☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 51-0063696 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Common stock, par value $0.01 per share | AWK | New York Stock Exchange |
Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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Class | Shares Outstanding as of October 28, 2020 | ||||||||||||||||
Common Stock, $0.01 par value per share | 181,271,995 |
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September 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Property, plant and equipment | $ | 25,133 | $ | 23,941 | |||||||
Accumulated depreciation | (5,866) | (5,709) | |||||||||
Property, plant and equipment, net | 19,267 | 18,232 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 560 | 60 | |||||||||
Restricted funds | 39 | 31 | |||||||||
Accounts receivable, net of allowance for uncollectible accounts of $52 and $41, respectively
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358 | 294 | |||||||||
Unbilled revenues | 201 | 172 | |||||||||
Materials and supplies | 49 | 44 | |||||||||
Assets held for sale | 618 | 566 | |||||||||
Other | 142 | 118 | |||||||||
Total current assets | 1,967 | 1,285 | |||||||||
Regulatory and other long-term assets: | |||||||||||
Regulatory assets | 1,144 | 1,128 | |||||||||
Operating lease right-of-use assets | 97 | 103 | |||||||||
Goodwill | 1,504 | 1,501 | |||||||||
Postretirement benefit assets | 155 | 159 | |||||||||
Intangible assets | 58 | 67 | |||||||||
Other | 202 | 207 | |||||||||
Total regulatory and other long-term assets | 3,160 | 3,165 | |||||||||
Total assets | $ | 24,394 | $ | 22,682 |
September 30, 2020 | December 31, 2019 | ||||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Common stock ($0.01 par value; 500,000,000 shares authorized; 186,437,589 and 185,903,727 shares issued, respectively)
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$ | 2 | $ | 2 | |||||||
Paid-in-capital | 6,739 | 6,700 | |||||||||
Retained earnings (accumulated deficit) | 157 | (207) | |||||||||
Accumulated other comprehensive loss | (38) | (36) | |||||||||
Treasury stock, at cost (5,168,086 and 5,090,855 shares, respectively)
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(348) | (338) | |||||||||
Total common shareholders' equity | 6,512 | 6,121 | |||||||||
Long-term debt | 9,580 | 8,639 | |||||||||
Redeemable preferred stock at redemption value | 4 | 5 | |||||||||
Total long-term debt | 9,584 | 8,644 | |||||||||
Total capitalization | 16,096 | 14,765 | |||||||||
Current liabilities: | |||||||||||
Short-term debt | 1,044 | 786 | |||||||||
Current portion of long-term debt | 67 | 28 | |||||||||
Accounts payable | 162 | 203 | |||||||||
Accrued liabilities | 505 | 596 | |||||||||
Accrued taxes | 64 | 46 | |||||||||
Accrued interest | 101 | 84 | |||||||||
Liabilities related to assets held for sale | 138 | 128 | |||||||||
Other | 179 | 174 | |||||||||
Total current liabilities | 2,260 | 2,045 | |||||||||
Regulatory and other long-term liabilities: | |||||||||||
Advances for construction | 262 | 240 | |||||||||
Deferred income taxes and investment tax credits | 2,060 | 1,893 | |||||||||
Regulatory liabilities | 1,777 | 1,806 | |||||||||
Operating lease liabilities | 83 | 89 | |||||||||
Accrued pension expense | 386 | 411 | |||||||||
Other | 79 | 78 | |||||||||
Total regulatory and other long-term liabilities | 4,647 | 4,517 | |||||||||
Contributions in aid of construction | 1,391 | 1,355 | |||||||||
Commitments and contingencies (See Note 11)
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Total capitalization and liabilities | $ | 24,394 | $ | 22,682 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating revenues | $ | 1,079 | $ | 1,013 | $ | 2,854 | $ | 2,708 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operation and maintenance | 419 | 395 | 1,193 | 1,132 | |||||||||||||||||||
Depreciation and amortization | 154 | 144 | 451 | 430 | |||||||||||||||||||
General taxes | 73 | 68 | 225 | 209 | |||||||||||||||||||
(Gain) on asset dispositions and purchases | — | — | — | (9) | |||||||||||||||||||
Total operating expenses, net | 646 | 607 | 1,869 | 1,762 | |||||||||||||||||||
Operating income | 433 | 406 | 985 | 946 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest, net | (99) | (97) | (296) | (284) | |||||||||||||||||||
Non-operating benefit costs, net | 12 | 4 | 37 | 12 | |||||||||||||||||||
Other, net | 6 | 5 | 17 | 23 | |||||||||||||||||||
Total other income (expense) | (81) | (88) | (242) | (249) | |||||||||||||||||||
Income before income taxes | 352 | 318 | 743 | 697 | |||||||||||||||||||
Provision for income taxes | 88 | 78 | 179 | 174 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 264 | $ | 240 | $ | 564 | $ | 523 | |||||||||||||||
Basic earnings per share: (a)
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Net income attributable to common shareholders | $ | 1.46 | $ | 1.33 | $ | 3.11 | $ | 2.90 | |||||||||||||||
Diluted earnings per share: (a)
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Net income attributable to common shareholders | $ | 1.46 | $ | 1.33 | $ | 3.11 | $ | 2.89 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 181 | 181 | 181 | 181 | |||||||||||||||||||
Diluted | 182 | 181 | 181 | 181 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 264 | $ | 240 | $ | 564 | $ | 523 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Defined benefit pension plan actuarial loss, net of tax of $1 and $0 for the three months ended September 30, 2020 and 2019, respectively and $1 and $1 for the nine months ended September 30, 2020 and 2019, respectively
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1 | 1 | 2 | 2 | |||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (1) | |||||||||||||||||||
Unrealized loss on cash flow hedges, net of tax of $0 and $0 for the three months ended September 30, 2020 and 2019, respectively and $(1) and $(5) for the nine months ended September 30, 2020 and 2019, respectively
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— | — | (4) | (13) | |||||||||||||||||||
Net other comprehensive income (loss) | 1 | 1 | (2) | (12) | |||||||||||||||||||
Comprehensive income attributable to common shareholders | $ | 265 | $ | 241 | $ | 562 | $ | 511 |
For the Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 564 | $ | 523 | |||||||
Adjustments to reconcile to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 451 | 430 | |||||||||
Deferred income taxes and amortization of investment tax credits | 174 | 163 | |||||||||
Provision for losses on accounts receivable | 22 | 18 | |||||||||
(Gain) on asset dispositions and purchases | — | (9) | |||||||||
Pension and non-pension postretirement benefits | (10) | 13 | |||||||||
Other non-cash, net | (37) | (51) | |||||||||
Changes in assets and liabilities: | |||||||||||
Receivables and unbilled revenues | (121) | (54) | |||||||||
Pension and postretirement benefit contributions | (31) | (23) | |||||||||
Accounts payable and accrued liabilities | (17) | (16) | |||||||||
Other assets and liabilities, net | (7) | (49) | |||||||||
Net cash provided by operating activities | 988 | 945 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (1,314) | (1,115) | |||||||||
Acquisitions, net of cash acquired | (59) | (85) | |||||||||
Proceeds from sale of assets | 2 | 17 | |||||||||
Removal costs from property, plant and equipment retirements, net | (75) | (71) | |||||||||
Net cash used in investing activities | (1,446) | (1,254) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from long-term debt | 1,250 | 1,191 | |||||||||
Repayments of long-term debt | (266) | (153) | |||||||||
Proceeds from term loan | 500 | — | |||||||||
Net short-term borrowings with maturities less than three months | (242) | (491) | |||||||||
Proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $17 and $11 for the nine months ended September 30, 2020 and 2019, respectively
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6 | 13 | |||||||||
Advances and contributions for construction, net of refunds of $20 and $25 for the nine months ended September 30, 2020 and 2019, respectively
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20 | 16 | |||||||||
Debt issuance costs | (12) | (11) | |||||||||
Dividends paid | (290) | (263) | |||||||||
Anti-dilutive share repurchases | — | (36) | |||||||||
Net cash provided by financing activities | 966 | 266 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted funds | 508 | (43) | |||||||||
Cash, cash equivalents and restricted funds at beginning of period | 91 | 159 | |||||||||
Cash, cash equivalents and restricted funds at end of period | $ | 599 | $ | 116 | |||||||
Non-cash investing activity: | |||||||||||
Capital expenditures acquired on account but unpaid as of the end of period | $ | 236 | $ | 245 |
Common Stock | Paid-in-Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | At Cost | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 185.9 | $ | 2 | $ | 6,700 | $ | (207) | $ | (36) | (5.1) | $ | (338) | $ | 6,121 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 124 | — | — | — | 124 | |||||||||||||||||||||||||||||||||||||||
Common stock issuances (a)
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0.3 | — | 13 | — | — | (0.1) | (10) | 3 | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive loss | — | — | — | — | (5) | — | — | (5) | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 186.2 | $ | 2 | $ | 6,713 | $ | (83) | $ | (41) | (5.2) | $ | (348) | $ | 6,243 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 176 | — | — | — | 176 | |||||||||||||||||||||||||||||||||||||||
Common stock issuances (a) | 0.2 | — | 17 | — | — | — | — | 17 | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive loss | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Dividends ($0.55 declared per common share)
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— | — | — | (100) | — | — | — | (100) | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 186.4 | $ | 2 | $ | 6,730 | $ | (7) | $ | (39) | (5.2) | $ | (348) | $ | 6,338 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 264 | — | — | — | 264 | |||||||||||||||||||||||||||||||||||||||
Common stock issuances (a) | — | — | 9 | — | — | — | — | 9 | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive loss | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Dividends ($0.55 declared per common share)
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— | — | — | (100) | — | — | — | (100) | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 186.4 | $ | 2 | $ | 6,739 | $ | 157 | $ | (38) | (5.2) | $ | (348) | $ | 6,512 |
Common Stock | Paid-in-Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | At Cost | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 185.4 | $ | 2 | $ | 6,657 | $ | (464) | $ | (34) | (4.7) | $ | (297) | $ | 5,864 | |||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | (2) | — | — | — | (2) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 113 | — | — | — | 113 | |||||||||||||||||||||||||||||||||||||||
Common stock issuances (a)
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0.2 | — | 11 | — | — | (0.1) | (5) | 6 | |||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | — | (0.3) | (36) | (36) | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive loss | — | — | — | — | (13) | — | — | (13) | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | 185.6 | $ | 2 | $ | 6,668 | $ | (353) | $ | (47) | (5.1) | $ | (338) | $ | 5,932 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 170 | — | — | — | 170 | |||||||||||||||||||||||||||||||||||||||
Common stock issuances (a)
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0.1 | — | 15 | — | — | — | — | 15 | |||||||||||||||||||||||||||||||||||||||
Dividends ($0.50 declared per common share)
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— | — | — | (90) | — | — | — | (90) | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | 185.7 | $ | 2 | $ | 6,683 | $ | (273) | $ | (47) | (5.1) | $ | (338) | $ | 6,027 | |||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | — | — | — | 240 | — | — | — | 240 | |||||||||||||||||||||||||||||||||||||||
Common stock issuances (a)
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0.2 | — | 12 | — | — | — | — | 12 | |||||||||||||||||||||||||||||||||||||||
Net other comprehensive loss | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||
Dividends ($0.50 declared per common share)
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— | — | — | (90) | — | — | — | (90) | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | 185.9 | $ | 2 | $ | 6,695 | $ | (123) | $ | (46) | (5.1) | $ | (338) | $ | 6,190 |
Standard | Description | Date of Adoption | Application | Effect on the Consolidated Financial Statements | ||||||||||||||||||||||
Measurement of Credit Losses on Financial Instruments | Updated the accounting guidance on reporting credit losses for financial assets held at amortized cost basis and available-for-sale debt securities. Under this guidance, expected credit losses are required to be measured based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount of financial assets. Also, this guidance requires that credit losses on available-for-sale debt securities be presented as an allowance rather than as a direct write-down. | January 1, 2020 | Modified retrospective |
The standard did not have a material impact on the Consolidated Financial Statements.
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Changes to the Disclosure Requirements for Fair Value Measurement | Updated the disclosure requirements for fair value measurement. The guidance removes the requirements to disclose transfers between Level 1 and Level 2 measurements, the timing of transfers between levels, and the valuation processes for Level 3 measurements. Disclosure of transfers into and out of Level 3 measurements will be required. The guidance adds disclosure requirements for the change in unrealized gains and losses in other comprehensive income for recurring Level 3 measurements, as well as the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. | January 1, 2020 | Prospective for added disclosures and for the narrative description of measurement uncertainty; retrospective for all other amendments. |
The standard did not have a material impact on the Consolidated Financial Statements.
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Facilitation of the Effects of Reference Rate Reform on Financial Reporting | Provided optional guidance for a limited time to ease the potential accounting burden associated with the transition from London Interbank Offered Rate (“LIBOR”). The guidance contains optional expedients and exceptions for contract modifications, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued. The expedients elected must be applied for all eligible contracts or transactions, with the exception of hedging relationships, which can be applied on an individual basis. | March 12, 2020 through December 31, 2022 | Prospective for contract modifications and hedging relationships; applied as of January 1, 2020. | The standard did not have a material impact on the Consolidated Financial Statements. |
Standard | Description | Date of Adoption | Application | Estimated Effect on the Consolidated Financial Statements | ||||||||||||||||||||||
Simplifying the Accounting for Income Taxes
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The guidance removes exceptions related to the incremental approach for intraperiod tax allocation, the requirement to recognize a deferred tax liability for changes in ownership of a foreign subsidiary or equity method investment, and the general methodology for calculating income taxes in an interim period when the year-to-date loss exceeds the anticipated loss. The guidance adds requirements to reflect changes to tax laws or rates in the annual effective tax rate computation in the interim period in which the changes were enacted, to recognize franchise or other similar taxes that are partially based on income as an income-based tax and any incremental amounts as non-income-based tax, and to evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction.
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January 1, 2021; early adoption permitted
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Modified retrospective for amendments related to changes in ownership of a foreign subsidiary or equity method investment; Modified retrospective or retrospective for amendments related to taxes partially based on income; Prospective for all other amendments. |
The Company is evaluating any impact on its Consolidated Financial Statements, as well as the timing of adoption.
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Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
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Simplification of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. This will result in fewer embedded conversion features being separately recognized from the host contract. Earnings per share (“EPS”) calculations have been simplified for certain instruments. | January 1, 2022; early adoption permitted but not before fiscal years beginning after December 15, 2020 | Either modified retrospective or fully retrospective | The Company is evaluating any impact on its Consolidated Financial Statements, as well as the timing of adoption. |
2020 | 2019 | ||||||||||
Cash and cash equivalents | $ | 560 | $ | 94 | |||||||
Restricted funds | 39 | 22 | |||||||||
Cash, cash equivalents and restricted funds as presented on the Consolidated Statements of Cash Flows | $ | 599 | $ | 116 |
2020 | 2019 | ||||||||||
Balance as of January 1 | $ | (41) | $ | (45) | |||||||
Amounts charged to expense | (22) | (18) | |||||||||
Amounts written off | 9 | 22 | |||||||||
Less: Allowance for uncollectible accounts included in assets held for sale (a) | 2 | — | |||||||||
Balance as of September 30 | $ | (52) | $ | (41) |
Commission Actions | Description | States | ||||||||||||
Orders issued |
Allows the Company to establish regulatory assets to record certain financial impacts related to the COVID-19 pandemic.
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CA, HI, IA, IL, IN, MD, MO, NJ, PA, VA, WV | ||||||||||||
Cost recovery mechanisms |
California’s Catastrophic Event Memorandum Account allows the Company to track and recover certain financial impacts related to the COVID-19 pandemic. Illinois has authorized cost recovery of COVID-19 financial impacts through a special purpose rider over a 24-month period, which was implemented by the Company’s Illinois subsidiary effective October 1, 2020.
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CA, IL | ||||||||||||
Proceedings pending |
Proceedings pending seeking commission orders authorizing deferred accounting for future cost recovery of COVID-19 financial impacts.
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KY, NY, TN
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Revenues from Contracts with Customers | Other Revenues Not from Contracts with Customers (a) | Total Operating Revenues | |||||||||||||||
Regulated Businesses: | |||||||||||||||||
Water services: | |||||||||||||||||
Residential | $ | 562 | $ | — | $ | 562 | |||||||||||
Commercial | 187 | — | 187 | ||||||||||||||
Fire service | 37 | — | 37 | ||||||||||||||
Industrial | 38 | — | 38 | ||||||||||||||
Public and other | 58 | — | 58 | ||||||||||||||
Total water services | 882 | — | 882 | ||||||||||||||
Wastewater services: | |||||||||||||||||
Residential | 35 | — | 35 | ||||||||||||||
Commercial | 8 | — | 8 | ||||||||||||||
Industrial | 1 | — | 1 | ||||||||||||||
Public and other | 4 | — | 4 | ||||||||||||||
Total wastewater services | 48 | — | 48 | ||||||||||||||
Miscellaneous utility charges | 10 | — | 10 | ||||||||||||||
Alternative revenue programs | — | 2 | 2 | ||||||||||||||
Lease contract revenue | — | 3 | 3 | ||||||||||||||
Total Regulated Businesses | 940 | 5 | 945 | ||||||||||||||
Market-Based Businesses | 139 | — | 139 | ||||||||||||||
Other | (5) | — | (5) | ||||||||||||||
Total operating revenues | $ | 1,074 | $ | 5 | $ | 1,079 |
Revenues from Contracts with Customers | Other Revenues Not from Contracts with Customers (a) | Total Operating Revenues | |||||||||||||||
Regulated Businesses: | |||||||||||||||||
Water services: | |||||||||||||||||
Residential | $ | 1,435 | $ | — | $ | 1,435 | |||||||||||
Commercial | 471 | — | 471 | ||||||||||||||
Fire service | 110 | — | 110 | ||||||||||||||
Industrial | 101 | — | 101 | ||||||||||||||
Public and other | 148 | — | 148 | ||||||||||||||
Total water services | 2,265 | — | 2,265 | ||||||||||||||
Wastewater services: | |||||||||||||||||
Residential | 99 | — | 99 | ||||||||||||||
Commercial | 25 | — | 25 | ||||||||||||||
Industrial | 2 | — | 2 | ||||||||||||||
Public and other | 11 | — | 11 | ||||||||||||||
Total wastewater services | 137 | — | 137 | ||||||||||||||
Miscellaneous utility charges | 28 | — | 28 | ||||||||||||||
Alternative revenue programs | — | 30 | 30 | ||||||||||||||
Lease contract revenue | — | 8 | 8 | ||||||||||||||
Total Regulated Businesses | 2,430 | 38 | 2,468 | ||||||||||||||
Market-Based Businesses | 399 | — | 399 | ||||||||||||||
Other | (12) | (1) | (13) | ||||||||||||||
Total operating revenues | $ | 2,817 | $ | 37 | $ | 2,854 |
September 30, 2020 | |||||
Current assets | $ | 19 | |||
Property, plant and equipment | 491 | ||||
Regulatory assets | 64 | ||||
Goodwill | 39 | ||||
Other assets | 5 | ||||
Assets held for sale | $ | 618 | |||
Current liabilities | 18 | ||||
Deferred income taxes | 68 | ||||
Regulatory liabilities | 41 | ||||
Other liabilities | 11 | ||||
Liabilities related to assets held for sale | $ | 138 |
Defined Benefit Pension Plans | Foreign Currency Translation | Gain (Loss) on Cash Flow Hedges | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||
Employee Benefit Plan Funded Status | Amortization of Prior Service Cost | Amortization of Actuarial Loss | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (94) | $ | 1 | $ | 60 | $ | — | $ | (3) | $ | (36) | |||||||||||||||||||||||
Other comprehensive loss before reclassifications | — | — | — | — | (4) | (4) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||
Net other comprehensive income (loss) | — | — | 2 | — | (4) | (2) | |||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | (94) | $ | 1 | $ | 62 | $ | — | $ | (7) | $ | (38) | |||||||||||||||||||||||
Balance as of December 31, 2018 | $ | (102) | $ | 1 | $ | 56 | $ | 1 | $ | 10 | $ | (34) | |||||||||||||||||||||||
Other comprehensive loss before reclassifications | — | — | — | — | (13) | (13) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 2 | (1) | — | 1 | |||||||||||||||||||||||||||||
Net other comprehensive income (loss) | — | — | 2 | (1) | (13) | (12) | |||||||||||||||||||||||||||||
Balance as of September 30, 2019 | $ | (102) | $ | 1 | $ | 58 | $ | — | $ | (3) | $ | (46) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Components of net periodic pension benefit cost: | |||||||||||||||||||||||
Service cost | $ | 8 | $ | 7 | $ | 24 | $ | 21 | |||||||||||||||
Interest cost | 18 | 21 | 55 | 62 | |||||||||||||||||||
Expected return on plan assets | (28) | (23) | (84) | (68) | |||||||||||||||||||
Amortization of prior service credit | (1) | (1) | (3) | (3) | |||||||||||||||||||
Amortization of actuarial loss | 7 | 8 | 23 | 24 | |||||||||||||||||||
Net periodic pension benefit cost before settlements | 4 | 12 | 15 | 36 | |||||||||||||||||||
Settlements (a)
|
— | — | 1 | — | |||||||||||||||||||
Net periodic pension benefit cost | $ | 4 | $ | 12 | $ | 16 | $ | 36 | |||||||||||||||
Components of net periodic other postretirement benefit credit: | |||||||||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 3 | $ | 3 | |||||||||||||||
Interest cost | 3 | 4 | 9 | 11 | |||||||||||||||||||
Expected return on plan assets | (5) | (5) | (14) | (14) | |||||||||||||||||||
Amortization of prior service credit | (9) | (9) | (25) | (26) | |||||||||||||||||||
Amortization of actuarial loss | — | 1 | 1 | 3 | |||||||||||||||||||
Net periodic other postretirement benefit credit | $ | (10) | $ | (8) | $ | (26) | $ | (23) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 264 | $ | 240 | $ | 564 | $ | 523 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding—Basic | 181 | 181 | 181 | 181 | |||||||||||||||||||
Effect of dilutive common stock equivalents | 1 | — | — | — | |||||||||||||||||||
Weighted-average common shares outstanding—Diluted | 182 | 181 | 181 | 181 |
Carrying Amount | At Fair Value as of September 30, 2020 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Preferred stock with mandatory redemption requirements | $ | 6 | $ | — | $ | — | $ | 7 | $ | 7 | |||||||||||||||||||
Long-term debt (excluding finance lease obligations) | 9,644 | 9,477 | 418 | 1,726 | 11,621 | ||||||||||||||||||||||||
Carrying Amount | At Fair Value as of December 31, 2019 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Preferred stock with mandatory redemption requirements | $ | 7 | $ | — | $ | — | $ | 9 | $ | 9 | |||||||||||||||||||
Long-term debt (excluding finance lease obligations) | 8,664 | 7,689 | 417 | 1,664 | 9,770 |
At Fair Value as of September 30, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Restricted funds | $ | 39 | $ | — | $ | — | $ | 39 | |||||||||||||||
Rabbi trust investments | 18 | — | — | 18 | |||||||||||||||||||
Deposits | 4 | — | — | 4 | |||||||||||||||||||
Other investments | 18 | — | — | 18 | |||||||||||||||||||
Total assets | 79 | — | — | 79 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Deferred compensation obligations | 23 | — | — | 23 | |||||||||||||||||||
Total liabilities | 23 | — | — | 23 | |||||||||||||||||||
Total assets | $ | 56 | $ | — | $ | — | $ | 56 |
At Fair Value as of December 31, 2019 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Restricted funds | $ | 31 | $ | — | $ | — | $ | 31 | |||||||||||||||
Rabbi trust investments | 17 | — | — | 17 | |||||||||||||||||||
Deposits | 3 | — | — | 3 | |||||||||||||||||||
Other investments | 8 | — | — | 8 | |||||||||||||||||||
Total assets | 59 | — | — | 59 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Deferred compensation obligations | 21 | — | — | 21 | |||||||||||||||||||
Total liabilities | 21 | — | — | 21 | |||||||||||||||||||
Total assets | $ | 38 | $ | — | $ | — | $ | 38 |
For the Three Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2020 | ||||||||||
Cash paid for amounts in lease liabilities (a)
|
$ | 3 | $ | 11 | |||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 1 | 2 |
As of September 30, 2020 | |||||
Weighted-average remaining lease term: | |||||
Finance lease | 6 years | ||||
Operating leases | 19 years | ||||
Weighted-average discount rate: | |||||
Finance lease | 12 | % | |||
Operating leases | 4 | % |
Amount | |||||
2020 | $ | 3 | |||
2021 | 13 | ||||
2022 | 12 | ||||
2023 | 8 | ||||
2024 | 7 | ||||
Thereafter | 101 | ||||
Total lease payments | 144 | ||||
Imputed interest | (50) | ||||
Total | $ | 94 |
As of or for the Three Months Ended September 30, 2020 | |||||||||||||||||||||||
Regulated Businesses | Market-Based Businesses | Other | Consolidated | ||||||||||||||||||||
Operating revenues | $ | 945 | $ | 139 | $ | (5) | $ | 1,079 | |||||||||||||||
Depreciation and amortization | 138 | 7 | 9 | 154 | |||||||||||||||||||
Total operating expenses, net | 543 | 108 | (5) | 646 | |||||||||||||||||||
Interest, net | (72) | — | (27) | (99) | |||||||||||||||||||
Income before income taxes | 346 | 31 | (25) | 352 | |||||||||||||||||||
Provision for income taxes | 85 | 7 | (4) | 88 | |||||||||||||||||||
Net income attributable to common shareholders | 261 | 23 | (20) | 264 | |||||||||||||||||||
Total assets | 21,946 | 1,110 | 1,338 | 24,394 | |||||||||||||||||||
Cash paid for capital expenditures | 442 | 1 | 1 | 444 |
As of or for the Three Months Ended September 30, 2019 | |||||||||||||||||||||||
Regulated Businesses | Market-Based Businesses | Other | Consolidated | ||||||||||||||||||||
Operating revenues | $ | 883 | $ | 136 | $ | (6) | $ | 1,013 | |||||||||||||||
Depreciation and amortization | 132 | 9 | 3 | 144 | |||||||||||||||||||
Total operating expenses, net | 505 | 108 | (6) | 607 | |||||||||||||||||||
Interest, net | (74) | 1 | (24) | (97) | |||||||||||||||||||
Income before income taxes | 313 | 30 | (25) | 318 | |||||||||||||||||||
Provision for income taxes | 77 | 7 | (6) | 78 | |||||||||||||||||||
Net income attributable to common shareholders | 236 | 23 | (19) | 240 | |||||||||||||||||||
Total assets | 19,787 | 1,060 | 1,391 | 22,238 | |||||||||||||||||||
Cash paid for capital expenditures | 399 | 2 | 2 | 403 |
As of or for the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Regulated Businesses | Market-Based Businesses | Other | Consolidated | ||||||||||||||||||||
Operating revenues | $ | 2,468 | $ | 399 | $ | (13) | $ | 2,854 | |||||||||||||||
Depreciation and amortization | 417 | 20 | 14 | 451 | |||||||||||||||||||
Total operating expenses, net | 1,558 | 309 | 2 | 1,869 | |||||||||||||||||||
Interest, net | (218) | 1 | (79) | (296) | |||||||||||||||||||
Income before income taxes | 744 | 91 | (92) | 743 | |||||||||||||||||||
Provision for income taxes | 183 | 23 | (27) | 179 | |||||||||||||||||||
Net income attributable to common shareholders | 561 | 68 | (65) | 564 | |||||||||||||||||||
Total assets | 21,946 | 1,110 | 1,338 | 24,394 | |||||||||||||||||||
Cash paid for capital expenditures | 1,303 | 7 | 4 | 1,314 |
As of or for the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||
Regulated Businesses | Market-Based Businesses | Other | Consolidated | ||||||||||||||||||||
Operating revenues | $ | 2,323 | $ | 402 | $ | (17) | $ | 2,708 | |||||||||||||||
Depreciation and amortization | 394 | 26 | 10 | 430 | |||||||||||||||||||
Total operating expenses, net | 1,455 | 322 | (15) | 1,762 | |||||||||||||||||||
Interest, net | (221) | 3 | (66) | (284) | |||||||||||||||||||
Income before income taxes | 671 | 86 | (60) | 697 | |||||||||||||||||||
Provision for income taxes | 169 | 22 | (17) | 174 | |||||||||||||||||||
Net income attributable to common shareholders | 502 | 64 | (43) | 523 | |||||||||||||||||||
Total assets | 19,787 | 1,060 | 1,391 | 22,238 | |||||||||||||||||||
Cash paid for capital expenditures | 1,092 | 10 | 13 | 1,115 |
Commission Actions | Description | States | ||||||||||||
Orders issued |
Allows the Company to establish regulatory assets to record certain financial impacts related to the COVID-19 pandemic.
|
CA, HI, IA, IL, IN, MD, MO, NJ, PA, VA, WV | ||||||||||||
Cost recovery mechanisms |
California’s Catastrophic Event Memorandum Account allows the Company to track and recover certain financial impacts related to the COVID-19 pandemic. Illinois has authorized cost recovery of COVID-19 financial impacts through a special purpose rider over a 24-month period, which was implemented by the Company’s Illinois subsidiary effective October 1, 2020.
|
CA, IL | ||||||||||||
Proceedings pending |
Proceedings pending seeking commission orders authorizing deferred accounting for future cost recovery of COVID-19 financial impacts.
|
KY, NY, TN
|
For the Twelve Months Ended September 30, | |||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
Total operation and maintenance expenses | $ | 1,605 | $ | 1,526 | |||||||
Less: | |||||||||||
Operation and maintenance expenses—Market-Based Businesses | 386 | 398 | |||||||||
Operation and maintenance expenses—Other | (20) | (49) | |||||||||
Total operation and maintenance expenses—Regulated Businesses | 1,239 | 1,177 | |||||||||
Less: | |||||||||||
Regulated purchased water expenses | 146 | 133 | |||||||||
Allocation of non-operation and maintenance expenses | 34 | 32 | |||||||||
Adjusted operation and maintenance expenses—Regulated Businesses (i)
|
$ | 1,059 | $ | 1,012 | |||||||
Total operating revenues | $ | 3,756 | $ | 3,558 | |||||||
Less: | |||||||||||
Operating revenues—Market-Based Businesses | 536 | 540 | |||||||||
Operating revenues—Other | (18) | (22) | |||||||||
Total operating revenues—Regulated Businesses | 3,238 | 3,040 | |||||||||
Less: | |||||||||||
Regulated purchased water revenues (a)
|
146 | 133 | |||||||||
Adjusted operating revenues—Regulated Businesses (ii)
|
$ | 3,092 | $ | 2,907 | |||||||
Adjusted O&M efficiency ratio—Regulated Businesses (i) / (ii)
|
34.2 | % | 34.8 | % |
(In millions) | During the Three Months Ended September 30, 2020 | During the Nine Months Ended September 30, 2020 | |||||||||
General rate cases by state: | |||||||||||
Indiana (a)
|
$ | — | $ | 13 | |||||||
California (b)
|
— | 5 | |||||||||
Total general rate cases | $ | — | $ | 18 | |||||||
Infrastructure surcharges by state: | |||||||||||
Pennsylvania (effective January 1, 2020, April 1, 2020 and July 1, 2020)
|
$ | 4 | $ | 19 | |||||||
Kentucky (effective July 1, 2020)
|
1 | 1 | |||||||||
New Jersey (effective January 1, 2020 and June 29, 2020)
|
— | 20 | |||||||||
Missouri (effective June 27, 2020)
|
— | 10 | |||||||||
Tennessee (c)
|
— | 2 | |||||||||
Illinois (effective January 1, 2020)
|
— | 7 | |||||||||
West Virginia (effective January 1, 2020)
|
— | 3 | |||||||||
Total infrastructure surcharges | $ | 5 | $ | 62 |
(In millions) | Date Filed | Amount | |||||||||
Pending infrastructure surcharge filings by state: | |||||||||||
Missouri | August 28, 2020 | $ | 2 | ||||||||
West Virginia (a) | June 29, 2020 | 5 | |||||||||
New York | May 29, 2020 | 1 | |||||||||
Total pending infrastructure surcharge filings | $ | 8 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 1,079 | $ | 1,013 | $ | 2,854 | $ | 2,708 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operation and maintenance | 419 | 395 | 1,193 | 1,132 | |||||||||||||||||||
Depreciation and amortization | 154 | 144 | 451 | 430 | |||||||||||||||||||
General taxes | 73 | 68 | 225 | 209 | |||||||||||||||||||
(Gain) on asset dispositions and purchases | — | — | — | (9) | |||||||||||||||||||
Total operating expenses, net | 646 | 607 | 1,869 | 1,762 | |||||||||||||||||||
Operating income | 433 | 406 | 985 | 946 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest, net | (99) | (97) | (296) | (284) | |||||||||||||||||||
Non-operating benefit costs, net | 12 | 4 | 37 | 12 | |||||||||||||||||||
Other, net | 6 | 5 | 17 | 23 | |||||||||||||||||||
Total other income (expense) | (81) | (88) | (242) | (249) | |||||||||||||||||||
Income before income taxes | 352 | 318 | 743 | 697 | |||||||||||||||||||
Provision for income taxes | 88 | 78 | 179 | 174 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 264 | $ | 240 | $ | 564 | $ | 523 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 945 | $ | 883 | $ | 2,468 | $ | 2,323 | |||||||||||||||
Operation and maintenance | 335 | 310 | 932 | 875 | |||||||||||||||||||
Depreciation and amortization | 138 | 132 | 417 | 394 | |||||||||||||||||||
General taxes | 69 | 64 | 211 | 195 | |||||||||||||||||||
(Gain) on asset dispositions and purchases | — | (1) | (3) | (9) | |||||||||||||||||||
Other income (expenses) | (56) | (64) | (166) | (196) | |||||||||||||||||||
Income before income taxes | 346 | 313 | 744 | 671 | |||||||||||||||||||
Provision for income taxes | 85 | 77 | 183 | 169 | |||||||||||||||||||
Net income attributable to common shareholders | 261 | 236 | 561 | 502 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Water services: | |||||||||||||||||||||||
Residential | $ | 562 | $ | 504 | $ | 1,435 | $ | 1,297 | |||||||||||||||
Commercial | 187 | 188 | 471 | 477 | |||||||||||||||||||
Fire service | 37 | 37 | 110 | 106 | |||||||||||||||||||
Industrial | 38 | 38 | 101 | 104 | |||||||||||||||||||
Public and other | 60 | 63 | 178 | 183 | |||||||||||||||||||
Total water services | 884 | 830 | 2,295 | 2,167 | |||||||||||||||||||
Wastewater services | 48 | 43 | 137 | 123 | |||||||||||||||||||
Other (a)
|
13 | 10 | 36 | 33 | |||||||||||||||||||
Total operating revenues | $ | 945 | $ | 883 | $ | 2,468 | $ | 2,323 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Gallons in millions) | |||||||||||||||||||||||
Billed water services volumes: | |||||||||||||||||||||||
Residential | 57,917 | 50,962 | 135,875 | 125,835 | |||||||||||||||||||
Commercial | 23,556 | 24,207 | 56,434 | 60,840 | |||||||||||||||||||
Industrial | 9,925 | 10,423 | 26,422 | 28,232 | |||||||||||||||||||
Fire service, public and other | 14,783 | 14,541 | 37,414 | 37,751 | |||||||||||||||||||
Billed water services volumes | 106,181 | 100,133 | 256,145 | 252,658 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Employee-related costs | $ | 125 | $ | 116 | $ | 369 | $ | 348 | |||||||||||||||
Production costs | 100 | 95 | 253 | 239 | |||||||||||||||||||
Operating supplies and services | 65 | 57 | 175 | 168 | |||||||||||||||||||
Maintenance materials and supplies | 18 | 17 | 56 | 54 | |||||||||||||||||||
Customer billing and accounting | 14 | 15 | 41 | 39 | |||||||||||||||||||
Other | 13 | 10 | 38 | 27 | |||||||||||||||||||
Total | $ | 335 | $ | 310 | $ | 932 | $ | 875 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 139 | $ | 136 | $ | 399 | $ | 402 | |||||||||||||||
Operation and maintenance | 99 | 98 | 284 | 292 | |||||||||||||||||||
Depreciation and amortization | 7 | 9 | 20 | 26 | |||||||||||||||||||
Income before income taxes | 31 | 30 | 91 | 86 | |||||||||||||||||||
Provision for income taxes | 7 | 7 | 23 | 22 | |||||||||||||||||||
Net income attributable to common shareholders | 23 | 23 | 68 | 64 |
Commercial Paper Limit | Letters of Credit | Total (a) | |||||||||||||||
(In millions) | |||||||||||||||||
Total availability | $ | 2,100 | $ | 150 | $ | 2,250 | |||||||||||
Outstanding commercial paper | (545) | — | (545) | ||||||||||||||
Outstanding letters of credit | — | (76) | (76) | ||||||||||||||
Total outstanding | (545) | (76) | (621) | ||||||||||||||
Remaining availability as of September 30, 2020 | $ | 1,555 | $ | 74 | $ | 1,629 |
Cash and Cash Equivalents | Availability on Revolving Credit Facility | Total Available Liquidity | |||||||||||||||
(In millions) | |||||||||||||||||
Available liquidity as of September 30, 2020 | $ | 560 | $ | 1,629 | $ | 2,189 |
For the Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
Net income | $ | 564 | $ | 523 | |||||||
Add (less): | |||||||||||
Depreciation and amortization | 451 | 430 | |||||||||
Deferred income taxes and amortization of investment tax credits | 174 | 163 | |||||||||
Other non-cash activities (a)
|
(25) | (29) | |||||||||
Changes in working capital (b)
|
(139) | (89) | |||||||||
Settlement of cash flow hedges | (6) | (30) | |||||||||
Pension and postretirement healthcare contributions | (31) | (23) | |||||||||
Net cash flows provided by operations | $ | 988 | $ | 945 |
For the Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
Net capital expenditures | $ | (1,314) | $ | (1,115) | |||||||
Acquisitions | (59) | (85) | |||||||||
Other investing activities, net (a)
|
(73) | (54) | |||||||||
Net cash flows used in investing activities | $ | (1,446) | $ | (1,254) |
For the Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
(In millions) | |||||||||||
Proceeds from long-term debt | $ | 1,250 | $ | 1,191 | |||||||
Repayments of long-term debt | (266) | (153) | |||||||||
Proceeds from term loan | 500 | — | |||||||||
Net repayments of short-term borrowings | (242) | (491) | |||||||||
Dividends paid | (290) | (263) | |||||||||
Anti-dilutive stock repurchases | — | (36) | |||||||||
Other financing activities, net (a)
|
14 | 18 | |||||||||
Net cash flows provided by financing activities | $ | 966 | $ | 266 |
Securities | Moody's Investors Service | Standard & Poor's Ratings Service | ||||||||||||
Rating outlook | Stable | Stable | ||||||||||||
Senior unsecured debt | Baa1 | A | ||||||||||||
Commercial paper | P-2 | A-1 |
Exhibit Number | Exhibit Description | |||||||
#2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
*10.1 | ||||||||
*10.2 | ||||||||
*31.1 | ||||||||
*31.2 | ||||||||
**32.1 | ||||||||
**32.2 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
AMERICAN WATER WORKS COMPANY, INC.
|
|||||
(REGISTRANT)
|
|||||
By | /s/ WALTER J. LYNCH | ||||
Walter J. Lynch
President and Chief Executive Officer (Principal Executive Officer) |
|||||
By | /s/ M. SUSAN HARDWICK | ||||
M. Susan Hardwick
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
|||||
By | /s/ MELISSA K. WIKLE | ||||
Melissa K. Wikle
Vice President and Controller (Principal Accounting Officer) |
/s/ Adam Noble | August 10, 2020 | |||||||
Signature | Date |
Service Date |
Units Vesting
|
||||
January 31, 2021 | 1/2 | ||||
January 31, 2022 | 1/2 |
By: | /s/ WALTER J. LYNCH | ||||
Walter J. Lynch | |||||
President and Chief Executive Officer
(Principal Executive Officer) |
By: | /s/ M. SUSAN HARDWICK | ||||
M. Susan Hardwick | |||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
By: | /s/ WALTER J. LYNCH | ||||
Walter J. Lynch
President and Chief Executive Officer (Principal Executive Officer) |
|||||
November 4, 2020 |
By: | /s/ M. SUSAN HARDWICK | ||||
M. Susan Hardwick | |||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|||||
November 4, 2020 |