Unnamed: 0
int64 | paragraph
string | asset
int64 | economic_flows
int64 | none
int64 | json_impact_channel
string | impact_directionality
string |
|---|---|---|---|---|---|---|
3,241
|
Exhibit NumberExhibitExhibit 99.1Press Release– Hurricane Sandy and Fiscal Fourth Quarter Ended October 31, 2012.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
3,014
|
Commercial Renewables' results were unfavorable primarily driven by fewer project investments financed by tax equity being placed into service in the current year and higher operating expenses from projects placed in service since the prior year offset by the impacts for losses experienced in the prior year from Texas Storm Uri.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
770
|
General.Programming and other direct costs of services include programming and copyright costs, mobile access and interconnect costs, costs of mobile handsets and other devices and other direct costs related to our operations. Notwithstanding the impact of the hurricanes, programming and copyright costs, which represent a significant portion of our operating costs, may increase in future periods as a result of (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, (ii) rate increases or (iii) growth in the number of our enhanced video subscribers.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,131
|
In May 2007, Entergy Gulf States Louisiana made its formula rate plan filing with the LPSC for the 2006 test year. The filing reflected a 10.0% return on common equity, which was within the allowed earnings bandwidth, and an anticipated formula rate plan decrease of $23 million annually attributable to adjustments outside of the formula rate plan sharing mechanism related to capacity costs and the anticipated securitization of storm costs related to Hurricane Katrina and Hurricane Rita and the securitization of a storm reserve. In September 2007, Entergy Gulf States Louisiana modified the formula rate plan filing to reflect a 10.07% return on common equity, which was still within the allowed bandwidth. The modified filing also reflected implementation of a $4.1 million rate increase, subject to refund, attributable to recovery of additional LPSC-approved incremental deferred and ongoing capacity costs. The rate decrease anticipated in the original filing did not occur because of the additional capacity costs approved by the LPSC, and because securitization of storm costs associated with Hurricane Katrina and Hurricane Rita and the establishment of a storm reserve had not yet occurred. In October 2007, Entergy Gulf States Louisiana implemented a $16.4 million formula rate plan decrease that was due to the reclassification of certain franchise fees from base rates to collection via a line item on customer bills pursuant to an LPSC order. In March 2008 the LPSC approved an uncontested stipulated settlement that left the current base rates in place and extended the formula rate plan for one year.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,024
|
Item 8.01. Other EventsOn October 31, 2012, GFI Group Inc. issued a press release regarding the inaccessibility of its New York City office due to the effects of Hurricane Sandy.A copy of the press release is set forth in Exhibit 99.1 hereto and is incorporated herein by reference.Item 9.01. Financial Statements and Exhibits(d) Exhibits:ExhibitDescription99.1Press release, dated October 31, 2012.2
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,318
|
On October 31, 2012, GFI Group Inc. issued a press release regarding the inaccessibility of its New York City office due to the effects of Hurricane Sandy.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,097
|
We own and operate large-scale facilities. Our operating results are dependent on the continued operation of our various production facilities and the ability to complete construction and maintenance projects on schedule. Interruptions at our facilities may materially reduce the productivity and profitability of a particular manufacturing facility, or our business as a whole, during and after the period of such operational difficulties. In the past, we had to shut down plants on the U.S. Gulf Coast, including the temporary shutdown of a portion of our Houston refinery, as a result of hurricanes striking the Texas coast. In addition, because the Houston refinery is our only refining operation, an outage at the refinery could have a particularly
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,152
|
Other operations and maintenance expenses for these other business activitiesdecreased$40 million, or14.7%, in2019as compared to the prior year. The decrease was primarily due to PowerSecure's lower employee compensation and benefits in 2019 and 2018 storm restoration services in Puerto Rico.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
994
|
For the year endedDecember 31, 2018, other income, net is primarily comprised of$2.7 millionin foreign currency transaction gains,$1.8 millionfrom federal relief funds received in connection with wages paid in the aftermath of hurricane Maria, and a$2.6 millionloss on extinguishment of debt.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
3,276
|
Catastrophic Events:Our results were negatively impacted by several catastrophic events. Insurance deductibles and other related expenses totaling $1.6 million were recognized as SG&A expenses as a result of snow storms and flooding in the U.S., during the year.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
355
|
Selling, General and Administrative:Selling, general and administrative expenses consist principally of promotion, marketing and research, stock-based compensation, employee costs, occupancy costs and other general administrative costs. Selling, general and administrative expenses for the three months ended March 31, 2019, were $10.9 million, an increase of $0.3 million, or 3%, compared to $10.6 million for the three months ended March 31, 2018. The increase was due to higher research and marketing costs, primarily the restoration of Nielsen ratings at WAPA, which were interrupted by Hurricane Maria and re-commenced during the second quarter of 2018.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,588
|
To this end, in April 2018, the PRPs entered into an Administrative Order on Consent (AOC) with the EPA, agreeing to work together to develop the remedial design for the northern impoundment. That remedial design work is ongoing. The AOC does not include any agreement to perform waste removal or other construction activity at the site. Rather, it involves adaptive management techniques and a pre-design investigation, the objectives of which include filling data gaps (including but not limited to post-Hurricane Harvey technical data generated prior to the ROD and not incorporated into the selected remedy), refining areas and volumes of materials to be addressed, determining if an excavation remedy is able to be implemented in a manner protective of human health and the environment, and investigating potential impacts of remediation activities to infrastructure in the vicinity.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,276
|
June 30, 2011December 31, 2010Number ofRecordedCommitmentsNumber ofRecordedCommitmentscontractsinvestmentoutstandingcontractsinvestmentoutstanding(Amounts In Thousands)(Amounts In Thousands)Agriculture-$-$--$-$-Commercial and financial31,535-22,301155Real estate:Construction, 1 to 4 family residential-----1,106Construction, land development and commercial---42,1182,008Mortgage, farmland------Mortgage, 1 to 4 family first liens174-3779-Mortgage, 1 to 4 family junior liens---2963-Mortgage, multi-family47,704-34,775-Mortgage, commercial59,426-411,419-Loans to individuals------13$18,739$-18$22,355$3,269For flood-related properties located in Linn County, Iowa, the Company has not used external appraisals to determine the fair market value of collateral. Due to the wide-spread flooding in June 2008, there was a lack of appropriate arms-length transactions to support useful appraisals especially for 1-to-4 family residences. Instead, the Company has utilized assessed values and independent realtor market evaluations on individual properties. The Company believes these tools have been an appropriate measure in estimating the fair market value of such properties in this situation.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
616
|
Recoverable storm-related costs
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Reimbursement
|
1,257
|
As part of the petition, NJNG explained that such incremental expenses would represent actual and prudently incurred storm costs associated with NJNG's natural gas distribution system and incurred for overtime, contractor costs, mutual assistance from other utilities, and other directly related expenses resulting from damage and restoration costs associated with recovery from Hurricane Sandy.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,303
|
Our aggregate weighted-average net Default to Claim Rate assumption for our primary loans used in estimating our reserve for losses, which is net of estimated Claim Denials and Rescissions, was approximately31%,42%and46%,at December 31, 2017,2016and2015, respectively. The change in our Default to Claim Rate in 2017 resulted primarily from thelower Default to Claim Rate of 3% on new primary defaults in FEMA Designated Areas associated with Hurricanes Harvey and Irma subsequent to those two natural disasters. We develop our Default to Claim Rate estimates on defaulted loans based on models that use a variety of loan characteristics to determine the likelihood that a default will reach claim status. Our Default to Claim Rate estimates on defaulted loans are mainly developed based on the Stage of Default and Time in Default of the underlying defaulted loans, as measured by the progress toward foreclosure sale and the number of months in default. As of December 31, 2017, our gross Default to Claim Rate assumptions for our primary portfolio, other than for new primary defaults in FEMA Designated Areas associated with Hurricanes Harvey and Irma received subsequent to those two natural disasters, ranged from10%for new defaults, up to62%for other defaults not in foreclosure stage, and81%for Foreclosure Stage Defaults. As of December 31, 2016, these gross Default to Claim Rate assumptions were12%for new defaults, up to62%for other defaults not in foreclosure stage, and81%for Foreclosure Stage Defaults.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,028
|
Additionally, in late September 2022, the Hurricane impacted several countries in the Caribbean, and the U.S., causing significant damage, and disrupting businesses in several regions, including several South and Central Florida counties in which the Company does business, including the Tampa Bay, Port Charlotte, Naples and Orlando markets and their surrounding areas. See - “Hurricane Ian in Our Company” for more information about the Hurricane. As of September 30, 2022, the estimated outstanding loan balances in the areas impacted by the Hurricane totaled approximately $300 million. Based on information currently available, the Company has not identified any significant impacts to the loan portfolio of the Company deemed to be located in the areas that may have been meaningfully impacted by the Hurricane. While the Company has identified an ALL of approximately $1.6 million as of September 30, 2022 to account for its initial estimate of probable credit losses pending to be identified in relation to the Hurricane, the Company has not currently identified any immediate significant impact to the collateral securing the loans in the exposed loan portfolio in the region. The Company is in contact with the impacted borrowers and has been performing site visits as well. Since there is significant uncertainty with respect to the full extent of the negative impacts due to the unprecedented nature of the Hurricane, the Company’s estimates with respect to the loan portfolio potentially impacted and the ALL currently estimable, are based on judgment and subject to change as conditions evolve. The Company will continue to carefully assess and review the exposure of the portfolios to hurricane-related factors, economic trends and their effect on credit quality and that assessment and review could result in further loan loss provisions in future periods.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,634
|
Shell Midstream Partners, L.P. (NYSE:SHLX) (“Shell Midstream Partners” or the “Partnership”) and Shell Pipeline Company, L.P. are currently working to perform Hurricane Ida impact assessments on all of their owned or operated assets in the Gulf of Mexico and onshore Louisiana. Following initial high-level assessments, the Partnership can report the following at this time:
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
401
|
We recognized a$1.3 millioncasualty and impairment gain in thesixmonths endedJune 30, 2018comprised of$1.5 millionof insurance proceeds offset by of$0.2 millionof expenses incurred as a result of Hurricane Maria in Puerto Rico. We recognized a real estate impairment loss of$3.5 millionin thesixmonths endedJune 30, 2017on our property in Eatontown, NJ, due to the book value of this property exceeding its fair value less costs to sell. The property was sold on June 30, 2017.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
395
|
Includes extraordinary gas costs subject to securitization incurred during Winter Storm Uri and permissible carrying costs. See Note 8 to the unaudited condensed consolidated financial statements for further information. This amount is recorded within other current assets and deferred charges and other assets on the condensed consolidated balance sheet as of December 31, 2021.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,504
|
Item 1.01.Entry into a Material Definitive Agreement.On September 10, 2012, Genesee & Wyoming Inc., a Delaware corporation (“GWI”), entered into an amendment (the “Amendment”) to the Investment Agreement, dated as of July 23, 2012 (the “Investment Agreement”), between GWI and Carlyle Partners V, L.P. (“Carlyle”). The Amendment also includes an amendment and restatement of the form of Series A-1 Preferred Stock Certificate of Designations, which is attached as Annex 1 to the Amendment. The Investment Agreement was previously included as an exhibit to GWI’s Current Report on -K filed with the Securities and Exchange Commission on July 23, 2012. In the Amendment, GWI and Carlyle agreed, among other things, that (i) the dividends payable to holders of Series A-1 Preferred Stock will be payable in cash, rather than in cash or additional shares of Series A-1 Preferred Stock at GWI’s option as the original agreement provided for, (ii) holders of Series A-1 Preferred Stock will not be entitled to receive dividends declared or paid on GWI’s Class A Common Stock, if any, on an as-converted basis and (iii) for so long as any shares of Series A-1 Preferred Stock remain outstanding, GWI will not declare or pay with respect to its capital stock (other than preferred stock) any dividend or distribution other than a dividend or distribution in the form of (x) shares of GWI’s common stock or (y) rights or warrants relating to or to subscribe for or purchase shares of GWI’s common stock.This description of the Amendment is a summary of material changes to the Investment Agreement and does not purport to be a complete description of all of the terms of the Amendment and is subject to, and qualified in its entirety by, the full text of the Amendment attached hereto as Exhibit 10.1, which is incorporated herein by reference.Item 8.01.Other Events.Surface Transportation Board UpdateOn September 5, 2012, the 30-day waiting period in respect of the notice of exemption that was filed with the United States Surface Transportation Board (the “STB”) on August 6, 2012 to permit GWI to close its previously announced acquisition of RailAmerica, Inc. (“RailAmerica”) into a single voting trust expired. In addition, the STB issued its decision that the STB has accepted the control application of GWI filed on August 6, 2012 seeking STB approval to control RailAmerica and its railroads, and deemed the transaction to be “Minor”. The STB noted in its decision that it has preliminarily determined that GWI’s acquisition of RailAmerica and its railroads will not have any anticompetitive effects. Also, the STB adopted GWI’s proposed procedural schedule in part, with the comment and response period ending October 26, 2012. The STB indicated that it will issue further procedural orders as necessary. Based on the statutory timeframes for STB review of a “Minor” transaction, GWI expects an STB decision on its control application by February 6, 2013, which decision, if favorable, will become effective within 30 days thereafter and after which the RailAmerica operations can be consolidated with GWI’s. However, it remains possible that the STB will adopt an expedited procedural schedule, and issue a decision on GWI’s application to control RailAmerica and its railroads by the end of this year.Financing UpdateGWI has completed the syndication of the revolving credit facility and the term loan A facility that comprise the previously announced senior secured credit facilities that are being entered into in connection with GWI’s proposed acquisition of RailAmerica. During the syndication process, the size of the term loan A facility has increased significantly from GWI’s initial expectations. As a result, based on the current state of the syndication efforts (which are subject to change until the time the documentation governing the senior secured credit facilities is executed), the contemplated term loan B facility is no longer expected to be required. The $2.3 billion senior secured credit facilities associated with the acquisition of RailAmerica are now expected to consist of the following:•5-Year $425 million Revolving Credit Facility (the “revolver”); and•5-Year $1,875 million Term Loan A Facility (the “term loan A”).Both the revolver and term loan A are expected to have initial pricing of L+ 250 bps, and GWI continues to expect to draw approximately $2.0 billion under the senior secured credit facilities in connection with the acquisition of RailAmerica. The total senior secured debt is expected to have an initial weighted-average cost of debt of approximately 3.9% based on current LIBOR rates. The terms and conditions of the senior secured credit facilities remain subject to final negotiation. If the final documentation for the revolver and the term loan A is consistent with GWI’s expected syndication outcome, then GWI expects that the absence of the term loan B facility will result in approximately $19 million of lower annual interest expense per year after the closing of the RailAmerica acquisition as compared to what GWI originally contemplated at the time GWI entered into the merger agreement with respect to RailAmerica. Expected interest expense will be lower because the term loan A has lower upfront fees and the expected interest rate on the contemplated term loan B facility would have been approximately 2% per annum higher than the expected interest rate for the term loan A. As indicated previously, GWI anticipates that it will enter into interest rate hedging contracts to fix the long-term cost of $750 million of floating-rate debt borrowed under the senior secured credit facilities.In addition, because GWI’s previously announced minimum commitment to sell at least $350 million of Series A-1 Preferred Stock to Carlyle pursuant to the Investment Agreement was executed in conjunction with GWI’s entry into the Agreement and Plan of Merger with RailAmerica on July 23, 2012 for a future sale date, this commitment will be accounted for as a contingent forward sale contract for the period between July 23, 2012 and the closing of the RailAmerica acquisition. Accordingly, mark-to-market non-cash income or expense, as the case may be, will be included in GWI’s consolidated financial results up until the actual date of issuance of the Series A-1 Preferred Stock. GWI’s share price has increased significantly since July 23, 2012 and is now above the initial conversion price of $58.49 per share. At the initial conversion price, the Series A-1 Preferred Stock would be convertible into approximately 6.0 million shares of GWI’s Class A Common Stock. As such, the mark-to-market non-cash income or expense will be estimated as the difference between the market price for GWI’s Class A Common Stock as of the date of the respective financial statements and the conversion price of $58.49 per share multiplied by the 6.0 million shares, as converted, with the cumulative effect represented as an asset or liability. Upon issuance of the Series A-1 Preferred Stock, the asset or liability representing the contingent forward contract will be reclassified to the balance sheet account for the Series A-1 Preferred Stock. A change of $1.00 per share in the market price of GWI’s Class A Common Stock below or above the conversion price of $58.49 per share is expected to represent non-cash income or expense of $6.0 million. Based on the closing price of GWI’s Class A Common Stock on September 7, 2012 of $65.41 per share, GWI would have recorded a non-cash expense and corresponding liability of $41.4 million as a result of the mark-to-market of this instrument.Agricultural Products Market UpdateUnited StatesAccording to the U.S. Department of Agriculture, current drought conditions in the Midwest United States are expected to reduce the harvests of certain commodities such as corn and soybeans between 10% and 15%[1]. Pro forma for the RailAmerica acquisition, U.S. agricultural products traffic would have represented approximately 8% of GWI’s 2011 freight revenue, or $75 million, the majority of which comes from RailAmerica railroads. GWI expects that U.S. agricultural products traffic on RailAmerica railroads will be negatively impacted by the drought in the second half of 2012 and the first half of 2013, partially offset by an expected increase in traffic due to the expansion of an export facility at the Port of Grays Harbor, Washington.In addition, GWI expects that the lower U.S. harvest will reduce its non-freight revenues by approximately $1 - $2 million in the second half of 2012, due to lower export grain revenues at certain ports on the Gulf Coast where GWI currently provides rail service.AustraliaDue to mechanical failure at an export grain terminal in Adelaide, South Australia. GWI’s farm and food products traffic in the third quarter of 2012 is expected to be 4,000 carloads (representing approximately $2.5 million in revenue) lower than the Company’s initial expectations. Given that the repair schedule for the export grain terminal has not yet been finalized by the customer, any adverse impact on GWI’s grain traffic in the fourth quarter of 2012 will be dependent on the duration of the terminal outage.Cautionary Statement Regarding Forward-Looking StatementsThis filing contains forward-looking statements. Statements that are not historical facts, including statements about beliefs or expectations, are forward-looking statements. These statements are based on plans, estimates and projections at the time GWI makes the statements and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should, “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and GWI cautions readers that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. Factors that could cause actual results to differ materially from those described in this filing include, among others: uncertainties as to the timing of the acquisition of RailAmerica; the possibility that various closing conditions for the acquisition of RailAmerica may not be satisfied or waived, including that a governmental entity may prohibit or refuse to grant approval for the consummation of the acquisition; general economic and business conditions; and other factors. Readers are cautioned not to place undue reliance on the forward-looking statements included in this filing, which speak only as of the date hereof. GWI does not undertake to update any of these statements in light of new information or future events.Item 9.01Financial Statements and Exhibits.(d) Exhibits.The following exhibit is filed herewith:ExhibitNo.Description10.1First Amendment to the Investment Agreement, dated as of September 10, 2012, by and between Genesee & Wyoming Inc. and Carlyle Partners V, L.P.[1]August 10, 2012, by the National Agricultural Statistics Service (NASS), United States Department of Agriculture (USDA).SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.GENESEE & WYOMING INC.Date: September 10, 2012By:/s/ Allison M. FergusName:Allison M. FergusTitle:General Counsel and Secretary
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
644
|
Adjusted Earnings Per Share. We present diluted earnings per share (“EPS”) for the quarter and the corresponding prior period after eliminating items that we believe are not part of our ordinary operations and affect the comparability of the periods presented (“adjusted EPS”). We also present adjusted EPS for the full 2018 fiscal year. Adjusted EPS includes adjustments for purchase accounting adjustments, acquisition-related transaction, integration and restructuring costs, financing costs, hurricane recovery costs, losses resulting from the extinguishment of certain long-term debt, a gain from the sale of a business, certain regulatory costs and the dilutive impact of shares issued to fund the Bard acquisition. We believe adjustments for these items allow investors to better understand the underlying operating results of BD and facilitate comparisons between the periods shown. We also show the growth in adjusted EPS compared to the prior year period after eliminating the impact of foreign currency translation to further enable investors to evaluate BD’s underlying earnings performance compared to the prior year.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
255
|
We had a reinsurance structure that was a combination of private reinsurance and the FHCF. For each catastrophic occurrence, the excess of loss treaty insured us for $24 million with the Company retaining the first $10 million of losses and LAE. There are two layers involved with our excess of loss reinsurance treaties; the $24 million is considered the first layer. The treaty had a provision which, for an additional prorated premium would insure us for another $24 million of losses and LAE for a subsequent occurrence with the Company retaining the first $10 million in losses and LAE. As a result of the losses and LAE incurred in connection with the Hurricanes Charles and Frances the Company has exhausted its recoveries of $48 million under the terms of this treaty.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,457
|
The ratio of the allowance for loan and lease losses to non-performing loans held for investment, excluding the hurricane-related allowance, was 39.74% and 33.39% as of March 31, 2018 and December 31, 2017, respectively.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,796
|
In March 2022, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase from $0.00959 per kWh to $0.01785 per kWh. The primary reason for the rate increase is a large under-recovered balance as a result of higher natural gas prices in 2021, particularly in the fourth quarter 2021. At the request of the APSC general staff, Entergy Arkansas deferred its request for recovery of $32 million from the under-recovery related to the 2021 February winter storms until the 2023 energy cost rate redetermination, unless a request for an interim adjustment to the energy cost recovery rider is necessary. This resulted in a redetermined rate of $0.016390 per kWh, which became effective with the first billing cycle in April 2022 through the normal operation of the tariff.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,424
|
The registrant, Unitrin, Inc. (the "Company" or "Unitrin") issued a press release on May 17, 2011, which is attached hereto as Exhibit 99.01, announcing its preliminary estimate of catastrophe losses due to several, severe tornados and other storms during the month of April. The Company estimates second quarter results will include between $65 million and $75 million in pre-tax catastrophe losses related to the April storm activity. Amounts recoverable through reinsurance are estimated to be immaterial.Customers across more than a dozen states were impacted, with those in North Carolina, South Carolina, Texas and Alabama suffering the largest losses. Unitrin's catastrophe teams have been on the ground since the storms began, working to provide funds for emergency living expenses and to expedite claims processing. Total claims are estimated to reach approximately 12,000.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,046
|
•A $15 million decrease in major storm restoration costs, primarily due to a January 2021 storm.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Neutral
|
1,795
|
Item 2.02Results of Operations and Financial ConditionOn August 9, 2019, PG&E Corporation issued a press release reporting its financial results and the financial results of its subsidiary, Pacific Gas and Electric Company (the “Utility”), for the quarter ended June 30, 2019. The press release is attached as Exhibit 99.1 to this report. A slide presentation, which includes supplemental information relating to PG&E Corporation and the Utility, is attached as Exhibit 99.2 to this report. The Exhibits will be posted on PG&E Corporation’s website at http://investor.pgecorp.com.The information included in this Current Report on-Kis being furnished, and shall not be deemed to be “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 to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).Item 7.01Regulation FD DisclosureExhibitsThe information included in the Exhibits to this report is incorporated by reference in response to this Item 7.01, is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act.Public Dissemination of Certain InformationPG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings before the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post or provide direct links to presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “News & Events: Events & Presentations” tab and links to certain documents and information related to the 2018 Camp fire, 2017 Northern California wildfires, and 2015 Butte fire which may be of interest to investors, at http://investor.pgecorp.com, under the “Wildfire Updates” tab, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information. The information contained on such website is not part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the Securities and Exchange Commission.Item 9.01Financial Statements and ExhibitsExhibitsThe following Exhibits are being furnished, and are not deemed to be filed:Exhibit 99.1Press release dated August 9, 2019Exhibit 99.2Slide presentation dated August 9, 2019SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.PG&E CORPORATIONBy:/s/ JASON P. WELLSDated: August 9, 2019Jason P. WellsSenior Vice President and Chief Financial OfficerPACIFIC GAS AND ELECTRIC COMPANYBy:/s/ DAVID S. THOMASONDated: August 9, 2019David S. ThomasonVice President, Chief Financial Officer and Controller
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
3,208
|
Outstanding Pollution Control Bonds•Obligations to repay $100 million pursuant to certain loan agreements supporting $100 million outstanding indebtedness in respect of, plus interest, fees and other expenses arising in respect of or in connection with, 1.75% Series 2008 F and 2010 E pollution control bonds due 2026•Obligations to repay up to a maximum of $771 million pursuant to certain reimbursement agreements in respect of letters of credit provided by commercial banks in support of variable rate 1996 C, 1996 E, 1996 F, 1997 B, 2009 A and 2009 B pollution control bonds due 2026The instruments and agreements relating to the Accelerated Direct Financial Obligations described above provide that as a result of the commencement of the Chapter 11 Cases, the principal amount, together with accrued interest thereon, and in case of the indebtedness outstanding under each of the indentures described above, premium, if any, thereon, shall be immediately due and payable. Any efforts to enforce payment obligations under the Accelerated Direct Financial Obligations are automatically stayed as a result of the filing of the Chapter 11 Cases and the creditors’ rights of enforcement in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code.Item 7.01.Regulation FD Disclosure.In connection with the filing of the Chapter 11 Cases, PG&E Corporation and the Utility issued a joint press release on January 29, 2019, a copy of which is attached as Exhibit 99.1 to this Current Report on Form8-K.The information being furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.Item 8.01Other Events.Tubbs FireOn January 24, 2019, the California Department of Forestry and Fire Protection (“Cal Fire”) issued a press release and its investigative report into the cause of the 2017 Tubbs fire. Cal Fire has determined that the 2017 Tubbs fire, which occurred during the 2017 Northern California wildfires, “was caused by a private electrical system adjacent to a residential structure.”The 2017 Tubbs fire in Sonoma County started on October 8, 2017 and burned 36,807 acres, destroyed 5,636 structures and resulted in 22 fatalities.Item 9.01.Financial Statements and Exhibits(d) Exhibits.ExhibitNo.Description99.1Press release dated January 29, 2019.Cautionary Statement Concerning Forward-Looking StatementsThis current report on Form8-Kincludes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include the timing and outcome of the Chapter 11 Cases and PG&E Corporation’s and the Utility’s filing for relief under Chapter 11, the timing and outcome of the investigations into the 2018 Camp fire, and other factors disclosed in PG&E Corporation and the Utility’s annual report on Form10-Kfor the year ended December 31, 2017, their quarterly reports on Form10-Qfor the quarters ended March 31, 2018, June 30, 2018, and September 30, 2018, and their subsequent reports filed with the Securities and Exchange Commission. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.5SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.PG&E CORPORATIONDated: January 29, 2019By:/s/ Jason P. WellsName: Jason P. WellsTitle: Senior Vice President and Chief Financial OfficerPACIFIC GAS AND ELECTRIC COMPANYDated: January 29, 2019By:/s/ David S. ThomasonName: David S. ThomasonTitle: Vice President, Chief Financial Officer and Controller
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
311
|
2007 include favorable experience on prior accident years (predominantly 2004 through 2006) primarily for general liability, umbrella, transportation, executive products, and employers’ indemnity, and on hurricanes (2005). Due to this positive emergence and continued improvement in loss reporting patterns, during the first nine months of 2007, we released reserves. These reserve releases improved the segment’s underwriting results by $77.5 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
902
|
·PG&E’s financial profile and the amount of capital necessary to address PG&E’s potential wildfire liabilities and to continue to operate its business safely and to make investments in its systems, infrastructure and critical safety efforts, including 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
}
```
|
Negative
|
2,146
|
Purchased power expense decreased $70.2 million, or 49 percent, in 2006 when compared to 2005. The decrease was primarily due to more generation being available to meet customer demand and a decrease in the cost of purchased power. Purchased power expense increased $36.7 million, or 34.4 percent, in 2005 when compared to 2004. The increase is primarily the result of the reduction in generation due to the damage caused by Hurricane Katrina. In 2004, purchased power expense increased $13.6 million, or 14.6 percent, when compared to 2003. The increase was primarily due to an increase in purchases from non-affiliates to meet increased customer demand at lower prices than self-generation. Energy purchases vary from year to year depending on demand and the availability and cost of the Company’s generating resources. These expenses do not have a significant impact on earnings since the energy purchases are generally offset by energy revenues through the Company’s fuel cost recovery clause.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,460
|
California has experienced below average precipitation since 2018. According to the U.S. Drought Monitor, Ventura and San Bernardino Counties were experiencing severe drought conditions and Tulare County was experiencing extreme drought conditions as of April 30, 2022. In October 2021, the California Governor declared a drought state of emergency statewide. Federal officials who oversee the Central Valley Project, California’s largest water delivery system, allocated 0% of the contracted amount of water to San Joaquin Valley farmers in 2022 compared to 5% in 2021 and 100% in 2017 through 2020. We are assessing the impact these reductions may have on our California orchards.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
232
|
PG&E Corporation and Pacific Gas and Electric Company (the “Utility”) routinely provide links to the Utility’s principal regulatory proceedings before the CPUC 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 “News & Events: Events & Presentations” tab and links to certain documents and information related to the 2018 Camp fire, 2017 Northern California wildfires, and 2015 Butte fire, and to PG&E Corporation’s and the Utility’s chapter 11 proceedings, which may be of interest to investors, at http://investor.pgecorp.com, under the “Wildfire Updates” tab and the “Chapter 11” tab, 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.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,952
|
The MGA Business combined ratio for the three months ended September 30, 2011 increased to 97.8% from 92.2% for the three months ended September 30, 2010. The loss and LAE ratio increased by 5.2 points to 53.5%, while the expense ratio increased by 0.4 points to 44.3%. The increase in the loss and LAE ratio reflects a 5.4 point variance in loss reserve development as compared to the prior year period. The three months ended September 30, 2011 included 0.7 points of adverse loss reserve development, compared to 4.7 points of favorable loss reserve development primarily related to OBE. Current accident year non-catastrophe losses were 4.5 points lower than the prior year period, and almost entirely offset by current accident year catastrophe losses. The three months ended September 30, 2011 includes 4.0 points of current accident year catastrophe losses, primarily related to hurricane Irene which impacted our collector cars and boats business, as compared to (0.3) points in the three months ended September 30, 2010. The increase in the expense ratio was driven by higher policy acquisition expenses related to compensation, partially offset by lower other underwriting expenses related to incentive compensation costs and a higher earned premium base.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
790
|
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549FORM 8-KCURRENT REPORTPursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934Date of Report (Date of earliest reported):November 14, 2012TECHPRECISION CORPORATION(Exact Name of Registrant as Specified in Charter)Delaware000-5137851-0539828(State or Other Jurisdictionof Incorporation or Organization)(Commission File Number)(IRS Employer Identification No.)3477 Corporate Parkway, Suite 140Center Valley, PA 18034(Address of principal executive offices) (Zip Code)Registrant's telephone number, including area code:(484) 693-1700Copies to:William A. Scari, Jr.Pepper Hamilton LLP400 Berwyn Park899 Cassatt RoadBerwyn, PA 19312-1183Phone: (610) 640-7800Fax: (610) 640-7835Check 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):oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))Item 2.02Results of Operations and Financial Condition.On a conference call with investors held on November 14, 2012, Techprecision Corporation (the “Company”) announced its financial results for the first fiscal quarter ended September 30, 2012. 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 and is incorporated herein by reference. A copy of the Company’s investor presentation for the second fiscal quarter ended September 30, 2012 discussed with investors on the conference call is attached hereto as Exhibit 99.2 and is incorporated herein by reference.Item 7.01Regulation FD Disclosure.The information set forth above under Item 2.02 is hereby incorporated by reference.We will not be able to file our Quarterly Report on -Q for the quarter ended September 30, 2012 (the “Quarterly Report”) within the prescribed time period due to Hurricane Sandy and its aftermath, including power outages at our headquarters location, and intend to take advantage of the relief allowed by the Securities and Exchange Commission pursuant to Release No. 34-68224 (November 14, 2012). We currently anticipate that the Quarterly Report will be filed as soon as practicable but in any event no later than on or before November 21, 2012.Item 9.01Financial Statements and Exhibits.(d)Exhibits99.1Press Release dated November 14, 201299.2Investor presentation dated November 14, 2012SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.Date: November 14, 2012By:/s/ Richard FitzgeraldName: Richard FitzgeraldTitle: Chief Financial OfficerEXHIBIT INDEXExhibitNumberExhibit99.1Press Release dated Novmber 14, 201299.2Investor presentation dated November 14, 2012
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
793
|
Year Ended January 312011North AmericaEuropeAsia PacificChinaEliminationsConsolidatedNet sales$206,079$88,124$59,676$55,979$—$409,858Transfers between areas24,61152512823,517(48,781)—Net sales and transfers$230,690$88,649$59,804$79,496$(48,781)$409,858Gross profit$69,828$12,086$14,007$26,767$122,688Selling and administrative43,78517,9329,5384,94276,197Australia flood costs——2,978—2,978European restructuring costs—1,237——1,237Operating income (loss)$26,043$(7,083)$1,491$21,825$42,276Total assets$179,331$77,032$41,106$61,710$359,179Property, plant and equipment, net$28,956$10,563$9,162$18,297$66,978Capital expenditures$3,021$361$1,278$1,387$6,047Depreciation expense$5,169$2,043$633$2,135$9,9802010North AmericaEuropeAsia PacificChinaEliminationsConsolidatedNet sales$154,654$81,068$44,102$34,529$—$314,353Transfers between areas15,0863,64814710,549(29,430)—Net sales and transfers$169,740$84,716$44,249$45,078$(29,430)$314,353Gross profit (loss)$48,807$(5,305)$11,277$16,291$71,070Selling and administrative41,25119,6957,4874,13072,563European restructuring costs—30,001——30,001Operating income (loss)$7,556$(55,001)$3,790$12,161$(31,494)Total assets$174,419$83,515$36,040$47,957$341,931Property, plant and equipment, net$30,714$14,583$9,631$18,480$73,408Capital expenditures$1,878$2,678$581$797$5,934Depreciation expense$5,630$3,745$564$1,954$11,8932009North AmericaEuropeAsia PacificChinaEliminationsConsolidatedNet sales$257,077$167,955$68,466$40,674$—$534,172Transfers between areas29,0831,68635523,219(54,343)—Net sales and transfers$286,160$169,641$68,821$63,893$(54,343)$534,172Gross profit$87,924$25,253$16,363$19,008$148,548Selling and administrative47,85026,5549,0874,66088,151European restructuring costs—2,544——2,544Asset impairment charge46,376———46,376Operating (loss) income$(6,302)$(3,845)$7,276$14,348$11,477Total assets$180,782$117,199$41,698$57,904$397,583Property, plant and equipment, net$33,614$31,530$9,033$19,649$93,826Capital expenditures$6,646$4,415$2,796$2,852$16,709Depreciation expense$6,388$5,107$481$1,825$13,801
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,447
|
Net sales increased 1.9% to $747.7 million for the third quarter of 2009 from $733.9 million for the third quarter of 2008. Net sales increased 6.2% to $2.34 billion for the first nine months of fiscal 2009 from $2.21 billion for the first nine months of fiscal 2008. The net sales increase for the third quarter resulted primarily from the addition of new stores partially offset by a same-store sales decline of 5.1%. The net sales increase for the first nine months of fiscal 2009 was primarily the result of new store openings partially offset by a 1.7% decrease in same-store sales. Our third quarter same-store sales decline resulted primarily from softness in sales of seasonal big-ticket items and difficult comparisons due to strong sales of hurricane-related merchandise and seasonal heating products in the prior year’s quarter. The decline was partially offset by continued strong sales in core consumable categories, including animal and pet-related products, as well as repair and replacement parts.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,075
|
Cal Fire also indicated that its investigative report has been forwarded to the Shasta County District Attorney’s Office, which is investigating the matter. PG&E Corporation and the Utility have received and are responding to data requests from the SED and document requests from the Shasta County District Attorney’s Office relating to the 2020 Zogg fire, and various other entities, which may include other law enforcement agencies, may also be investigating the fire. It is uncertain when any such investigations will be complete. PG&E Corporation and the Utility are also conducting their own investigation into the cause of the 2020 Zogg fire. This investigation is preliminary, and PG&E Corporation and the Utility do not have access to the evidence in the possession of Cal Fire or other third parties.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
161
|
PG&E Corporation and the Utility have liability insurance from various insurers, which provides coverage for third-party liability attributable to the Northern California wildfires in an aggregate amount of approximately $840 million, subject to an initial self-insured retention of $10 million per occurrence and further retentions of approximately $40 million per occurrence. In addition, coverage limits within these wildfire insurance policies could result in further material self-insured costs in the event each fire were deemed to be a separate occurrence under the terms of the insurance policies.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,275
|
As a result of the Order, Duke Energy will take an estimated pre-tax charge of approximately $100 million in the first quarter of 2018, primarily related to the coal ash basin disallowance and management penalty and deferred storm cost adjustments, which will be excluded from adjusted diluted earnings per share and treated as a special item.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
2,089
|
The fourth quarter of 2018 was negatively impacted by a loss on disposal of fixed assets and hurricane related costs totaling$13.7 million, partially offset by a gain on insurance proceeds of$8.9 millionrelated to Hurricane Michael. The fourth quarter of 2017 was negatively impacted by$4.0 millionof KFPC startup costs and$3.4 millionof hurricane related costs.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,977
|
In light of the unprecedented interruptions caused by Hurricane Sandy from the Northeast to the mid-Atlantic, First Community Bancshares, Inc. has delayed its previously scheduled earnings release and conference call until Friday, November 2, 2012.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,722
|
Provision for finance receivable lossesincreased $23 million in 2017 when compared to 2016 primarily due to (i) the growth in our personal loan portfolio during the past 12 months, (ii) continued alignment and enhancement of our collection practices which resulted in higher provision from an increase in the loans now classified as TDR, (iii) a greater proportion of charge-offs from our purchased credit impaired finance receivables in 2016, which were not recorded as charge-offs through the allowance for finance receivable losses and (iv) the estimated impacts of hurricanes Harvey, Irma and Maria. Based on information available at the time, we estimated the impact to net charge-offs attributable to these hurricanes to be $17 million and increased our provision for finance receivable losses accordingly. This increase was partially offset by $22 million reduction in the impairment in the purchased credit impaired loans due to the increase in expected cash flows in that portfolio.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,593
|
Other Operation and Maintenance expenses decreased $35 million primarily due to a $27 million decrease in plant outage and other maintenance expenses and an $8 million decrease related to the 2008 true-up of the 2007 Oklahoma ice storm costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,603
|
Commercial Lines underwriting loss increased $7.0 million in the first quarter of 2011, to $15.8 million, from $8.8 million in the prior year. This is due to increased catastrophe losses and decreased favorable development on prior years loss and LAE reserves. Catastrophe losses increased $8.9 million in 2011, to $27.5 million, from $18.6 million in 2010 due primarily to winter storms. Favorable development on prior years’ loss and LAE reserves decreased $7.8 million, to $14.3 million in the first quarter 2011, from $22.1 million for the first quarter of 2010. Included in 2010 results was $7.5 million of favorable LAE development, principally related to a change in the cost factors used for establishing unallocated LAE reserves.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
778
|
The profitability of each of the segments is measured after excluding share-based compensation expense, amortization of acquisition-related balances, acquisition and integration costs, a gain on an insurance settlement related to northern California wildfires, restructuring costs, interest income, interest expense and other items.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,868
|
o$10.0millionof charges related to the impact of Hurricane Laura at our DeRidder, Louisiana mill, including unabsorbed costs related to lost production, excess purchased containerboard and freight costs, repair expenses, rental and supplies costs, and other recovery expenses.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,094
|
On February 3, 2012, NV Energy Inc. (“NVE”) announced that the in-service date for the One Nevada Transmission Line (“ON Line”) has been delayed by at least three months due to wind-related damage sustained by some of the transmission tower structures on the ON Line project, which is jointly owned by NVE’s operating utilities and Great Basin Transmission South LLC, an affiliate of LS Power. MYR Group Inc. (“MYR”), through its subsidiary Sturgeon Electric Company, Inc., is providing transmission line construction services on the ON Line project, including certain areas impacted by the wind; MYR is not the supplier of the tower structures. In addition to its base contract work, MYR is assisting the ON Line owners to repair the wind-related damage.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,879
|
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 10, 2019(Date of earliest event reported)Commission File NumberExact Name of Registrantas specified in its charterState or Other Jurisdiction of Incorporation or OrganizationIRS Employer Identification Number001-12609PG&E CORPORATIONCalifornia94-3234914001-02348PACIFIC GAS AND ELECTRIC COMPANYCalifornia94-074264077 BEALE STREET77 BEALE STREETP.O. BOX 770000P.O. BOX 770000SAN FRANCISCO,California94177SAN FRANCISCO,California94177(Address of principal executive offices) (Zip Code)(Address of principal executive offices) (Zip Code)(415)973-1000(415)973-7000(Registrant’s telephone number, including area code)(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.Amendment to Subro RSAAs previously disclosed, PG&E Corporation (the “Corporation”) and its subsidiary, Pacific Gas and Electric Company (the “Utility,” and together with the Corporation, 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 on September 26, 2019 as “Consenting Creditors,” which agreement was amended and restated on November 1, 2019 and subsequently amended on November 13, 2019, November 18, 2019 and December 6, 2019 (as amended, the “Subro RSA”).On December 10, 2019, the Debtors entered into an amendment to the Subro RSA with the Requisite Consenting Creditors (as defined in the Subro RSA). The amendment extends the deadline for obtaining Bankruptcy Court approval of the Subro RSA from December 11, 2019 to December 16, 2019.On December 16, 2019, the Debtors entered into an amendment to the Subro RSA with the Requisite Consenting Creditors. The amendment extends the deadline for obtaining Bankruptcy Court approval of the Subro RSA from December 16, 2019 to December 18, 2019.Item 8.01 Other Events.Proposed Plan dated as of December 12, 2019On December 12, 2019, the Debtors, 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 (together, the “Shareholder Proponents”), filed the Debtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization dated December 12, 2019 with the Bankruptcy Court (the “Proposed Plan”). A copy of the Proposed Plan is filed as Exhibit 99.1 hereto and incorporated herein by reference.Backstop Commitment LettersOn December 16, 2019, the Corporation extended the early deadline for potential backstop parties to submit backstop commitments from 6:00 pm PT on December 16, 2019 to 6:00 pm PT on December 20, 2019 and extended the final deadline for such submissions from 5:00 pm ET on December 20, 2019 to 5:00 pm ET on December 24, 2019.Public Dissemination of Certain InformationPG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC 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 9.01 Financial Statements and Exhibits.(d) ExhibitsExhibit NumberDescription99.1Debtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization dated December 12, 2019104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL documentSIGNATURESPursuant 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 CORPORATIONDate: December 16, 2019By:/s/ JASON P. WELLSName:Jason P. WellsTitle:Executive Vice President and ChiefFinancial OfficerPACIFIC GAS AND ELECTRIC COMPANYDate: December 16, 2019By:/s/ DAVID S. THOMASONName:David S. ThomasonTitle:Vice President, Chief Financial Officer and Controller
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
2,965
|
This increase in margin was primarily related to the approved 2005 retail electric rate increase discussed above and the warm summer weather conditions, partially offset by higher fuel and purchased power costs associated with high natural gas prices and the PSCW's disallowance of certain costs in its decision on the rate case for 2006 for WPSC (these costs were previously approved for deferral). Fuel and purchased power costs incurred in 2005 exceeded the amount recovered from ratepayers by $13.7 million (of which $10 million related to Wisconsin retail customers and $3.7 million related to wholesale customers), negatively impacting margin. The increase in fuel and purchased power costs resulted primarily from the destruction of certain natural gas production facilities in the Gulf of Mexico by hurricanes in the third quarter of 2005, driving up the per-unit cost of natural gas used in generation. The quantity of power generated from WPSC's natural gas-fired units was also up 162% over the prior year, driven by the warm summer weather conditions experienced during 2005, increased dispatch by the MISO for reliability purposes, and purchases through a power purchase agreement from the Fox Energy Center (which began operating in June 2005). Certain costs related to the MISO were approved for deferral. Authorization was requested from the PSCW to defer increased natural gas costs related to the hurricanes, but this request was denied, leaving the Wisconsin fuel recovery mechanism as the only option for recovery. However, because of the way the Wisconsin fuel recovery mechanism works, the $10 million increase in costs (primarily related to the combination of rising natural gas prices caused by the hurricanes and the increase in natural gas-fired generation) were essentially unrecoverable since they were incurred late in the year. To mitigate the risk of unrecoverable fuel costs in 2006 due to market price volatility, WPSC employed risk management techniques pursuant to its risk policy approved by the PSCW, including the use of derivative instruments such as futures and options. The PSCW also disallowed recovery of $5.5 million of increased fuel and purchased power costs related to an extended outage at Kewaunee in 2004, resulting in this deferral being written off in the fourth quarter of 2005.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,099
|
On October 18, 2018, American International Group, Inc. issued a press release announcing its preliminary estimates of third quarter 2018 net catastrophe losses, as well as fourth quarter 2018 net catastrophe losses relating to Hurricane Michael. A copy of the press release is attached as Exhibit 99.1 to this Current Report on -K and is incorporated by reference herein.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,734
|
EXHIBIT NO.DESCRIPTION99.1Press Release dated December 19, 2012 announcing preliminary catastrophe loss estimate from Storm Sandy.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Negative
|
270
|
As of September 21, 2021, total restoration costs for the repair and/or replacement of the electrical facilities damaged by Hurricane Ida are estimated to be in the range of $2.1 billion to $2.6 billion. Most of the storm costs were incurred by Entergy Louisiana and Entergy New Orleans. The preliminary estimate for Entergy Louisiana is $2.0 billion to $2.4 billion and the preliminary estimate for Entergy New Orleans is $120 million to $150 million.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,554
|
The catastrophe events that occurred in 2021 caused approximately $91 million in losses to the Company, resulting primarily from the deep freeze and other extreme weather events in Texas and Oklahoma, wildfires and winter storms in California, and the impact of Hurricane Ida in New Jersey and New York. No reinsurance benefits were available under the Treaty for these losses as none of the 2021 catastrophe events individually resulted in losses in excess of the Company’s per-occurrence retention limit of $40 million under the Treaty for each of the 12 months ended June 30, 2021 and 2022.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,705
|
Item 2.01.Completion of Acquisition or Disposition of Assets.On January 10, 2022, CenterPoint Energy Resources Corp., a Delaware corporation (“Seller”) and a wholly owned subsidiary of CenterPoint Energy, Inc. (the “Company”), completed the previously announced sale of its Arkansas and Oklahoma regulated natural gas LDC businesses for approximately $2.15 billion, including recovery of approximately $425 million of storm-related incremental natural gas costs incurred in February 2021 and subject to certain adjustments, including adjustments based on net working capital, regulatory assets and liabilities and capital expenditures at closing (the “Transaction”), pursuant to the Asset Purchase Agreement (the “Purchase Agreement”) dated as of April 29, 2021, by and between Seller and Southern Col Midco, LLC, a Delaware limited liability company and an indirect, wholly-owned subsidiary of Summit Utilities, Inc. (“Buyer”).The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is subject to and qualified in its entirety by reference to the complete text of the Purchase Agreement, which was filed as Exhibit 2.4 to the Quarterly Report on Form10-Qfiled by Seller and the Company with the Securities and Exchange Commission on May 6, 2021, and the terms of which are incorporated herein by reference.Unaudited Pro Forma Condensed Combined Financial InformationThe unaudited pro forma condensed combined financial information of Seller as of and for the nine months ended September 30, 2021 and for the year ended December 31, 2020 giving effect to the Transaction, including such information required by Article 11 of RegulationS-X,is set forth in Exhibit 99.1 hereto and incorporated herein by reference.Item 7.01.Regulation FD Disclosure.On January 10, 2022, the Company issued a press release announcing, among other things, the completion of the Transaction. A copy of this press release is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.The information furnished in Item 7.01 and Exhibit 99.2 is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.Item 9.01.Financial Statements and Exhibits.(b) Pro Forma Financial Information.The unaudited pro forma condensed combined financial information of Seller as of and for the nine months ended September 30, 2021 and for the year ended December 31, 2020 giving effect to the Transaction, including such information required by Article 11 of RegulationS-X,is set forth in Exhibit 99.1 hereto and incorporated herein by reference.(d) Exhibits.EXHIBITNUMBEREXHIBIT DESCRIPTION99.1Unaudited Pro Forma Condensed Combined Financial Information of CenterPoint Energy Resources Corp. as of and for the nine months ended September 30, 2021 and for the year ended December 31, 202099.2Press Release issued by the Company on January 10, 2022104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
169
|
On March 10, 2011, Standard & Poor’s revised its outlook on us from stable to positive and affirmed the corporate credit rating at BBB-, citing greater-than-expected improvement in our financial condition from the winding down of our heavy construction program, sale of $120 million of common stock in 2010, rate increases and enhanced cost recovery via new rate riders. On May 27, 2011 Standard & Poor’s revised our rating outlook to stable from positive after the May 22, 2011 tornado. On May 14, 2010, Moody’s upgraded our First Mortgage Bonds from Baa1 to A3 and upgraded its outlook from negative to stable. On April 14, 2011, and again on May 26, 2011 after the May 22, 2011 tornado, Moody’s reaffirmed all of our other ratings. On April 1, 2010, Fitch revised their rating outlook on us to stable. On March 24, 2011, Fitch revised our commercial paper rating from F2 to F3 and reaffirmed our other ratings. The rating action was not based on a specific action or event on our part, but reflected their traditional linkage of long-term and short-term Issuer Default Ratings.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,191
|
Cash flow provided by operating activities decreased $4.4 million for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 primarily due to the receipt of $19.2 million of Community Development Block Grant funds in 2010 related to Hurricane Katrina costs offset by income tax payments of $21.3 million also made in 2010. In the third quarter 2010 the Registrant Subsidiaries made tax payments in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The payments resulted from the reversal of temporary differences for which the Registrant Subsidiaries previously received cash tax benefits.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
2,123
|
The establishment of loss reserves is an inherently uncertain process and changes in loss reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such estimates are adjusted. During the three and six months ended June 30, 2019, the Company recognized losses related to prior periods of $2,877 and $5,552, respectively, which were primarily attributable to unfavorable development resulting from litigation. Included in adverse development for the three and six months ended June 30, 2019 were losses related to Hurricane Matthew of $242 and $1,052, respectively. Losses for the 2019 loss year included estimated losses of $5,250 related to one severe storm event during the first quarter.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,406
|
The absence in 2010 of major storms, as had occurred in 2009, which resulted in a $27 million reduction in other operations and maintenance expenses.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,110
|
Store related costs as a percentage of net sales improved approximately 10 basis points during Fiscal 2017, driven by leverage in occupancy costs. We were able to utilize efficiencies realized through the continued simplification of store operating procedures and improvement of execution to offset (i) minimum wage increases at our stores, as well as (ii) store payroll for our Puerto Rico stores with no related sales at the stores that were closed during Fiscal 2017 as a result of the hurricanes. On a dollar basis, the $102.2 million increase was primarily driven by our new and non-comparable stores, as well as costs incurred during the 53rdweek of Fiscal 2017.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,463
|
For thethree and nine months endedSeptember 30, 2018, the reinsurance liability reserve class contributed net favorable prior year reserve development of$11 millionand$19 million(2017:$40 million), respectively. For thethree months endedSeptember 30, 2018, the net favorable prior year reserve development was largely associated with multi-line contracts and due to overall better than expected loss emergence related to the 2017 catastrophe events. For thenine months endedSeptember 30, 2018, the net favorable prior year reserve development was largely associated with multi-line contracts and due to overall better than expected loss emergence related to the 2017 catastrophe events, together with generally favorable experience reflecting the progressively increased weight given by management to experience based indications on older accident years. For thenine months endedSeptember 30, 2017, the net favorable prior year reserve development was primarily due to the progressively increased weight given by management to experience based indications on older accident years, which have generally been favorable.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
2,782
|
As a result of June 2008 flooding in the Midwest, our center in Terre Haute, Indiana was severely damaged and the operation permanently discontinued, at which time we recorded a $1.8 million fixed assets impairment charge for the three months ended June 30, 2008 due to the damage to the building and contents. This center was sold during March 2009 for cash proceeds of $2.2 million. We recorded a $0.5 million loss on disposal during the three months ended March 31, 2009.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
398
|
The PSAs only address the Wildfire Claims of the Supporting Public Entities and only to the extent set forth therein. As described in the Debtors’ Quarterly Report on -Q for the quarterly period ended March 31, 2019, the Debtors are subject to a substantial number of claims from other claimants, including individuals, insurance carriers and other government entities. In addition, there can be no assurance that the Debtors will successfully develop, consummate or implement the Debtor Plan which will ultimately require Bankruptcy Court, creditor and regulatory approval.At March 31, 2019, the Debtors’ consolidated balance sheet reflected liabilities of $14 billion related to third-party claims in connection with the 2018 Camp fire and the 2017 Northern California wildfires and liabilities of $212 million related to third-party claims in respect of the 2015 Butte fire. The Utility is actively engaged in settlement discussions with various claimholders related to the Wildfires. As more information about the potential liabilities in connection with the Wildfires becomes known, management estimates and assumptions regarding the financial impact of the Wildfires may result in material increases to the loss accrued. The financial statements of PG&E Corporation and the Utility for the quarterly period ending June 30, 2019 have not yet been prepared. In connection with such preparation process, the Debtors will take into account the PSAs and all relevant information with respect to management estimates and assumptions regarding the financial impact of the Wildfires and the amount of the associated loss accrual.Item 7.01 Regulation FD DisclosureOn June 19, 2019, the Utility issued a news release announcing, among other things, the entry into the PSAs. A copy of this news release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.The information being furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.Item 9.01 Financial Statements and Exhibits(d) ExhibitsExhibitNo.DescriptionExhibit 10.1Plan Support Agreement as to Plan Treatment of Public Entities’ Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company, the City of Clearlake, the City of Napa, the City of Santa Rosa, the County of Lake, the Lake County Sanitation District, the County of Mendocino, Napa County, the County of Nevada, the County of Sonoma, the Sonoma County Agricultural Preservation and Open Space District, the Sonoma County Community Development Commission, the Sonoma County Water Agency, the Sonoma Valley County Sanitation District and the County of Yuba.Exhibit 10.2Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Town of Paradise.Exhibit 10.3Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the County of Butte.Exhibit 10.4Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Paradise Recreation & Park District.Exhibit 10.5Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the County of Yuba.Exhibit 10.6Plan Support Agreement as to Plan Treatment of Public Entity’s Wildfire Claims dated as of June 18, 2019, by and among PG&E Corporation, Pacific Gas and Electric Company and the Calaveras County Water District.The following Exhibit is being furnished, and is deemed not to be filed:Exhibit 99.1News release issued by Pacific Gas and Electric Company on June 19, 2019.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,827
|
Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, is a variable interest entity and Entergy Arkansas is the primary beneficiary. In August 2010, Entergy Arkansas Restoration Funding issued storm cost recovery bonds to finance Entergy Arkansas’s January 2009 ice storm damage restoration costs. With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds. The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet. The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas. Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections. See Note 5 to the financial statements for additional details regarding the storm cost recovery bonds.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
429
|
On September 27, 2021, Shell Midstream Partners, L.P. (the “Partnership”) issued a press release with the estimated financial impacts to the Partnership resulting from the effects of Hurricane Ida, including remediation costs and downtime with respect to the Partnership’s owned or operated assets in the Gulf of Mexico and onshore in southeastern Louisiana. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,821
|
Murphy’s net income in the second quarter of 2010 was $272.3 million ($1.41 per diluted share) compared to net income of $158.8 million ($0.83 per diluted share) in the second quarter of 2009. The income improvement in 2010 primarily related to higher sales prices for the Company’s crude oil production, higher crude oil and natural gas sales volumes and higher margins on U.S. retail marketing operations. Discontinued operations, associated with the Ecuador properties sold in March 2009, had an after-tax loss of $2.1 million ($0.01 per diluted share) in the second quarter 2009. Income from continuing operations was $272.3 million ($1.41 per diluted share) in the 2010 quarter compared to $160.9 million ($0.84 per diluted share) in the 2009 quarter. The second quarter 2009 included a $24.7 million after-tax charge associated with an anticipated reduction of the Company’s working interest in the Terra Nova field, offshore Eastern Canada. The prior-year quarter also included after-tax gains of $13.4 million from settlements with insurers related to property damaged by a fire and hurricane in prior years at the Meraux, Louisiana refinery.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
1,954
|
Fuel expense decreased $153 million for the year ended September 30, 2019, as compared to the prior year. Lower effective fuel rates contributed $136 million to the decrease resulting from lower market prices for natural gas and increased hydroelectric generation. Lower fuel volume contributed $35 million to the decrease driven by lower sales of electricity. Partially offsetting these decreases was an increase of $18 million driven by variances in fuel rate recovery resulting from the winter peaks experienced in 2018 compared to the overall milder than normal weather in 2019.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
1,290
|
In 2003, we purchased the Flagship Hotel and Pier from the City of Galveston, Texas, subject to an existing lease. Under this agreement, we have committed to spend $15.0 million to transform the pier into an entertainment complex complete with rides and carnival type games. The property was significantly damaged by Hurricane Ike in 2008. We are currently in litigation with the former tenant due to its failure to purchase adequate insurance and are removing the hotel from the pier.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,228
|
Interest expense from incremental borrowings related to Chesapeake Incident and Hurricane Events
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,119
|
Each PSA provides that the Debtor Plan will include, among other things, the following elements: (a) following the effective date of the Debtor Plan, the Debtors will remit a Settlement Amount (as defined below) in the amount set forth below to the applicable Supporting Public Entities in full and final satisfaction and discharge of their Wildfire Claims, and (b) subject to the Supporting Public Entities voting affirmatively to accept the Debtor Plan, following the effective date of the Debtor Plan, the Debtors will create and promptly fund $10.0 million to a segregated fund to be used by the Supporting Public Entities collectively in connection with the defense or resolution of claims against the Supporting Public Entities by third parties relating to the Wildfires (“Third Party Claims”). The “Settlement Amount” set forth in each PSA is as follows: (i) for the 2017 Northern California Wildfire Public Entities, $415.0 million (which amount will be allocated among such entities), (ii) for the Town of Paradise, $270.0 million, (iii) for the County of Butte, $252.0 million, (iv) for the Paradise Recreation & Park District, $47.5 million, (v) for the County of Yuba, $12.5 million, and (vi) for the Calaveras County Water District, $3.0 million.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,083
|
•the risks and uncertainties associated with wildfires that have occurred, are occurring or may occur in the Utility’s service territory, including the wildfire that began on October 23, 2019 northeast of Geyserville in Sonoma County, California (the “2019 Kincade fire”), the wildfire that began on September 27, 2020 in the area of Zogg Mine Road and Jenny Bird Lane, north of Igo in Shasta County, California (the “2020 Zogg fire”), the wildfire that began on July 13, 2021 near the Feather River Canyon in Butte County (the “2021 Dixie fire”), and any other wildfires for which the cause has yet to be determined, the damage caused by such wildfires; the extent of the Utility’s liability in connection with such wildfires (including the risk that the Utility may be found liable for damages regardless of fault); investigations into such wildfires, including those being conducted by the CPUC and the District Attorneys’ offices of Sonoma, Shasta, Butte, and Plumas Counties; the outcome of the criminal proceedings initiated against the Utility by the Sonoma County District Attorney in connection with the 2019 Kincade fire, including the assertion of 33 criminal charges; the timing and outcome of the referral of the Cal Fire report to the Shasta County District Attorney in connection with the 2020 Zogg fire; potential liabilities in connection with fines or penalties that could be imposed on the Utility if the CPUC or any other enforcement agency were to bring an enforcement action in respect of any such fire; the risk that the Utility is not able to recover costs from insurance, the Wildfire Fund or through rates; and the effect on PG&E Corporation’s and the Utility’s reputations of such wildfires, investigations and proceedings;
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,528
|
Gross tons produced for ammonia represent the total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent the ammonia available for sale that was not upgraded into other fertilizer products. Production for the year ended December 31, 2021 was impacted by the Messer Outages, Winter Storm Uri, the Power Outages, and the R2 Outage. The table below presents these metrics for the years ended December 31, 2021, 2020, and 2019:
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,862
|
On June 21, 2018, the CPUC issued a decision granting the Utility’s request to establish a WEMA to track specific incremental wildfire liability costs effective as of July 26, 2017. In the WEMA, the Utility can record costs related to wildfires, including: (1) payments to satisfy wildfire claims, including any deductibles, co-insurance and other insurance expense paid by the Utility but excluding costs that have already been forecasted and adopted in the Utility’s GRC; (2) outside legal costs incurred in the defense of wildfire claims; (3) insurance premium costs not in rates; and (4) the cost of financing these amounts. Insurance proceeds, as well as any payments received from third parties, or through FERC authorized rates, will be credited to the WEMA as they are received. The WEMA will not include the Utility’s costs for fire response and infrastructure costs which are tracked in the CEMA. The decision does not grant the Utility rate recovery of any wildfire-related costs. Any such rate recovery would require CPUC authorization in a separate proceeding.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
589
|
FedNat Holding Company (the “Company”) estimates, as of the date of this Current Report on -K, that catastrophe weather losses incurred during the quarter ended December 31, 2020 will reduce its fourth quarter net income by approximately $23.0 million, net of all reinsurance recoveries, on an after-tax basis(1). These catastrophe losses were driven primarily by Hurricanes Delta, Zeta and Eta, which together impacted portions of Louisiana, Florida, Texas and Alabama. Pre-tax net catastrophe losses, by state, are estimated as follows (in millions)(1):
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,384
|
•A $12 million decrease in major storm restoration costs at Ameren Illinois, primarily due to a January 2021 storm.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
2,148
|
Our working capital, excluding short-term debt, was $348.6 million at September 30, 2010, $99.9 million greater than at December 31, 2009. The higher working capital was due to higher cash balances in China and higher accounts receivable and inventory levels related to higher volumes at both businesses. Inventory levels at Water Products were also higher to satisfy customer demand during the recovery period following the flooding of our Ashland City, Tennessee facility in May. This investment in working capital was partially offset by higher accounts payable balances at both businesses supporting higher volumes.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,461
|
•Adjusted Earnings Per Share. We present diluted earnings per share (“EPS”) for the quarter and the prior period after eliminating items that we believe affect the comparability of the two periods (“adjusted EPS”). These include adjustments for purchase accounting adjustments, acquisition-related transaction, integration and restructuring costs, financing costs, hurricane recovery costs, the loss resulting from the extinguishment of certain long-term debt, the reversal of a litigation reserve, the dilutive impact of shares issued to fund the Bard acquisition, and the additional tax expense relating to the recent U.S. tax legislation. These items impact period-to-period comparisons, but are not considered by management to be part of our ordinary operations. Adjustments for these items allow investors to better understand the underlying operating results of BD and facilitate comparisons between the periods shown. We also show the growth in adjusted EPS compared to the prior year period after eliminating the impact of foreign currency translation to further enable investors to evaluate BD’s underlying earnings performance compared to the prior year period.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,214
|
Certain of our Bayou facilities are located on the Gulf Coast in Louisiana. This region is subject to increased hurricane activity that can result in substantial flooding. Our Bayou facilities have in the past experienced damage due to winds and floods. Although we maintain flood loss insurance where necessary, a hurricane, flood or other natural disaster could result in significant damage to our facilities, recovery costs and interruption to certain of our operations.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,103
|
Cash flow from operations decreased $90.4 million for the six months ended June 30, 2007 compared to the six months ended June 30, 2006 primarily due to timing of collections of receivables from customers and payments to vendors, including the catch-up in receivable collections in 2006 due to delays caused by the hurricanes in 2005, and income tax payments of $29.7 million in 2007, partially offset by increased recovery of deferred fuel costs.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,393
|
Severe weather conditions, natural disasters and other natural events, such as floods, droughts, fires, hurricanes, earthquakes, extreme temperature events, volcanic eruptions, pestilence or health pandemics, such as the COVID-19 pandemic, may affect the supply of the raw materials that we (or our co-packers) use for our products, our manufacturing facilities, our operations or the operations of third-party co-packers, transportation companies or retailers or access to ports used to import our products. For example, our yogurt plant in Colorado, which is the sole manufacturing location of ournoosaspoonable yogurts, is located in a region which is affected by fires, and production at our Texas facility was temporarily interrupted in February 2021 due to severe weather conditions. La Regina, the third-party co-packer that produces the substantial majority of ourRao’s Homemadesauce products, is located near Mount Vesuvius, an active volcano. Additionally, earthquakes in California, where many of our key personnel reside, could result in office closures or impact the communications infrastructure, impacting the ability of key personnel to operate our business. Competing manufacturers and co-packers may be affected differently by weather conditions, natural disasters or other natural events, depending on the location of their supplies and facilities. If our supplies of ingredients, packaging materials or finished goods are delayed or reduced, or if our or our co-packers’ manufacturing capabilities are disrupted, we may not be able to find adequate supplemental supply sources or alternative manufacturers on favorable terms or at all, which could have a material adverse effect on our business, financial condition and results of operations.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
495
|
PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings before the California Public Utilities Commission (“CPUC”) and the Federal Energy Regulatory Commission (“FERC”) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post or provide direct links to presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “News & Events: Events & Presentations” tab and links to certain documents and information related to the Northern California wildfires and the Butte fire which may be of interest to investors, at http://investor.pgecorp.com, under the “Wildfire Updates” tab, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information. The information contained on such website is not part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the Securities and Exchange Commission.
| 0
| 0
| 1
|
```json
{
"asset": 0,
"economic_flows": 0,
"none": 1
}
```
|
Neutral
|
1,226
|
As previously reported, on January 21, 2019, PG&E Corporation (the “Corporation”) and Pacific Gas and Electric Company (the “Utility”) entered into a commitment letter for debtor-in-possession financing (the “DIP Commitment Letter”) with certain financial institutions (collectively, the “Commitment Parties”) pursuant to which the Commitment Parties committed to provide $5.5 billion in senior secured superpriority debtor-in-possession credit facilities subject to certain terms and conditions set forth therein. On January 29, 2019 (the“Petition Date”), the Corporation and the Utility (together, the “Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Northern District of California (the“Bankruptcy Court”). The Debtors’ chapter 11 cases are 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”).In connection with the Chapter 11 Cases and in accordance with the DIP Commitment Letter, the Debtors entered into a Senior Secured Superpriority Debtor-in-Possession Credit, Guaranty and Security Agreement, dated as of February 1, 2019 (the “DIP Credit Agreement”), among the Utility, as Borrower, the Corporation, as Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as collateral agent, and the lenders and issuing banks party thereto (together with such other financial institutions from time to time party thereto, the “DIP Lenders”). The DIP Credit Agreement provides for $5.5 billion in senior secured superpriority debtor-in-possession credit facilities in the form of (i) a revolving credit facility in an aggregate amount of $3.5 billion (the “DIP Revolving Facility”), including a $1.5 billion letter of credit subfacility, (ii) a term loan facility in an aggregate principal amount of $1.5 billion (the “DIP Initial Term Loan Facility”) and (iii) a delayed draw term loan facility in an aggregate principal amount of $500 million (the “DIP Delayed Draw Term Loan Facility”, together with the DIP Revolving Facility and the DIP Initial Term Loan Facility, the “DIP Facilities”), subject to the terms and conditions set forth therein.On the Petition Date, the Debtors filed a motion seeking interim and final approval of the DIP Facilities, which motion was granted on an interim basis by the Bankruptcy Court following a hearing on January 31, 2019. As a result of the Bankruptcy Court’s interim approval of the DIP Facilities and the satisfaction of the other conditions thereof, the DIP Credit Agreement became effective and a portion of the DIP Revolving Facility in the amount of $1.5 billion (including $750 million of the letter of credit subfacility) was made available to the Debtors. The remainder of the DIP Revolving Facility (including the remainder of the $750 million letter of credit subfacility), and the DIP Initial Term Loan Facility and the DIP Delayed Draw Term Loan Facility, are currently unavailable for borrowing and will remain unavailable until and unless the Bankruptcy Court approves the availability thereof following a final hearing. The Debtors are unable to predict the date of the final hearing but expect it to occur within 30 to 45 days after the Petition Date. There can be no assurances that the Bankruptcy Court will grant final approval of the DIP Facilities at the final hearing, or at all.Borrowings under the DIP Facilities are senior secured obligations of the Utility, secured by substantially all of the Utility’s assets and entitled to superpriority administrative expense claim status in the Utility’s Chapter 11 Case. The Utility’s obligations under the DIP Facilities are guaranteed by the Corporation, and such guarantee is a senior secured obligation of the Corporation, secured by substantially all of the Corporation’s assets and entitled to superpriority administrative expense claim status in the Corporation’s Chapter 11 Case.The DIP Facilities mature on December 31, 2020, subject to the Utility’s option to extend the maturity to December 31, 2021 if certain conditions are satisfied, including the payment of an extension fee equal to 0.25% of the then-outstanding loans and available commitments. Borrowings under the DIP Facilities will bear interest based, at the Utility’s election, on (1) LIBOR plus an applicable margin or (2) ABR plus an applicable margin. ABR will equal the highest of the following: (i) the Administrative Agent’s announced base rate, (ii) 0.5% above the (x) federal funds effective rate or (y) the overnight federal funds rate, whichever is higher, (iii) one-month LIBOR plus 1.00% and (iv) zero. With respect to the DIP Revolving Facility, the DIP Initial Term Loan Facility and the DIP Delayed Draw Term Loan Facility, the applicable margin is 2.25% for LIBOR loans and 1.25% for ABR loans.The Utility is also required to pay unused fees of (i) 0.375% per annum in respect of the average daily unutilized commitments under the DIP Revolving Facility and (ii) 1.125% per annum, which amount shall increase to 2.25% per annum after six months, in respect of the average daily unutilized commitments under the DIP Delayed Draw Term Loan Facility. The Utility must also pay (x) a fee equal to the applicable margin then in effect with respect to LIBOR loans under the DIP Revolving Facility on the aggregate drawable amount of all outstanding letters of credit under the DIP Revolving Facility and (y) a fronting fee to the relevant issuing DIP Lender equal to 0.125% per annum of the aggregate drawable amount of outstanding letters of credit issued by such issuing DIP Lender.The DIP Credit Agreement includes usual and customary covenants for debtor-in-possession loan agreements of this type, including covenants limiting the Debtors’ ability to, among other things, incur additional indebtedness, create liens on assets, make investments, loans or advances, engage in mergers, consolidations, sales of assets and acquisitions, pay dividends and distributions and make payments in respect of junior or pre-petition indebtedness, in each case subject to customary exceptions for debtor-in-possession loan agreements of this type.The DIP Credit Agreement also includes customary and usual representations and warranties and affirmative covenants, including an obligation to deliver 13-week cash flow forecasts and reports showing variances from such forecasts, in each case on a rolling 4-week basis. The Debtors’ obligations under the DIP Credit Agreement may be accelerated following certain events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to post-petition or unstayed indebtedness of the Debtors and their subsidiaries in excess of $200 million, certain events under ERISA, unstayed judgments in respect of post-petition obligations involving an aggregate liability in excess of $200 million, change of control, specified governmental actions having a material adverse effect or condemnation or damage to a material portion of the collateral. Certain bankruptcy-related events are also events of default, including, but not limited to, the dismissal by the Bankruptcy Court of any of the Chapter 11 Cases, the conversion of any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, the appointment of a trustee pursuant to chapter 11 of the Bankruptcy Code, any order authorizing the DIP Facilities being stayed, vacated, reversed or amended in a manner adverse to the DIP Lenders, the final order approving the DIP Facilities failing to have been entered by April 15, 2019, and certain other events related to the impairment of the DIP Lenders’ rights or liens granted under the DIP Credit Agreement.The proceeds of the borrowings under the DIP Facilities will be used for working capital and general corporate purposes and to pay fees, costs and expenses incurred in connection with the transactions contemplated by the DIP Credit Agreement and professional and other fees and costs of administration incurred in connection with the Chapter 11 Cases.The foregoing description of the DIP Credit Agreement is qualified in its entirety by reference to the full text of the DIP Credit Agreement, which is attached as Exhibit 10.1 hereto and incorporated by reference herein.The DIP Lenders and/or their affiliates have in the past provided, and may in the future provide, investment banking, underwriting, lending, commercial banking and other advisory services to the Debtors. The DIP Lenders have received, and may in the future receive, customary compensation from the Debtors for such services.Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantThe information set forth above in Item 1.01 regarding the DIP Facilities and DIP Credit Agreement is hereby incorporated into this Item 2.03 by reference.Item 9.01. Financial Statements and Exhibits(d) Exhibits.ExhibitNo.Description10.1Senior Secured Superpriority Debtor-in-Possession Credit, Guaranty and Security Agreement, dated as of February 1, 2019, among Pacific Gas and Electric Company, PG&E Corporation, the financial institutions from time to time party thereto, as lenders and issuing lenders, JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as collateral agent.Cautionary Statement Concerning Forward-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. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include the timing and outcome of the Chapter 11 Cases and PG&E Corporation’s and the Utility’s filing for relief under Chapter 11 of the Bankruptcy Code, the timing and outcome of the investigations into the 2018 Camp fire, and other factors disclosed in PG&E Corporation’s and the Utility’s annual report on -K for the year ended December 31, 2017, their quarterly reports on -Q for the quarters ended March 31, 2018, June 30, 2018, and September 30, 2018, and their subsequent reports filed with the Securities and Exchange Commission. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.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.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,400
|
The loss ratio decreased principally from improvements in net benefits from cures and aging of existing delinquencies and lower new delinquencies in 2017. The decrease in the loss ratio was also driven by higher net earned premiums attributable to higher average flow insurance in-force and from a $5 million higher favorable reserve adjustment in 2017. These decreases were partially offset by approximately $5 million of losses attributable to new delinquencies in areas impacted by hurricanes Harvey and Irma in 2017.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,553
|
Item 1.01Entry Into a Material Definitive AgreementOn February 22, 2021, ONE Gas, Inc., an Oklahoma corporation (“ONE Gas” or “we”), entered into a credit agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent, and the lenders party thereto.The Credit Agreement provides for a $2.5 billion unsecured term loan facility. Proceeds of the loans under the Credit Agreement will be available for natural gas purchases as a result of the 2021 winter weather events and the repayment of indebtedness. The Credit Agreement matures two years after the loans are funded under the Credit Agreement. The loans under the Credit Agreement will bear interest at a “Eurodollar Rate” or a “Base Rate” as specified in the Credit Agreement, plus a margin specified in the Credit Agreement which adjusts based on our debt ratings and the outstanding amount of loans remaining under the Credit Agreement. Outstanding loans or commitments under the Credit Agreement are required to be prepaid or reduced, as applicable, with the net cash proceeds received by ONE Gas or any of its subsidiaries from certain debt and equity issuances.The Credit Agreement contains customary conditions to borrowing, and customary affirmative and negative covenants, including a financial ratio maintenance covenant. The Credit Agreement also contains various customary events of default, the occurrence of which could result in a termination of the lenders’ commitments and the acceleration of all of our obligations thereunder.The foregoing description of the Credit Agreement is not complete and is in all respects subject to the actual provisions thereof, a copy of which has been filed as Exhibit 10.1 to this Current Report on Form8-Kand which is incorporated by reference herein.Item 2.03Creation of a Direct Financial Obligation or an Obligation under anOff-BalanceSheet Arrangement of a RegistrantInformation reported under Item 1.01 of this Current Report on Form8-Kis incorporated by reference in response to this Item 2.03.Item 7.01Regulation FD DisclosureA historic winter storm in February 2021 impacted supply, market pricing and demand for natural gas in service territories of ONE Gas, which includes Kansas, Oklahoma, and Texas. During this time, the Governors of a number of states, including Kansas, Oklahoma, and Texas, declared a state of emergency, and certain regulatory agencies issued emergency orders that impacted the utility and natural gas industries, including statewide utilities curtailment programs and orders requiring jurisdictional natural gas and electric utilities to do all things possible and necessary to ensure that natural gas and electricity utility services continue to be provided to their customers.Due to the historic nature of this winter storm, ONE Gas experienced unforeseeable and unprecedented market pricing for gas costs in our Kansas, Oklahoma, and Texas jurisdictions, which resulted in aggregated natural gas purchases for the month of February of approximately $2.2 billion. These purchases are generally payable at the end of March 2021.ONE Gas has entered into the Credit Agreement described in further detail above in Item 1.01 and Item 2.03 to enhance its liquidity position as part of the financing of its natural gas purchases in order to provide sufficient liquidity to satisfy our ordinary course obligations, including those coming due in March, 2021 on account of the unprecedented winter weather storm.As of February 22, 2021, ONE Gas has access to approximately $3.1 billion in total liquidity, including approximately $297 million in total cash and cash equivalent assets, $296 million available under its existing debt facilities and $2.5 billion in commitments under the Credit Agreement that are scheduled to fund during the week of March 22, 2021.Our purchased gas costs are recoverable through our tariffs in each state where we operate. Due to the higher level of gas purchase costs during the 2021 winter event, we are working with our regulators in each state to extend the recovery periods of such costs in order to lessen the immediate impact to our customers.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
277
|
other liability and excess lines of business. Current year incurred losses and loss adjustment expenses for the year ended December 31, 2020 included $23.2million of catastrophe losses primarily related to Hurricane Laura, Hurricane Sally and the California wildfires.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
423
|
Cost of sales (primarily laboratory and distribution costs) increased 3.3% in the 2010 period as compared with the 2009 period primarily due to increases in labor and the continued shift in test mix to genomic and esoteric testing. As a percentage of net sales, cost of sales decreased to 57.2% in 2010 from 57.5% in 2009. The decrease in cost of sales as a percentage of net sales is primarily due to improved efficiency resulting from lab and patient service center automation and effective expense controls, coupled with the growth of revenue per requisition. The lower percentage of cost of sales was achieved even though the Company experienced the loss of revenue as a result of the severe winter weather during the first quarter of 2010.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
745
|
At Assurant Specialty Property, Second Quarter 2011 results reflected the impact of unprecedented weather-related claims. During the quarter, we helped our customers affected by the severe storms, and will continue to do so as they rebuild and repair their properties. We believe that our sophisticated tracking system, which ensures homeowner properties are covered for damage, helps us retain and attract mortgage servicers. During Second Quarter 2011, one of our clients acquired a portfolio of 200,000 loans that we will begin tracking in late 2011, with premium production scheduled to begin in 2012.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,515
|
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 8-KCURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934Date of Report: August 1, 2019(Date of earliest event reported)Commission FileNumberExact Name of Registrantas specified in its charterState or Other Jurisdiction ofIncorporation or OrganizationIRS EmployerIdentification Number1-12609PG&E CORPORATIONCalifornia94-32349141-2348PACIFIC GAS AND ELECTRIC COMPANYCalifornia94-074264077 Beale StreetP.O. Box 770000San Francisco, California 94177(Address of principal executive offices) (Zip Code)(415) 973-1000(Registrant’s telephone number, including area code)77 Beale StreetP.O. Box 770000San Francisco, California 94177(Address of principal executive offices) (Zip Code)(415) 973-7000(Registrant’s telephone number, including area code)Check the appropriate box below if the -K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchangeon which registeredCommon stock, no par valuePCGNYSEFirst preferred stock, cumulative, par value $25 per share, 5% series A redeemablePCG-PENYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 5% redeemablePCG-PDNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 4.80% redeemablePCG-PGNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 4.50% redeemablePCG-PHNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 4.36% series A redeemablePCG-PINYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 6% nonredeemablePCG-PANYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 5.50% nonredeemablePCG-PBNYSE AmericanFirst preferred stock, cumulative, par value $25 per share, 5% nonredeemablePCG-PCNYSE AmericanIndicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).Emerging growth companyPG&E Corporation☐Emerging growth companyPacific Gas and Electric Company☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.PG&E Corporation☐Pacific Gas and Electric Company☐Item 8.01 Other Events.2020 Cost of Capital ProceedingAs previously disclosed, on April 22, 2019, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, filed an application with the California Public Utilities Commission (the “CPUC”), requesting that the CPUC authorize the Utility’s capital structure and rates of return for its electric generation, electric and natural gas distribution, and natural gas transmission and storage rate base beginning on January 1, 2020. In its application, the Utility requested a 16 percent rate of return on equity for 2020, which reflected, among other things, the wildfire-related challenges that the Utility was facing. The Utility also proposed to amend its cost of capital application with an updated cost of capital if the CPUC or the California legislature implemented actions to materially reduce the challenges that investor-owned utilities face in California in connection with the extreme wildfire risk.As previously disclosed, California Assembly Bill 1054 (“AB 1054”), enacted on July 12, 2019, provides for the establishment of a statewide fund (the “Wildfire Fund”) that will be available for eligible electric utility companies to pay eligible claims for liabilities arising from wildfires occurring after July 12, 2019 that are caused by the applicable electric utility company’s equipment, subject to the terms and conditions of AB 1054. On July 23, 2019, the Utility notified the CPUC of its election to participate in the Wildfire Fund. The Utility’s participation in the Wildfire Fund is subject to the conditions and limitations set forth in AB 1054.As a result of the expected effects of AB 1054 on the Utility’s wildfire-related risk profile, on August 1, 2019, in a supplemental cost of capital testimony, the Utility proposes to revise its rate of return on equity to 12 percent.The following table compares the currently authorized capital structure and rates of return which will remain in effect through 2019 with those requested in the Utility’s application for 2020, as revised on August 1, 2019:2019 Currently Authorized2020 Requested (as revised)CostCapitalStructureWeightedCostCostCapitalStructureWeightedCostReturn on common equity10.25%52.00%5.33%12.00%52.00%6.24%Preferred stock5.60%1.00%0.06%5.52%0.50%0.03%Long-term debt4.89%47.00%2.30%5.16%47.50%2.45%Weighted average cost of capital7.69%8.72%The Utility indicates in its supplemental cost of capital testimony that AB 1054 does not directly impact the Utility’s test year 2020 cost of debt. However, that estimated cost of debt will be impacted by the Utility’s exit financing as part of its future chapter 11 plan of reorganization.This supplemental cost of capital testimony does not address the Utility’s currently-effective formula rate for electric transmission rates, including the requested return on equity, which is pending at the Federal Energy Regulatory Commission (“FERC”). The parties in the FERC proceeding are currently involved in settlement negotiations.As previously indicated, the Utility expects to file a new cost of capital application with the CPUC on or about the time it emerges from its chapter 11 bankruptcy proceeding.The Utility is unable to predict the timing and outcome of this proceeding.Forward-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. 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 whether the Utility will satisfy the eligibility conditions to participate in the Wildfire Fund, how the Utility will finance its required contributions to the Wildfire Fund and the extent to which any benefits to the Utility of participating in the Wildfire Fund will be realized, including the degree to which the implementation of AB 1054 mitigates wildfire-related challenges facing the Utility. 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 whether the CPUC grants this cost of capital application and the other factors disclosed in PG&E Corporation’s and the Utility’s Annual Report on Form 10-K for the year ended December 31, 2018, their most recent Quarterly Report on -Q for the quarter ended March 31, 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 CORPORATIONBy:/s/ JASON P. WELLSDated: August 1, 2019Name:JASON P. WELLSTitle:Executive Vice President and Chief Financial OfficerPACIFIC GAS AND ELECTRIC COMPANYBy:/s/ LINDA Y.H. CHENGName:LINDA Y.H. CHENGDated: August 1, 2019Title:Vice President, Corporate Governance and Corporate Secretary
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
110
|
For fiscal 2009, primarily due to damages caused by Hurricanes Gustav and Ike and significant ice storms in the Midwest, storm restoration revenues totaled $152.9 million. This compares to $49.4 million in storm restoration revenues for fiscal 2008. Our storm restoration revenues are highly volatile and unpredictable.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
2,757
|
On March 16, 2020, the Company temporarily closed all of its tasting rooms, which are located in California, Oregon, and Washington, in compliance with shelter-in-place orders issued by local government offices. Following months of closures, each of the aforementioned states issued reopening guidelines and metrics that counties must achieve prior to businesses reopening. After remaining closed for nearly all of the second quarter and complying with reopening guidelines, the Company’s tasting rooms reopened during June 2020 in limited capacity and operating hours, and with additional safety measures in place. In the first several weeks of July 2020, businesses located in several Northern California counties were required to shut down indoor dining and winery tasting rooms. In late July 2020, the State of Washington required the shutdown of wineries, regardless of whether food is served. During this period, while the State of Oregon allowed indoor wine tastings with noted restrictions, the Company’s Oregon-based tasting room, Archery Summit, operated almost entirely outdoors. Although outdoor operations were allowed to resume in August, COVID-19 containment measures and the 2020 wildfires limited the amount of traffic at the Company’s tasting rooms. In mid-November 2020, further government restrictions and shutdown orders were issued for the State of Oregon with California and Washington following suit in December 2020, resulting in either shutdowns or outdoor-only tastings for all of the Company’s tasting rooms. All of the Company’s tasting rooms were allowed to reopen in late January 2021 with varying impacts created by the guidelines, restrictions, and tiered structures of each respective state we operate in. The intermittent updates for each state and county caused operating capacity at each tasting room to fluctuate throughout the first nine months of 2021. Although capacity restrictions within the Company's tasting rooms were lifted in the second half of June, the Company continues to maintain a set of operating guidelines to protect the safety of all employees and guests, which may affect capacity and will vary based on estate experience and parameters.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,767
|
On September 21, 2021, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, together with the Public Advocates Office of the California Public Utilities Commission (the “CPUC”) and the Federal Executive Agencies, filed a joint motion with the CPUC seeking approval of a settlement agreement (the “settlement agreement”) that resolves all of the issues raised in the Utility’s application for recovery of costs related to its Wildfire Mitigation and Catastrophic Events application (the “2020 WMCE application”).
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Reimbursement
|
3,465
|
The 2017 Northern California Wildfires OII requires the Utility to (i) show cause by July 29, 2019 why it should not be sanctioned for the 27 violations alleged in the SED report and (ii) submit a report by August 5, 2019, responding to information requests relating to the Utility’s policies and practices and other wildfire-related matters. The Utility is also required to take certain corrective actions within 30 days of the issuance of the 2017 Northern California Wildfires OII, including filing an application to develop an open source, publicly available asset management system/database and mobile app, the costs of which will be at shareholder expense.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,962
|
Item 8.01Other Events.On March 15, 2010, AXIS Capital Holdings Limited, a Bermuda company, issued the press release attached hereto regarding initial estimates of net losses related to the recent earthquake in Chile and European Windstorm Xynthia.Item 9.01Financial Statements and Exhibits(d)Exhibits99.1Press release dated March 15, 2010EXHIBIT INDEXExhibitNumberDescription of Document99.1Press release dated March 15, 2010SIGNATURESPursuant 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.Dated: March 15, 2010AXIS CAPITAL HOLDINGS LIMITEDBy:/s/ Richard T. Gieryn, Jr.Richard T. Gieryn, Jr.General Counsel
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,086
|
Kansas City Southern__________________________________________(Exact name of registrant as specified in its charter)Delaware1-471744-0663509_____________________(State or other jurisdiction_____________(Commission______________(I.R.S. Employerof incorporation)File Number)Identification No.)427 West 12th Street, Kansas City, Missouri64105_________________________________(Address of principal executive offices)___________(Zip Code)Registrant’s telephone number, including area code:816-983-1303Not Applicable______________________________________________Former name or former address, if changed since last reportCheck the appropriate box below if the -K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))Top of the FormItem 8.01 Other Events.Kansas City Southern ("KCS"), is filing under Item 8.01 of this Current Report on -K the information included as Exhibit 99.1 to this report. Exhibit 99.1 is the KCS news release dated July 8, 2010, entitled "KCS Suffers Service Disruptions in Northern Mexico Due to Hurricane Alex."Item 9.01 Financial Statements and Exhibits.(d)Exhibit 99.1 News Release issued by Kansas City Southern dated July 8, 2010, entitled "KCS Suffers Service Disruptions in Northern Mexico Due to Hurricane Alex."Top of the FormSIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.Kansas City SouthernJuly 9, 2010By:/s/ Michael W. UpchurchName: Michael W. UpchurchTitle: Executive Vice President & Chief Financial Officer (Principal Financial Officer)Top of the FormExhibit 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
|
3,096
|
The Company believes that certain charges, income and gains recorded in its operating results are not comparable or reflective of its core operating performance. Operating FFO is useful to investors as the Company removesnon-comparablecharges, income and gains to analyze the results of its operations and assess performance of the core operating real estate portfolio. As a result, the Company also computes Operating FFO and discusses it with users of its financial statements, in addition to other measures such as net income (loss) determined in accordance with GAAP and FFO. Operating FFO is generally defined and calculated by the Company as FFO excluding certain charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio. Such adjustments include gains on the sale of and/or change in control of interests, gains/losses on the sale ofnon-depreciablereal estate, impairments ofnon-depreciablereal estate, investment reserves, gains/losses on the early extinguishment of debt, hurricane-related activity, certain transaction fee income, transaction costs and other restructuring type costs. The disclosure of these adjustments is regularly requested by users of the Company’s financial statements. The adjustment for these items may not be comparable to how other REITs or real estate companies calculate their results of operations, and the Company’s calculation of Operating FFO differs from NAREIT’s definition of FFO. Additionally, the Company provides no assurances that these charges, income and gains arenon-recurring.These adjustments could be reasonably expected to recur in future results of operations.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
2,077
|
A $471 million increase resulting from increased customer collections and decreased expenditures under the PGA and FAC, primarily as a result of the significant increase from customer demand and prices for natural gas and electricity experienced in mid-February 2021 due to extremely cold weather and a net increase attributable to other regulatory recover mechanisms. See Outlook below for additional information about the extension of the collection period for the PGA related to the extremely cold weather in mid-February 2021.
| 0
| 1
| 0
|
```json
{
"asset": 0,
"economic_flows": 1,
"none": 0
}
```
|
Positive
|
2,125
|
As a result of a disruption to VOI sales caused by the impact of the hurricanes on Saint Thomas, U.S. Virgin Islands, in 2017, there was a change in the economics of the transaction due to a reduction in the fair value of the assets of the SPE. As such, the Company is now considered the primary beneficiary for specified assets and liabilities of the SPE, and therefore consolidated$64millionof Property and equipment, net and$104millionof Debt on its Consolidated Balance Sheets. As a result of this consolidation, the Company incurred a non-cash$37millionloss due to a write-down of property and equipment to fair value. Such loss is presented within Asset impairments on the Consolidated Statements of Income. See Note26—Impairments and Other Chargesfor further details. During 2019, the Company made its final purchase of VOI inventory from the SPE and the debt was extinguished.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
1,162
|
Beginning on October 29, 2012, Hurricane Sandy affected the service territories of Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL) and Atlantic City Electric Company (ACE), the regulated utility subsidiaries of Pepco Holdings, Inc. (PHI). Approximately 340,000 of PHI’s electric customers were without power at the height of the storm, including approximately 211,000 customers in ACE’s service territory.
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
3,111
|
(1)The Company incurred significant damages to a property in Houma, Louisiana as a result of Hurricane Ida making landfall in August 2021. As of December 31, 2021, the Company recorded a loss based on estimated damages of $0.5million in the accompanying consolidated statements of operations and comprehensive income (loss).
| 1
| 1
| 0
|
```json
{
"asset": 1,
"economic_flows": 1,
"none": 0
}
```
|
Negative
|
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