Unnamed: 0
int64 | paragraph
string | asset
int64 | economic_flows
int64 | none
int64 | json_impact_channel
string | impact_directionality
string |
|---|---|---|---|---|---|---|
2,069
|
On March 13, 2012, Northeast Utilities (NU) and NSTAR jointly announced that they had entered into a comprehensive merger-related agreement with the Attorney General of the State of Connecticut and the Connecticut Office of Consumer Counsel that will guarantee substantial customer and environmental benefits, while allowing the NU-NSTAR merger to proceed. The agreement covers a variety of matters including a rate credit, a base distribution rate freeze, and the development of a targeted plan to advance Connecticut’s energy goals. In addition, NU agreed to maintain certain business functions and offices in Connecticut for seven years after the closing. The agreement also reflects commitments of NU’s subsidiary, The Connecticut Light and Power Company, with respect to additional spending for distribution system resiliency and recovery of costs associated with restoration activities following 2011 storms.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,955
|
On January 24, 2019, the registrant issued a news releaseannouncing estimated catastrophe lossesfor the fourth quarter of 2018 of $695 million, net of reinsurance, reinstatement premiums and taxes. The estimate includes fourth quarter 2018 losses from Hurricane Michael, the Camp and Woolsey wildfires and the hailstorm event in Australia. A copy of that news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,851
|
Item 1.01Entry into a Material Definitive AgreementUnderwriting AgreementOn March 8, 2021, ONE Gas, Inc. (“ONE Gas”) entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC, as representatives of the underwriters named therein (the “Underwriters”), with respect to the issuance and sale by ONE Gas of $1,000,000,000 aggregate principal amount of 0.85% Senior Notes due 2023 (the “2023 Fixed Rate Notes”), $700,000,000 aggregate principal amount of 1.10% Senior Notes due 2024 (the “2024 Fixed Rate Notes” and together with the 2023 Fixed Rate Notes, the “Fixed Rate Notes”), and $800,000,000 aggregate principal amount of Floating Rate Senior Notes due 2023 (the “Floating Rate Notes” and, together with the Fixed Rate Notes, the “Notes”).The Underwriting Agreement contains customary representations, warranties and agreements by ONE Gas and customary conditions to closing, indemnification obligations of ONE Gas, on the one hand, and the Underwriters, on the other hand, including for liabilities under the Securities Act of 1933, as amended, obligations of the parties and termination provisions.The foregoing description of the Underwriting Agreement is qualified in its entirety by reference to such Underwriting Agreement, a copy of which is filed herewith as Exhibit 1.1 and is incorporated herein by reference.Supplemental Indentures and NotesOn March 11, 2021, ONE Gas completed the underwritten public offering (the “Offering”) of the Notes. ONE Gas registered the sale of the Notes with the Securities and Exchange Commission (the “Commission”) pursuant to a Registration Statement onForm S-3 (RegistrationNo.333-236658) filedon February 26, 2020. ONE Gas anticipates using the net proceeds from the Offering for general corporate purposes, including payment of gas purchase costs resulting from the 2021 winter weather event. The net proceeds of the Offering reduced the commitments under the Term Loan Credit Agreement, dated as of February 22, 2021, among ONE Gas, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent on adollar-for-dollarbasis, and as a result no commitments will remain outstanding and the facility was terminated concurrently with the closing of the Offering.The terms of the Fixed Rate Notes are governed by the Indenture, dated as of January 27, 2014 (the “Base Indenture”), between ONE Gas and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the Supplemental Indenture No. 4 (the “Fourth Supplemental Indenture”) dated as of March 11, 2021.The terms of the Floating Rate Notes are governed by the Base Indenture, as supplemented by the Supplemental Indenture No. 5 (the “Fifth Supplemental Indenture”) dated as of March 11, 2021.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,279
|
Provision for loan and lease losses to Net Charge-Offs and NetCharge-Offs to Average Loans (GAAP to Non-GAAP reconciliation)Provision for loan and lease losses to Net Charge-Offs and NetCharge-Offs to Average Loans (GAAP to Non-GAAP reconciliation)Quarter Ended June 30, 2018Quarter Ended March 31, 2018(In thousands)Provision for Loan and Lease LossesNet Charge-OffsProvision for Loan and Lease LossesNet Charge-OffsProvision for loan and lease losses and net charge-offs (GAAP)$19,536$23,357$20,544$26,531Less Special items:Hurrricane-related qualitative reserve release2,057-6,407-Loans transferred to held for sale--(5,645)(9,673)Provision for loan and lease losses and net charge-offs, excluding special items (Non-GAAP)$21,593$23,357$21,306$16,858Average Loans$8,693,347$8,778,968Provision for loan and lease losses to net charge-offs (GAAP)83.64%77.43%Provision for loan and lease losses to net charge-offs, excluding special items (Non-GAAP)92.45%126.39%Net charge-offs to average loans (GAAP)1.07%1.21%Net charge-offs to average loans, excluding special items (Non-GAAP)1.07%0.77%Provision for loan and lease losses to Net Charge-Offs (GAAP toProvision for loan and lease losses to Net Charge-Offs (GAAP to Non-Non-GAAP reconciliation)GAAP reconciliation)Six-Month Period Ended June 30, 2018Six-Month Period Ended June 30, 2017(In thousands)Provision for Loan and LeaseLossesNet Charge-OffsProvision for Loan and LeaseLossesNet Charge-OffsProvision for loan and lease losses and net charge-offs (GAAP)$40,080$49,888$43,538$75,656Less Special items:Hurrricane-related qualitative reserve release8,464---Loans transferred to held for sale(5,645)(9,673)--Sale of the PREPA credit line--(569)(10,734)Provision for loan and lease losses and net charge-offs, excluding special items (Non-GAAP)$42,899$40,215$42,969$64,922Average Loans$8,735,560$8,862,905Provision for loan and lease losses to net charge-offs (GAAP)80.34%57.55%Provision for loan and lease losses to net charge-offs, excluding special items (Non-GAAP)106.67%66.19%Net charge-offs to average loans (GAAP)1.14%1.71%Net charge-offs to average loans, excluding special items (Non-GAAP)0.92%1.47%4Allowance for Loan and Lease Losses to Total Loans Held forInvestment (GAAP to Non-GAAP reconciliation)Allowance for Loan and Lease Losses to Total Loans Held forInvestment (GAAP to Non-GAAP reconciliation)As of June 30, 2018As of March 31, 2018Allowance for Loan and LeaseLossesTotal Loans Held forInvestmentAllowance for Loan and LeaseLossesTotal Loans Held forInvestmentAllowance for Loan and Lease Losses and Total Loans Held for Investment (GAAP)$222,035$8,640,291$225,856$8,695,890Less Special items:Hurricane-related qualitative allowance for loan and lease losses(42,158)-(46,781)-Allowance for Loan and Lease Losses and Total Loans Held for Investment, excluding special items (Non-GAAP)$179,877$8,640,291$179,075$8,695,890Allowance for Loan and Lease Losses to Total Loans Held for Investment (GAAP)2.57%2.60%Allowance for Loan and Lease Losses to Total Loans Held for Investment, excluding special items (Non-GAAP)2.08%2.06%Allowance for Loan and Lease Losses to Total Loans Held for Investment (GAAP to Non-GAAP reconciliation)Allowance for Loan and Lease Losses to Total Loans Held for Investment (GAAP to Non-GAAP reconciliation)As of December 31, 2017As of September 30, 2017Allowance for Loan and LeaseLossesTotal Loans Held forInvestmentAllowance for Loan and LeaseLossesTotal Loans Held forInvestmentAllowance for Loan and Lease Losses and Total Loans Held for Investment (GAAP)$231,843$8,850,476$230,870$8,877,214Less Special items:Hurricane-related qualitative allowance for loan and lease losses(55,584)-(66,490)-Allowance for Loan and Lease Losses and Total Loans Held for Investment, excluding special items (Non-GAAP)$176,259$8,850,476$164,380$8,877,214Allowance for Loan and Lease Losses to Total Loans Held for Investment (GAAP)2.62%2.60%Allowance for Loan and Lease Losses to Total Loans Held for Investment, excluding special items (Non-GAAP)1.99%1.85%
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,051
|
The underwriting results for our personal lines of business (private passenger auto, home and farm) improved significantly year-over-year. The year ended December 31, 2016 included a high number of weather related events that generated underwriting losses. Strategic rating and underwriting actions across the personal lines of business, along with an average year of weather related losses, helped to bring those lines back to profitability.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,464
|
As of December 31, 2006, there were 100 Ruth’s Chris restaurants, of which 50 were company-owned and 50 were franchisee-owned, including ten international franchisee-owned restaurants in Mexico, Hong Kong, Taiwan and Canada. In fiscal 2006, the Company had total revenues of $271.5 million and operating income (excluding hurricane and relocation costs and loss on impairment) of $33.7 million, representing increases from fiscal 2005 of 28.2% and 16.6%, respectively.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
291
|
For the year ended December 31, 2017, the Provision for Losses and LAE for Claims Occurring in the Current Year increased primarily due to additional net current AY loss activity related to a higher level of CAT losses incurred during the year, including Hurricanes Irma ($28.3 million), Maria ($23.4 million) and Harvey ($15.8 million), Typhoon Hato ($4.2 million), the Puebla, Mexico Earthquake ($3.5 million), and other CAT events ($9.6 million), as compared to the same period in 2016 which primarily consisted of the Alberta Wildfires ($11.7 million), Hurricane Matthew ($7.1 million), the Ecuador Earthquake ($3.8 million) and the Taiwan Earthquake ($3.3 million). Additionally, growth in Net Earned Premium over the prior year added to the increase in Provision for Losses and LAE for Claims Occurring in the Current Year.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,119
|
In addition to the loss of revenue, we experienced a loss of equipment and inventory in connection with the flooding at Fabrinet’s facility. At the time of the flooding, we had production equipment at the Chokchai facility, primarily consisting of 10Gbps module test sets, with an original cost of approximately $33.4 million and a net book value of $10.4 million. We also had approximately $14.6 million of inventory with Fabrinet in Thailand, consisting of approximately $8.8 million of raw materials and $5.7 million of finished goods. During the quarter ended December 31, 2011, we recorded charges of $9.7 million for fixed asset impairments and $10.9 million for damaged inventory resulting from the flood. During the quarter ended March 31, 2012, approximately $1.6 million of inventory previously considered damaged by the flood was salvaged and sold to customers. While Fabrinet maintains insurance for the equipment and inventory located at the facility (and we maintain independent insurance for a portion of the inventory) and there are additional contractual protections in favor of us that Fabrinet has stated it will honor, it is not clear that the insurance will be adequate to fully cover our losses or that we will otherwise be made whole. We also recorded charges of $4.7 million during the fiscal year ended March 31, 2012 for direct expenses associated with managing the flood-related recovery plan, product requalification and manufacturing inefficiencies.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,482
|
Asia Pacific:Segment operating profit in Asia Pacific in 2011 was $83 million compared with $141 million in 2010, a decrease of $58 million, or 41%. This decrease was primarily driven by the macroeconomic effects of the strong currency and high interest rates in Australia, which led to lower wine and beer bottle shipments in the country. As a result of the lower volume, the Company temporarily curtailed production in Asia Pacific, resulting in unabsorbed manufacturing costs. The Company also permanently closed one furnace in Australia during the third quarter, and plans to close one additional furnace in early 2012. Further restructuring activities in Australia will depend on 2012 supply and demand trends and the outcome of contract negotiations. Additionally, the segment had lower sales volumes and incurred additional costs related to the severe flooding in Australia in the first
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
388
|
The 2017 Northern California Wildfires OII discloses the findings of a June 13, 2019 report by the CPUC’s Safety and Enforcement Division (“SED”), which, among other things, alleges that the Utility committed 27 violations in connection with 12 investigations of the 2017 Northern California wildfires (specifically, the Adobe, Atlas, Cascade, Norrbom, Nuns, Oakmont/Pythian, Partrick, Pocket, Point, Potter/Redwood, Sulphur and Youngs fires). As described in the OII, the 27 alleged violations include failure to maintain vegetation clearances, failure to identify and abate hazardous trees, improper record keeping, incomplete patrol prior to re-energizing a circuit, failure to retain evidence and failure to report an incident. No violations were identified by SED in connection with the Cherokee, La Porte and Tubbs fires. The 37 fire was determined by SED to not be a reportable incident. The SED report also alleges that the Youngs fire (which the Utility has previously referred to as the Maacama fire) and the Point fire, whose determinations of cause have not been publicly made by the California Department of Forestry and Fire Protection (“Cal Fire”), were caused by vegetation coming into contact with overhead conductors owned by the Utility. The SED report does not address the Lobo and McCourtney fires because Cal Fire referred its investigations into these fires to local law enforcement and the information contained in its investigation reports related to these fires remains confidential.The OII also indicates that “[i]n the course of its investigations, SED identified various matters of concern that […] warrant further investigation and possible charges for violations of law.” These matters include the following: (i) the Utility’s vegetation management procedures and practices, (ii) the Utility’s procedures and practices regarding use of “recloser” devices in fire risk areas and during fire season, (iii) the Utility’s lack of procedures or policies for proactive de-energization of power lines during times of extreme fire danger, and (iv) the Utility’s record-keeping and other practices.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,212
|
With 2006/2007 water year being the driest year ever recorded in southern California since records began in 1877, coupled with uncertainties raised by pumping restrictions on water supplies from the Sacramento-San Joaquin Delta, we promote active conservation by all customer classes. However, customer conservation can result in lower water sales than would otherwise occur, and lower volumes of water sold can have a negative impact on our earnings and liquidity.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,642
|
The Company’s daily natural-gas sales volumes increased 168 MMcf/d for the year ended December 31, 2009, primarily due to increased production in the Rocky Mountain Region (Rockies) of 138 MMcf/d due to positive results from base production resulting from dewatering coalbed methane wells and higher production uptime due to favorable weather. An increase in production in the Gulf of Mexico of 54 MMcf/d related to favorable weather conditions as compared to hurricane-related downtime experienced during 2008. Also, runtime at Independence Hub increased during 2009 as compared to 2008 when export pipeline repair work resulted in downtime, partially offset by a decrease in production due to scheduled maintenance at Independence Hub. These increases were partially offset by a 24 MMcf/d decrease in the Southern Region resulting from natural production declines experienced while drilling programs were shifted from established fields to emerging shale plays.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
456
|
Provision for finance receivable lossesincreased $52 million in 2017 when compared to 2016 primarily due to (i) the growth in our personal loan portfolio during the past 12 months, (ii) continued alignment and enhancement of our collection practices which resulted in an increase in the loans now classified as TDR and (iii) the estimated impacts of hurricanes Harvey and Irma. Based on information available at the time, we estimated the impact to net charge-offs attributable to these hurricanes to be $12 million and increased our provision for finance receivable losses accordingly.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,311
|
The following is a reconciliation of GAAP operating income tonon-GAAPadjusted consolidated operating income ($ in millions):2017 Preliminary EstimatesNet sales$341.5 - 343.5GAAP Operating income$61.0 - 61.7Acquisition-related amortization of intangibles8.4 - 8.5Acquisition-related amortization of inventorystep-up1.8Acquisition and financing-related expenses1.2(1)Restructuring charges1.5(2)One-timeoperational items2.9(3)Non-GAAPAdjusted consolidated operating income$76.8 - 77.4GAAP Operating margin17.8 - 18.0%Non-GAAPAdjusted consolidated operating margin22.4 - 22.6%(1)Includes expenses associated with the Company’s acquisition and financing activities to support its strategy(2)Includes charges to consolidate the Company’s High Country Tek business into its Enovation Controls business(3)Includes standard costing adjustments; temporary workforce, material outsourcing, and freight charges to recover from impact of Hurricane Irma; scrap and inventory issues attributable to thecarve-outof Enovation Controls from its former organization; all 2017 preliminary estimates items deemed to beone-timein the fourth quarterThe following is a reconciliation of GAAP net income tonon-GAAPadjusted net income ($ in millions):2017 Preliminary EstimatesGAAP Net income$29.8 - 30.9Acquisition-related amortization of inventorystep-up1.8Acquisition and financing-related expenses1.2(1)Restructuring charges1.5(2)One-timeoperational items2.9(3)Change in fair value of contingent consideration9.5Tax effect(5.5 - 5.7)Impact of tax reform0.6 - 0.8Non-GAAPAdjusted net income$41.7 - 42.8GAAP Net income per diluted share$1.10 - 1.14Non-GAAPAdjusted net income per diluted share$1.54 - 1.58(1)Includes expenses associated with the Company’s acquisition and financing activities to support its strategy(2)Includes charges to consolidate the Company’s High Country Tek business into its Enovation Controls business(3)Includes standard costing adjustments; temporary workforce, material outsourcing, and freight charges to recover from impact of Hurricane Irma; scrap and inventory issues attributable to thecarve-outof Enovation Controls from its former organization; all 2017 preliminary estimates items deemed to beone-timein the fourth quarterThe following is a reconciliation of GAAP net income tonon-GAAPadjusted EBITDA ($ in millions):2017 Preliminary EstimatesNet sales$341.5 - 343.5Net income$29.8 - 30.9Net interest expense (income)3.7 - 3.8Income taxes16.1 - 16.6Depreciation and amortization19.1 - 19.3EBITDA69.9 - 70.6Acquisition-related amortization of inventorystep-up1.8Acquisition and financing-related expenses1.2(1)Restructuring charges1.5(2)One-timeoperational items2.9(3)Change in fair value of contingent consideration9.5Adjusted EBITDA$86.9 - 87.6Adjusted EBITDA margin25.5 - 26.0%(1)Includes expenses associated with the Company’s acquisition and financing activities to support its strategy(2)Includes charges to consolidate the Company’s High Country Tek business into its Enovation Controls business(3)Includes standard costing adjustments; temporary workforce, material outsourcing, and freight charges to recover from impact of Hurricane Irma; scrap and inventory issues attributable to thecarve-outof Enovation Controls from its former organization; all 2017 preliminary estimates items deemed to beone-timein the fourth quarterAdjusted consolidated operating income, adjusted consolidated operating margin, adjusted net income and adjusted EBITDA are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Sun Hydraulics believes that providingnon-GAAPinformation such as adjusted consolidated operating income, adjusted consolidated operating margin, adjusted net income and adjusted EBITDA are important for investors and other readers of Sun Hydraulics’ financial statements, as they are used as analytical indicators by Sun Hydraulics’ management to better understand operating performance. Because adjusted consolidated operating income, adjusted consolidated operating margin, adjusted net income and adjusted EBITDA arenon-GAAPmeasures and are thus susceptible to varying calculations, adjusted consolidated operating income, adjusted consolidated operating margin, adjusted net income and adjusted EBITDA, as presented, may not be directly comparable to other similarly titled measures used by other companies.Update Regarding Our Acquisition Strategy.We are currently actively pursuing a number of opportunities to grow our business in both the Hydraulics and the Electronics segments in accordance with our Vision 2025 plan. In seeking to achieve global technology leadership in the industrial goods sector by 2025 with critical mass exceeding $1 billion in sales while maintaining superior profitability and financial strength, we intend to acquire companies with similar demonstrated profitability and financial strength. In the ordinary course of our business, we continuously seek acquisition targets thatcan accelerate our growth, operate on a stand-alone basis within our overall corporate vision, and are accretive to our financial results. We believe there are significant opportunities for such acquisitions in the near term and are exploring several of them aggressively. Some of the acquisitions we are actively pursuing would constitute “significant” acquisitions, potentially at the 50% threshold as defined by the SEC’s RegulationS-X.If concluded as such, these “significant” acquisitions would have a material effect on our results of operations and financial condition.Our “pipeline” of potential transactions is comprised of more than 50 companies, including companies in the Hydraulics segment and Electronics segment based in the EMEA and Asia Pacific regions, which would further our goal to diversify our manufacturing base and place production facilities closer to customers. For purposes of this Form8-K,“pipeline” refers to opportunities or potential opportunities in the market for companies within our strategic profile that we have identified as targets to add to our critical mass in the Hydraulics and Electronics segments. The pipeline may also include other businesses that we consider “linked technologies.” The more attractive target companies in our pipeline have revenues of $50 million to $150 million with operating margins in excess of 20%. For companies that meet these financial and strategic profile objectives, we believe valuations in the current market customarily range from thelow-tomid-teensfrom an EBITDA perspective. Any liabilities assumed in connection with the acquisitions in our pipeline could reduce the purchase price based on our valuation of such liabilities (which valuation is subject to our judgment and could differ from actual experience). In addition, there are a number of factors that impact purchase price as described below and, as a result, the actual purchase price for these acquisitions, to the extent consummated, may fall outside this customary range. For certain companies in our pipeline of potential transactions, we have contacted the seller or its representative to register our interest, or are currently engaged in discussions or negotiations directly with the seller or its representative.The status of pipeline opportunities varies from early stage contact through varying levels of due diligence and negotiation. We have not entered into any letters of intent with exclusivity provisions as of the date of this Form8-Kbut are engaged in advanced discussions for one potential “significant” acquisition, constituting one of the larger targets in our pipeline, and discussions for several other potential transactions that are in the early stages. One or more of these potential acquisitions could be signed in the near future and closed as soon as the second quarter of 2018. There can be no assurance, however, that any particular opportunity in our pipeline will result in an acquisition by the Company.If successful in the pursuit of our pipeline opportunities, we intend to use available cash, including the proceeds of this offering, in addition to future debt and/or equity financings, any of which may change our leverage profile. There are a number of factors that impact our successful consummation of these acquisitions, including available financing, competition, sometimes from larger competitors, and the potential risks inherent in assessing the value, strengths, weaknesses, contingent or other liabilities, and potential profitability of acquisition candidates, and in integrating the acquired companies. If our assessments, including the financial evaluation, of the target companies prove to be inaccurate, we could overpay, achieve fewer potential synergies, and incur additional future costs for one or more of the potential transactions. Our expectation is that, to the extent we are successful, any acquisition will be accretive to our business and be consistent with our existing strategic plan. However, these new acquisitions involve a number of risks and may not achieve our expectations; and therefore we could be adversely affected by anysuch acquisitions. We are not party to any definitive agreements in respect of such acquisition targets as of the date of this Form8-K,and we cannot assure you that we will become a party to such definitive agreements, or that if we do become a party to such agreements that we will be able to close on the transactions and acquire the target companies.Impact of 2017, Tax Cuts and Jobs Act.On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, or the TCJA, which significantly reforms the Internal Revenue Code of 1986, as amended, or the Code. The TCJA, among other things, includes changes to U.S. federal tax rates, imposes significant additional limitations on the deductibility of interest, allows for the expensing of capital expenditures, and puts into effect the migration from a “worldwide” system of taxation to a quasi-territorial system. The TCJA will result in aone-timetax expense of $0.6 million to $0.8 million resulting from a $2 million expense from transition tax for deemed repatriation ofnon-U.S.earnings. This will be offset by a $1.4 million tax benefit derived from the revaluation of Sun’s net deferred tax liability at the new lower federal tax rate for 2018 of 24.5% to 26.5%. We continue to examine the impact that the TCJA may have on our business.Item 9.01Financial Statements and Exhibits(d)Exhibits99.1Press release dated January 29, 201899.2Press release dated January 29, 2018SIGNATUREPursuant 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 thereunto duly authorized.SUN HYDRAULICS CORPORATIONBy:/s/ Tricia L. FultonTricia L. FultonChief Financial Officer (PrincipalFinancial and Accounting Officer)Dated: January 29, 2018
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,073
|
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.HUDSONCITYBANCORP, INC.By:/s/ Anthony J. FabianoAnthony J. FabianoExecutive Vice PresidentDated: November 2, 20123Exhibit IndexExhibitNo.Description99.1Press Release dated November 1, 2012 by Hudson City Bancorp, Inc., regarding the impact of Hurricane Sandy on the Company.4
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
541
|
Selling, general and administrative expenses for 2017 were $98.8 million, an increase of $14.8 million, or 17.6%, from $84.0 million in the prior year. As a percentage of net sales, these costs were 19.3% in 2017, an increase of 1.0% from 18.3% in 2016. Contributing to the increase was a $2.5 million increase in selling and distribution costs as the result of an increase in volume, and due to distribution disruptions caused by Hurricane Irma, as well as increased spending for advertising following Hurricane Irma. There were also increases in personnel-related costs of $6.6 million primarily due to higher accrued incentive costs as a result of the Company’s improved performance. Also contributing to the increase were $1.0 million of costs from our attendance at and participation in the National Association of Home Builders’ International Builders Show in Orlando, Florida in January 2017, $0.9 million in higher depreciation expense on higher recent capital spending, and due to higher bank credit card fees of $0.6 million due to higher credit card collections. Selling, general and administrative expenses also increased due to costs relating to our community outreach activities which we undertook to assist those affected by Irma. The remaining increase in selling, general and administrative expenses is related to an increase in the level of administrative activities.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
156
|
◦$13 million amortization of the Wildfire Fund asset and accretion of the Wildfire Fund obligation,offset by
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,848
|
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 8-KCURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934Date of Report: June 18, 2019(Date of earliest event reported)Commission File NumberExact Name of Registrantas specified in its charterState or Other Jurisdiction ofIncorporation or OrganizationIRS EmployerIdentification Number1-12609PG&E CORPORATIONCalifornia94-32349141-2348PACIFIC GAS AND ELECTRIC COMPANYCalifornia94-074264077 Beale StreetP.O. Box 770000San Francisco, California 94177(Address of principal executive offices) (Zip Code)(415) 973-1000(Registrant’s telephone number, including area code)77 Beale StreetP.O. Box 770000San Francisco, California 94177(Address of principal executive offices) (Zip Code)(415) 973-7000(Registrant’s telephone number, including area code)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 (see General Instruction A.2. below):☐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))Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stock, no par valuePCGNYSEFirst preferred stock, cumulative, par value $25 per share, 5% series A redeemablePCG-PENYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 5% redeemablePCG-PDNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 4.80% redeemablePCG-PGNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 4.50% redeemablePCG-PHNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 4.36% series A redeemablePCG-PINYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 6% nonredeemablePCG-PANYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 5.50% nonredeemablePCG-PBNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 5% nonredeemablePCG-PCNYSE AmericanIndicate 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) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).Emerging growth companyPG&E Corporation☐Emerging growth companyPacific Gas and Electric 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.PG&E Corporation☐Pacific Gas and Electric Company☐Item 1.01 Entry into a Material Definitive AgreementAs previously disclosed, in September 2015, a wildfire (the “2015 Butte fire”) ignited and spread in Amador and Calaveras Counties in Northern California. Beginning on October 8, 2017, multiple wildfires spread through Northern California, including Napa, Sonoma, Butte, Humboldt, Mendocino, Lake, Nevada, and Yuba Counties, as well as in the area surrounding Yuba City (the “2017 Northern California wildfires”). On November 8, 2018, a wildfire began near the city of Paradise, Butte County, California (the “2018 Camp fire”). The 2015 Butte fire, the 2017 Northern California wildfires and the 2018 Camp fire are collectively referred to herein as the “Wildfires.”Also as previously disclosed, on January 29, 2019, PG&E Corporation and its subsidiary, Pacific Gas and Electric Company (the “Utility,” and together with PG&E Corporation, the “Debtors”), filed voluntary petitions for relief under chapter 11 of title 11 (“Chapter 11”) of the United States Code in the U.S. Bankruptcy Court for the Northern District of California (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases are being jointly administered under the captionIn re: PG&E Corporation and Pacific Gas and Electric Company, Case No. 19-30088 (DM) (the “Chapter 11 Cases”).On June 18, 2019, the Debtors entered into PSAs (as defined below) with certain local public entities providing for an aggregate of $1.0 billion to be paid by the Debtors to such public entities pursuant to the Debtors’ Chapter 11 plan of reorganization (the “Debtor Plan”)in order to settle such public entities’ claims against the Debtors relating to the Wildfires (collectively, “Wildfire Claims”), upon the terms and conditions set forth therein. The Debtor Plan currently is under development and has not yet been filed with the Bankruptcy Court. The Debtors have entered into a Plan Support Agreement as to Plan Treatment of Public Entities’ Wildfire Claims (each, a “PSA”) with each of the following public entities or group of public entities, as applicable: (i) the City of Clearlake, the City of Napa, the City of Santa Rosa, the County of Lake, the Lake County Sanitation District, the County of Mendocino, Napa County, the County of Nevada, the County of Sonoma, the Sonoma County Agricultural Preservation and Open Space District, the Sonoma County Community Development Commission, the Sonoma County Water Agency, the Sonoma Valley County Sanitation District and the County of Yuba (collectively, the “2017 Northern California Wildfire Public Entities”); (ii) the Town of Paradise; (iii) the County of Butte; (iv) the Paradise Recreation & Park District; (v) the County of Yuba; and (vi) the Calaveras County Water District. For purposes of each PSA, the government entities that are party to such PSA are referred to herein as “Supporting Public Entities.”Each PSA provides that the Debtor Plan will include, among other things, the following elements: (a) following the effective date of the Debtor Plan, the Debtors will remit a Settlement Amount (as defined below) in the amount set forth below to the applicable Supporting Public Entities in full and final satisfaction and discharge of their Wildfire Claims, and (b) subject to the Supporting Public Entities voting affirmatively to accept the Debtor Plan, following the effective date of the Debtor Plan, the Debtors will create and promptly fund $10.0 million to a segregated fund to be used by the Supporting Public Entities collectively in connection with the defense or resolution of claims against the Supporting Public Entities by third parties relating to the Wildfires (“Third Party Claims”). The “Settlement Amount” set forth in each PSA is as follows: (i) for the 2017 Northern California Wildfire Public Entities, $415.0 million (which amount will be allocated among such entities), (ii) for the Town of Paradise, $270.0 million, (iii) for the County of Butte, $252.0 million, (iv) for the Paradise Recreation & Park District, $47.5 million, (v) for the County of Yuba, $12.5 million, and (vi) for the Calaveras County Water District, $3.0 million.Each PSA provides that, subject to certain terms and conditions, the Supporting Public Entities will support the Debtor Plan with respect to its treatment of their respective Wildfire Claims, including by voting to accept the Debtor Plan in the Chapter 11 Cases.Each PSA may be terminated by the applicable Supporting Public Entities under certain circumstances, including (i) if the Federal Office of Emergency Management or the California Office of Emergency Services fails to agree that no reimbursement is required from the Supporting Public Entities on account of assistance rendered by either agency in connection with the Wildfires, and (ii) by any individual Supporting Public Entity, if a material amount of Third Party Claims is filed against such Supporting Public Entity and such Third Party Claims are not released pursuant to the Debtor Plan. Each PSA may be terminated by the Debtors under certain circumstances, including if (i) the Debtors do not obtain the consent, or the waiver of the lack of consent as a defense, of the Debtors’ insurance carriers for the policy years 2017 and 2018, (ii) the Board of Directors of either Debtor determines in good faith that continued performance under the PSA would be inconsistent with the exercise of its fiduciary duties, and (iii) any Supporting Public Entity terminates a PSA, in which case the Debtors may terminate any other PSA.The description of the PSAs contained herein is qualified in its entirety by reference to the full text of each PSA, copies of which are filed as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, and 10.6 and are incorporated by reference herein.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.At March 31, 2019, the Debtors’ consolidated balance sheet reflected liabilities of $14 billion related to third-party claims in connection with the 2018 Camp fire and the 2017 Northern California wildfires and liabilities of $212 million related to third-party claims in respect of the 2015 Butte fire. The Utility is actively engaged in settlement discussions with various claimholders related to the Wildfires. As more information about the potential liabilities in connection with the Wildfires becomes known, management estimates and assumptions regarding the financial impact of the Wildfires may result in material increases to the loss accrued. The financial statements of PG&E Corporation and the Utility for the quarterly period ending June 30, 2019 have not yet been prepared. In connection with such preparation process, the Debtors will take into account the PSAs and all relevant information with respect to management estimates and assumptions regarding the financial impact of the Wildfires and the amount of the associated loss accrual.Item 7.01 Regulation FD DisclosureOn June 19, 2019, the Utility issued a news release announcing, among other things, the entry into the PSAs. A copy of this news release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.The information being furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.Item 9.01 Financial Statements and Exhibits(d) ExhibitsExhibitNo.DescriptionExhibit 10.1Plan Support Agreement as to Plan Treatment of Public Entities’ Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company, the City of Clearlake, the City of Napa, the City of Santa Rosa, the County of Lake, the Lake County Sanitation District, the County of Mendocino, Napa County, the County of Nevada, the County of Sonoma, the Sonoma County Agricultural Preservation and Open Space District, the Sonoma County Community Development Commission, the Sonoma County Water Agency, the Sonoma Valley County Sanitation District and the County of Yuba.Exhibit 10.2Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Town of Paradise.Exhibit 10.3Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the County of Butte.Exhibit 10.4Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Paradise Recreation & Park District.Exhibit 10.5Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the County of Yuba.Exhibit 10.6Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Calaveras County Water District.The following Exhibit is being furnished, and is deemed not to be filed:Exhibit 99.1News release issued by Pacific Gas and Electric Company on June 19, 2019.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
39
|
For Regulation FD purposes, US Airways Group, Inc. (the “Company”) is disclosing updated financial and operating information as follows: The Company estimates a $30 million negative impact to revenue and a $15 million negative impact on earnings from Hurricane Sandy for the month of October. Additionally, given the effects on travel in the Northeast, the Company saw total bookings, on a year-over-year basis, decline by 13% in the days leading up to and following Hurricane Sandy (October 24 through November 3). Close-in bookings (those made zero to 13 days prior to departure) declined by 21% over the same period of time. The Company estimates that this negatively affected November passenger revenue per available seat mile (“PRASM”) by approximately 2% and November earnings by approximately $20 million. As a result, the Company now expects November PRASM to be flat on a year-over-year basis. Bookings have since returned to normal levels.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,568
|
LIQUIDITY AND CAPITAL RESOURCESCash FlowsOperating Cash Flows(Millions of Dollars)Six Months Ended June 30Cash provided by operating activities — 2021$489Components of change — 2022 vs. 2021Higher net income35Non-cash transactions(a)106Changes in working capital(b)256Changes in net regulatory and other assets and liabilities1,102Cash provided by operating activities — 2022$1,988(a)Non-cash transactions applicable to net income (e.g., depreciation and amortization, nuclear fuel amortization, changes in deferred income taxes, allowance for equity funds used during construction, etc.).(b)Working capital includes accounts receivable, accrued unbilled revenues, inventories, accounts payable, other current assets and other current liabilities.Net cash provided by operating activities increased $1,499 million for the six months ended June 30, 2022 compared with the prior year. The increase was primarily due to the net natural gas, fuel and purchased energy costs related to Winter Storm Uri in the first quarter of 2021.Investing Cash Flows(Millions of Dollars)Six Months Ended June 30Cash used in investing activities — 2021$(2,202)Components of change — 2022 vs. 2021Increased capital expenditures(73)Other investing activities220Cash used in investing activities — 2022$(2,055)Net cash used in investing activities decreased $147 million for the six months ended June 30, 2022 compared with the prior year. The increase in capital expenditures was largely due to timing and normal system expansion.Financing Cash Flows(Millions of Dollars)Six Months Ended June 30Cash provided by financing activities — 2021$2,122Components of change — 2022 vs. 2021Higher net short-term debt repayments(2,030)Higher long-term debt issuances, net of repayments44Higher proceeds from issuance of common stock140Other financing activities(40)Cash provided by financing activities — 2022$236Net cash provided by financing activities decreased $1,886 million for the six months ended June 30, 2022 compared with the prior year. The decrease was primarily related to the amount/timing of debt issuances and repayments associated with Winter Storm Uri.Capital RequirementsXcel Energy expects to meet future financing requirements by periodically issuing short-term debt, long-term debt, common stock, hybrid and other securities to maintain desired capitalization ratios.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,153
|
An $8 million decrease in major storm restoration costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,200
|
A $15 million decrease in major storm restoration costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
3,358
|
In March 2022, Southwest amended its $250million Term Loan (the “March 2021 Term Loan”), extending the maturity date to March 21, 2023 and replacing LIBOR interest rate benchmarks with SOFR interest rate benchmarks. The proceeds were originally used to fund the increased cost of natural gas supply during the month of February 2021, caused by extreme weather conditions in the central U.S. There was $225million outstanding under the March 2021 Term Loan as of June 30, 2022.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,706
|
During October 2017 severe weather, hurricanes, rain and flooding occurred in Nicaragua where the company had its gaming machines operation. Lower tourism and local traffic due to these uncontrollable weather issues had an effect on the Company’s machine revenues during the fourth quarter of 2017. The Company had purchased 300 gaming machines that were placed in casinos where they were producing a monthly revenue stream based on net wins of the each machine. Consequently, revenue and account receivable due on these machines cannot be collectable due to the social and economic conditions which prevailed after the storms. Currently, the country has economic and trade sanctions in place by the U.S. Government.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
273
|
The personal insurance segment's SAP catastrophe loss and ALAE ratios for thethree and six months endedJune 30, 2019increased2.2points and3.1points, respectively, when compared to the same2018periods, with most of the catastrophe losses impacting homeowners. While the number of catastrophe events was down slightly in the 2019 second quarter and flat year to date when compared to the same 2018 periods, the 2019 events were more severe, with approximately 65% of the reported losses occurring in Texas.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
983
|
Utility infrastructure services revenues increased $463 millionin thefirst nine months of 2022 when compared to the same period in the prior year, including an increase of $353.2 million recorded by Riggs Distler, which was acquired on August 27, 2021 . Revenues from electric infrastructure services increased $203.9 million in 2022 when compared to the prior year, of which $163.2 million was recorded by Riggs Distler. Included in electric infrastructure services revenues overall during the first nine months of 2022 was $36.5 million from emergency restoration services performed by Linetec, Riggs Distler, and National Powerline following storm damage to customers’ above-ground utility infrastructure in and around the Gulf Coast and eastern regions of the U.S. and Canada, compared to $57.9 million in the first nine months of the prior year. The current year increase also includes approximately $185.5 million in gas infrastructure services revenues, including $45.4 million recorded by Riggs Distler, primarily from increased volumes under master service agreements. Partially offsetting these improvements were impacts from work mix and volume that were negatively impacted during the first nine months of 2022 due to certain customers’ supply chain challenges in procuring necessary materials.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
869
|
On February 23, 2021, Targa Resources Corp. (the “Company”) held a conference call in connection with its financial results for the three months and year ended December 31, 2020 that were released to the public on February 18, 2021. Given the severe winter weather impacting the United States resulted in the Company’s conference call being held after the original release of the results, a transcript of the conference call is furnished as Exhibit 99.1 to this Current Report on Form8-K.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
707
|
(2)Natural disasters and catastrophic events pertains to the total cost of plant repairs and utility charges in excess of historical averages caused by Winter Storm Uri.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
183
|
As a result of Hurricanes Katrina and Rita, Entergy New Orleans, Entergy Louisiana, Entergy Mississippi and Entergy Gulf States have incurred a total of approximately $1.48 billion through December 31, 2006 in storm restoration costs for the repair or replacement of their electric and gas facilities damaged by the hurricanes as well as for business continuity costs. These costs do not include other incremental losses, such as the inability to recover fixed costs scheduled for recovery through base rates due to reduced sales volumes resulting from the storms. Entergy and the Utility operating companies are pursuing a broad range of initiatives to recover storm restoration costs, including:
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
816
|
In February 2021, the central portion of the United States experienced a major winter storm (Winter Storm Uri). Extreme cold temperatures impacted certain operational assets as well as the availability of renewable generation across the region. The cold weather also affected the country’s supply and demand for natural gas. These factors contributed to extremely high market prices for natural gas and electricity.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,188
|
If PG&E were to be found liable for certain or all of the costs, expenses and other losses described above with respect to the 2017 and 2018 Northern California wildfires, the amount of such liability could exceed $30 billion, which amount does not include potential punitive damages, fines and penalties or damages related to future claims. This estimate is based on a wide variety of data and other information available to PG&E and its advisors, including the factors described in the last paragraph of this section and various precedents involving similar claims, and accounts for property losses (including insured, uninsured and underinsured property losses), interest, attorneys’ fees, fire suppression and clean-up costs, evacuation costs, personal injury or wrongful death damages, medical expenses and certain other costs. The process for estimating losses associated with claims requires management to exercise significant judgment based on a number of assumptions and subjective factors. This estimate is not intended to provide an upper end of the range of potential liability arising from the 2017 and 2018 Northern California wildfires, which management is not able to reasonably determine at this time. In certain circumstances, PG&E’s liability could be substantially greater than such amount.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
67
|
In the second quarter of 2019, there was higher cost reimbursement income related to investment due diligence activities and from our joint venture which manages our digital infrastructure vehicle, and dividend income from our interest in a mutual fund beginning in 2019. However, these were mostly offset by a decrease in collateral management fees from N-Star CDO bonds, which are investment-grade subordinate bonds retained by NRF from its sponsored collateralized debt obligations ("CDOs"), lower amounts grossed up in other income and equity-based compensation expense related to equity awards granted by Colony Credit and NRE to the Company and certain of its employees, insurance recoveries in 2018 for business interruptions due to hurricanes that affected a portfolio of limited service hotels which we assumed control through a consensual foreclosure in 2017 ("THL Hotel Portfolio"), and lower recovery income from our loan portfolios which continue to resolve over time.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,358
|
The impacts of the Medi-Cal charge and severe weather in the first quarter of 2011 served to decrease operating income as a percentage of net revenues in 2011 and are the principal drivers of the improved operating income as a percentage of net revenues for the nine months ended September 30, 2012. Also contributing to the improvement are actions we have taken to reduce our cost structure. Partially offsetting these improvements are higher costs associated with restructuring and integration activities, employee compensation and benefits, and costs incurred in connection with the succession of our prior CEO.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
606
|
The construction program of the Company is currently estimated to be $146 million for 2007, of which $6 million is related to Hurricane Katrina restoration, $258 million for 2008, and $161 million for 2009. Environmental expenditures included in these amounts are $21 million, $91 million, and $82 million for 2007, 2008, and 2009, respectively. Actual construction costs may vary from this estimate because of changes in such factors as: business conditions; environmental regulations; FERC rules and regulations; load projections; storm impacts; the cost and efficiency of construction labor, equipment, and materials; and the cost of capital. In addition, there can be no assurance that costs related to capital expenditures will be fully recovered.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
118
|
On February 14, 2021, the Governor of Kansas issued a State of Disaster Emergency due to wind chill warnings and stress on utility and natural gas providers caused by the significantly colder than normal weather. The executive order also urged Kansas citizens to conserve energy to help ensure a continued supply of natural gas and electricity and keep their own personal costs down. The declaration also noted that due to increased energy demand and natural gas supply constraints caused bysub-zerotemperatures, utilities are currently experiencing wholesale natural gas prices anywhere from 10 to 100 times higher than normal.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,206
|
Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations.OverviewThe Corporation sells manufactured housing and towable recreational vehicle products to independent dealers and manufactured housing communities located throughout the United States (U.S.). To better serve the needs of its dealers, the Corporation has twenty-one manufacturing facilities in eleven states. Manufactured housing and recreational vehicles are sold to dealers either through floor plan financing with various financial institutions or on a cash basis. While the Corporation maintains production of manufactured homes and recreational vehicles throughout the year, seasonal fluctuations in sales do occur. Sales and production of manufactured homes are affected by winter weather conditions at the Corporation’s northern plants. Recreational vehicle sales are generally higher in the spring and summer months than in the fall and winter months.Sales in both business segments are affected by the strength of the U.S. economy, interest rate levels, consumer confidence and the availability of wholesale and retail financing. The manufactured housing segment is currently affected by a protracted downturn. This downturn, caused primarily by restrictive retail financing and economic uncertainty, has resulted in industry sales which over the last four years have been the lowest in decades. The manufactured housing industry has been further negatively impacted by the recent decline in new housing starts in the U.S. In the recreational vehicle segment, the Corporation sells travel trailers, fifth wheels and park models. Industry sales of travel trailers and fifth wheels have seen steady growth in recent years. Demand for travel trailers, however, has softened in recent months when compared to last year. Travel trailer sales in the prior year included units sold as part of hurricane relief efforts in the Gulf coast region of the United States.Demand remains strong for multi-section versus single-section homes. Multi-section homes are often sold as part of a land-home package and are financed with a conventional mortgage. Multi-section homes have an appearance similar to site-built homes and are notably less expensive. Nine of the Corporation’s manufactured housing facilities have obtained approval from applicable state and local governmental entities to produce modular homes, which will help meet the demand for multi-section homes.The recreational vehicle segment in which the Corporation operates is a very competitive ever-changing market.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
3,305
|
Fuel and Purchased Power Energy (Fuel-related) Cost Recoveries- Alliant Energy’s fuel-related costs decreased $57 million and $77 million for the three months and nine months ended Sep. 30, 2007, respectively, compared to the same periods in 2006. The decreases for the three- and nine-month periods were primarily due to decreased commodity prices and the PSCW approval for WPL to record $20 million of previously deferred costs associated with coal conservation efforts due to the coal delivery disruptions in “Electric production fuel and purchased power expense” in the third quarter of 2006. Commodity prices during the first quarter of 2006 were higher than during 2007 and historic averages largely due to natural gas disruption caused by hurricane activity in the Gulf of Mexico in the third quarter of 2005, which impacted commodity prices during the 2005/2006 heating season. Due to IPL’s rate recovery mechanisms for fuel-related costs, changes in fuel-related costs resulted in comparable changes in electric revenues and, therefore, did not have a significant impact on IPL’s electric margins. WPL’s rate recovery mechanism for wholesale fuel-related costs also provide for subsequent adjustments to its wholesale electric rates for changes in commodity costs, thereby mitigating impacts of changes to commodity costs on its electric margins.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
2,249
|
Our operations are classified into two reportable segments: Electrical and Power. For a complete description of the Company’s segments, see Part I, Item 1 of this Annual Report on -K. Within these segments, Hubbell serves customers in five primary end markets; non-residential construction, residential construction, industrial, energy-related markets (also referred to as oil and gas markets) and utility markets (also referred to as the electrical transmission and distribution market). In order of magnitude of net sales, the Company's served markets are non-residential construction, industrial, utility, oil and gas, and residential construction.Growth of our five primary end markets was more consistent in 2017 as compared to recent years. Higher margin businesses, such as our harsh and hazardous business, that declined in recent years experienced a recovery, and the gas market was strong, which complemented utility capital spend and storm-related activity that drove growth in electrical transmission and distribution markets.Non-residential and residential market demand grew as well, but that growth was restrained by the Lighting market, which experienced unit growth that was dampened by pricing headwinds. Industrial markets were mixed, with declines in heavy industrial business, but improvement in telecommunications.With the return to more balanced growth and recovery of higher margin businesses, adjusted operating margin of our Electrical segment has stabilized year over year, declining by only 30 basis points, while absorbing our investment in IoT capabilities (through the acquisition of iDevices), restructuring-driven inefficiencies and pricing headwinds in our Lighting business as well as material cost headwinds during the year. Our Power segment grew organic revenues by six percent, benefiting from growth in transmission and distribution markets, and adjusted operating margins in the Power segment continued to be strong, expanding by 20 basis points as productivity drove improvement despite increasing material costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,335
|
Hurricane Elsa (a Third Quarter 2021 Event)
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
1,311
|
PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings before the California Public Utilities Commission (“CPUC”) and the Federal Energy Regulatory Commission (“FERC”) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post or provide direct links to presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “News & Events: Events & Presentations” tab and links to certain documents and information related to the Northern California wildfires and the Butte fire which may be of interest to investors, at http://investor.pgecorp.com, under the “Wildfire Updates” tab, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information. The information contained on such website is not part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the Securities and Exchange Commission.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,282
|
Successor CompanyPredecessor CompanyThree Months EndedThree Months EndedSeptember 30, 2011September 30, 2010% of% of$Revenue$Revenue(Restated)Revenues$257,912100%$260,630100%Operating expenses:Costs of services and sales120,14947118,76545Selling, general and administrative93,3343699,41238Depreciation and amortization91,5473572,36428Reorganization related (income) expense, net(3,735)(1)——Impairment of intangible assets and goodwill262,019102——Total operating expenses563,314219290,541111Loss from operations(305,402)(119)(29,911)(11)Interest expense(17,147)(6)(35,358)(14)Other income (expense)488—2,2071Loss before reorganization items and income taxes(322,061)(125)(63,062)(24)Reorganization items——10,3524Loss before income taxes(322,061)(125)(73,414)(28)Income tax benefit42,620177,3303Net loss$(279,441)(108)%$(66,084)(25)%Revenues decreased $2.7 million to $257.9 million in the third quarter of 2011 compared to the same period in 2010. We derive our revenues from the following sources:Voice services.Voice services revenues decreased $5.2 million to $120.4 million during the third quarter of 2011 compared to the same period in 2010, of which $5.0 million of the decrease is attributable to local calling services revenues and $0.2 million of the decrease is attributable to long distance service revenues. This decrease in voice services revenues is primarily due to the impact of an 8.8% decline in total switched access lines in service at September 30, 2011 compared to September 30, 2010, largely offset by a $2.5 million decline in SQI penalties, despite a $0.8 million increase in SQI penalties due to service outages related to Hurricane Irene in the first nine months of 2011, and a $0.8 million decrease in PAP credits recorded during the third quarter of 2011 as compared to the third quarter of 2010. The decrease in the number of voice access lines is attributable to an increase in technology substitution to wireless service and increased competition.Access.Access revenues decreased $1.3 million to $94.6 million during the third quarter of 2011 compared to the same period in 2010. Growth in special access revenue is being offset by declines in switched access and end user revenues as minutes of use decline.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
438
|
On January 11, 2012, Validus Holdings, Ltd. issued a press release disclosing its initial estimate of losses from the severe flooding that took place in Thailand during the fourth quarter of 2011. The full text of the press release is being furnished as Exhibit 99.1 to this Current Report on -K and is incorporated herein by reference.The information in this Current Report on -K, including the information set forth in Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
411
|
FedNat Holding Company (the “Company”) estimates, as of the date of this Current Report on -K, that catastrophe weather losses incurred during the quarter ended June 30, 2021 will reduce its second quarter net income by approximately $21.8 million, net of all reinsurance recoveries, on an after-tax basis. Catastrophe losses in the quarter were driven by 15 separate events, primarily convective storm and hail events impacting primarily Texas, Florida and Louisiana. The Company expects to earn $4.1 million, pre-tax, of claims handling revenue related to these second quarter catastrophe weather events, reducing the after-tax impact of these catastrophe losses to $18.6 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,457
|
Equipment rentals, depreciation and maintenance increased $123,000 for the quarter ended March 31, 2007, as compared with the quarter ended March 31, 2006 due to an increase in repair and maintenance costs. For several quarters after Hurricane Katrina hit in August 2005, repairs and maintenance were covered by the Company’s insurance. Since mid — 2006, however, such costs are once again borne by the Company.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
134
|
Subsequent EventsOn October 29 and 30, 2012, the New York City metropolitan area suffered severe damage from Hurricane Sandy. The Company continues to assess the impact of the storm on the Company's facilities, operations and customers in the affected areas and what impact, if any, the storm could have on the Company's results of operations for the fourth quarter of 2012.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
2,306
|
In order to reduce the impact on customers, on February 19, 2021, Oklahoma Natural Gas filed a motion with the Oklahoma Corporation Commission to seek the authority to record a regulatory asset to account for the extraordinary costs, including costs associated with gas purchases, other operational costs and carrying costs, associated with this winter weather event. These costs will be subject to a review for reasonableness and accuracy in future regulatory proceedings. On February 25, 2021, an administrative law judge recommended for approval by the OCC an interim order granting a motion to establish a regulatory asset. The order states that Oklahoma Natural Gas shall defer to a regulatory asset the extraordinary costs associated with this unprecedented winter weather event, including commodity costs incorporating escalated spot and daily index prices, operational costs and carrying costs. The order identifies that decisions related to the recovery of the deferred costs will be addressed at a later date. The recommendation from the administrative law judge will next be considered by the OCC.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,197
|
On June 29, 2010, the NHPUC issued an order approving a temporary rate increase for Unitil Energy. The order provides for a temporary rate increase of $5.2 million (annual) effective July 1, 2010 which will be collected by applying a uniform per kilowatt-hour (kWh) surcharge of $0.00438 to each of Unitil Energy’s current rate schedules. Of the $5.2 million rate increase, $500,000 of the increase is intended to permit Unitil Energy to annually recover expenses incurred during the December 2008 ice storm and another $500,000 of the increase is intended to fund higher planned vegetation management program expenditures. Once permanent rates are approved by the NHPUC, they will be reconciled to the date temporary rates were ordered, or July 1, 2010. Final review and approval by the NHPUC of Unitil Energy’s permanent base rate increase request is currently scheduled to be completed by February 2011.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,597
|
were decreased in both Commercial and Personal Lines primarily driven by a reduction in reserves for 2019 and 2020 wind and hail events, lower estimated losses from 2017 and 2018 hurricanes and a reduction in estimated losses from the 2017 and 2018 California wildfires, including an expected recovery of subrogation from a utility related to the 2018 Woolsey wildfire in California.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
3,200
|
We anticipate capital expenditures of $1.0 million to $2.0 million for the remainder of 2022, excluding any future expenditures for deductibles and uninsured losses, if any, associated with damage caused by Hurricane Ida, that may be determined to be capital items. Further investments in facilities may be required to win and execute potential new project awards, which are not included in these estimates.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
581
|
The decrease in Wine and Spirits net sales is due to $181.4 million from the recent divestitures, partially offset by a $66.7 million increase in organic net sales. The increase in organic net sales is driven by (i) $41.0 million increase from favorable product mix shift, (ii) $12.2 million increase in branded wine and spirits volume attributable to our continued focus on growing our brands and an overlap of lower volumes inSecond Quarter 2021mainly from on-premise and retail tasting room closures as a result of COVID-19 containment measures, and (iii) $11.2 million increase primarily from bulk wine net sales in connection with the 2020 U.S. wildfires.The increase in organic net sales was negatively impacted by global supply chain logistics and route to market changes. ForSecond Quarter 2022, the organic U.S. shipment volume was ahead of the U.S. depletion volume largely driven by a challenging overlap due to consumer pantry loading behavior inSecond Quarter 2021. We expect U.S. shipment volume and depletion volume to be generally aligned for the second half of Fiscal 2022.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
2,500
|
Lease Operating. Lease operating expenses for the first half of 2007 increased to $41.2 million ($1.35 per Mcfe) from $32.0 million ($1.64 per Mcfe) in the first half of 2006. The increase was primarily attributable to the production increases noted above and higher insurance premiums, partially offset by first half 2006 hurricane-related costs on certain of our oil and gas properties in the Gulf of Mexico. The decrease per unit of production was mainly attributable to increased production partially offset by increased costs.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
517
|
The current accident year property loss ratio decreased 16.2 points from 50.0% in the quarter ended June 30, 2010 to 33.8% in the quarter ended June 30, 2011. This decrease was primarily due to a revision in our initial loss estimates related to an earthquake and tsunami in Japan, which reduced current accident year property loss reserves by $3.6 million during the quarter offset partially by losses from Alabama tornadoes. Current accident year property losses for the quarters ended June 30, 2011 and 2010 were $2.9 million and $4.9 million, respectively.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,914
|
·Volume at Cherokee increased 29% primarily related to the same market-driven demand for nitrogen fertilizer. Additionally, there were low demand and production curtailments experienced throughout the first quarter of 2006 as the result of reduction in orders from several key customers due to the high cost of natural gas caused by the effects of Hurricane Katrina. Sales prices decreased 4% due primarily to the lower natural gas costs in the 2007 first quarter which are pass through costs under pricing arrangements with certain of our customers;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,567
|
, offset by insurance proceeds from damaged property primarily related to hurricanes of
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
3,088
|
Plastic resins and films, paper, inks, adhesives, and chemicals constitute the basic major raw materials. These are purchased from a variety of industry sources and the Company is not dependent on any one supplier for its raw materials. While temporary industry-wide shortages of raw materials may occur, the Company expects to continue to successfully manage raw material supplies without significant supply interruptions, as demonstrated during the 2005 hurricane season. Currently, raw materials are readily available.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,574
|
BP Midstream Partners LP (“BPMP” or the “Partnership”) estimates the impact associated with outages due to Hurricane Ida to both Income from equity method investments and Cash available for distribution attributable to the Partnership in the third quarter 2021 will be a reduction of approximately $8 to $10 million, compared with expected results for the quarter. This estimate is based on information received from the operator of the offshore pipelines in which BPMP has ownership interests. At the end of the second quarter 2021, the Partnership had Cash and cash equivalents of more than $137 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,495
|
The 3.8% increase in Operating Revenues was primarily due to the January 2008 acquisition of Eastern and the second phase of the 2006 rate case, partially offset by a decrease in consumption among all customer classes, due primarily to unfavorable weather conditions in 2008. Significant rainfall in 2008 reduced residential demand for water. This was a stark contrast to 2007 when extremely dry weather was experienced in much of our service territory. Specific details are as follows:
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,255
|
Revenues were $203.2 million for the second quarter of 2021, a decrease of $17.3 million or 7.8% compared to the second quarter of 2020, and revenues were $350.2 million for the six months ended June 30, 2021, a decrease of $25.9 million or 6.9% compared to the six months ended June 30, 2020. The decreases were primarily driven by lower heavy highway and water containment and treatment revenue. The decrease in heavy highway revenue was primarily due to inclement weather in Texas in the second quarter of 2021 and our continued progress reducing our low-bid heavy highway revenue. During the second quarter of 2021, our low-bid heavy highway revenue decreased by $43.3 million, which was partially offset by an increase of $30 million from heavy highway design build and other revenues compared to the second quarter of 2020. During the six months ended June 30, 2021, our low-bid heavy highway revenue decreased by $62.9 million, which was partially offset by an increase of $52.7 million from heavy highway design build and other revenues compared to the six months ended June 30, 2020.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,838
|
Cash used in investing activities was $1.7 million for the six months ended June 30, 2012 primarily due to the purchases of additional property, plant and equipment totaling $20.4 million, offset by Thailand flood property insurance proceeds totaling $10.0 million and proceeds from the sale of long-term investments totaling $9.0 million. Purchases of additional property, plant and equipment were primarily of machinery and equipment in the Americas and Asia.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,547
|
Provision for loan and lease losses to Net Charge-Offs (GAAP toProvision for loan and lease losses to Net Charge-Offs (GAAP to Non-Non-GAAP reconciliation)GAAP reconciliation)Six-Month Period Ended June 30, 2018Six-Month Period Ended June 30, 2017(In thousands)Provision for Loan and LeaseLossesNet Charge-OffsProvision for Loan and LeaseLossesNet Charge-OffsProvision for loan and lease losses and net charge-offs (GAAP)$40,080$49,888$43,538$75,656Less Special items:Hurrricane-related qualitative reserve release8,464---Loans transferred to held for sale(5,645)(9,673)--Sale of the PREPA credit line--(569)(10,734)Provision for loan and lease losses and net charge-offs, excluding special items (Non-GAAP)$42,899$40,215$42,969$64,922Average Loans$8,735,560$8,862,905Provision for loan and lease losses to net charge-offs (GAAP)80.34%57.55%Provision for loan and lease losses to net charge-offs, excluding special items (Non-GAAP)106.67%66.19%Net charge-offs to average loans (GAAP)1.14%1.71%Net charge-offs to average loans, excluding special items (Non-GAAP)0.92%1.47%
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
440
|
The Utility’s operating and maintenance expenses that impacted earnings increased$363 million, or7%, in 2018 compared to 2017, primarily due to $209 million for clean up and repair costs relating to the 2017 Northern California wildfires and the 2018 Camp fire, as compared to $17 million relating to the 2017 Northern California wildfires charged in 2017. Also, the Utility recorded charges of$187 millionin additional legal and other costs relating to the 2017 Northern California wildfires and the 2018 Camp fire (the Utility recorded $205 million for legal and other costs relating to the 2017 Northern California wildfires and the 2018 Camp fire in 2018, as compared to $18 million in 2017). The Utility also recorded charges of $121 million reflecting the additional write off of insurance premiums for single event coverage policies (the Utility recorded $185 million in 2018 for the write off of insurance premiums, as compared to $64 million in 2017). These increases were partially offset by a $38 million reduction to the estimated disallowance for gas-related capital costs that were expected to exceed authorized amounts in 2018, compared to a $47 million disallowance recorded in 2017 related to the Diablo Canyon settlement. Additionally, the increases were offset by a decrease in legal and other costs relating to the 2015 Butte fire of $20 million in 2018 compared to 2017 (the Utility recorded $40 million for legal and other costs relating to the 2015 Butte fire in 2018 as compared to $60 million in 2017).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
510
|
In addition to the above items affecting both periods, earnings were negatively impacted in the first six months of 2007 as compared with the first six months of 2006 by costs associated with electric outages caused by a severe ice storm in January 2007 (9 cents per share) and by a FERC order in March 2007 that reallocated costs related to participation in the MISO Day Two Energy Market among market participants retroactive to 2005 (5 cents per share).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,995
|
(6) "Other" for the twelve months ended July 2, 2021 includes labor charges, incremental expenses and other expenses associated with closed or partially closed client locations resulting from the COVID-19 pandemic, net of United States and non-United States governmental labor related credits ($123.8 million), non-cash impairment charges related to various assets ($34.3 million), adjustments to remove the impact attributable to the adoption of certain accounting standards that are made to the calculation in accordance with the Credit Agreement and indentures ($25.5 million), severance charges ($20.0 million), non-cash charges for inventory write-downs to net realizable value and for excess inventory related to personal protective equipment ($19.6 million), charges related to a client contract dispute ($17.9 million), expenses related to merger and integration related charges ($16.4 million), the gain from the change in fair value related to certain gasoline and diesel agreements ($8.7 million), a favorable non-cash settlement of a multiemployer pension plan obligation ($6.7 million), a favorable settlement of a legal matter ($4.7 million), non-cash charges related to information technology assets ($4.2 million), expenses related to the impact of the ice storm in Texas ($2.5 million), a non-cash charge related to an environmental matter ($2.5 million), the impact of hyperinflation in Argentina ($2.3 million) and other miscellaneous expenses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,793
|
The Company reported that this winter's considerable snowfall in the Sierra Nevada mountain range had a material, adverse impact on the Company's first quarter results. The approximate sixty-one feet of snowfall in the Sierras is reportedly the second highest snowfall on record for the region. The principal highways from central and northern California, the Company's primary feeder markets, were adversely affected by snow storms, or the threat of snow storms, on seven of the thirteen weekends in the current year's first quarter. In the prior year's first quarter, only three weekends were negatively impacted by weather.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
849
|
improved economic conditions and higher wholesale sales margins at UE because of additional customers and higher-priced wholesale sales contracts, among other things (20 cents per share);Ÿincreased UE sales to Noranda as its smelter plant gradually returned to full capacity by the end of the first quarter of 2010 after a January 2009 severe ice storm significantly reduced the plant’s capacity (11 cents per share);Ÿa reduction in financing expenses caused primarily by an increase in the allowance for funds used during construction at UE for the installation of two scrubbers at its Sioux plant (10 cents per share);Ÿhigher AIC electric and natural gas net delivery rates pursuant to the ICC 2010 rate orders, which became effective in May and November 2010 (9 cents per share); andŸreduced charges in 2010 relating to workforce reductions through voluntary and involuntary separation programs (4 cents per share).The cents per share information presented above is based on average shares outstanding in 2009.2009 versus 2008Net income attributable to Ameren Corporation increased $7 million and its earnings per share decreased 10 cents in 2009 compared with 2008. Net income attributable to Ameren Corporation increased in the Ameren Illinois and Ameren Missouri segments by $92 million and $25 million, respectively, in 2009 compared with 2008, while net income attributable to Ameren Corporation in the Merchant Generation segment decreased by $105 million in 2009 compared with 2008.Compared with 2008 earnings per share, 2009 earnings were negatively affected by:Ÿhigher dilution and financing costs caused by an increase in the average number of common shares outstanding, largely because of a September 2009 common stock issuance (31 cents per share);Ÿthe impact on electric and natural gas margins in our rate-regulated businesses of higher net fuel costs at UE resulting from higher coal and related transportation costs, and lower sales prices for excess power, and lower demand (exclusive of weather impacts), among other things (30 cents per share);Ÿthe absence in 2009 of the benefit of a settlement agreement reached with a coal mine owner that reimbursed Genco, in the form of a lump-sum payment, for increased costs for coal and transportation incurred in 2008 and 2009 due to the premature closure of an Illinois mine and contract termination (18 cents per share);Ÿthe impact of milder weather conditions on energy demand (estimated at 15 cents per share);Ÿincreased depreciation and amortization expenses primarily because of capital additions at UE and at the Merchant Generation segment and additional
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
267
|
Penske Automotive Group, Inc.__________________________________________(Exact name of registrant as specified in its charter)Delaware1-1229722-3086739_____________________(State or other jurisdiction_____________(Commission______________(I.R.S. Employerof incorporation)File Number)Identification No.)2555 Telegraph Road, Bloomfield Hills, Michigan48302_________________________________(Address of principal executive offices)___________(Zip Code)Registrant’s telephone number, including area code:248-648-2500Not Applicable______________________________________________Former name or former address, if changed since last reportCheck 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 November 2, 2012, we issued a press release announcing our third quarter financial results and other information. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.Item 7.01 Regulation FD Disclosure.In late October 2012, several of our dealerships on the East Coast were impacted by super-storm Sandy. These dealerships experienced, and continue to experience, varying degrees of power outage, property damage, loss of inventory and flooding, resulting in a loss of service to their local communities. We are currently assessing the impact of the storm to these locations as well as the impact of closure of local roads and availability of replacement vehicles and parts from the applicable manufacturers.Item 9.01 Financial Statements and Exhibits.99.1 Press Release.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.Penske Automotive Group, Inc.November 2, 2012By:/s/Shane M. SpradlinName: Shane M. SpradlinTitle: Executive Vice PresidentTop of the FormExhibit IndexExhibit No.Description99.1Press Release.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,190
|
Item 8.01 Other EventsThe Company issued a press release on November 9, 2012 regarding the impact of Hurricane Sandy on the Company. The Company has flood insurance but is expected to record an extraordinary expense of $500,000 in the fourth quarter of fiscal 2012 due to the amount of the insurance policy deductible. The Company expects at this time that its expenses related to Hurricane Sandy will be fully covered within the insurance policy limits.Item 9.01 ExhibitsThe following exhibits are annexed hereto:99.1Press release issued November 9, 2012SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.Dated: November 9, 2012CCA Industries, Inc.By:/s/ Stephen A. HeitStephen A. HeitChief Financial Officer
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,010
|
Results of discontinued operations of La Cabana were as follows (dollars in thousands):Three months ended June 30,20102009Revenue$—$286Loss before tax and gain on sale$—$(145)Loss on sale(427)—Income before tax(427)(145)Tax——Net loss from discontinued operations$(427)$(145)Six months ended June 30,20102009Revenue$—$667Loss before tax and gain on sale$—$(369)Gain on sale(427)—Income before tax(427)(369)Tax——Net loss from discontinued operations$(427)$(369)(c)Assets held for sale: Bora Bora Lagoon ResortDuring the fourth quarter of 2007, OEH decided to sell its investment in Bora Bora Lagoon Resort. The property sustained damage as a result of a cyclone in February 2010 and is currently closed. The property continues to be actively marketed and is saleable in its current condition.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,356
|
Entergy New Orleans received insurance proceeds for future construction expenditures associated with rebuilding its gas system, and the October 2006 City Council resolution approving the settlement of Entergy New Orleans’s rate and storm-cost recovery filings requires Entergy New Orleans to record those proceeds in a designated sub-account of other deferred credits until the proceeds are spent on the rebuild project. This other deferred credit is shown as “Gas system rebuild insurance proceeds” on Entergy New Orleans’s balance sheet.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,364
|
E&I’s gross profit increased $37.2 million, or 33.4%, to $148.5 million for the nine months ended May 31, 2010, from $111.3 million for the same period in the prior fiscal year. Gross profit percentage increased to 9.4% for the nine months ended May 31, 2010, from 8.5% for the same period in the prior fiscal year. The increase in gross profit was primarily attributable to increased activity on U.S. government contracts including the activity discussed above as well as a change in estimated project revenues on our hurricane protection project. The increase in gross profit percentage was primarily attributable to profit earned from the change in estimated project revenues on our hurricane protection project in southeast Louisiana, lower overhead costs as a percentage of revenue as compared to the prior year, as well as a change in estimate on a fixed price project in the Middle East completed in 2008 for which the costs were incurred and expensed in prior periods.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
437
|
Heavy storm activity (major storm Feb ’10)
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
1,507
|
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 8-KCURRENT REPORTPursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934Date of Report (Date of earliest event reported):October 23, 2012PEPCO HOLDINGS, INC.(Exact name of registrant as specified in its charter)Delaware001-3140352-2297449(State or other jurisdictionof incorporation)(CommissionFile Number)(IRS EmployerIdentification No.)701 Ninth Street, N.W., Washington, DC20068(Address of principal executive offices)(Zip Code)Registrant's telephone number, including area code(202) 872-2000Not Applicable(Former name or former address, if changed since last report)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))Item 8.01 Other Events.On October 23, 2012, the New Jersey Board of Public Utilities (the NJBPU) approved a stipulation of settlement signed by the parties (the Settlement) with respect to a petition filed by Atlantic City Electric Company (ACE), an indirect wholly owned subsidiary of Pepco Holdings, Inc. (PHI), to increase ACE’s electric distribution rates. The Settlement provides for an annual increase in ACE’s electric distribution base rates by the net amount of approximately $28 million, based on a specified return on equity of 9.75%. The net increase consists of a rate increase of approximately $44 million, less a deduction from base rates of approximately $16 million through a credit rider expected to expire on August 31, 2013, which is designed to refund to customers certain excess depreciation reserve funds as previously directed by the NJBPU (the Excess Depreciation Rider). Upon expiration of the Excess Depreciation Rider, ACE will not realize an increase in operating income because the resulting increase in revenues will be offset by a substantially similar increase in depreciation expense. The Settlement also provides for an increase of approximately $2 million in sales-and-use taxes related to the increase in base rates, and allows ACE to fully amortize over a three-year period the approximately $7.7 million in costs incurred as a result of Hurricane Irene in August 2011. The new rates will become effective for utility services rendered on and after November 1, 2012.The Settlement also provides for full cost recovery pursuant to ACE’s initial Infrastructure Investment Program (IIP) filing. In exchange for the increase in infrastructure investment, the NJBPU, through the IIP, allowed ACE to recover its infrastructure investment capital expenditures through a special rate outside the normal rate recovery mechanism of a base rate filing. The Settlement requires ACE to withdraw its October 2011 IIP petition, which requested the NJBPU to extend and expand the IIP, without prejudice to file such request again in the future.PHI intends to make the NJBPU’s order approving the settlement agreement available on PHI’s Web site as soon as reasonably practicable after it has been made publicly available by the NJBPU. Investors may access a copy of this order (among other documents and information) through the “Regulatory Filings” hyperlink on the Investor Relations page of PHI’s Web site (http://www.pepcoholdings.com).Forward-Looking StatementsSome of the statements contained in this Current Report on -K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These statements include declarations regarding PHI’s and ACE’s intents, beliefs, estimates and current expectations. In some cases, forward-looking statements can be identified by terminology such as “may,” “might,” “will,” “should,” “could,” “expects,” “intends,” “assumes,” “seeks to,” “plans,” “anticipates,” “believes,” “projects,” “estimates,” “predicts,” “potential,” “future,” “goal,” “objective,” or “continue” or the negative of such terms or other variations thereof or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause PHI or its subsidiaries’ actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements2expressed or implied by such forward-looking statements. Therefore, forward-looking statements are not guarantees or assurances of future performance, and actual results could differ materially from those indicated by the forward-looking statements.The forward-looking statements contained herein are qualified in their entirety by reference to the following important factors, which are difficult to predict, contain uncertainties, are beyond PHI’s or its subsidiaries’ control and may cause actual results to differ materially from those contained in forward-looking statements:·Changes in governmental policies and regulatory actions affecting the energy industry or PHI or ACE specifically, including allowed rates of return, industry and rate structure, acquisition and disposal of assets and facilities, operation and construction of transmission and distribution facilities and the recovery of purchased power expenses;·The outcome of pending and future rate cases and other regulatory proceedings, including the possible disallowance of recovery of costs and expenses;·The expenditures necessary to comply with regulatory requirements, including regulatory orders, and to implement reliability enhancement, emergency response and customer service improvement programs;·Possible fines, penalties or other sanctions assessed by regulatory authorities against PHI or its subsidiaries;·The impact of adverse publicity and media exposure, which could render PHI or its subsidiaries vulnerable to increased regulatory oversight and negative customer perception;·Weather conditions affecting usage and emergency restoration costs;·Population growth rates and changes in demographic patterns;·Changes in customer demand due to conservation measures and the use of more energy-efficient products;·General economic conditions, including the impact of an economic downturn or recession on electricity and natural gas usage;·Changes in and compliance with environmental and safety laws and policies;·Changes in tax rates or policies;·Changes in rates of inflation;·Changes in accounting standards or practices;·Unanticipated changes in operating expenses and capital expenditures;·Rules and regulations imposed by, and decisions of, federal and/or state regulatory commissions, PJM Interconnection, LLC, the North American Electric Reliability Corporation and other applicable electric reliability organizations;·Legal and administrative proceedings (whether civil or criminal) and settlements that affect PHI’s or its subsidiaries’ business and profitability;3·Pace of entry into new markets;·Interest rate fluctuations and the impact of credit and capital market conditions on the ability to obtain funding on favorable terms; and·Effects of geopolitical events, including the threat of domestic terrorism.These forward-looking statements are also qualified by, and should be read together with, the risk factors included in Part I, Item 1A. Risk Factors and other statements in PHI’s and ACE’s annual reports on -K for the year ended December 31, 2011, as amended to include the executive compensation and other information required by Part III of -K (which information originally had been omitted as permitted by that form), as filed with the Securities and Exchange Commission, and in PHI’s and ACE’s quarterly reports on -Q for each of the quarters ended March 31 and June 30, 2012, and investors should refer to such risk factors and other statements in evaluating the forward-looking statements contained in this Current Report on -K.Any forward-looking statements speak only as to the date of this Current Report on -K and PHI and ACE do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for PHI or ACE to predict all such factors, nor can they assess the impact of any such factor on their 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 statement. The foregoing factors should not be construed as exhaustive.4SIGNATURESPursuant 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.PEPCO HOLDINGS, INC.(Registrant)Date:October 23, 2012/s/ FRED BOYLEName: Frederick J. BoyleTitle: Senior Vice President andChief Financial Officer5
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,710
|
As previously reported on March 1, 2021, the Company’s Form10-Kfiling for the fiscal year ended December 31, 2020 (the“2020 10-K”) wasdelayed due to the unforeseen consequences of the recent winter storms in San Antonio, Texas, the location of the Company’s primary financial reporting center, which caused widespread power outages in the area. Further, in connection with the preparation, review and audit of the Company’s 202010-K,management identified and corrected certain immaterial errors in the Company’s historical financial statements primarily related to the accounting for (1) foreign currency exchange gains and losses associated with a specific reinsurance contract and (2) errors in the Company’s tax provision primarily related to the Company’s allocation of certain corporate level expenses to its subsidiary companies, as well as other previously identified immaterial errors.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,990
|
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESNotes to Consolidated Financial Statements, ContinuedMajor categories of net investment income are summarized as follows:Year ended December 31,200920082007(In thousands)Investment income on:Fixed maturities$25,92127,53626,925Equity securities1,0561,0272,171Mortgage loans on real estate502833Policy loans2,4442,1051,919Long-term investments46539(47)Other50735719130,44331,09231,192Investment expenses(841)(614)(449)Net investment income$29,60230,47830,743Proceeds and gross realized gains (losses) from sales of fixed maturities available-for-sale for 2009, 2008 and 2007 are summarized as follows:Year ended December 31,200920082007(In thousands)Proceeds$74,1812373,844Gross realized gains$2,752518Gross realized losses$——(141)In 2009, the Company sold bonds to capture realized gains and reinvest in higher yielding securities of the same quality based upon market changes. During 2008, the Company sold three fixed maturity securities in SPFIC to fund payment of claims related to Hurricane Gustav. During 2007, we sold fixed maturity securities to fund the purchase of investment real estate. No securities were sold from the held-to-maturity portfolio in 2009, 2008 or 2007.Proceeds and gross realized gains (losses) from sales of equity securities for 2009, 2008 and 2007 are summarized as follows:Year ended December 31,200920082007(In thousands)Proceeds$22,745—248Gross realized gains$5,292—30Gross realized losses$——(32)In 2009, the Company sold holdings of equity mutual funds that were previously impaired in 2008, generating realized capital gains for book purpose but realized losses for tax purposes, to prevent prior years tax capital gain carryforwards from expiring. These sales resulted in realized gains of $4.9 million.65
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
694
|
During thesix months endedJune 30, 2018, Blue Capital Re's estimated ultimate loss for prior period accident years was increased by$5.3 milliondue to the emergence of claims exceeding previous estimates of losses and LAE related to 2017 catastrophe events, primarily Hurricane Irma. During thesix months endedJune 30, 2017, Blue Capital Re's estimated ultimate loss for prior period accident years was increased by$1.0 milliondue to the emergence of claims exceeding previous estimates of losses and LAE related to those prior years.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,416
|
Item 7.01. Regulation FDAssurant, Inc. (“Assurant” or the “Company”) announced today that it expects to record between $82 million to $89 millionpre-tax,or $65 million to $70 millionafter-tax,of reportable catastrophe losses, mainly in the Global Housing segment for third quarter 2018. This is related to Hurricane Florence which made landfall on September 14, 2018 and increased reserves on claims for Hurricane Maria which occurred in the third quarter 2017.Hurricane Florence losses were primarily driven by wind and flood damage for lender-placed and manufactured housing products in North and South Carolina.The Company’s reportable catastrophes include individual catastrophic events that generate losses in excess of $5 million,pre-taxand net of reinsurance and client profit sharing adjustments and including reinstatement and other premiums.Below is a table summarizing the expected losses from both hurricanes:EventAssurant 3Q18reportable catastrophe losses(Pre-tax,dollars in millions)Hurricane Florence1$66-$70Hurricane Maria2$16-$191Losses from Hurricane Florence include $1 million to $2 million of losses in Global Lifestyle related to the Global Automotive business.2The additional third quarter 2018 losses for Hurricane Maria are above theper-eventlimit of $170 million for Assurant’s 2017 Caribbean Catastrophe Reinsurance Tower.In addition, Hurricane Michael made landfall in the Florida panhandle on October 10, 2018. Based on our preliminary view of exposure and losses in the affected areas, the Company expects Global Housing to incur losses between $55 million and $85 millionpre-taxmainly related to wind damage for lender-placed products. The initial estimated loss range reflects the inherent variability of early loss projections and claims severity, particularly in high-damage regions.On November 6, 2018, the Company will report third quarter 2018 results and a refined range of estimated fourth quarter losses for Hurricane Michael.CAUTIONARY STATEMENT– Some of the statements included in this Form8-K,particularly estimated reportable catastrophe losses and their expected impact on the Company’s catastrophe reinsurance program (including program limits), 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 Form8-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: October 22, 2018
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,754
|
In March 2012, NVE announced that the in service date for the ON Line will be delayed due to on-going efforts to address wind-related damage sustained by some of the tower structures erected for the project. As a result, NVE is also further delaying the merger application of the Utilities. At this time, NVE does not anticipate that ON Line will be placed in service until the latter half of 2013.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
292
|
•$35 million decrease as a result of Winter Storm Uri, reflecting reduced volumes due to producer shut-ins, commodity derivative activity associated with swaps, and the net impact of producer payments and marketing activity.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,220
|
Operating expenses overall increased $1.4 million, or 15.1%, in the three months ended September 30, 2012, compared to the 2011 three month period. The increase in cost of goods and services resulted from the costs of providing service to transitioning Converged Services properties, the costs of obtaining service from third parties to support the provision of additional voice services and facilities leases as mentioned above, as well as approximately $0.3 million in costs to repair facilities following a major summer storm at the end of June 2012. The increase in depreciation resulted from additions to switch and circuit equipment required to support the growth in fiber and other service contract revenue mentioned above. The decrease in selling, general and administrative expenses resulted from lower commissions, advertising and bad debt charges, each of which was less than $0.1 million.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
378
|
The following information is furnished pursuant to Item 7.01 of Regulation S-K. On December 27, 2012, the Company held an investor and analyst conference call to discuss its results of operations for the fourth quarter and full year of 2012. During its conference call, in response to questions raised, the Company stated that: (A) as a result of Hurricane Sandy and the early termination of leases for its Red and Sequoia properties in New York City, the Company anticipated a loss of approximately $500,000 in EBITDA for fiscal 2013; and (B) as a result of the Company’s repurchase, to date, of 14.39% of the members’ interest in Ark Hollywood/Tampa Investments, LLC, and the Company now owning 64.39% of the partnership, the Company anticipated an increase of approximately $500,000 in EBITDA for 2013.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
187
|
Worldwide sales of natural gas from continuing operations were 75.3 million cubic feet per day in 2006, 90.2 million in 2005 and 109.5 million in 2004. Sales of natural gas in the United States were 56.8 million cubic feet per day in 2006, 70.5 million in 2005 and 88.6 million in 2004. The reduced U.S. natural gas sales volume in 2006 of 19% was attributable to a combination of lower volumes produced onshore south Louisiana due to field decline and volumes produced in 2005 at Gulf of Mexico continental shelf fields that were sold in mid-2005. The Seventeen Hands field in Mississippi Canyon Block 299 came onstream in 2006, and volumes from this field served to essentially offset lower volumes at other deepwater Gulf of Mexico fields, including Tahoe, Front Runner and Habanero. U.S. natural gas sales volumes in 2006 were virtually unaffected by downtime for tropical storms and hurricanes, while volumes in 2005 were adversely affected by downtime associated with Hurricanes Katrina and Rita. Natural gas sales volumes in Canada were 9.8 million cubic feet per day in 2006, 10.3 million in 2005 and 14.0 million in 2004. The 6% reduction in natural gas sales volumes in western Canada in 2006 was mostly caused by normal field decline in the Rimbey area. Natural gas sales volumes in the United Kingdom in 2006 were 8.7 million cubic feet per day, while 2005 and 2004 volumes were 9.4 million and 6.9 million, respectively. The 2006 decline of 8% for natural gas sales volumes in the U.K. was wholly attributable to make-up gas volumes sold in 2005 at the Amethyst field that were associated with under-sold production in earlier years. Excluding the make-up volumes in 2005, U.K. natural gas sales volumes in 2006 would have exceeded 2005 amounts.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,535
|
We use adjusted gross margin per metric ton to measure our financial performance. We define adjusted gross margin as gross margin excluding asset disposals, depreciation and amortization, changes in unrealized derivative instruments related to hedged items included in gross margin, MSA Fee Waivers, and certain items of income or loss that we characterize as unrepresentative of our ongoing operations, including certain expenses incurred related to the Chesapeake Incident and Hurricane Events, consisting of emergency response expenses, expenses related to the disposal of inventory, and asset disposal and repair costs, offset by insurance recoveries received. We believe adjusted gross margin per metric ton is a meaningful measure because it compares our revenue-generating activities to our operating costs for a view of profitability and performance on a per metric ton basis. Adjusted gross margin per metric ton will primarily be affected by our ability to meet targeted production volumes and to control direct and indirect costs associated with procurement and delivery of wood fiber to our production plants and the production and distribution of wood pellets.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,367
|
The Washington Commission issued a GRC order that defined deferrable storm events and provided that costs in excess of the annual cost threshold may be deferred for qualifying storm damage costs that meet the modified Institute of Electrical and Electronics Engineers outage criteria for system average interruption duration index. For thethree months ended March 31, 2019, PSE incurred$38.4 millionin storm-related electric transmission and distribution system restoration costs, of which the Company deferred$1.1 millionand$26.4 millionas regulatory assets related to storms that occurred in2018and2019, respectively. This compares to$5.7 millionincurred in storm-related electric transmission and distribution system restoration costs for thethree months ended March 31, 2018, of whichnoamount was deferred to a regulatory asset. Under the December 5, 2017 Washington Commission order regarding PSE’s GRC, the following changes to PSE’s storm deferral mechanism were approved: (i) the cumulative annual cost threshold for deferral of storms under the mechanism increased from$8.0 millionto$10.0 millioneffective January 1, 2018; and (ii) qualifying events where the total qualifying cost is less than$0.5 millionwill not qualify for deferral and these costs will also not count toward the$10.0 millionannual cost threshold.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,097
|
Trig Acquisition 1, Inc. (the “Registrant”) and its professionals were severely impacted by the effects of Hurricane Sandy and lost power, heat, email, and access to its electronic files for four (4) days following the storm. Accordingly, the Registrant was unable, without unreasonable effort or expense, to file its Quarterly Report on -Q for the period ended September 30, 2012 (the “Quarterly Report”) by the November 14, 2012 filing date applicable to smaller reporting companies. Pursuant to the Securities and Exchange Commission’s release 2012-226, the Registrant will remain current and timely in its Exchange Act Reports by filing its Quarterly Report on -Q for the period ended September 30, 2012 on or before November 21, 2012, not including any extensions allowable underExchange Act Rule 12b-25.As a result of the impact of Hurricane Sandy, the Registrant and its independent registered public accounting firm required additional time to complete its review of the financial statements for the period ended September 30, 2012 to be incorporated in the Quarterly Report.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
336
|
•Comparable premium retail store sales to be flat to down in the low single digits. This expectation includes the effects of recent significant weather events on the East Coast in early November.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,995
|
The specific economic and credit risks associated with our loan portfolio, especially the real estate loan portfolio, include, but are not limited to, a general downturn in the economy that could affect unemployment rates in our market areas, general real estate market deterioration, interest rate fluctuations, deteriorated collateral values, title defects, inaccurate appraisals and financial deterioration of borrowers. Construction and development lending can also present other specific risks to the lender such as whether developers can find builders to buy lots for home construction, whether the builders can obtain financing for construction, whether the builders can sell the home to buyers and whether buyers can obtain permanent financing. Until mid-2005, real estate values in our metropolitan Montgomery and coastal Alabama and Florida markets increased, and employment trends in our market areas were favorable. We experienced a slowdown in loan demand in our coastal markets in the Fall of 2005 which has continued through 2009. The most likely reason for the slowdown initially was the effects of hurricanes in 2004 and 2005 along the Gulf Coast, especially Hurricane Katrina in August of 2005. The sub-prime problem, resulting in a deep recession, combined with the collapse of the real-estate market in some areas, has intensified the problems along the Gulf Coast. We increased significantly the provision for loan losses in 2009 as a result of the deterioration in the real estate market, the higher level of criticized and non-performing loans and the continuing uncertainty regarding economic conditions in the markets in which we operate.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
322
|
Impacts of the February 2021 Extreme Cold Weather Event and Texas-based Generating Assets Outages (Exelon).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,559
|
(A)Increased primarily due to higher fuel costs related to the February 2021 extreme cold weather event.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,336
|
Same Property NOI increased $1.3 million, or 1.5%, for the twelve months ended December 31, 2009 as compared with the same period in 2008. Same property rental revenue increased $3.8 million for the twelve months ended December 31, 2009, primarily as the result of higher market rental rates realized in 2009. Tenant reimbursements and other revenue increased $2.5 million for the twelve months ended December 31, 2009 as a result of an increase in operating expenses, which resulted in higher reimbursement revenue from the tenants, and higher ancillary fees. Total same property operating expenses increased $5.0 million for the full year of 2009 due to an increase in reserves for anticipated bad debt expense, higher property assessments, which led to increased real estate taxes, and an increase in snow and ice removal costs in the fourth quarter of 2009.MarylandYear Ended December 31,(dollars in thousands)20092008$ Change% ChangeNumber of buildings(1)6565——Same property revenuesRental$33,323$34,255$(932)(2.7)Tenant reimbursements and other6,7726,686861.3Total same property revenues40,09540,941(846)(2.1)Same property operating expensesProperty10,1878,2331,95423.7Real estate taxes and insurance4,1463,9531934.9Total same property operating expenses14,33312,1862,14717.6Same property net operating income$25,762$28,755$(2,993)(10.4)Reconciliation to total property operating Income:Same property net operating income$25,762$28,755Non-comparable net operating income(2)(3)(4)3,241898Total property operating income$29,003$29,653Weighted Average Occupancyat December 31,20092008Same Properties83.9%88.7%Total83.4%88.7%(1)Represents properties owned for the entirety of the periods presented.(2)Non-comparable Properties include: Triangle Business Center, Cloverleaf Center and RiversPark I and II.(3)Excludes a 76,000 square foot redevelopment building at Ammendale Commerce Center, which was placed in-service during the fourth quarter of 2008.(4)Non-comparable property NOI has been adjusted to reflect a normalized management fee percentage in lieu of an administrative overhead allocation for comparative purposes.Same Property NOI for the Maryland properties decreased $3.0 million for the twelve months ended December 31, 2009 compared with the same period in 2008. Total same property revenues decreased $0.8 million during 2009 due to a decrease in occupancy in the region. Total same property operating expenses for the Maryland properties increased $2.2 million for the twelve months ended December 31, 2009, which was primarily due to an increase in reserves for anticipated bad debt expense, particularly among the region’s Baltimore area properties, and snow and ice removal costs in the fourth quarter of 2009.45
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
844
|
Beginning in March 2021, six wind farms in Texas commenced actions in New York and Texas state courts for declaratory judgments and breach of contract, asserting that the February 2021 winter storm in Texas excused their performance to deliver energy to Citi Energy Inc. (CEI) under the force majeure provisions of their contracts with CEI. In addition, the wind farms sought temporary restraining orders and/or preliminary injunctions, preventing CEI from exercising remedies under the contracts.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,791
|
20172016(In Millions)Unrealized gains on nuclear decommissioning trust funds(Note 16) (a)$323.7$235.4Vidalia purchased power agreement(Note 8) (b)151.6202.4Louisiana Act 55 financing savings obligation(Note 2 -Storm Cost Recovery Filings with Retail Regulators) (b)124.8165.5Business combination guaranteed customer benefits- returned to customers through retail rates and fuel rates beginning December 2015 through November 2024 (Note 2 -Entergy Louisiana and Entergy Gulf States Louisiana Business Combination)65.883.5Gas hedging costs -refunded through fuel rates (Note 15 -Derivatives)—10.9Asset Retirement Obligation- return to customers dependent upon timing of decommissioning (Note 9) (a)36.732.7Removal costs- returned to customers through depreciation rates (Note 9) (a)32.453.9Waterford 3 replacement steam generator provision(Note 2 -Retail Rate Proceedings)—68.0Other26.128.7Entergy Louisiana Total$761.1$881.0
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
2,201
|
Item 1.03.Bankruptcy or ReceivershipOn January 29, 2019 (the “Petition Date”), PG&E Corporation and Pacific Gas and Electric Company (the “Utility”) (together, the “Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Northern District of California (the “Bankruptcy Court”). The Debtors have requested joint administration of their Chapter 11 cases under the caption In re: PG&E Corporation, et al., CaseNo. 19-30088(the “Chapter 11 Cases”).The Debtors continue to operate their businesses asdebtors-in-possessionunder the jurisdiction of the Bankruptcy Court and in accordance with applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Debtors are seeking approval from the Bankruptcy Court of a variety of “first day” motions, including motions to obtaindebtor-in-possessionfinancing and other customary relief intended to assure the Debtors’ ability to continue their ordinary course operations.Debtor-in-Possession(“DIP”) FinancingAs previously reported, on January 21, 2019, PG&E Corporation and the Utility entered into a commitment letter with certain financial institutions for DIP financing. On January 28, 2019, the California Public Utilities Commission (the “CPUC”) granted the Utility exemptions from the requirement of prior CPUC approval for issuance of debt instruments for the incurrence of the DIP financing. The CPUC also indicated its position that the exemptions do not extend to the transfer of ownership of any Utility asset that is pledged as part of the DIP financing and that in the event of the Utility’s default under the DIP financing, the Utility would need to seek the CPUC’s approval to execute such a transfer. Further, the CPUC indicated that the Utility’s “expenditure of the initial DIP financing funds for any purposes may not be recovered from ratepayers without Commission approval in a future application for rate recovery” and that the Utility “bears the burden of demonstrating the reasonableness of any expenditure.”Subsequently, in connection with the Chapter 11 Cases, on the Petition Date, the Debtors filed a motion (the “DIP Motion”) seeking, among other things, interim and final approval of DIP financing on the terms and conditions set forth in a proposed Senior Secured SuperpriorityDebtor-in-PossessionCredit, Guaranty and Security Agreement (the “DIP Credit Agreement”), by and among PG&E Corporation, as Guarantor, the Utility, as Borrower, the financial institutions from time to time party thereto, as lenders and issuing lenders (the “DIP Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as collateral agent. If the DIP financing is approved by the Bankruptcy Court as proposed:•the DIP Lenders would provide $5.5 billion in senior secured superpriority DIP credit facilities in the form of (i) a revolving credit facility in an aggregate amount of $3.5 billion (the “DIP Revolving Facility”), $1.5 billion of which would be available through a subfacility in the form of letters of credit, (ii) a term loan facility in an aggregate principal amount of $1.5 billion (the “DIP Initial Term Loan Facility”) and (iii) a delayed draw term loan facility in an aggregate principal amount of $500 million (together with the DIP Revolving Facility and the DIP Initial Term Loan Facility, the “DIP Facilities”), subject to the terms and conditions set forth in the DIP Credit Agreement;•borrowings under the DIP Facilities would be senior secured obligations of the Utility, secured by substantially all of the Utility’s assets and entitled to superpriority administrative expense claim status in the Utility’s Chapter 11 Case;•the Utility’s obligations under the DIP Facilities would be guaranteed by PG&E Corporation, and such guarantee would be a senior secured obligation of PG&E Corporation, secured by substantially all of PG&E Corporation’s assets and entitled to superpriority administrative expense claim status in PG&E Corporation’s Chapter 11 Case;•the scheduled maturity of the DIP Facilities would be December 31, 2020, subject to the Utility’s option to extend the maturity to December 31, 2021 if certain terms and conditions are satisfied; and•the Utility would pay customary fees and expenses in connection with obtaining the DIP Facilities.2The DIP Credit Agreement is subject to approval by the Bankruptcy Court, which has not been obtained at this time. The Debtors are seeking interim approval of the DIP Facilities, and availability of a portion of the DIP Revolving Facility in the amount of $1.5 billion, at an interim hearing in the Bankruptcy Court on or about January 29, 2019, and final approval, and availability of the remaining amount of DIP Facilities in the amount of $4.0 billion, at a final hearing. The Debtors are unable to predict the date of the final hearing but expect it to occur within 30 to 45 days after the Petition Date. The Debtors anticipate that the DIP Credit Agreement will become effective promptly following interim approval of the DIP Facilities by the Bankruptcy Court. The foregoing description of the DIP Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the final, executed DIP Credit Agreement, as approved by the Bankruptcy Court.Additional information about the Chapter 11 Cases, court filings and other documents related to the Chapter 11 Cases are available on a website administered by the Debtors’ claims agent, Prime Clerk, at https://restructuring.primeclerk.com/pge. This website address contains third-party content and is provided for convenience only. Third-party content is the responsibility of the third party, and PG&E Corporation and the Utility disclaim liability for such content.Item 2.04. Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under anOff-BalanceSheet ArrangementThe commencement of the Chapter 11 Cases described in Item 1.03 above constituted an event of default or termination event, and caused the automatic and immediate acceleration of all debt outstanding under or in respect of a number of instruments and agreements relating to direct financial obligations of the Debtors (the “Accelerated Direct Financial Obligations”). The material Accelerated Direct Financial Obligations include:Credit Facilities•$2.885 billion of borrowings, plus interest, fees and other expenses arising under or in connection with the Second Amended and Restated Credit Agreement dated as of April 27, 2015, among the Utility, as borrower, the several lenders party thereto and Citibank N.A., as administrative agent•$250 million of borrowings, plus interest, fees and other expenses arising under or in connection with the Term Loan Agreement dated as of February 23, 2018, among the Utility, as borrower, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent and a lender, and U.S. Bank National Association, as a lender•$300 million of borrowings, plus interest, fees and other expenses arising under or in connection with the Second Amended and Restated Credit Agreement, dated as of April 27, 2015, among PG&E Corporation, as borrower, the several lenders party thereto and Bank of America, N.A., as administrative agent•$350 million of borrowings, plus interest, fees and other expenses arising under or in connection with the Term Loan Agreement, dated as of April 16, 2018, among PG&E Corporation, as borrower, the several lenders party thereto and Mizuho Bank Ltd., as administrative agentOutstanding Senior Notes•Approximately $14.7 billion outstanding, plus interest, fees and other expenses arising under or in connection with the indenture, dated as of April 22, 2005, as the same has been amended and supplemented from time to time, between the Utility, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, including:•$800 million of 3.50% Senior Notes due 2020•$300 million of 4.25% Senior Notes due 2021•$250 million of 3.25% Senior Notes due 2021•$400 million of 2.45% Senior Notes due 2022•$375 million of 3.25% Senior Notes due 2023•$300 million of 3.85% Senior Notes due 20233•$450 million of 3.75% Senior Notes due 2024•$350 million of 3.40% Senior Notes due 2024•$600 million of 3.50% Senior Notes due 2025•$600 million of 2.95% Senior Notes due 2026•$400 million of 3.30% Senior Notes due 2027•$3,000 million of 6.05% Senior Notes due 2034•$950 million of 5.80% Senior Notes due 2037•$400 million of 6.35% Senior Notes due 2038•$550 million of 6.25% Senior Notes due 2039•$800 million of 5.40% Senior Notes due 2040•$250 million of 4.50% Senior Notes due 2041•$400 million of 4.45% Senior Notes due 2042•$350 million of 3.75% Senior Notes due 2042•$375 million of 4.60% Senior Notes due 2043•$500 million of 5.125% Senior Notes due 2043•$675 million of 4.75% Senior Notes due 2044•$600 million of 4.30% Senior Notes due 2045•$450 million of 4.25% Senior Notes due 2046•$600 million of 4.00% Senior Notes due 2046•$2.0 billion outstanding, plus interest, fees and other expenses arising under or in connection with the indenture, dated as of November 29, 2017, between the Utility, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, including:•$1,150 million of 3.30% Senior Notes due 2027•$850 million of 3.95% Senior Notes due 2047•$800 million outstanding, plus interest, fees and other expenses arising under or in connection with the indenture, dated as of August 6, 2018, between the Utility, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, including:•$500 million of 4.25% Senior Notes due 2023•$300 million of 4.65% Senior Notes due 20284Outstanding Pollution Control Bonds•Obligations to repay $100 million pursuant to certain loan agreements supporting $100 million outstanding indebtedness in respect of, plus interest, fees and other expenses arising in respect of or in connection with, 1.75% Series 2008 F and 2010 E pollution control bonds due 2026•Obligations to repay up to a maximum of $771 million pursuant to certain reimbursement agreements in respect of letters of credit provided by commercial banks in support of variable rate 1996 C, 1996 E, 1996 F, 1997 B, 2009 A and 2009 B pollution control bonds due 2026The instruments and agreements relating to the Accelerated Direct Financial Obligations described above provide that as a result of the commencement of the Chapter 11 Cases, the principal amount, together with accrued interest thereon, and in case of the indebtedness outstanding under each of the indentures described above, premium, if any, thereon, shall be immediately due and payable. Any efforts to enforce payment obligations under the Accelerated Direct Financial Obligations are automatically stayed as a result of the filing of the Chapter 11 Cases and the creditors’ rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code.Item 7.01.Regulation FD Disclosure.In connection with the filing of the Chapter 11 Cases, PG&E Corporation and the Utility issued a joint press release on January 29, 2019, a copy of which is attached as Exhibit 99.1 to this Current Report on Form8-K.The information being furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.Item 8.01Other Events.Tubbs FireOn January 24, 2019, the California Department of Forestry and Fire Protection (“Cal Fire”) issued a press release and its investigative report into the cause of the 2017 Tubbs fire. Cal Fire has determined that the 2017 Tubbs fire, which occurred during the 2017 Northern California wildfires, “was caused by a private electrical system adjacent to a residential structure.”The 2017 Tubbs fire in Sonoma County started on October 8, 2017 and burned 36,807 acres, destroyed 5,636 structures and resulted in 22 fatalities.Item 9.01.Financial Statements and Exhibits(d) Exhibits.ExhibitNo.Description99.1Press release dated January 29, 2019.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, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include the timing and outcome of the Chapter 11 Cases and PG&E Corporation’s and the Utility’s filing for relief under Chapter 11, the timing and outcome of the investigations into the 2018 Camp fire, and other factors disclosed in PG&E Corporation and the Utility’s annual report on Form10-Kfor the year ended December 31, 2017, their quarterly reports on Form10-Qfor the quarters ended March 31, 2018, June 30, 2018, and September 30, 2018, and their subsequent reports filed with the Securities and Exchange Commission. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.5SIGNATURESPursuant 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 hereunto duly authorized.PG&E CORPORATIONDated: January 29, 2019By:/s/ Jason P. WellsName: Jason P. WellsTitle: Senior Vice President and Chief Financial OfficerPACIFIC GAS AND ELECTRIC COMPANYDated: January 29, 2019By:/s/ David S. ThomasonName: David S. ThomasonTitle: Vice President, Chief Financial Officer and Controller
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
563
|
This 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, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include the timing and outcome of the Chapter 11 Cases and PG&E Corporation’s and the Utility’s filing for relief under Chapter 11, the timing and outcome of the investigations into the 2018 Camp fire, and other factors disclosed in PG&E Corporation and the Utility’s annual report on Form10-Kfor the year ended December 31, 2017, their quarterly reports on Form10-Qfor the quarters ended March 31, 2018, June 30, 2018, and September 30, 2018, and their subsequent reports filed with the Securities and Exchange Commission. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,272
|
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.At March 31, 2019, the Debtors’ consolidated balance sheet reflected liabilities of $14 billion related to third-party claims in connection with the 2018 Camp fire and the 2017 Northern California wildfires and liabilities of $212 million related to third-party claims in respect of the 2015 Butte fire. The Utility is actively engaged in settlement discussions with various claimholders related to the Wildfires. As more information about the potential liabilities in connection with the Wildfires becomes known, management estimates and assumptions regarding the financial impact of the Wildfires may result in material increases to the loss accrued. The financial statements of PG&E Corporation and the Utility for the quarterly period ending June 30, 2019 have not yet been prepared. In connection with such preparation process, the Debtors will take into account the PSAs and all relevant information with respect to management estimates and assumptions regarding the financial impact of the Wildfires and the amount of the associated loss accrual.Item 7.01 Regulation FD DisclosureOn June 19, 2019, the Utility issued a news release announcing, among other things, the entry into the PSAs. A copy of this news release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.The information being furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.Item 9.01 Financial Statements and Exhibits(d) ExhibitsExhibitNo.DescriptionExhibit 10.1Plan Support Agreement as to Plan Treatment of Public Entities’ Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company, the City of Clearlake, the City of Napa, the City of Santa Rosa, the County of Lake, the Lake County Sanitation District, the County of Mendocino, Napa County, the County of Nevada, the County of Sonoma, the Sonoma County Agricultural Preservation and Open Space District, the Sonoma County Community Development Commission, the Sonoma County Water Agency, the Sonoma Valley County Sanitation District and the County of Yuba.Exhibit 10.2Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Town of Paradise.Exhibit 10.3Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the County of Butte.Exhibit 10.4Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Paradise Recreation & Park District.Exhibit 10.5Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the County of Yuba.Exhibit 10.6Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Calaveras County Water District.The following Exhibit is being furnished, and is deemed not to be filed:Exhibit 99.1News release issued by Pacific Gas and Electric Company on June 19, 2019.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
34
|
On July 16, 2020, Cal Fire issued a press release addressing the cause of the 2019 Kincade fire. The press release stated that Cal Fire had determined that “the Kincade Fire was caused by electrical transmission lines owned and operated by Pacific Gas and Electric (PG&E) located northeast of Geyserville.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,491
|
In August 2005, Hurricane Katrina hit Entergy Mississippi's service territory causing power outages and significant infrastructure damage to Entergy Mississippi's distribution and transmission systems. Total restoration costs through December 31, 2006 for the repair and/or replacement of Entergy Mississippi's electric facilities damaged by Hurricane Katrina, and business continuity costs, and a small amount of damage caused by Hurricane Rita, are $106 million, including $44 million in construction expenditures and $62 million recorded originally as regulatory assets. Entergy Mississippi recorded regulatory assets in accordance with its accounting policies because management believes that recovery of these prudently incurred costs through some form of regulatory mechanism is probable based on historic treatment of such costs in its service territories and communications with local regulators. These costs do not include other potential incremental losses, such as the inability to recover fixed costs scheduled for recovery through base rates, which base rate revenue was not recovered due to a loss of anticipated sales. Entergy Mississippi expects its additional storm restoration spending will be approximately $2 million.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,218
|
Pursuant to the Omnibus Agreement, Williams has agreed to 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) an amount based on the 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 has agreed to pay to Williams the proceeds of certain sales of natural gas recovered from the Hester storage field pursuant to the FERC order dated March 7, 2008, approving a settlement agreement in Docket No. RP06-569. The Omnibus Agreement is filed as Exhibit 10.2 hereto and is incorporated herein by reference.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,709
|
Costs related to wildfires that impacted earnings increased by $11.8billion in 2018 compared to 2017. In 2018, the Utility recognized charges of $14billion, offset by probable insurance recoveries of $2.2billion associated with the 2018 Camp fire and 2017 Northern California wildfires. In 2017, the Utility recognized a charge of $350 million, offset by probable insurance recoveries of $350 million related to the 2015 Butte fire.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,316
|
August's consolidated passenger revenue per available seat mile (PRASM) increased an estimated 4.1 percent versus the same period last year, continuing the positive trend seen in prior months. Excluding the unique impact on AMR's Miami hub operation due to Hurricane Isaac in August 2012, and the effect of the 2011 FAA excise tax suspension, unit revenue improvement in August 2012 would have been approximately 1.8 points higher.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
682
|
which filed for bankruptcy in March 2021 due to its exposure to elevated wholesale electric power costs during the February 2021 polar vortex, accounted for $86 million of our total nonperforming loans as of both August 31, 2022 and May 31, 2022, of which $65 million was unsecured and $21 million was secured as of each respective date. The secured amount is based on set-off rights under Brazos’ revolving credit agreement with respect to funds held by lenders and was approved by the bankruptcy court.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
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