Unnamed: 0
int64 | paragraph
string | asset
int64 | economic_flows
int64 | none
int64 | json_impact_channel
string | impact_directionality
string |
|---|---|---|---|---|---|---|
2,134
|
An increase in receivables related to wildfire litigation of $434 million, representing cash to be receivedin accordance with the terms of the Cox Settlement inseveral payments beginning in December 2010 through March 2011, net of a reduction to insurance receivables;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,497
|
Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond the control of FHN, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include factors previously disclosed in FHN’s respective reports filed with the U.S. Securities and Exchange Commission (the “SEC”), as well as the following factors, among others: the possibility that the anticipated benefits of FHN’s 2020 merger with IBERIABANK Corporation (the “2020 merger”) will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in any or all of FHN’s market areas; the possibility that the 2020 merger may be more expensive to integrate than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships resulting from the 2020 merger; FHN’s success in executing its business plans and strategies following the 2020 merger, and managing the risks involved in the foregoing; the potential impacts on FHN’s businesses of the coronavirus COVID-19 pandemic, including negative impacts from quarantines, market declines, and volatility, and changes in client behavior related to COVID-19; the known and potential impacts on FHN’s businesses, integration plans related to the 2020 merger, clients, and communities associated with Hurricane Ida and future violent weather events; and other factors that may affect future results of FHN.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
3,384
|
business segment’s oil and gas producing activities (both primarily related to the February 2021 winter storm, and therefore largely nonrecurring), higher earnings from our Products Pipelines business segment and lower amortization of excess cost of equity investments and interest expense partially offset by higher general and administrative and corporate charges expense and lower earnings from our Terminals business segment. See
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
349
|
·a
revision in the third quarter 2007 related to depreciation on storm
cost-related assets. Recoveries of the costs of those assets
are now through the Act 55 financing of storm costs, as approved by the
LPSC in the third quarter 2007. See "Liquidity and Capital
Resources - Hurricane Katrina and Hurricane Rita" below and Note 2 to the
financial statements for a discussion of the Act 55 storm cost
financing;
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,063
|
Cleco Katrina/Rita has the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash is collected, it is restricted for payment of operating expenses, interest, and principal on storm recovery bonds. During theninemonths endedSeptember 30, 2012, Cleco Katrina/Rita collected$14.7 millionnet of operating expenses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,650
|
Segment EBITDA in 2008 increased by $17, to $194, as compared to 2007. The impact of acquisitions added $30 to Segment EBITDA in 2008, which more than offset the volume declines discussed above. In addition, Hurricane Gustav negatively impacted Segment EBITDA by $2, net of insurance recoveries, due to business interruption losses and incremental expenses, including higher freight costs, plant down time and plant damages. These decreases were partially offset by incremental purchasing productivity and favorable foreign currency translation.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,142
|
Exhibit IndexExhibit No.Description99.1News Release issued by Kansas City Southern dated July 8, 2010, entitled "KCS Suffers Service Disruptions in Northern Mexico Due to Hurricane Alex."
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,118
|
In addition to the impact of the storm on the Bank’s loan portfolio, the Company expects to record charge-offs for the three months ended December 31, 2012, relating to residential loans where the borrower’s obligation was discharged in bankruptcy (the “bankruptcy charge-off”). The charge-off is based on new guidance issued by the Bank’s regulator, the Office of the Comptroller of the Currency, which requires the classification of certain performing loans discharged in bankruptcy as troubled debt restructurings.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,198
|
Item 2.02 Results of Operations and Financial Condition.On January 4, 2012, Oclaro, Inc. (the “Company”) provided further details about the progress of the Company’s recovery efforts from the flooding in Thailand. The Company also announced preliminary revenues of approximately $86 million for the fiscal quarter ended December 31, 2011. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on -K.The information in Item 2.02 of this Current Report on -K (including Exhibit 99.1 furnished herewith) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.Item 9.01 Financial Statements and Exhibits.(d) Exhibits.Exhibit No.Description99.1Press Release issued by the Registrant on January 4, 2012.SIGNATUREPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.OCLARO, INC.Date: January 5, 2012By:/s/ Jerry TurinJerry TurinChief Financial OfficerEXHIBIT LISTExhibit No.Description99.1Press Release issued by the Registrant on January 4, 2012.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
441
|
On December 10, 2012, Montpelier Re Holdings Ltd. (the “Company”) issued a press release outlining its initial estimate of net loss incurred from Superstorm Sandy, which is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,156
|
within this Item 2) for the quarter ended March 31, 2021, by approximately $30 million due to lower volumes, the impact of commodity-prices, and higher operating expenses related to utilities. The estimated impact of the adverse winter weather on our operations and financial results may change and those changes may be material.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,022
|
During the year ended December 31, 2020, we disposed of seven shopping centers, five partial shopping centers and one land parcel that resulted in aggregate gain of $32.6 million. In addition, during the year ended December 31, 2020, we received aggregate net proceeds of $1.0 million and resolved contingencies of $0.5 million from previously disposed assets resulting in aggregate gain of $1.5 million, and we received final insurance proceeds related to two shopping centers that were damaged by Hurricane Michael resulting in aggregate gain of $0.4 million. During the year ended December 31, 2019, we disposed of 18 shopping centers and two partial shopping centers that resulted in aggregate gain of $53.4 million. In addition, during the year ended December 31, 2019, we received aggregate net proceeds of $1.6 million from previously disposed assets resulting in aggregate gain of $1.4 million.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
721
|
In addition to the planned spending in the table above, Entergy Louisiana also expects to pay for $845 million of capital investments in 2021 related to Hurricane Laura, Hurricane Delta, and Hurricane Zeta restoration work that have been accrued as of December 31, 2020.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,804
|
In April 2021, Entergy Louisiana filed an application with the LPSC relating to Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs and in July 2021, Entergy Louisiana made a supplemental filing updating the total restoration costs. Total restoration costs for the repair and/or replacement of Entergy Louisiana’s electric facilities damaged by these storms were estimated to be approximately $2.06 billion, including approximately $1.68 billion in capital costs and approximately $380 million in non-capital costs. Including carrying costs through January 2022, Entergy Louisiana sought an LPSC determination that $2.11 billion was prudently incurred and, therefore, was eligible for recovery from customers. Additionally, Entergy Louisiana requested that the LPSC determine that re-establishment of a storm escrow account to the previously authorized amount of $290 million was appropriate. In July 2021, Entergy Louisiana supplemented the application with a request regarding the financing and recovery of the recoverable storm restoration costs. Specifically, Entergy Louisiana requested approval to securitize its restoration costs pursuant to Louisiana Act 55 financing, as supplemented by Act 293 of the Louisiana Legislature’s Regular Session of 2021.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,959
|
Item 8.01Other Events.On December 5, 2012, The Travelers Companies, Inc. issued a press release announcing its preliminary estimate of catastrophe losses due to Storm Sandy. The press release is filed as Exhibit 99 to this report and is incorporated by reference herein.Item 9.01.Financial Statements and Exhibits.(d)Exhibits.Exhibit No.Description99Press release issued by The Travelers Companies, Inc., dated December 5, 20122
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,264
|
Operating Expenses increased $112.3 million primarily due to increased costs of products sold in our Plastics and Manufacturing segments primarily due to higher raw material costs. Operating expenses in our Electric segment increased primarily from higher purchased power costs due to an increase in the volume of purchased power, and higher operating and maintenance expenses, due to increased outage and storm restoration costs. See our segment disclosures below for additional discussion of items impacting operating expenses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,253
|
The gain on insurance recoveries of$4.5 millionduring thenine monthsendedSeptember 30, 2019relates to payments received from insurance carriers for Hurricanes Harvey and Irma property and business interruption claims in excess of the related property insurance receivables.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,407
|
On September 7, 2012, the Company also announced that it has begun the cessation of its Florida operations by reducing virtually its entire Port St. Lucie workforce save for approximately 20 employees that will remain as part of the wind down.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,686
|
ELS Reports on Hurricane Ian - Initial Assessment
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
1,739
|
Reducing the impact of these items were the effect of the MoPSC accounting order discussed above, a decrease in injuries and damages expenses between years, and the reduced impact of the Callaway nuclear plant refueling and maintenance outage in 2008 compared with the refueling in 2007. Storm repair expenditures also decreased by $31 million, further reducing other operations and maintenance expenses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
2,729
|
to the construction contractor, which placed a lien on the Roserock facility for the same amount. In 2017, Roserock filed a lawsuit in the state district court in Pecos County, Texas against XL Insurance America, Inc. and North American Elite Insurance Company seeking recovery from an insurance policy for damages resulting from the hail event and McCarthy's installation practices. In June 2018, the court granted Roserock's motion for partial summary judgment, finding that the insurers were in breach of contract and in violation of the Texas Insurance Code for failing to pay any monies owed for the hail claim. Separate lawsuits were filed between Roserock and McCarthy, as well as other parties, and that litigation was consolidated in the U.S. District Court for the Western District of Texas. On April 18, 2019, Roserock and the parties to the state and federal lawsuits executed a settlement agreement and mutual release that resolved both lawsuits. Following execution of the agreement, the lawsuits were dismissed, Southern Power paid McCarthy the amounts previously withheld, and McCarthy released its lien.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,604
|
was driven primarily by the increase in Adjusted EBITDA and timing of payments and receipts including the receipt of insurance proceeds related to the Hurricanes. The
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
106
|
During the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant damage as a result of Hurricane Maria. For purposes of the below comparisons, these properties are also included in the property transactions due to the fact they were not open for business during the entirety of the periods being compared.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,452
|
In August 2005, Hurricane Katrina caused substantial damage to the Hyatt Regency New Orleans property. The hurricane damage also caused significant interruption to the business and the hotel has effectively ceased operations. We have comprehensive insurance coverage (both property damage and business interruption) for this loss providing for an aggregate of $350.0 million in coverage per loss, subject to a deductible of approximately $11.0 million. Our damage assessment teams, working with the insurance provider adjusters, have inspected the property and are implementing a restoration plan. The recovery effort is expected to include replacing portions of the building, landscaping and furniture. While we expect the insurance proceeds will be sufficient to cover most of the replacement cost of the restoration of the hotel, certain deductibles and limitations will apply. No determination has been made as to the total amount or timing of those insurance payments, and those insurance payments may not be sufficient to cover the costs of the entire restoration. We have hired consultants to assess business interruption claims and are currently negotiating with our insurance carrier regarding coverage for these income losses sustained.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,745
|
The outcome of the West Virginia flood litigation is subject to numerous uncertainties. Based on our evaluation of the issues and their potential impact, the amount of any future loss cannot be reasonably estimated. However, based on current information, we believe this matter is likely to be resolved without a material adverse effect on our financial condition, results of operations and cash flows.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
595
|
In August 2017, Hurricane Harvey hit the Texas Gulf Coast. As a result of the extensive flooding that it caused, the Company expended$62.4 millionin additional costs for thesixmonths endedJanuary 31, 2018, for (i) temporary storage facilities, (ii) premiums for subhaulers, (iii) labor costs incurred for overtime, (iv) travel and lodging due to the reassignment of employees to the affected region, and (v) equipment lease expenses to handle the increased volume. These costs, which are characterized as "abnormal" under ASC 330, Inventory, were expensed as incurred and not included in vehicle pooling costs. At the end of the quarter, the majority of the incremental salvage vehicles received as a result of Hurricane Harvey have been sold.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,846
|
As of December 31, 2017 there has not been a significant number of loans in our STACR debt note and ACIS reference pools that have experienced a credit event. As a result, we experienced minimal write-downs on our STACR debt notes and filed minimal claims for reimbursement of losses under our ACIS transactions. We expect losses may increase on loans in the reference pools in our existing CRT transactions from Hurricanes Harvey and Irma.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,494
|
Item 8.01. Other EventsThe registrant, Unitrin, Inc. (the "Company" or "Unitrin") issued a press release on June 28, 2011, which is attached hereto as Exhibit 99.01, announcing its preliminary estimate of catastrophe losses from severe storms during the month of May. The Company estimates second quarter earnings will include approximately $20 million in pre-tax catastrophe losses related to the May storm activity. Amounts recoverable through reinsurance are estimated to be immaterial.The Company also announced that it has refined its estimate of its April catastrophe losses and believes the ultimate losses will be approximately $65 million, the lower end of its previously announced range.This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events or outcomes and can be identified by the fact that they do not relate strictly to historical or current facts. These statements are based on our estimates and assumptions that involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance; actual results could differ materially from those expressed or implied in the forward-looking statements, and can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. No assurances can be given that the results contemplated in any forward-looking statements will be achieved. Accordingly, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this report. The Company assumes no obligation to publicly correct or update any forward-looking statements as a result of events or developments subsequent to the date of this report. The reader is advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, as well as risk factors and other information included in the Company's most recent -K and 10-Q reports.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.Unitrin, Inc.Date: June 29, 2011By:/s/ Dennis VigneauDennis VigneauSenior Vice President and Chief Financial OfficerEXHIBIT INDEXExhibit No.DescriptionEX-99.01Unitrin Press Release dated June 28, 2011
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,084
|
The CPUC and FERC may not allow SCE to recover uninsured losses through electric rates if it is determined that such losses were not reasonably or prudently incurred. On July 12, 2019, AB 1054 clarified that the CPUC must allow recovery of costs and expenses arising from a covered wildfire if the utility's conduct related to the ignition was consistent with actions that a reasonable utility would have undertaken in good faith under similar circumstances, at the relevant point in time, and based on the information available at that time. Further, utilities with a valid safety certification at the time of the relevant wildfire will be presumed to have acted prudently related to a wildfire ignition unless a party in the cost recovery proceeding creates “serious doubt” as to the reasonableness of the utility's conduct, at which time, the burden shifts back to the utility to dispel that doubt and prove its conduct was prudent. The serious doubt standard in AB 1054 is modeled after the Federal Energy Regulatory Commission’s cost recovery standard.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
2,365
|
Decrease in B2B service and other revenue as a result of the hurricanes (c)
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,605
|
Net losses incurred increased by $307.1 million in 2008 as compared to 2007, mainly as a result, of the current year loss ratio increasing by 10.0 loss percentage points during the same period, mainly due to an increase in attritional and catastrophe-related property losses. Business volume reduced as net premiums earned related to the Company’s P&C operations decreased by 6.7% over this period. Overall, windstorm activity in the Atlantic and Gulf regions increased in 2008 as compared to 2007 and included the impacts of Hurricanes Gustav and Ike, which both made landfall in the U.S. in the third quarter of 2008. Hurricane
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
487
|
Cleco PowerAT DEC. 31,(THOUSANDS)20212020CurrentCleco Katrina/Rita’s storm recovery surcharges$1,674$2,626Charitable contributions—1,718Rate credit escrow—201Total restricted cash and cash equivalents$1,674$4,545
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,591
|
$5.7 million for expected losses from hurricane affected areas. Additionally, the Company maintains a specific reserve of $10.6 million for specific warehouse lines that we deem impaired. Also included in the allowance is a $3.5 million specific reserve for loans that were repurchased during 2006 that were held as securitized mortgage collateral in the mortgage operations.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,691
|
Hurricane insurance claims
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,921
|
The first nine months of 2011 includes pre-tax net catastrophe costs of $682.5 million, $350 million of which is related to the March 2011 Tohoku earthquake and resulting tsunami in Japan, $203 million of which is related to the February 2011 earthquake in New Zealand and $57 million of which is related to first quarter 2011 flooding in Australia and Cyclone Yasi. Net catastrophe costs in the first nine months of 2011 includes $2.4 million of estimated net favorable loss reserve development related to catastrophe events occurring in prior years. Net catastrophe costs in the aggregate added 24.0%, 5.3%, 15.6% and 96.9% to the first nine months of 2011 combined ratios for consolidated, Domestic, International-Europe and International-Other, respectively.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,966
|
At December 31, 2017, claim liabilities for the property and casualty insurance segment amounted to $694.4 million and represented 62.7% of the total consolidated claim liabilities and 31.5% of our total consolidated liabilities. Claims liabilities related to losses caused by Hurricanes Irma and Maria amount to approximately $605 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
586
|
Iona Lakes – Iona Lakes Apartments is located in Fort Myers, Florida. In the first half of 2007, Net Operating Income was $686,000 as compared to $822,000 in 2006. This decline is directly attributable to a decline in occupancy. The decline in occupancy resulted from a number of month-to-month tenants returning to their hurricane damaged homes where repairs were recently completed.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
617
|
•Hurricane Maria:As a result of Hurricane Maria in September 2017, the Caribe Hilton sustained significant damage and was closed for the remainder of 2017 and all of 2018. While the results of operations are included within non-comparable revenues and operating expenses, the closure has resulted in a reduction in hotel revenues and expenses for the year ended December 31, 2018 compared to the same period in 2017, as well as the year ended December 31, 2017 compared to the same period in 2016.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,330
|
our reliance on third parties to procure components and manufacture our products, including some of our product component suppliers in Thailand that have been unable to deliver sufficient quantities of components as a result of the effects of the monsoon season which resulted in major catastrophic floods that began on July 2011 and continues through the date of this report;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,535
|
SIX MONTHS ENDEDJUNE 30, 2021 COMPARED TO JUNE 30, 2020.Cost of gas increased $3.7 million, or 2%, primarily due to a $2.8 million higher loss from cost of gas incentive sharing, driven by costs related to the 2021 cold weather event that were not deferred for future recovery. The event resulted in approximately $29 million of higher commodity costs, of which approximately $27 million was deferred to a regulatory asset. The remaining increase in cost of gas is primarily the result of a 4% increase in volumes sold driven by customer growth and by comparatively cooler weather in 2021 as compared to 2020.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,711
|
•The Uncertainties Regarding the Impact of Public Safety Power Shutoffs.The Utility’s wildfire risk mitigation initiatives involve substantial and ongoing expenditures and could involve other costs. The extent to which the Utility will be able to recover these expenditures and potential other costs through rates is uncertain. The PSPS program, one of the Utility’s wildfire risk mitigation initiatives outlined in the 2019 WMP and included in the 2020-2022 WMP, has been the subject of significant scrutiny and criticism by various stakeholders, including the California governor, the CPUC and the court overseeing the Utility’s probation. On November 12, 2019, the CPUC issued an order to show cause against the Utility related to implementation of the October 2019 PSPS events, and on November 13, 2019, the CPUC instituted an OII to examine California’s IOUs late 2019 PSPS events and to consider enforcement actions. In their comments submitted to the CPUC on October 16, 2020 in the OII to Examine the Late 2019 Public Safety Power Shutoff Events, TURN, an intervenor in this proceeding, proposed that the CPUC should treat each customer affected by a PSPS event, for which the IOU has not adequately demonstrated that the benefits outweigh the public safety risks, as a separate offense. Under the CPUC rules, each offense would be subject to a penalty of no less than $500 and no more than $100,000. On October 30, 2020, Cal Advocates, an intervenor in the Order to Show Cause Against the Utility Related to Implementation of the October 2019 PSPS Events proposed financial penalties against the Utility of $166 million. If adopted by the CPUC, such penalties could be expected to have a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows. The PSPS program has had an adverse impact on PG&E Corporation’s and the Utility’s reputation with customers, regulators and policymakers and future PSPS events may increase these negative perceptions. In addition to the 2019 PSPS events, the Utility initiated several PSPS events in the third and fourth quarters of 2020 and one in January 2021 and expects that additional PSPS events will be necessary in future years. (See “OII to Examine the Late 2019 Public Safety Power Shutoff Events” and “OIR to Examine Electric Utility De-energization of Power Lines in Dangerous Conditions” in “Regulatory Matters” below.)
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,364
|
We face the risk of property damage resulting from catastrophic events, particularly earthquakes on the West Coast and hurricanes and tropical storms affecting the continental U.S. or Hawaii. Most of our past catastrophe-related claims have resulted from earthquakes and hurricanes. For example, we incurred a pre-tax net loss of $64.3 million related to the 1994 Northridge earthquake in California. In recent years, hurricanes have had a significant impact on our results. In 2008, we incurred a pre-tax loss of $24.0 million on hurricanes Ike and Gustav. We incurred a pre-tax loss of $22.5 million from the 2005 hurricanes, Katrina, Rita and Wilma. Catastrophes can also be caused by various events, including windstorms, hailstorms, explosions, severe winter weather and fires and may include terrorist events such as the attacks on the World Trade Center and the Pentagon on September 11, 2001.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,540
|
Entergy also expects utility revenues in 2021 to be adversely affected, primarily due to power outages resulting from the hurricane. The company’s initial estimate of lost non-fuel revenue is approximately $75 million to $85 million, with most of this impact occurring in Entergy Louisiana’s and Entergy New Orleans’s service areas, $65 million to $70 million and $10 million to $15 million, respectively. The financial impact of the lost revenue is expected to be partly offset by lower operation and maintenance expenses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
830
|
Year Ended December 31,20192018201720162015(in thousands, except per metric ton)Reconciliation of gross margin to adjusted gross margin per metric ton:Gross margin$81,068$69,441$78,802$76,772$59,540Loss on disposal of assets3,1032,3864,8992,3862,081Depreciation and amortization50,52140,17939,90427,70030,692Chesapeake Incident and Hurricane Events(1,085)7,799———Changes in unrealized derivative instruments4,588(4,032)———MSA Fee Waivers5,000————Acquisition costs4,296————Commercial Services4,139————Adjusted gross margin$151,630$115,773$123,605$106,858$92,313Metric tons sold3,5642,9832,7242,3462,374Adjusted gross margin per metric ton$42.54$38.81$45.38$45.55$38.89
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,902
|
SPG segment net sales for fiscal 2019 decreased by 0.5% to $670.2 million, from $673.5 million. The decline in fiscal 2019 was primarily due to foreign currency exchange, which had an unfavorable impact of 0.8%. This decrease was partially offset by organic sales growth of 0.2%, which resulted from growth in net sales by our businesses providing marine coatings and decorative and protective wood coatings, partially offset by sales decreases in our businesses serving the water damage restoration and equipment markets that responded to more damaging hurricane activity during fiscal 2018 than fiscal 2019. Additionally, recent acquisitions provided 0.1% sales growth during fiscal 2019.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,519
|
On December 12, 2018, the California Department of Insurance issued a news release announcing an update on property losses in connection with the 2018 wildfires in Southern California (which are not in the Utility’s service territory) and the Camp Fire, stating that, as of such date, “the preliminary claims data reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages,” of which approximately $7 billion relates to statewide claims from the Camp Fire. On September 6, 2018, the California Department of Insurance issued a news release announcing that insurers have received nearly 55,000 insurance claims totaling more than $12.28 billion in losses, of which approximately $10 billion relates to statewide claims from the 2017 Northern California wildfires. As discussed below, the dollar amounts announced by the California Department of Insurance do not reflect PG&E’s total potential liability for insured property losses and do not include any uninsured or underinsured property losses or any non-property losses, punitive damages, fines, penalties or damages for claims related to the 2017 and 2018 Northern California wildfires that have not manifested yet (“future claims”).
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
61
|
The Company’s operations in the southeastern and Gulf Coast regions of the United States and the Bahamas are at risk for hurricane activity, most notably in August, September and October. In September 2018, Hurricane Florence, the second-wettest storm in 70 years and ranking only behind Hurricane Harvey, made landfall in the Carolinas as a Category 4 storm, bringing with it 13 trillion gallons of rain. In Texas, Hurricane Harvey, a Category 4 storm that made landfall in Houston in August 2017, brought nearly 20 trillion gallons of precipitation. In the Southeast, Hurricane Irma, also a Category 4 storm, made landfall in Florida in September 2017 and brought excessive rainfall to the southeastern United States, notably Florida and Georgia. In October 2016, rainfall along the eastern seaboard of the United States from Hurricane Matthew, a Category 5 hurricane, approximated 14 trillion gallons. Hurricane Matthew was the first major hurricane on record to make landfall in the Bahamas, where the Company has a facility. These hurricanes generated winds, rainfall, and flooding which disrupted operations in Texas, Louisiana, Florida, Georgia, the Carolinas, and the Bahamas.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,287
|
During the third quarter of 2007, non-performing loans, especially loans on nonaccrual, have decreased significantly. The Company anticipated an overall material deterioration in the quality of its loan portfolio as a result of Hurricane Katrina. Fortunately, this deterioration has not been realized and, along with the improvement in asset quality during 2007, contributed to Management’s decision to record a negative provision for loan losses during the third quarter.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Positive
|
593
|
Operating income for 2005 was $329 million compared to $84 million in 2004, a $245 million increase. Iraq-related income increased $97 million compared to 2004, primarily due to income from the award fees on definitized LogCAP task orders, settlement of DFAC issues, and resolution of disputed fuel costs and other issues. Increased activities from our DML shipyard positively impacted 2005 operating income by $13 million. In addition, hurricane repair efforts to United States naval facilities on the Gulf Coast under the CONCAP contract contributed to the increase. The 2005 results also included a combined $96 million in operating income from the sale of and one-time cash distribution from an interest in a United States toll road. The operating income comparison was adversely impacted by completion of the RIO contract in 2004. Segment results in 2004 included restructuring charges of $12 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
2,951
|
Twelve Weeks EndedForty Weeks EndedOctober 1,2018October 2,2017October 1,2018October 2,2017(in thousands)Adjusted EBITDA:Net income (loss), as reported$(3,924)$270$(26,316)$868Depreciation and amortization4,9314,82316,75714,875Interest expense, net1,2611,0934,1283,479Provision (benefit) for income taxes(1,530)(86)(1,243)(212)EBITDA7386,100(6,674)19,010Pre-opening costs(1)2065831,0391,829Impairment loss——16,313—Casualty loss(2)—133—133Restructuring costs(3)132—453—Merger costs(4)2,041—2,041—Loss from disposal of equipment1161323851,139Adjusted EBITDA$3,233$6,948$13,557$22,111(1) Represents expenses directly associated with the opening of new restaurants that are incurred prior to opening, including pre-opening rent.(2) Represents expenses and write off of assets associated with stores in Texas and Florida affected by Hurricanes Harvey and Irma.(3) Represents expenses associated with cash severance and store closure related costs.(4) Represents legal, banking and other consulting expenses associated with the pending merger with Cava.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,472
|
See Note 2 to the financial statements for a discussion of Entergy Louisiana’s filings to recover storm-related costs.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,404
|
(d)ExhibitsExhibit NumberDescription99.01Press release dated February 16, 2012, announcing Record summer heat drives 2011 earnings at OGE Energy.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
3,419
|
The Amended and Restated Credit Facility is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Credit Facility. Any information disclosed in this Current Report on -K or the exhibits hereto shall not be construed as an admission that such information is material. A copy of the press release announcing the entering into the Amended and Restated Credit Facility, dated February 8, 2010, is attached hereto as Exhibit 99.1.From time to time, Banc of America Securities LLC, JPMorgan Securities, Inc., Calyon New York Branch, Deutsche Bank Trust Company Americas, UBS Securities LLC, Barclays Bank PLC and Capital One National Association or their affiliates have provided investment banking, general financing and advisory services to the Company and its affiliates in the past and may do so in the future. They received, and expect to receive, customary fees and commissions for these services.The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Forward-looking information involves important risks and uncertainties that could significantly affect future results and accordingly, such results may differ from those expressed in forward-looking statements made by or on behalf of the Company. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by forward-looking statements. Factors that could cause these statements to differ materially include those discussed in the Company’s Annual Report on -K, Quarterly Reports on -Q and Current Reports on -K.Settlement of Insurance LitigationOn February 3, 2010, the Company and RSUI Indemnity Company (“RSUI”) entered into a binding memorandum of understanding to settle the Company’s lawsuit against RSUI in connection with the hurricane-related damage to the Company’s former casino in Biloxi, Mississippi and its Boomtown New Orleans casino in Harvey, Louisiana (the “Memorandum of Understanding”). The Memorandum of Understanding provides that RSUI agrees to pay the sum of $23.4 million to the Company within ten days, which is in addition to RSUI’s prior payment of approximately $2 million.3
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,716
|
The MoPSC issued an electric rate order in January 2009 approving an increase in annual electric revenues of approximately $162 million based on a 10.76% return on equity, a capital structure composed of 52% common equity, and a rate base of $5.8 billion. New rates were effective March 1, 2009. In addition, pursuant to the accounting order issued by the MoPSC in April 2008, the rate order concluded that the $25 million of operations and maintenance expenses incurred as a result of a severe ice storm in January 2007 should be amortized and recovered over a five-year period starting March 1, 2009. The MoPSC also allowed recovery of $12 million of costs associated with a March 2007 FERC order that resettled costs among MISO market participants. UE recorded a regulatory asset for these costs at December 31, 2008, which will be amortized and recovered over a two-year period beginning March 1, 2009.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,908
|
The extent of claims made against properties in our asset class may continue to have a material impact on the cost of insurance for both us and our residents, thereby increasing our operating costs at a rate in excess of rental rate increases and limiting our residents’ ability to reinvest in their homes at the same rate enjoyed before the natural disaster.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,223
|
·assure PG&E has access to the financial resources necessary to support ongoing operations and enable PG&E to continue investing in its systems, infrastructure and critical safety efforts, including investing in its Community Wildfire Safety Program, an additional precautionary measure implemented following the 2017 Northern California wildfires to further reduce wildfire risk.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
3,116
|
Other income for the three and six months ended 2007 includes interest income on mortgage notes, customer deposits and other non-operating fee income and expenses, respectively. The hurricane recoveries represent the final settlement of our Hurricane Wilma claims.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,566
|
Press Release (“Validus Holdings, Ltd. Provides Initial Estimate of Net Negative Financial Impact from Hurricane Sandy”) dated December 21, 2012.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,468
|
PG&E Corporation, the parent company of Pacific Gas and Electric Company (Utility), intends to provide an update regarding its assessment (described in Item 8.01 below) of the 2017 Northern California wildfires prior to the release of PG&E Corporation and the Utility’s financial results for the quarter ending June 30, 2018.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
74
|
In the course of 2021, the court entered numerous other orders, including in connection with the Utility’s vegetation management, the Utility’s PSPS program, the 2018 Camp fire, the 2019 Kincade fire, the 2020 Zogg fire and the 2021 Dixie fire.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
2,523
|
Operating Revenues.Operating revenues increased $11.1 million in the Current Year Quarter compared to the Prior Year Quarter. Overall average day rates increased by 40% from $8,006 per day to $11,209 per day. Utilization decreased from 85% to 79% primarily due to higher levels of activity in the U. Gulf of Mexico in the Prior Year Quarter to support the reconstruction of offshore installations damaged in the 2005 hurricane season. Improvements in day rates contributed additional operating revenues of $37.5 million while the decline in fleet utilization and net fleet dispositions decreased operating revenues by $11.1 million and $18.5 million, respectively. In addition, operating revenues increased as a result of favorable changes in currency exchange rates, less mobilization activity and additional other marine services.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
13
|
From time to time the markets in which we operate experience cycles of economic activity that can negatively impact our business. For example, Trinidad, which depends on oil and gas exports as a major source of income, has been experiencing overall difficult economic conditions for the past 18 months. These adverse economic conditions, combined with government policies intended to manage foreign currency reserves, have adversely affected consumer spending. Other countries where recent general market conditions have provided a difficult operating environment during the first nine months of fiscal year 2018 include Panama and Barbados. Our business in USVI, where Hurricanes Irma and Maria had a severe impact on the infrastructure of the island in September and October, has rebounded due to the re-construction efforts and the difficulty other retailers are having in becoming fully operational.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,505
|
(1)Excludes $1.0 million, pre-tax, of reinstatement ceded premium recognized during the first quarter related to Uri after related reinsurance recoveries and $5.2 million, pre-tax, of offsetting claims handling revenue the Company expects to earn on these first quarter catastrophe weather events.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,442
|
General and administrative expenses increased in 2008 primarily due to a $25 million one-time gain recognized in the second quarter of 2007 related to hurricane insurance recoveries, a $14 million charge in 2008 for the write-off of accounts receivable for equipment and other costs incurred to effect the orderly transition of services from one of our home service providers that ceased operations, $24 million in charges associated with the settlement of multiple legal proceedings and an increase in labor and benefit costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
520
|
Florida is susceptible to hurricanes, and we have our corporate offices located in Naples, and radio stations located in Boca Raton, Fort Myers, and Tampa. These radio stations contributed 13.0% of our net revenue in 2021. Although the 2021 hurricane season did not have a material impact on our operations, our corporate offices and our radio stations located in Florida and other radio stations located along the east coast of the United States have been materially affected by hurricanes in the past and may be materially affected in the future, which could have an adverse impact on our business, financial condition and results of operations. We carry property damage insurance on all of our properties and business interruption insurance on some of our properties, but there can be no assurance that such insurance would be adequate to cover all of our hurricane-related losses.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,983
|
·the tornado was an event beyond the control of management;
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,438
|
The purchase price for the Business is $2.150 billion, including recovery of $425 million of storm-related incremental natural gas costs incurred in February 2021 and subject to adjustment as set forth in the Purchase Agreement, including adjustments based on net working capital, regulatory assets and liabilities and capital expenditures at closing.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,090
|
During the year ended December 31, 2010, we recorded a net loss on dispositions of approximately $39 million, primarily related to a $53 million loss on the sale of one wholly-owned hotel (see Note 5) as well as a $4 million impairment of fixed assets that are being retired in connection with a significant renovation of a wholly-owned hotel, and a $2 million impairment on one hotel whose carrying value exceeded its fair value. These charges were partially offset by a gain of $14 million from insurance proceeds received for a claim at a wholly-owned hotel that suffered damage from a storm in 2008, a $5 million gain as a result of an acquisition of a controlling interest in a joint venture in which we previously held a non-controlling interest (see Note 4) and a $4 million gain from the sale of non-hotel assets.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,775
|
We invested heavily in our operations during 2007 and 2008, primarily in connection with continued improvements of Gaylord Opryland, and the construction of Gaylord National beginning in 2005 and continuing through 2008. Our investments in 2009 consisted primarily of ongoing maintenance capital expenditures for our existing properties. Our investments in 2010 are also expected to consist primarily of ongoing maintenance capital expenditures for our existing properties and capital expenditures associated with the flood damage and reopening of Gaylord Opryland.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
159
|
Current accident year catastrophe lossesfor the nine months ended September 30, 2022 included $133 for Hurricane Ian, losses from tornado, wind and hail events primarily in the Midwest, South, Mountain West and Great Plains, winter storms along the East Coast and $27 of losses, net of reinsurance, related to the Ukraine conflict.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,873
|
On May 14, 2021 Avista Corporation (Avista Corp. or the Company) learned that the Washington Department of Natural Resources (DNR) had completed its investigation and issued a report on the “Babb Road Fire”, which occurred in September 2020 as a result of a windstorm, and which is most recently discussed in the Company’s Quarterly Report on -Q for the quarter ended March 31, 2021. The Babb Road fire covered approximately 15,266 acres and destroyed approximately 223 structures. There are no reports of personal injury or death resulting from the fire.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
2,666
|
MISSISSIPPI POWER COMPANYMANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONSFirst Quarter2007(in millions)% changeRetail – prior year$131.4Change in —Rates and pricing3.82.9Sales growth2.82.1Weather2.82.1Fuel cost recovery15.311.7Retail – current year$156.118.8%Revenues associated with changes in rates and pricing increased in the first quarter 2007 when compared to the same period of 2006 due to a base rate increase effective April 1, 2006 and continued recovery following Hurricane Katrina.Revenues attributable to changes in sales growth increased in the first quarter 2007 when compared to the same period in 2006 due to a 13.2%, 14.6%, and 8.9% increase in KWH sales to residential, commercial, and industrial customers, respectively, primarily due to increase in usage and customer additions resulting from recovery after Hurricane Katrina.Revenues resulting from changes in weather increased because of normal weather in the first quarter of 2007 compared to mild weather in the first quarter of 2006.Fuel revenues increased in the first quarter of 2007 when compared to the same period in 2006. Electric rates include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these provisions, fuel revenues generally equal fuel expenses, including the fuel component of purchased power costs, and do not affect net income.Wholesale Revenues – Non-AffiliatesFirst Quarter 2007 vs. First Quarter 2006(change in millions)% change$16.026.0Revenues from wholesale sales to non-affiliates will vary depending on the market cost of available energy compared to the cost of Mississippi Power and Southern Company system owned generation, demand for energy within the Southern Company service territory, and availability of Southern Company system generation. In the first quarter 2007, wholesale revenues to non-affiliates were $77.3 million compared to $61.3 million in the same period in 2006. The increase was primarily due to increased fuel costs and higher demand by customers within Mississippi Power’s service territory of $11.4 million and increased sales to customers outside Mississippi Power’s service territory of $4.6 million.Wholesale Revenues – AffiliatesFirst Quarter 2007 vs. First Quarter 2006(change in millions)% change$7.160.7Revenues from wholesale sales to affiliates will vary depending on demand and the availability and cost of generating resources at each company.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,545
|
In February 2021, Portland, Oregon and the surrounding region, like much of the country, experienced a severe winter storm with several days of colder temperatures resulting in elevated natural gas demand and significantly higher spot prices. Additional market gas purchases and other expenses resulted in approximately $29 million of higher commodity costs, of which approximately $27 million was deferred to a regulatory asset for recovery in future rates. The result was approximately $2 million of lower natural gas utility margin in the first six months of 2021. The higher commodity costs were offset by approximately $39 million of asset management revenue, of which approximately $33 million was deferred to a regulatory liability for the benefit of customers.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,075
|
(1) La Quinta also provided prospective purchasers, including Wyndham Worldwide, financial projections for 2017. The 2017 financial projections provided to prospective purchasers included Total Fee Revenue ($149 million) and Adjusted EBITDA ($113 million) (the projections provided to prospective purchasers did not contain a comparable line item to the EBITDA and Unlevered Free Cash Flow line items set forth in the table above). The immaterial difference between such projections provided to potential purchasers as compared to the Projections set forth in the table above are a result of refinements to the projections made by our management in early 2018 to reflect updated estimates regarding the timing by which a number of the Company’s owned hotels would be back to operating fully following the hurricanes in 2017 (as compared to the previous estimates, which were reflected in the results announced in the Company’s press release on November 1, 2017).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,014
|
The London Market division reported net favorable loss development for prior years of $20.0 million and $6.2 million for the nine months ended September 30, 2007 and 2006, respectively. For the three months ended September 30, 2007 and 2006, the net favorable loss development for prior years is $3.4 and $6.8 million, respectively. The decrease in prior year loss estimates for the nine months ended September 30, 2007 results from favorable loss emergence trends for accident, satellite, and aviation business in the period. The reduction in prior year loss estimates for nine months ended September 30, 2006 is principally due to lower than expected loss emergence during the period on liability, accident, satellite and aviation business, partially offset by greater than expected loss emergence on prior period catastrophes, principally Hurricanes Rita and Wilma. The decrease in prior year loss estimates for the three months ended September 30, 2007 results from favorable loss emergence trends for accident, satellite, and aviation business in the period. The reduction in prior period loss estimates for the three months ended September 30, 2006 is principally due to lower than expected loss emergence during the period on aviation and professional lines of business.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
800
|
Other noncurrent assets at September 30, 2021 were $218 million lower than at December 31, 2020. The change in other noncurrent assets primarily reflects a decrease in the regulatory asset for unrecognized pension and other postretirement costs to reflect the final actuarial valuation, as measured at December 31, 2020, of the pension and other retiree benefit plans in accordance with the accounting rules for retirement benefits ($671 million). See Notes B, E and F to the Third Quarter Financial Statements. The change in the regulatory asset also reflects the year's amortization of accounting costs. This decrease is offset in part by an increase in the regulatory assets for deferrals for increased costs related to the COVID-19 pandemic ($156 million), deferred pension and other postretirement benefits ($110 million), deferred storm costs ($72 million), revenue taxes ($27 million) and deferred derivative losses ($13 million). See “Other Regulatory Matters” in Note B and Note G to the Third Quarter Financial Statements. This decrease is also offset in part by an increase in the fair value of long-term derivative assets ($78 million).
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
540
|
In 2008, we recognized $162 million of excess insurance recoveries for damages suffered in 2005 related to hurricanes that struck the Gulf of Mexico. The excess recoveries resulted from business interruption claims on policies that were in effect when the 2005 hurricanes occurred.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,182
|
Net oil-equivalent production of 662,000 barrels per day in the third quarter 2011 was down 30,000 barrels per day, or about 4 percent, from a year earlier. The decrease in production was associated with normal field declines and tropical storm and maintenance-related downtime. Partially offsetting this decrease was production from the acquisition of Atlas Energy, Inc. in the first quarter 2011 and increases at the Perdido project in the Gulf of Mexico.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,873
|
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM8-KCURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934Date of Report:December 6, 2019(Date of earliest event reported)Commission File NumberExact Name of Registrantas specified in its charterState or Other Jurisdiction ofIncorporation or OrganizationIRS Employer Identification Number001-12609PG&E CORPORATIONCalifornia94-3234914001-02348PACIFIC GAS AND ELECTRIC COMPANYCalifornia94-074264077 BEALE STREETP.O. BOX 770000SAN FRANCISCO,California94177(Address of principal executive offices) (Zip Code)(415)973-1000(Registrant’s telephone number, including area code)77 BEALE STREETP.O. BOX 770000SAN FRANCISCO,California94177(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 exchangeon which registeredCommon stock, no par valuePCGThe New York Stock ExchangeFirst preferred stock, cumulative, par value $25 per share, 5% series A redeemablePCG-PENYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 5% redeemablePCG-PDNYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 4.80% redeemablePCG-PGNYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 4.50% redeemablePCG-PHNYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 4.36% series A redeemablePCG-PINYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 6% nonredeemablePCG-PANYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 5.50% nonredeemablePCG-PBNYSE American LLCFirst preferred stock, cumulative, par value $25 per share, 5% nonredeemablePCG-PCNYSE American LLCIndicate 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 Agreement.As previously disclosed, in September 2015, a wildfire (the “2015 Butte fire”) ignited and spread in Amador and Calaveras Counties in Northern California. On December 2, 2016, a fire (the “2016 Ghost Ship fire”) broke out in a former warehouse in Alameda County 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 2016 Ghost Ship fire, the 2017 Northern California wildfires and the 2018 Camp fire are collectively referred to herein as the “Fires.”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 caption In re: PG&E Corporation and Pacific Gas and Electric Company, Case No. 19-30088 (DM) (the “Chapter 11 Cases”). On November 4, 2019, the Debtors filed a Joint Chapter 11 Plan of Reorganization dated November 4, 2019 (the “Proposed Plan”).On December 6, 2019, the Debtors entered into a Restructuring Support Agreement (the “RSA”) with the Official Committee of Tort Claimants (the “TCC”), the attorneys and other advisors and agents for holders of Fire Victim Claims (as defined below) that are signatories to the RSA (each a “Consenting Fire Claimant Professional”), and certain funds and accounts managed or advised by Abrams Capital Management, LP and certain funds and accounts managed or advised by Knighthead Capital Management, LLC (each a “Shareholder Proponent”). The RSA provides for, among other things, the Proposed Plan to be amended (the “Amended Plan”) to provide for an aggregate of $13.5 billion in value to be provided by the Debtors pursuant to the Amended Plan (together with certain additional rights, the “Aggregate Fire Victim Consideration”) in order to settle and discharge all claims against the Debtors relating to the Fires (other than insurance subrogation claims relating to the 2017 Northern California wildfires and the 2018 Camp fire, and the claims of certain local public entities that have entered into Plan Support Agreements with the Debtors) (the “Fire Victim Claims”), upon the terms and conditions set forth in the RSA and the Amended Plan. The Aggregate Fire Victim Consideration is to be funded into a trust (the “Fire Victim Trust”) to be established pursuant to the Amended Plan for the benefit of holders of the Fire Victim Claims and will consist of (a) $5.4 billion in cash contributed on the effective date of the Amended Plan, (b) $1.35 billion in cash payable through (i) $650 million paid in cash on January 15, 2021 and (ii) $700 million paid in cash on January 15, 2022, subject to the terms of a tax benefit payment agreement to be entered into between the Fire Victim Trust and the reorganized Utility, and (c) $6.75 billion in common stock of the reorganized PG&E Corporation valued at 14.9 times Normalized Estimated Net Income (as defined in the RSA), except that the Fire Victim Trust’s share ownership of the reorganized PG&E Corporation will not be less than 20.9%, assuming the Utility’s current allowed return on equity. Under certain circumstances, including certain change of control transactions and in connection with the monetization of certain tax benefits related to the payment of wildfire-related claims, the reorganized Utility’s payments described in (b) will be accelerated and payable upon an earlier date. The Aggregate Fire Victim Consideration also includes (1) the assignment by the Debtors to the Fire Victim Trust of certain rights and causes of action related to the Fires that the Debtors may have against certain third parties and (2) the assignment of rights under the 2015 and 2016 insurance policies to resolve any claims related to the Fires in those policy years.Under the terms of the Amended Plan, all Fire Victim Claims, including claims by uninsured and underinsured individual claimholders as well as government entities not party to a previously disclosed Plan Support Agreement (including the Federal Emergency Management Agency (“FEMA”) and the State of California Office of Emergency Services/California Department of Forestry and Fire Protection (“Cal OES/CAL FIRE”)), would be settled and discharged in consideration of the payment of the Aggregate Fire Victim Consideration to the Fire Victim Trust. However, the RSA is an agreement among the Debtors, the TCC, the Shareholder Proponents, and the Consenting Fire Claimant Professionals, which are attorneys representing individual claimholders. No individual claimholder or government entity (including FEMA and Cal OES/CAL FIRE) is a party to the RSA. Accordingly, there can be no assurance that such claimholders or government entities will support the Amended Plan or the treatment of their Fire Victim Claims in the Chapter 11 Cases as provided in the Amended Plan.Under the RSA, the Debtors must, among other things, (a) file within three days of entering into the RSA a motion with the Bankruptcy Court seeking approval of the RSA (the “RSA Approval Motion”) on shortened notice, (b) together with the TCC and the Consenting Fire Claimant Professionals, seek a stay of the estimation proceedings currently pending before the U.S. District Court for the Northern District of California (the “District Court”) and the Tubbs preference trials currently pending before the San Francisco County Superior Court (the “Tubbs Preference Cases”), (c) deliver the Amended Plan to the Governor of the State of California (the “Governor”) by December 6, 2019 and provide the Governor and his counsel and advisors all information necessary to evaluate the Amended Plan for compliance with Assembly Bill (“AB”) 1054, (d) file the Amended Plan with the Bankruptcy Court by December 12, 2019, and (e) promptly enter into discussions for the settlement of the Tubbs Preference Cases.In addition, each party to the RSA must, among other things, (a) use commercially reasonable efforts to support and cooperate with the Debtors to obtain confirmation of the Amended Plan and any necessary regulatory or other approvals, and (b) oppose efforts and procedures to confirm the competing Chapter 11 plan of reorganization filed by the TCC and the Ad Hoc Committee of Senior Unsecured Noteholders on October 17, 2019 (the “Ad Hoc Noteholder Plan”). Each party to the RSA also must not, among other things, (1) object to, delay, impede, or take any other action to interfere with acceptance, confirmation or implementation of the Amended Plan or (2) propose, file or support any other plan of reorganization, restructuring, or sale of assets with respect to the Debtors. Each Consenting Fire Claimant Professional must use all reasonable efforts to advise and recommend to its existing and future clients (who hold Fire Victim Claims) to support and vote to accept the Amended Plan and to opt-in to consensual releases under the Amended Plan.The RSA provides that, upon the filing of the RSA Approval Motion, the parties to the RSA will agree to (a) seek a 15 day continuance of the Tubbs Preference Cases, to be made no later than December 10, 2019, and (b) stay the estimation proceedings until (i) the Bankruptcy Court has entered an order (the “Estimation Approval Order”) approving a settlement of estimation proceedings for the Aggregate Fire Victim Consideration or (ii) the RSA is terminated. The RSA also provides that, upon entry of the RSA Approval Order, (1) the TCC will file a notice of withdrawal as a proponent of the Ad Hoc Noteholder Plan and (2) the Debtors must have entered into settlement agreements resolving the Tubbs Preference Cases (the “Tubbs Preference Settlements”) and have filed a motion with the Bankruptcy Court seeking approval of such settlement agreements on shortened notice.The RSA will automatically terminate under certain circumstances, including, among others, if (a) a sufficient number of Fire Victim Claims votes to accept the Amended Plan such that the class of Fire Victim Claims in the Amended Plan votes to accept the Amended Plan under 11 U.S.C. § 1126(c) as determined by the Bankruptcy Court does not occur by the later of (i) the voting deadline for the Amended Plan and (ii) June 30, 2020, (b) the RSA Approval Order is not entered by the Bankruptcy Court by December 20, 2019, (c) the disclosure statement for the Amended Plan is not approved by the Bankruptcy Court by March 30, 2020 and a motion seeking the Estimation Approval Order is not filed by March 30, 2020, (d) the Amended Plan is not confirmed by the Bankruptcy Court by June 30, 2020, (e) the effective date of the Amended Plan does not occur prior to August 29, 2020 (which deadlines in (b) through (e) of this paragraph may be extended by consent of the Debtors, the TCC, the Shareholder Proponents and the Requisite Consenting Fire Claimant Professionals (as defined below)), or (f) on or before December 13, 2019, the Governor advises the Debtors that in his sole judgment the Amended Plan and the restructuring transactions provided therein do not comply with AB 1054, provided that such termination cannot occur if the Debtors have modified the Amended Plan in a manner acceptable to the Governor in his sole discretion by the earlier of (i) the commencement of the Bankruptcy Court hearing to approve the RSA and (ii) December 17, 2019.The RSA may be terminated by the TCC or the Requisite Consenting Fire Claimant Professionals (consisting of (a) the TCC, acting by vote of simple majority of its members, and (b) a group of thirteen law firms (subject to addition) that are Consenting Fire Claimant Professionals and whose initial members are specified in the RSA, acting by vote of a simple majority of its members) if (a) the Debtors or the Shareholder Proponents breach any of their obligations, representations, warranties or covenants set forth in the RSA, (b) the Debtors and the Shareholder Proponents fail to prosecute the Amended Plan and seek entry of a confirmation order that contains or is otherwise consistent with the terms of the RSA, or propose, pursue or support a Chapter 11 plan of reorganization or confirmation order inconsistent with the terms of the RSA or the Amended Plan, (c) the Amended Plan is or is modified to be inconsistent with the terms of the RSA, or (d) the TCC or the Requisite Consenting Fire Claimant Professionals determine on or before the RSA Approval Motion hearing date that Section 4.19(f)(ii) of the Amended Plan (and any related provisions) has not been modified to their satisfaction. The RSA may be terminated by the Debtors or the Shareholder Proponents if (1) either the TCC or Consenting Fire Claimant Professionals that represent in the aggregate more than 8,000 holders of Fire Victim Claims breach any of their obligations, representations, warranties or covenants set forth in the RSA or (2) if the TCC takes any action inconsistent with its obligations under the RSA or fails to take any action required under the RSA.The Debtors’ obligation relating to the Tubbs Preference Settlements will survive any termination of the RSA and will be enforceable against the Debtors. In addition, the RSA provides that, upon termination of the RSA, (a) the estimation proceedings before the District Court will immediately recommence and (b) all litigation regarding the Tubbs fire, including a determination of whether or not the Utility caused the Tubbs fire, will be determined by the District Court without any reference to any state court proceeding.The foregoing description of the RSA does not purport to be complete and is qualified in its entirety by reference to the RSA, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.As described in the Debtors’ Quarterly Report on -Q for the quarterly period ended September 30, 2019, the Debtors are subject to a substantial number of claims from other claimants. In addition, there can be no assurance that the Debtors will successfully consummate or implement the Amended Plan which will ultimately require a determination by the Bankruptcy Court that the Amended Plan satisfies the requirements for confirmation set forth in the Bankruptcy Code. Further, there can be no assurance that the conditions for confirmation of the Amended Plan and to the occurrence of the Effective Date (as defined in the Amended Plan) of the Amended Plan will be satisfied.Restructuring Support Agreement with Holders of Insurance Subrogation ClaimsAs previously disclosed, the Debtors entered into a Restructuring Support Agreement dated as of September 22, 2019 among the Debtors and holders of insurance subrogation claims identified in the Debtors’ -K filed September 26, 2019 as “Consenting Creditors,” which agreement was amended and restated on November 1, 2019 and subsequently amended on November 13, 2019 and November 18, 2019 (as amended, the “Subro RSA”).On December 6, 2019, the Debtors entered into an amendment to the Subro RSA with the Consenting Creditors. The amendment extends the deadline for obtaining Bankruptcy Court approval of the Subro RSA from December 6, 2019 to December 11, 2019.Item 7.01 Regulation FD Disclosure.On December 6, 2019, PG&E Corporation issued a news release announcing the entry into the RSA. A corrected copy of this news release which was issued on December 9, 2019 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.The information set forth in this Item 7.01 and in Exhibit 99.1 is being furnished hereby and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Debtors’ filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filings.Public Dissemination of Certain InformationPG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission 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 “Chapter 11,” “Wildfire Updates” and “News & Events: Events & Presentations” tabs, respectively, 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.Item 8.01 Other Events.Accounting ChargeFollowing accounting rules, the Debtors record a liability when a loss is probable and reasonably estimable. In accordance with U.S. generally accepted accounting principles, the Debtors evaluate which potential liabilities are probable and the related range of reasonably estimated losses, and record a charge that is the amount within the range that is a better estimate than any other amount or the lower end of the range, if there is no better estimate. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of losses is estimable, often involves a series of complex judgments about future events. Loss contingencies are reviewed quarterly and estimates are adjusted to reflect the impact of all known information, such as negotiations, discovery, settlements and payments, rulings, advice of legal counsel, and other information and events pertaining to a particular matter.At September 30, 2019, the Debtors’ consolidated balance sheet reflected liabilities of $8.6 billion related to Fire Victim Claims (including Fire Victim Claims of (a) $8.4 billion related to the 2017 Northern California wildfires and the 2018 Camp fire and (b) $212 million related to the 2015 Butte fire). In light of the terms of the settlement contemplated by the RSA, and if the RSA is approved by the Bankruptcy Court in accordance with its terms, the Debtors intend to record an additional pre-tax charge for Fire Victim Claims in the amount of $4.9 billion for the quarter ending December 31, 2019. The aggregate liability of $13.5 billion for Fire Victim Claims is subject to change based on additional information or developments in the Chapter 11 Cases, which change could occur prior to the filing of the Debtors’ Annual Report on -K for the period ending December 31, 2019.Item 9.01 Financial Statements and Exhibits.(d) ExhibitsExhibit NumberDescription10.1Restructuring Support Agreement dated as of December 6, 2019, by and among PG&E Corporation and Pacific Gas and Electric Company, the Official Committee of Tort Claimants, the attorneys and other advisors and agents for holders of Fire Victim Claims that are signatories to the RSA, and certain funds and accounts managed or advised by Abrams Capital Management, LP and certain funds and accounts managed or advised by Knighthead Capital Management, LLC99.1News release dated December 9, 2019Forward-Looking StatementsThis Current Report on -K includes 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, including but not limited to their bankruptcy emergence plan. 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, including the possibility that the conditions to emergence in the Amended Plan will not be satisfied. 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 factors disclosed in PG&E Corporation and the Utility’s joint Annual Report on -K for the year ended December 31, 2018, their joint Quarterly Reports on -Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with PG&E Corporation’s and the Utility’s Chapter 11 Cases. 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.SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.PG&E CORPORATIONDated: December 9, 2019By:/s/ JASON P. WELLSName:Jason P. WellsTitle:Executive Vice President and Chief Financial OfficerPACIFIC GAS AND ELECTRIC COMPANYDated: December 9, 2019By:/s/ DAVID S. THOMASONName:David S. ThomasonTitle:Vice President, Chief Financial Officer and Controller
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,912
|
Exhibit No.Description99.1Edison International Press Release dated November 2, 202199.2FAQ Regarding Revised Best Estimate of Expected Losses Associated with the 2017/2018 Wildfire/Mudslide Events and SED Agreement99.3Edison International Q3 2021 Financial Results Conference Call Prepared Remarks dated November 2, 202199.4Edison International Q3 2021 Financial Results Conference Call Presentation dated November 2, 2021104Cover Page Interactive Data File (embedded within the Inline XBRL document)
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
1,238
|
On September 22, 2019, the Debtors entered into a Restructuring Support Agreement (the “RSA”) with the holders of insurance subrogation claims identified as “Consenting Creditors” below providing for an aggregate of $11.0 billion (the “Allowed Subrogation Claim Amount”) to be paid by the Debtors pursuant to the Proposed Plan in order to settle all insurance subrogation claims relating to the Wildfires (the “Subrogation Claims”), upon the terms and conditions set forth in the RSA. Under the RSA, the Debtors have also agreed to reimburse the holders of Subrogation Claims for professional fees of up to $55 million, upon the terms and conditions set forth in the RSA. The following holders of Subrogation Claims are party to the RSA as of the date hereof: (i) certain affiliates of American International Group, Inc., (ii) Allstate Insurance Company and certain affiliates, (iii) BG Resolution Partners I-A, L.L.C., BG Resolution Partners I-B, L.L.C., BG Resolution Partners II-A, L.L.C., BG Resolution Partners II-B, L.L.C., BG Resolution Partners III-A, L.L.C., BG Resolution Partners III-B, L.L.C., BG Resolution Partners IV-A, L.L.C., BG Resolution Partners IV-B, L.L.C., BG Resolution Partners V-A, L.L.C., BG Resolution Partners V-B, L.L.C., BG Resolution Partners VI, L.L.C., BG Resolution Partners VII, L.L.C., BG Investment Partners I-A, L.L.C., BG Investment Partners I-B, L.L.C., BG Investment Partners II-A, L.L.C., BG Investment Partners II-B, L.L.C. (collectively, the “BG Group A Creditors”), (iv) BG Acquisition Partners I-A, L.L.C. and BC Acquisition Partners I-B, L.L.C. (collectively, the “BG Group B Creditors”), (v) certain affiliates of Farmers Insurance Exchange, (vi) California Insurance Guarantee Association, (vii)Hartford Accident & Indemnity Company and certain affiliates, (viii) certain affiliates of Liberty Mutual Insurance Company, (ix) Nationwide Mutual Insurance Company and certain affiliates, (x) State Farm Mutual Automobile Insurance Company, (xi) State Farm County Mutual Insurance Company of Texas, (xii) State Farm Fire and Casualty Company, (xiii) State Farm General Insurance Company, (xiv) TLFI Investments, LLC (in its capacity as holder of an economic interest in certain Subrogation Claims), (xv) The Travelers Indemnity Company and certain of its property and casualty insurance affiliates, and (xvi) certain affiliates of United Services Automobile Association (collectively, the “Consenting Creditors”). Any holder of Subrogation Claims can become a party to the RSA by executing the joinder attached to the RSA as Exhibit D.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,382
|
Fiscal 2006 operating income for the “Food and Support Services—United States” segment includes approximately $3.7 million of insurance proceeds related to business disruptions in the Gulf Coast region caused by Hurricane Katrina.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
901
|
Storm cost securitized balance, net.Represents the North Carolina portion of storm restoration expenditures related to Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego (2018 and 2019 events).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,661
|
In October 2017, the OSP operations in Santa Rosa, California were temporarily impacted due to the Sonoma County wildfires and then resumed shortly thereafter.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,417
|
Penford’s revenues are, and will continue to be, derived from the sale of starch-based ingredients and ethanol that the Company manufactures at its facilities. The Company’s operations may be subject to significant interruption if any of its facilities experiences a major accident or is damaged by severe weather or other natural disasters, as occurred as a result of the flood of the Cedar River at the Company’s Cedar Rapids, Iowa facility in fiscal 2008. In addition, the Company’s operations may be subject to labor disruptions and unscheduled downtime, or other operational hazards inherent in the industry, such as equipment failures, fires, explosions,
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,867
|
Assurant, Inc. (the "Company") has estimated the reportable catastrophe losses related to Superstorm Sandy to be in the range of $200 million to $220 million, pre-tax and net of reinsurance. The principal cause of loss was flood, along with wind and water damage. The largest concentration of losses occurred in the coastal communities of New York and New Jersey. Based on the above estimate, the Company does not expect to exceed the retention limit of its 2012 property catastrophe reinsurance program.The Company's reportable catastrophe losses include only individual catastrophic events that generate losses in excess of $5 million, pre-tax and net of reinsurance. Superstorm Sandy is the only reportable loss event in the fourth quarter of 2012 to date. Actual losses from the storm will be reported in the fourth quarter 2012 earnings release expected for February 6, 2013 after 4:00 p.m. ET.The Company issued a related news release, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.CAUTIONARY STATEMENT -- Some of the statements included in this -K, particularly estimated reportable catastrophe losses, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's best estimates, assumptions and projections and are subject to significant uncertainties. Actual results may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this -K as 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, including but not limited to its 2011 Annual Report on -K and Third Quarter 2012 -Q, each as filed with the U.S. Securities and Exchange Commission.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
960
|
increased by 13% in the first nine months of 2022 compared to the same period of 2021. This increase was primarily as a result of proportionally lower volumes of bulk commodities, which require less processing time in yards, and harsher winter operating conditions in the first quarter of 2022.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,718
|
For additional information about the Northern California wildfires, including but not limited to third-party claims, investigations, and risks in connection with the Northern California wildfires, see PG&E Corporation and the Utility’s annual report on -K for the year ended December 31, 2017, their quarterly reports for the quarters ended March 31, 2018 and June 30, 2018, and their subsequent reports filed with the Securities and Exchange Commission.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
1,659
|
Under the Thomas Fire, Koenigstein Fire and Montecito Mudslides Settlement, SCE and Edison International agreed to pay the local public entity plaintiffs in the Thomas Fire, Koenigstein Fire and Montecito Mudslides litigation an aggregate of $150 million and, other than as set forth below, the plaintiffs agreed to release SCE and Edison International from all claims and potential claims in the Thomas Fire, Koenigstein Fire and Montecito Mudslides litigation and/or related to or arising from the Thomas Fire, Koenigstein Fire or Montecito Mudslides. SCE and Edison International did not release their cross-claims against the public entity plaintiffs in the Montecito Mudslides litigation, and certain of the public entity plaintiffs will retain the right to pursue certain indemnity claims against SCE and Edison International.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
425
|
excess accumulated deferred income taxes, which includes a tax gross-up, will be returned to customers through base rates under the average rate assumption method over the lives of the associated assets, and $185.2 million of unprotected excess accumulated deferred income taxes, which includes a tax gross-up, will be returned to customers through a rider. The unprotected excess accumulated deferred income taxes rider will include carrying charges and will be in effect over a period of 12 months for large customers and over a period of four years for other customers. The settlement also provides for the deferral of$24.5 millionof costs associated with the remaining book value of the Neches and Sabine 2 plants, previously taken out of service, to be recovered over a ten-year period and the deferral of$20.5 millionof costs associated with Hurricane Harvey to be recovered over a 12-year period, each beginning in October 2018. The settlement provides final resolution of all issues in the matter, including those related to the Tax Act. In October 2018, the ALJ granted the unopposed motion for interim rates to be effective for service rendered on or after October 17, 2018. In December 2018 the PUCT issued an order approving the unopposed settlement.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
3,476
|
•net pre-tax charges of $2 million ($12 million in cost of services partially offset by a $10 million gain inother operating income, net), or $0.01 per diluted share, primarily attributable to costs incurred related to certain legal matters and a loss on the sale of a foreign subsidiary, which were partially offset by a gain associated with the decrease in the fair value of the contingent consideration accrual associated with a previous acquisition and an insurance claim for hurricane related losses.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
846
|
•“The Redwood Fire, in Mendocino County, started the evening of Oct. 8 and burned a total of 36,523 acres, destroying 543 structures. There were nine civilian fatalities and no injuries to firefighters. CAL FIRE has
determined the fire started in two locations and was caused by tree or parts of trees falling onto PG&E power lines.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
1,276
|
Also on October 9, 2018,the Office of the District Attorney of Yuba County (the “DA Office”) issued a news release indicating that no criminal charges will be filed in relation to the Cascade fire. The DA Office also indicated that it “reserves the right to review any additional information or evidence that may be submitted to it prior to the expiration of the criminal statute of limitations.”On October 9, 2018,the Utility issued a news release related to the announcement issued by Cal Fire, which news release is attached as Exhibit 99.1 to this report and incorporated herein.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
1,812
|
Beginning on February 15, 2021, our Texas-based generating assets within the ERCOT market, specifically Colorado Bend II, Wolf Hollow II, and Handley, experienced outages as a result of extreme cold weather conditions. In addition, those weather conditions drove increased demand for service, dramatically increased wholesale power prices, and also increased gas prices in certain regions. See Note 3 — Regulatory Matters for additional information.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,036
|
In the first quarter of 2018, drought conditions in the Southern Plains along with wet and cold temperatures throughout much of the Midwestern United States and the United Kingdom delayed the spring application season and impacted sales volume. This delay in the spring application season resulted in high inventory levels both entering and through much of the second quarter as volume typically shipped in the first quarter was instead shipped in the second quarter of 2018. After the delayed spring application season, through the first nine months of 2018, sales volume for our products was essentially unchanged compared to the first nine months of 2017. In the fourth quarter of 2018, our sales volume declined11%compared to the prior year fourth quarter, due primarily to the impact of unfavorable weather conditions in the Northern Plains and the Midwestern United States, which limited fall fertilizer applications of ammonia and the impact of lower ammonia and AN production due to plant turnaround and maintenance activity.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
696
|
Exelon and Generation are increasing the full year estimated loss from the February market and weather event by $150 million pre-tax or $110 million after-tax, compared to the February 24, 2021 disclosure. The estimated loss for the full year 2021 is approximately $900 million to $1.1 billion pre-tax or $670 million to $820 million after-tax. The estimated full year impact includes updated load meter data and ERCOT default payments that differed from our February 24th estimate. The ultimate impact to Exelon’s and Generation’s earnings may be affected by a number of factors, including final settlement data, the impacts of customer and counterparty credit losses, any state or federal solutions to address the financial challenges caused by the event, and related litigation and contract disputes.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,909
|
On September 27, 2018, WestRock Company issued a press release that provided an update on the financial impact to the Company of Hurricane Florence. A copy of the press release is attached as Exhibit 99.1.The information provided pursuant to this Item 7.01, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,122
|
ŸA $32 million decrease in major storm restoration costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
476
|
For those areas of the Bahamas impacted by Hurricane Dorian, the homes passed and subscriber counts reflect the pre-hurricane homes passed and subscriber counts as of August 31, 2019 as adjusted through December 31, 2019 for net voluntary disconnects. We are still in the process of assessing the impact of the hurricane on our networks and subscriber counts. The impacted areas in the Bahamas include approximately 30,200 homes passed, 7,700 telephony RGUs, 3,800 internet RGUs, 900 video RGUs, 4,400 postpaid mobile subscribers and 36,500 prepaid mobile subscribers. For those areas of the Bahamas not impacted by Hurricane Dorian, the homes passed and subscriber counts reflect counts as of December 31, 2019.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,708
|
The Company's reportable catastrophe losses include only individual catastrophic events that generate losses in excess of $5 million, pre-tax and net of reinsurance. Superstorm Sandy is the only reportable loss event in the fourth quarter of 2012 to date. Actual losses from the storm will be reported in the fourth quarter 2012 earnings release expected for February 6, 2013 after 4:00 p.m. ET.The Company issued a related news release, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.CAUTIONARY STATEMENT -- Some of the statements included in this -K, particularly estimated reportable catastrophe losses, may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's best estimates, assumptions and projections and are subject to significant uncertainties. Actual results may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this -K as 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, including but not limited to its 2011 Annual Report on -K and Third Quarter 2012 -Q, each as filed with the U.S. Securities and Exchange Commission.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
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