117.8—843.2Interest expense and financing fee amortization—(79.7)(5.2)4.9(80.0)Other (expense) income, net——(2.1)(4.9)(7.0)Income (loss) before income taxes and equity in net income of affiliates and subsidiaries(10.4)656.1110.5—756.2Income tax benefit (provision)1.9(122.3)(19.4)—(139.8)Income (loss) before equity in net income of affiliates and subsidiaries(8.5)533.891.1—616.4Equity in net income of affiliates0.6—0.6(0.6)0.6Equity in net income of subsidiaries624.991.0—(715.9)—Net income617.0624.891.7(716.5)617.0Other comprehensive loss(68.1)(68.1)(26.3)94.4(68.1)Comprehensive income$548.9$556.7$65.4$(622.1)$548.9
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
557
|
The press release includes “non-GAAP financial measures.” Specifically, the press release refers to EBITDA, Adjusted EBITDA and Adjusted EBITDAR. EBITDA, Adjusted EBITDA and Adjusted EBITDAR are supplemental non-GAAP financial measures. Regulation G,Conditions for Use of Non-GAAP Financial Measures, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. EBITDA consists of net income before (a) interest expense, net, (b) provisions for income taxes and (c) depreciation and amortization. Adjusted EBITDA consists of net income before (a) interest expense, net, (b) provisions for income taxes, (c) depreciation and amortization, (d) earnings related to operations currently being constructed and other start-up operations, excluding depreciation and amortization, interest and income taxes, (e) results of closed operations and facilities not at full operation, excluding depreciation and amortization, interest and income taxes, (f) share-based compensation expense, (g) return of unclaimed class action settlement and charges related to class action lawsuit, (h) losses and business interruption recoveries related to Hurricane Harvey and the California fires, (i) impairment of goodwill and long-lived assets, (j) bonus accrual as a result of the Tax Act, (k) professional fees associated with income tax credits, tax reform impacts and adoption of the new revenue recognition standard and (l) transaction-related costs. Adjusted EBITDAR consists of net income before (a) interest expense, net, (b) provisions for income taxes, (c) depreciation and amortization, (d) rent-cost of services, (e) earnings related to facilities currently being constructed and other start-up operations, excluding rent, depreciation and amortization, interest and income taxes, (f) results of closed operation and facilities not at full operation, excluding rent, depreciation and amortization, interest and income taxes, (g) share-based compensation expense, (h) return of unclaimed class action settlement and charges related to class action lawsuit, (i) losses and business interruption recoveries related to Hurricane Harvey and the California fires, (j) impairment of goodwill and long-lived assets, (k) bonus accrual as a result off the Tax Act, (l) professional fees associated with income tax credits, tax reform impacts and adoption of the new revenue recognition standard and (m) transaction-related costs. The company believes that the presentation of EBITDA, adjusted EBITDA, adjusted EBITDAR, adjusted net income and adjusted earnings per share provides important supplemental information to management and investors to evaluate the company’s operating performance. The company believes disclosure of adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA and adjusted EBITDAR has economic substance because they excluded revenues and expenses are infrequent in nature and are variable in nature, or do not represent current revenues or cash expenditures. A material limitation associated with the use of these measures as compared to the GAAP measures of net income and diluted earnings per share is that they may not be comparable with the calculation of net income and diluted earnings per share for other companies in the company's industry. These non-GAAP financial measures should not be relied upon to the exclusion of GAAP financial measures. For further information regarding why the company believes that this non-GAAP measure provides useful information to investors, the specific manner in which management uses this measure, and some of the limitations associated with the use of this measure, please refer to the company's periodic filings with the Securities and Exchange Commission, including its Annual Report on -K and Quarterly Report on -Q. The company's periodic filings are available on the SEC's website atwww.sec.govor under the "Financial Information" link of the Investor Relations section on Ensign's website athttp://www.ensigngroup.net.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
41
|
Forward-Looking Statements:This -K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially due to: the speed and nature of increased competition in the electric utility industry, the impact of the regulatory process on the pending matters before FERC and in the various states in which we do business including, but not limited to, matters related to rates, the uncertainties of various cost recovery and cost allocation issues resulting from ATSI's realignment into PJM, economic or weather conditions affecting future sales and margins, regulatory outcomes associated with Hurricane Sandy, changing energy, capacity and commodity market prices and availability, financial derivative reforms that could increase our liquidity needs and collateral costs, the continued ability of our regulated utilities to collect transition and other costs, operation and maintenance costs being higher than anticipated, other legislative and regulatory changes, and revised environmental requirements, including possible GHG emission, water intake and coal combustion residual regulations, the potential impacts of CAIR, and any laws, rules or regulations that ultimately replace CAIR, and the effects of the EPA's MATS rules, the uncertainty of the timing and amounts of the capital expenditures that may arise in connection with any litigation, including NSR litigation or potential regulatory initiatives or rulemakings (including that such expenditures could result in our decision to deactivate or idle certain generating units), the uncertainties associated with our plans to deactivate our older unscrubbed regulated and competitive fossil units and our plans to change the operations of certain fossil plants, including the impact on vendor commitments, and the timing of those deactivations and operational changes as they relate to, among other things, the RMR arrangements and the reliability of the transmission grid, issues that could result from the NRC's review of the indications of cracking in the Davis Besse Plant shield building, adverse regulatory or legal decisions and outcomes with respect to our nuclear operations (including, but not limited to the revocation or non-renewal of necessary licenses, approvals or operating permits by the NRC or as a result of the incident at Japan's Fukushima Daiichi Nuclear Plant), adverse legal decisions and outcomes related to ME's and PN's ability to recover certain transmission costs through their transmission service charge riders, the continuing availability of generating units, changes in their operational status and any related impacts on vendor commitments, replacement power costs being higher than anticipated or inadequately hedged, the ability to comply with applicable state and federal reliability standards and energy efficiency mandates, changes in customers' demand for power, including but not limited to, changes resulting from the implementation of state and federal energy efficiency mandates, the ability to accomplish or realize anticipated benefits from strategic goals, our ability to improve electric commodity margins and the impact of, among other factors, the increased cost of fuel and fuel transportation on such margins, the ability to experience growth in the Regulated Distribution and Competitive Energy Services segments, changing market conditions that could affect the measurement of liabilities and the value of assets held in our NDTs, pension trusts and other trust funds, and cause us and our subsidiaries to make additional contributions sooner, or in amounts that are larger than currently anticipated, the impact of changes to material accounting policies, the ability to access the public securities and other capital and credit markets in accordance with our financing plans, the cost of such capital and overall condition of the capital and credit markets affecting us and our subsidiaries, changes in general economic conditions affecting us and our subsidiaries, interest rates and any actions taken by credit rating agencies that could negatively affect us and our subsidiaries' access to financing, increased costs thereof, and increase requirements to post additional collateral to support outstanding commodity positions, LOCs and other financial guarantees, the state of the national and regional economy and its impact on our major industrial and commercial customers, issues concerning the soundness of domestic and foreign financial institutions and counterparties with which we do business, the risks and other factors discussed from time to time in our SEC filings, and other similar factors. The foregoing review of factors should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on the registrants'business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.The registrantsexpressly disclaim any current intention to update, except as required by law, any forward-looking statements contained herein as a result of new information, future events or otherwise.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,242
|
These risks could result in substantial losses due to personal injuryand/orloss of life, severe damage to and destruction of property and equipment and pollution or other environmental damage and may result in curtailment or suspension of our related operations. In addition, mechanical malfunctions, undetected leaks in pipelines, faulty measurement or other errors may result in significant costs or lost revenues. Our assets and operations are primarily concentrated in the Texas Gulf Coast and north Texas regions and in southwest Louisiana, central and eastern Oklahoma and in Wyoming, and a natural disaster or other hazard affecting any of these areas could have a material adverse effect on our operations, even if our own facilities are not directly affected. For example, although we did not suffer significant damage due to Hurricane Ike in September 2008, the storm damaged gathering systems and processing and NGL fractionation facilities along the Gulf Coast, including facilities owned by third-party service providers on whom we depend in providing services to our customers. Some companies were required to curtail or suspend operations, which adversely affected various energy companies with assets in the region, including us.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,052
|
As previously disclosed, due to the net charges recorded in connection with the 2018 Camp Fire and the 2017 Northern California wildfires as of December 31, 2018, on February 28, 2019, the Utility submitted to the CPUC an application for a waiver of the capital structure condition. This cost of capital application does not modify that request.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,348
|
Valentine’s Day, the Company closed restaurants in several markets due to severe winter weather conditions, the impact of which totaled 54 closed days.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
7
|
In March 2022, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase from $0.00959per kWh to $0.01785per kWh. The primary reason for the rate increase is a large under-recovery balance as a result of higher natural gas prices in 2021, particularly in the fourth quarter 2021. At the request of the APSC general staff, Entergy Arkansas deferred its request for recovery of $32million from the under-recovery related to the 2021 February winter storms until the 2023 energy cost rate redetermination, unless a request for an interim adjustment to the energy cost recovery rider is necessary. This resulted in a redetermined rate of $0.016390per kWh, which became effective with the first billing cycle in April 2022 through the normal operation of the tariff.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,004
|
(2)The number of stores open at January 30, 2011 and January 31, 2010 includes one franchise in Canada. Our location in Nashville, Tennessee,
which temporarily closed on May 2, 2010 due to flooding is included in our store count. As of January 30, 2011, the Nashville location remains closed.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
471
|
•$51.1 million increase in the regulatory incentive sharing mechanism related to revenues earned from Mist gas storage and asset management activities primarily related to the 2021 cold weather event;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
698
|
Item 1.01.Entry into a Material Definitive Agreement.On October 30, 2018, Regional Management Corp. (the “Company”) and its wholly-owned subsidiary, Regional Management Receivables, LLC (the “Borrower”), entered into Amendment No. 2 (the “Amendment”) to the Amended and Restated Credit Agreement, dated November 21, 2017, by and among the Company, as servicer, the Borrower, Wells Fargo Bank, National Association (“Wells Fargo”), as lender (the “Lender”), the other lenders from time to time parties thereto, Wells Fargo, as account bank, collateral custodian, and backup servicer, and Wells Fargo Securities, LLC, as administrative agent for the Lender and the other lenders from time to time parties thereto (the “Credit Agreement”), as amended on February 20, 2018. The Credit Agreement was previously filed with the Securities and Exchange Commission by the Company as Exhibit 10.1 to the Current Report on Form8-Kdated November 28, 2017.Following the impact of Hurricane Florence in North Carolina and South Carolina, the Company implemented a special loan payment extension program for the benefit of impacted customers in such states, providing such customers with an extension of the due date of their monthly payment obligation immediately following the disaster event. In connection therewith, the Amendment waives the application of the “Extension Ratio” trigger relating to the definitions of “Level I Effective Date Receivables Trigger Event” and “Level II Effective Date Receivables Trigger Event” for the September 2018 “Collection Period.” The amendment also amends the three-month average “Extension Ratio” trigger relating to the definitions of “Level I Effective Date Receivables Trigger Event,” “Level I Initial Receivables Trigger Event,” “Level II Effective Date Receivables Trigger Event,” and “Level II Initial Receivables Trigger Event,” by increasing the “Extension Ratio” trigger for the October 2018 “Collection Period” based on aone-monthaverage and by increasing the “Extension Ratio” trigger for the November 2018 “Collection Period” based on atwo-monthaverage.For a complete description of the terms of the Amendment, see Exhibit 10.1 hereto. The foregoing description is only a summary and is qualified in its entirety by reference to the full text of the Amendment, which is incorporated by reference herein.Item 2.03.Creation of a Direct Financial Obligation or an Obligation under anOff-BalanceSheet Arrangement of a Registrant.The information set forth under Item 1.01 of this Current Report on Form8-Kis incorporated herein by reference.Item 9.01.Financial Statements and Exhibits.(d) Exhibits.ExhibitNo.Description10.1Amendment No. 2 to the Amended and Restated Credit Agreement, dated October 30, 2018, by and among Regional Management Receivables, LLC, as borrower, Regional Management Corp., as servicer, Wells Fargo Bank, National Association, as the sole lender, and Wells Fargo Securities, LLC, as administrative agent for the lender.SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.Regional Management Corp.Date: November 2, 2018By:/s/ Donald E. ThomasDonald E. ThomasExecutive Vice President and Chief Financial Officer
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,542
|
In addition to our GAAP results, we provide organic revenues and adjusted earnings per diluted share. Organic revenues consist of total revenues excluding the effects of currency exchange rates, acquired revenues, and product discontinuances. The adjusted earnings per diluted share measure is calculated by dividing adjusted net income attributable to diluted shares by adjusted diluted weighted average shares outstanding. The measure of adjusted net income consists of GAAP net income, excluding: (i) hurricane related expenses; (ii) structural optimization charges; (iii) acquisition- and integration-related charges; (iv) litigation charges; (v) intangible asset amortization expense; (vi) discontinued product lines charges; (vii) impairment charges; and (viii) income tax impact from adjustments.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,669
|
The Company expects to have a substantial business interruption claim to offset lost profits and to offset certain additional expenses incurred related to the ongoing operations. In the first quarter of 2012, the Company has identified approximately $14 million of estimated losses that it believes qualify as recoverable business interruption losses for a total of approximately $30 million of identified estimated losses since the tornado occurred. The amount of actual business interruption recoveries may differ materially from the Company’s current and future estimates. The Company believes the impact of estimated lost sales, lost production and additional expenses that will be incurred related to the tornado will be substantially covered by the Company’s insurance policies. Any insurance recoveries related to business interruption will be recognized as a reduction to product cost in the consolidated statements of operations when the insurance claim has been settled. The Company has not recognized any reduction to product cost from insurance recoveries related to estimated business interruption losses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,968
|
On December 15, 2022, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, filed an application with the California Public Utilities Commission (the “CPUC”) requesting cost recovery of approximately $1.36 billion of recorded expenditures related to wildfire mitigation, certain catastrophic events, and a number of other activities (the “2022 WMCE application”).
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,618
|
The regulatory income tax assets and liabilities are generally amortized over the average depreciable life of the related assets. The loss on reacquired debt and the loss and gain on interest rate derivatives are amortized over the life of the related new debt issue, which currently ranges from 4 to 26 years. The unrecovered fuel costs are generally recovered within a year following their recognition. Ice storm costs and the Asbury five-year maintenance costs are recovered over five years. Pension and other postretirement benefit tracking mechanisms are recovered over a five year period.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
341
|
significant change in income taxes was primarily a result of an acceleration of deductions due to economic stimulus legislation and a change in tax treatment of electric generation plant expenditures.ŸA $256 million increase in cash from operating activities associated with the December 2005 Taum Sauk incident, as discussed above.ŸA $20 million decrease in payments for natural gas injections into storage because of lower prices.ŸHigher electric margins as discussed in Results of Operations.ŸAn increase in natural gas costs over-recovered from customers under the PGA.ŸLess cash used for operations and maintenance activities, because several plant-related projects were reduced, deferred, or cancelled and because of the absence of a Callaway nuclear plant refueling and maintenance outage in 2009.The following items reduced the increase in UE’s cash from operating activities during 2009, compared with 2008:ŸThe collection of an $85 million affiliate receivable in 2008 that did not occur in 2009.ŸA $39 million increase in interest payments, primarily due to the senior secured notes issued in April 2008, June 2008, and March 2009.ŸA $16 million increase in pension and other postretirement plan contributions.ŸA $10 million increase in energy efficiency expenditures for new customer programs.ŸA $6 million increase in major storm restoration costs.ŸThe 2009 voluntary and involuntary separation programs, which resulted in severance payments of $6 million.AICAIC’s cash from operating activities associated with continuing operations increased in 2009 compared with 2008. The following items contributed to the increase in cash from operating activities associated with continuing operations during 2009, compared with 2008:ŸA $178 million decrease in payments for natural gas injections into storage because of lower prices.ŸA $176 million net reduction in collateral posted with suppliers due in part to improved credit ratings.ŸHigher electric and natural gas margins as discussed in Results of Operations.ŸAccounts receivable and unbilled revenue balances decreased by $167 million, primarily because of milder weather and lower natural gas commodity costs.ŸThe over-collected deferred budget billing balance increased by $44 million, partially caused by a reduction in commodity costs and a decrease in sales volumes compared to budgeted billed amounts.The following items reduced the increase in AIC’s cash from operating activities associated with continuing operations during 2009, compared with 2008:ŸIncome tax payments of $61 million in 2009, compared with income tax refunds of $72 million in 2008, primarily due to higher pretax book income.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
525
|
points primarily attributable to Hurricane Dorian, and other weather-related events. Comparatively, in
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
1,678
|
Net operating revenue at our property in Cripple Creek decreased by $0.1 million,or 1.5%, for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. The Cripple Creek market decreased by less than 1% and the market share at our property in Cripple Creek City decreased by less than 1% for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. The decrease is due to a decrease in gaming revenue due lower slot machine hold percentages and the eight-day road closure of the main highway to the casino from June 24 – July 1, 2012 because of the Waldo Canyon fire offset by an increase in hotel, food and beverage revenue of $0.1 million, or 7.6%. The increase in hotel, food and beverage revenue is primarily due to a marketing focus on hotel occupancy and an increase in retail prices for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,402
|
Natural disasters, pandemics, including the COVID-19 pandemic, other public health emergencies, geopolitical conflicts, social or political unrest, or other catastrophic events may cause damage or disruption to our operations, international commerce and the global economy, and thus could harm our business. We have a large employee presence and operations in the San Francisco Bay Area, California and Australia. The west coast of the U.S. contains active earthquake zones and is often at risk from wildfires. Australia has recently experienced significant wildfires and flooding that have impacted our employees. In the event of a major earthquake, hurricane, typhoon or catastrophic event such as fire, power loss, telecommunications failure, cyber-attack, war or terrorist attack, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in our application development, lengthy interruptions in our product availability, breaches of data security and loss of critical data, all of which could harm our business, results of operations and financial condition.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
119
|
The Company has a geographic exposure to catastrophe losses in certain areas of the country. Catastrophes can be caused by various events including hurricanes, windstorms, earthquakes, hail, severe winter weather, explosions and fires, and the incidence and severity of catastrophes are inherently unpredictable. The extent of losses from a catastrophe is a function of both the total amount of insured exposure in the area affected by the event and the severity of the event. Most catastrophe losses are restricted to small geographic areas; however, hurricanes and earthquakes may produce significant damage in large, heavily populated areas. The Company generally seeks to reduce its exposure to catastrophes through individual risk selection and the purchase of catastrophe reinsurance. At December 31, 2018, the Company's estimate of unpaid losses and adjustment expenses for claims incurred in prior years related to catastrophes that exceeded our retention totaled$18,000before reinsurance ($115,000in 2017). Because the Company has exhausted its catastrophe coverage limits available for Hurricane Katrina any additional development will not be covered by reinsurance.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,324
|
In April 2006, a tornado struck the Marmaduke, Arkansas area. This tornado resulted in damage to the company’s tank railcar manufacturing facility in Marmaduke, Arkansas. While the majority of the Marmaduke tank railcar facility suffered only minor damage, the portion of the factory that processed inbound material, equipment associated with material handling, plate steel blasting and sheet rolling as well as some inventory was destroyed by the storm. The tornado also destroyed an empty building that was nearing completion to receive inbound material and store inventory. The manufacturing facility was closed from April 2, 2006 through August 6, 2006 due to the storm. The Company recommenced operations at the manufacturing facility on August 7, 2006 when the repairs related to the tornado damage were substantially complete.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,889
|
In addition to the impact of Uri, during the second quarter of 2021, our Gross Loss Ratio was adversely impacted by 17 named Property Claims Services (“PCS”) events, 13 of which were related to hail and/or wind in Texas. These events represented $73.9 million of Gross Losses and LAE, $71.0 million of which were related to events that impacted Texas. Collectively, these 17 PCS events represented 85 percentage points of Gross Loss Ratio. The 13 Texas-related PCS events (not including Uri) represented 81 percentage points of Gross Loss Ratio.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
358
|
Exhibit No.Description99.1Press Release (“XL Group plc Announces Preliminary
Loss Estimates for Thailand Floods”) dated January 11, 2012.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,735
|
We are vulnerable to damage from various types of disasters, including fires, terrorist acts, floods, power losses, communications failures and similar events. For example, in September 2008, Hurricane Ike hit the Texas Gulf Coast and caused significant property damage and a number of fatalities near the area in which our facility is located. If any such disaster were to occur, we may not be able to operate our business at our facility. Our manufacturing facilities require FDA approval which could result in significant delays before we could manufacture products from a replacement facility. The insurance we maintain may not be adequate to cover our losses resulting from disasters or other business interruptions. Therefore, any such catastrophe could seriously harm our business and consolidated results of operations.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
252
|
On October 20, 2022, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Announces Preliminary Estimate for Third-Quarter Storm Losses.” The news release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. On October 21, 2022, Cincinnati Financial Corporation issued the attached news release “Cincinnati Financial Corporation Announces New Lead Independent Director.” The news release is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
621
|
Gaylord National Results.The results of Gaylord National for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands, except percentages and performance metrics):2019% Change2018% Change2017Revenues:Rooms$117,9777.7%$109,511(0.0)%$109,542Food and beverage130,210(3.3)%134,6453.7%129,812Other hotel revenue33,18010.1%30,1434.1%28,959Total revenue281,3672.6%274,2992.2%268,313Operating expenses:Rooms41,8634.7%39,9860.8%39,654Food and beverage83,101(0.2)%83,2492.9%80,895Other hotel expenses88,3367.2%82,4051.7%81,027Management fees, net4,7363.1%4,5952.6%4,478Depreciation and amortization27,7760.8%27,5653.9%26,524Total operating expenses245,8123.4%237,8002.2%232,578Performance metrics:Occupancy75.1%2.8pts72.3%(1.2)pts73.5%ADR$215.743.8%$207.831.6%$204.50RevPAR$161.947.7%$150.31(0.0)%$150.36Total RevPAR$386.212.6%$376.502.2%$368.29(1)Gaylord National operating expenses for 2017 do not include impairment charges of $35.4 million, as further discussed in Note 3, “Notes Receivable,” to the accompanying consolidated financial statements. Gaylord National operating expenses for 2017 also do not include preopening costs of $0.2 million associated with a riverfront ballroom at Gaylord National, which opened in the second quarter of 2017.Rooms revenue and RevPAR increased at Gaylord National during 2019, as compared to 2018, primarily as a result of an increase in ADR for both group and transient business, as well as an increase in group occupancy. The 2018 year was negatively impacted by Hurricane Florence in September 2018. Rooms expenses increased during 2019, as compared to 2018, primarily due to increased group commissions.The decrease in food and beverage revenue at Gaylord National during 2019, as compared to 2018, was primarily due to a decrease in banquet revenue due to a mix shift from corporate groups to other groups. Food and beverage expenses decreased in 2019, as compared to 2018, primarily due to decreased variable costs associated with the decrease in revenue.Other revenue increased at Gaylord National during 2019, as compared to 2018, primarily due to an increase in ancillary fees, such as parking and spa revenue. Other hotel expenses increased in 2019, as compared to 2018, primarily as a result of an increase in credit card expense, as well as an increase in property tax expense due to 2018 including a refund from a previous property tax settlement.Management fees, net and depreciation and amortization increased slightly at Gaylord National during 2019, as compared to 2018.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,139
|
CL&P's earnings increased $138.0 millionfor the nine months ended September 30, 2022, as compared to the same period in 2021, due primarily to the absence in 2022 of the October 1, 2021 settlement agreement that resulted in a $75 million pre-tax charge to earnings and a $28.6 million pre-tax charge to earnings for a storm performance penalty imposed by PURA as a result of CL&P’s preparation for and response to Tropical Storm Isaias in August 2020 recorded in 2021. The after-tax impact of the settlement agreement and storm performance penalty imposed by the PURA was $85.8 million. Earnings were also favorably impacted by higher earnings from its capital tracking mechanism due to increased electric system improvements, an increase in transmission earnings driven by a higher transmission rate base, lower pension plan expense, and a lower effective tax rate resulting from the income tax return to provision adjustment in the third quarter and a decrease in permanent and flow-through income tax items. The earnings increase was partially offset by higher operations and maintenance expense, higher depreciation expense, and higher property and other tax expense.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,576
|
Each traditional operating company maintains a reserve for property damage to cover the cost of damages from major storms to its transmission and distribution lines and the cost of uninsured damages to its generating facilities and other property. In September 2004, Hurricane Ivan hit the Gulf coast of Florida and Alabama, causing significant damage to the service areas of Alabama Power and Gulf Power. In July and August 2005, Hurricanes Dennis and Katrina, respectively, hit the Gulf coast of the United States and caused significant damage in the service areas of Gulf Power, Alabama Power and Mississippi Power. In each case, costs to the respective traditional operating companies exceeded their respective storm cost reserves and insurance coverage and were subsequently approved for recovery by their respective state PSCs. In the event a traditional operating company experiences a natural disaster, terrorist attack or other catastrophic event, recovery of costs in excess of reserves and insurance coverage is subject to the approval of its state PSC. While the traditional operating companies generally are entitled to recover prudently incurred costs incurred in connection with such an event, any denial by the applicable state PSC or delay in recovery of any portion of such costs could have a material negative impact on a traditional operating company’s results of operationsand/orcash flows.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,655
|
Sales volume during the firstninemonths of2012increased to8.8 millionmetric tons compared with6.8 millionmetric tons in the firstninemonths of2011, resulting in an increase in revenue of$314.7 million. Increased port and rail capacity allowed more tonnage to be shipped including shipments of 1.3 million wet metric tons of low-grade iron ore product and higher sales of 0.2 million metric tons from our Cockatoo Island mine due to 2011 weather events.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,411
|
Also on March 30, 2018, the Utility submitted to the CPUC its 2018 Catastrophic Events Memorandum Account (“CEMA”) application requesting cost recovery of (i) $183 million in connection with nine catastrophic events that included fire and storm declared emergencies from the middle of 2016 through early 2017, and (ii) $405 million for work to cut back or remove dead or dying trees in 2016 and 2017 resulting from years of drought conditions and associated bark beetle infestation. The 2018 CEMA application also seeks cost recovery of $555 million on a forecast basis for additional tree mortality and fire mitigation work anticipated in 2018 and 2019.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,383
|
increased weather related costs as a result of harsh winter operating conditions in the first quarter of 2019; and
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
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