NOVI, Mich., July 30, 2015 /PRNewswire/ --
Highlights
- Second quarter 2015 operating earnings of $0.52 per diluted common share increased over the
same period last year; second quarter 2015 reported earnings of
$0.46 per diluted common
share
- Operating earnings for the six months ended June 30, 2015 of $0.98 per diluted common share increased over the
same period last year; reported earnings for the six months ended
June 30, 2015 of $0.89 per diluted common share
- Capital investments of $331
million for the six months ended June
30, 2015
- Reaffirmed 2015 operating earnings per share guidance of
$2.00 to $2.15 per diluted share and
capital investment guidance of $710 to $810
million
|
Three months
ended
|
|
Six months
ended
|
(in thousands, except
per share data)
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
OPERATING
REVENUES
|
$
|
275,058
|
|
|
$
|
263,214
|
|
|
$
|
547,545
|
|
|
$
|
521,817
|
|
REPORTED NET
INCOME
|
$
|
72,336
|
|
|
$
|
54,336
|
|
|
$
|
139,468
|
|
|
$
|
123,472
|
|
OPERATING
EARNINGS
|
$
|
80,823
|
|
|
$
|
72,695
|
|
|
$
|
153,880
|
|
|
$
|
142,462
|
|
REPORTED DILUTED
EPS
|
$
|
0.46
|
|
|
$
|
0.34
|
|
|
$
|
0.89
|
|
|
$
|
0.78
|
|
OPERATING DILUTED
EPS
|
$
|
0.52
|
|
|
$
|
0.46
|
|
|
$
|
0.98
|
|
|
$
|
0.90
|
|
ITC Holdings Corp. (NYSE: ITC) announced today its results for
the second quarter and six month period ended June 30, 2015.
Reported net income for the second quarter, measured in
accordance with Generally Accepted Accounting Principles (GAAP),
was $72.3 million, or $0.46 per diluted common share, compared to
$54.3 million or $0.34 per diluted common share for the second
quarter of 2014. For the six months ended June 30, 2015, reported net income was
$139.5 million, or $0.89 per diluted common share, compared to
$123.5 million, or $0.78 per diluted common share for the same
period last year.
Operating earnings for the second quarter were $80.8 million, or $0.52 per diluted common share, compared to
operating earnings of $72.7 million,
or $0.46 per diluted common share for
the second quarter of 2014. For the six months ended June 30, 2015, operating earnings were
$153.9 million, or $0.98 per diluted common share, compared to
operating earnings of $142.5 million,
or $0.90 per diluted common share for
the same period last year.
ITC invested $331 million in
capital projects during the six month period ended June 30, 2015, including $82.8 million at ITCTransmission,
$51.2 million at METC, $182.9 million at ITC Midwest, $10.0 million at ITC Great Plains and
$4.1 million of Development and
Other.
"We are pleased to report another strong quarter in which we met
our operational and financial targets," said Joseph L. Welch, chairman, president and CEO of
ITC. "During the second quarter, we completed the largest project
in ITC's history, the Thumb Loop project at ITCTransmission
ahead of schedule and under budget, while also delivering
operational excellence to our customers and superior growth to our
shareholders."
Operating Earnings
Operating earnings are non-GAAP measures that exclude the impact
of after-tax expenses associated with the following items:
- The Entergy Corporation transaction expenses of approximately
$0.2 million for the second quarter
of 2014. These expenses total $0.7
million for the six months ended June
30, 2014.
- Regulatory charges of approximately $1.1
million, or $0.01 per diluted
common share, for the six months ended June
30, 2015 and $0.1 million for
both the second quarter and six month period ended June 30, 2014. The 2015 charge relates to
management's decision to write-off abandoned project costs at
ITCTransmission. The 2014 charge relates to certain
acquisition accounting adjustments for ITC Midwest,
ITCTransmission, and METC resulting from the FERC audit
order on ITC Midwest issued in May
2012.
- Loss on extinguishment of debt associated with the cash tender
offer and consent solicitation transaction for select bonds at ITC
Holdings that we completed in the second quarter of 2014. The
impact of this item totaled $18.1
million, or $0.12 per diluted
common share, for both the second quarter and six month period
ended June 30, 2014.
- The estimated refund liability associated with the Midcontinent
ISO (MISO) regional base ROE rate (the "base ROE") of $8.5 million, or $0.06 per diluted common share, and $13.3 million, or $0.08 per diluted common share, for the second
quarter and six month period ended June 30,
2015, respectively. The refund liability reflects the
estimated refund obligation associated with the base ROE 206
complaints.
Operating earnings for the second quarter and six month period
ended June 30, 2015 increased by
$8.1 million, or $0.06 per diluted common share, and $11.4 million, or $0.08 per diluted common share, compared with the
same period last year. The increases compared to the prior period
were largely attributable to higher income associated with
increased rate base at our operating companies, partially offset by
non-recoverable bonus payments expensed primarily in the first
quarter associated with completion of the Kansas V-Plan Project at
ITC Great Plains in December of 2014. Absent the Kansas V-Plan
Project bonus payments, year-over-year operating earnings would
have increased by approximately 14% year-to-date.
Balance Sheet Activities
ITC Holdings
established an ongoing commercial paper program on June 8, 2015, under which unsecured commercial
paper can be issued and sold in an aggregate amount not to exceed
$400.0 million outstanding at any one
time. As of June 30, 2015, ITC Holdings had approximately
$50.0 million of commercial paper
issued and outstanding under the program. The proceeds from the
issuance were used for general corporate purposes, including the
repayment of borrowings under ITC Holdings' revolving credit
agreement.
2015 EPS and Capital Investment Guidance
For 2015, ITC is reaffirming its full year operating earnings per
share guidance of $2.00 to $2.15. ITC
is also reaffirming its 2015 capital guidance range of $710 to $810 million, which includes $170 to $200 million for ITCTransmission,
$150 to $170 million for METC,
$380 to $405 million for ITC Midwest,
$10 to $25 million for ITC Great
Plains and up to $10 million of
Development and Other.
Second Quarter 2015 Operating Earnings Financial Results
Detail — non-GAAP Measure
ITC's
operating revenues for the second quarter of 2015 increased to
$288.4 million compared to
$263.2 million for the second quarter
of 2014. Amounts reported for the second quarter of 2015 exclude
approximately $13.3 million in
reduced pre-tax revenues associated with the base ROE refund
liability. This increase was primarily due to higher revenue
requirements attributable to a higher rate base at our regulated
operating subsidiaries, as well as an increase in regional cost
sharing revenues resulting from additional capital projects being
placed in-service that have been identified by the MISO as eligible
for regional cost sharing.
Operation and maintenance (O&M) expenses of $30.0 million were $4.2
million higher than the same period in 2014. The increase in
O&M expenses was primarily due to higher vegetation management
requirements and higher expenses associated with substation and
overhead line maintenance activities.
General and administrative (G&A) expenses of $32.5 million were $2.5
million higher compared to the same period in 2014. Amounts
reported for the second quarter 2014 exclude $0.3 million of pre-tax expenses related to the
Entergy transaction. The increase in G&A expenses was primarily
due to higher compensation expenses related to personnel
additions.
Depreciation and amortization expenses of $35.6 million increased by $4.3 million compared to the same period in 2014
due to a higher depreciable base resulting from property, plant and
equipment additions.
Taxes other than income taxes of $18.8
million were $1.7 million
higher than the same period in 2014. This increase was due to 2014
capital additions at our regulated operating subsidiaries, which
are included in the tax base for 2015 personal property tax
calculations.
Interest expense of $49.7 million
increased by $3.9 million compared to
the same period in 2014. Amounts reported for the second quarter of
2015 and 2014 exclude $0.5 million
and $0.1 million, respectively, of
pre-tax expenses related to the adjustments to operating earnings.
The increase was due primarily to higher borrowing levels to
finance capital investments.
The effective income tax rate for the second quarter of 2015 was
37.5 percent compared to 37.9 percent for the same period last
year. Amounts reported for the second quarter of 2015 and 2014
exclude income taxes of approximately $5.3
million and $11.1 million,
respectively, associated with adjustments to operating
earnings.
Year-to-Date 2015 Operating Earnings Financial Results Detail
— non-GAAP Measure
ITC's operating revenues
for the six months ended June 30,
2015 increased to $568.3
million compared to $521.8
million from the same period last year. Amounts reported for
the six months ended June 30, 2015
exclude approximately $20.8 million
in reduced pre-tax revenues associated with the base ROE refund
liability. This increase was primarily due to higher revenue
requirements attributable to a higher rate base at our regulated
operating subsidiaries, as well as an increase in regional cost
sharing revenues due to additional capital projects being placed
in-service that have been identified by MISO as eligible for
regional cost sharing.
O&M expenses of $55.6 million
were $4.9 million higher for the six
months ended June 30, 2015 compared
to the same period in 2014. The increase in O&M expenses was
primarily due to higher vegetation management requirements and
higher expenses associated with substation and overhead line
maintenance activities.
G&A expenses of $71.9 million
were $14.9 million higher compared to
the same period in 2014. Amounts reported for the six months ended
June 30, 2015 exclude approximately
$1.5 million of pre-tax expenses
related to regulatory charges and the six months ended June 30, 2014 exclude approximately $1.3 million of pre-tax expenses associated with
the Entergy transaction. The increase in G&A expenses was
primarily due to incentive-based compensation for bonus payments
associated with completion of the Kansas V-Plan Project at ITC
Great Plains in December of 2014.
Depreciation and amortization expenses of $70.0 million increased by $7.3 million for the six months ended
June 30, 2015 compared to the same
period in 2014 due to a higher depreciable base resulting from
property, plant and equipment additions.
Taxes other than income taxes of $41.2
million were $2.9 million
higher compared to the same period in 2014. This increase was due
to 2014 capital additions made at our regulated operating
subsidiaries, which are included in the tax base for 2015 personal
property taxes.
Interest expense of $97.8 million
was $6.8 million higher compared to
the same period in 2014. Amounts reported for the six months ended
June 30, 2015 and 2014 exclude
approximately $0.9 million and
$0.2 million, respectively, of
pre-tax expenses associated with the adjustments to operating
earnings noted previously. The increase in interest expense was due
primarily to higher borrowing levels to finance capital
investments.
The effective income tax rate for the six months ended
June 30, 2015 was 37.5 percent
compared to 38.1 percent for the same period in 2014. Amounts
reported for the six months ended June 30,
2015 and 2014 exclude income taxes of $8.8 million and $11.6
million, respectively, associated with adjustments to
operating earnings noted previously.
Second Quarter Conference Call and
Webcast
Joseph L. Welch, chairman, president
and CEO and Rejji P. Hayes, senior
vice president, CFO and treasurer will discuss the second quarter
results in a conference call at 11
a.m. Eastern on Thursday, July 30, 2015. Individuals
wishing to participate in the conference call may dial toll-free
877-644-1296 (domestic) or 914-495-8555 (international); there is
no passcode. A listen-only live webcast of the conference call,
including accompanying slides and the earnings release, will be
available on the company's investor information page. The
conference call replay, available through August 4, 2015, can be accessed by dialing
855-859-2056 (toll free) or 404-537-3406, passcode 66293148. The
webcast will be archived on the ITC website.
Other Available Information
More detail about
second quarter 2015 results may be found in ITC's Form 10-Q filing.
Once filed with the Securities and Exchange Commission, an
electronic copy of our 10-Q can be found at our website,
http://investor.itc-holdings.com. Paper copies can also be made
available by contacting us through our website. Additionally, a
calendar of our future earnings calls can be found at our website,
http://investor.itc-holdings.com.
About ITC Holdings Corp.
ITC Holdings Corp.
(NYSE: ITC) is the nation's largest independent electric
transmission company. Based in Novi,
Michigan, ITC invests in the electric transmission grid to
improve reliability, expand access to markets, lower the overall
cost of delivered energy and allow new generating resources to
interconnect to its transmission systems. Through its regulated
operating subsidiaries ITCTransmission, Michigan Electric
Transmission Company, ITC Midwest and ITC Great Plains, ITC owns
and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load
exceeding 26,000 megawatts along approximately 15,600 circuit miles
of transmission line. ITC's grid development focus includes growth
through regulated infrastructure investment as well as domestic and
international expansion through merchant and other commercial
development opportunities. For more information, please visit ITC's
website at www.itc-holdings.com (ITC-itc-F).
GAAP v. Non-GAAP Measures
ITC's reported
earnings are prepared in accordance with GAAP and represent
earnings as reported to the Securities and Exchange Commission.
ITC's management believes that operating earnings, or GAAP earnings
adjusted for specific items as described in the release that are
generally not indicative of our core operations, provides
additional information that is useful to investors in understanding
ITC's underlying performance, business and performance trends, and
helps facilitate period to period comparisons. However, non-GAAP
financial measures are not required to be uniformly applied, are
not audited and should not be considered in isolation or as
substitutes for results prepared in accordance with GAAP.
Safe Harbor Statement
This press release
contains certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electricity
transmission industry based upon information currently available.
Such statements are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Wherever
possible, we have identified these forward-looking statements by
words such as "will," "may," "anticipates," "believes," "intends,"
"estimates," "expects," "projects" and similar phrases. These
forward-looking statements are based upon assumptions our
management believes are reasonable. Such forward looking statements
are subject to risks and uncertainties which could cause our actual
results, performance and achievements to differ materially from
those expressed in, or implied by, these statements, including,
among others, the risks and uncertainties disclosed in our annual
reports on Form 10-K, quarterly reports on Form 10-Q and other
filings made with the Securities and Exchange Commission.
Because our forward-looking statements are based on estimates
and assumptions that are subject to significant business, economic
and competitive uncertainties, many of which are beyond our control
or are subject to change, actual results could be materially
different and any or all of our forward-looking statements may turn
out to be wrong. Forward-looking statements speak only as of the
date made and can be affected by assumptions we might make or by
known or unknown risks and uncertainties. Many factors mentioned in
our discussion in this release and in our annual and quarterly
reports will be important in determining future results.
Consequently, we cannot assure you that our expectations or
forecasts expressed in such forward-looking statements will be
achieved. Except as required by law, we undertake no obligation to
publicly update any of our forward-looking or other statements,
whether as a result of new information, future events, or
otherwise.
ITC HOLDINGS CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
(in thousands,
except per share data)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
OPERATING
REVENUES
|
|
$
|
275,058
|
|
|
$
|
263,214
|
|
|
$
|
547,545
|
|
|
$
|
521,817
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
Operation and
maintenance
|
|
30,026
|
|
|
25,836
|
|
|
55,588
|
|
|
50,697
|
|
General and
administrative
|
|
32,493
|
|
|
30,308
|
|
|
73,387
|
|
|
58,270
|
|
Depreciation and
amortization
|
|
35,578
|
|
|
31,295
|
|
|
70,013
|
|
|
62,673
|
|
Taxes other than
income taxes
|
|
18,786
|
|
|
17,076
|
|
|
41,166
|
|
|
38,269
|
|
Other operating
(income) and expenses — net
|
|
(233)
|
|
|
(229)
|
|
|
(469)
|
|
|
(461)
|
|
Total operating
expenses
|
|
116,650
|
|
|
104,286
|
|
|
239,685
|
|
|
209,448
|
|
OPERATING
INCOME
|
|
158,408
|
|
|
158,928
|
|
|
307,860
|
|
|
312,369
|
|
OTHER EXPENSES
(INCOME)
|
|
|
|
|
|
|
|
|
Interest expense —
net
|
|
50,198
|
|
|
45,854
|
|
|
98,672
|
|
|
91,163
|
|
Allowance for equity
funds used during construction
|
|
(7,464)
|
|
|
(4,932)
|
|
|
(15,013)
|
|
|
(9,944)
|
|
Loss on
extinguishment of debt
|
|
—
|
|
|
29,074
|
|
|
—
|
|
|
29,074
|
|
Other
income
|
|
(189)
|
|
|
(236)
|
|
|
(438)
|
|
|
(397)
|
|
Other
expense
|
|
431
|
|
|
1,625
|
|
|
1,615
|
|
|
2,958
|
|
Total other expenses
(income)
|
|
42,976
|
|
|
71,385
|
|
|
84,836
|
|
|
112,854
|
|
INCOME BEFORE
INCOME TAXES
|
|
115,432
|
|
|
87,543
|
|
|
223,024
|
|
|
199,515
|
|
INCOME TAX
PROVISION
|
|
43,096
|
|
|
33,207
|
|
|
83,556
|
|
|
76,043
|
|
NET
INCOME
|
|
$
|
72,336
|
|
|
$
|
54,336
|
|
|
$
|
139,468
|
|
|
$
|
123,472
|
|
Basic earnings per
common share
|
|
$
|
0.47
|
|
|
$
|
0.34
|
|
|
$
|
0.90
|
|
|
$
|
0.78
|
|
Diluted earnings per
common share
|
|
$
|
0.46
|
|
|
$
|
0.34
|
|
|
$
|
0.89
|
|
|
$
|
0.78
|
|
Operating diluted
earnings per common share
|
|
$
|
0.52
|
|
|
$
|
0.46
|
|
|
$
|
0.98
|
|
|
$
|
0.90
|
|
Dividends declared
per common share
|
|
$
|
0.1625
|
|
|
$
|
0.1425
|
|
|
$
|
0.3250
|
|
|
$
|
0.2850
|
|
RECONCILIATION OF
REPORTED NET INCOME (GAAP) TO OPERATING EARNINGS (NON-GAAP MEASURE)
- UNAUDITED
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Reported net income
(GAAP)
|
$
|
72,336
|
|
|
$
|
54,336
|
|
|
$
|
139,468
|
|
|
$
|
123,472
|
|
After-tax Entergy
transaction related expenses
|
—
|
|
|
179
|
|
|
—
|
|
|
744
|
|
After-tax regulatory
charges
|
—
|
|
|
66
|
|
|
1,083
|
|
|
132
|
|
After-tax debt
extinguishment & consent solicitation fees
|
—
|
|
|
18,114
|
|
|
—
|
|
|
18,114
|
|
After-tax MISO
regional base ROE rate refund liability
|
8,487
|
|
|
—
|
|
|
13,329
|
|
|
—
|
|
Operating earnings
(non-GAAP)
|
$
|
80,823
|
|
|
$
|
72,695
|
|
|
$
|
153,880
|
|
|
$
|
142,462
|
|
RECONCILIATION OF
REPORTED DILUTED EPS (GAAP) TO OPERATING DILUTED EPS (NON-GAAP
MEASURE) - UNAUDITED
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Reported diluted EPS
(GAAP)
|
$
|
0.46
|
|
|
$
|
0.34
|
|
|
$
|
0.89
|
|
|
$
|
0.78
|
|
After-tax Entergy
transaction related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
After-tax regulatory
charges
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
After-tax debt
extinguishment & consent solicitation fees
|
—
|
|
|
0.12
|
|
|
—
|
|
|
0.12
|
|
After-tax MISO
regional base ROE rate refund liability
|
0.06
|
|
|
—
|
|
|
0.08
|
|
|
—
|
|
Operating diluted EPS
(non-GAAP)
|
$
|
0.52
|
|
|
$
|
0.46
|
|
|
$
|
0.98
|
|
|
$
|
0.90
|
|
ITC HOLDINGS CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
|
|
June
30,
|
|
December
31,
|
(in thousands,
except share data)
|
2015
|
|
2014
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
12,790
|
|
|
$
|
27,741
|
|
Accounts
receivable
|
119,168
|
|
|
100,998
|
|
Inventory
|
29,566
|
|
|
30,892
|
|
Deferred income
taxes
|
16,072
|
|
|
14,511
|
|
Regulatory
assets
|
8,974
|
|
|
5,393
|
|
Prepaid and other
current assets
|
15,449
|
|
|
7,281
|
|
Total current
assets
|
202,019
|
|
|
186,816
|
|
Property, plant and
equipment (net of accumulated depreciation and amortization
of $1,438,404 and $1,388,217, respectively)
|
5,751,630
|
|
|
5,496,875
|
|
Other
assets
|
|
|
|
Goodwill
|
950,163
|
|
|
950,163
|
|
Intangible assets
(net of accumulated amortization of $26,579 and $24,917,
respectively)
|
47,142
|
|
|
48,794
|
|
Regulatory
assets
|
242,162
|
|
|
223,712
|
|
Deferred financing
fees (net of accumulated amortization of $15,520 and
$15,972, respectively)
|
30,890
|
|
|
30,311
|
|
Other
|
59,214
|
|
|
37,418
|
|
Total other
assets
|
1,329,571
|
|
|
1,290,398
|
|
TOTAL
ASSETS
|
$
|
7,283,220
|
|
|
$
|
6,974,089
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
96,677
|
|
|
$
|
107,969
|
|
Accrued
payroll
|
16,389
|
|
|
23,502
|
|
Accrued
interest
|
52,231
|
|
|
50,538
|
|
Accrued
taxes
|
43,923
|
|
|
41,614
|
|
Regulatory
liabilities
|
37,328
|
|
|
39,972
|
|
Refundable deposits
from generators for transmission network upgrades
|
2,451
|
|
|
10,376
|
|
Debt maturing within
one year
|
224,974
|
|
|
175,000
|
|
Other
|
6,094
|
|
|
14,043
|
|
Total current
liabilities
|
480,067
|
|
|
463,014
|
|
Accrued pension
and postretirement liabilities
|
70,197
|
|
|
69,562
|
|
Deferred income
taxes
|
714,376
|
|
|
656,562
|
|
Regulatory
liabilities
|
170,720
|
|
|
160,070
|
|
Refundable
deposits from generators for transmission network
upgrades
|
8,379
|
|
|
9,384
|
|
Other
|
18,814
|
|
|
17,354
|
|
Long-term
debt
|
4,063,277
|
|
|
3,928,586
|
|
Commitments and
contingent liabilities
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
Common stock, without
par value, 300,000,000 shares authorized, 156,060,906
and 155,140,967 shares issued and outstanding at June
30, 2015 and
December 31, 2014, respectively
|
920,807
|
|
|
923,191
|
|
Retained
earnings
|
830,505
|
|
|
741,550
|
|
Accumulated other
comprehensive income
|
6,078
|
|
|
4,816
|
|
Total stockholders'
equity
|
1,757,390
|
|
|
1,669,557
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
7,283,220
|
|
|
$
|
6,974,089
|
|
ITC HOLDINGS CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
|
|
Six months
ended
|
|
June
30,
|
(in
thousands)
|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
|
$
|
139,468
|
|
|
$
|
123,472
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization expense
|
70,013
|
|
|
62,673
|
|
Recognition, refund
and collection of revenue accruals and deferrals — including
accrued interest
|
(31,867)
|
|
|
(7,248)
|
|
Deferred income tax
expense
|
47,979
|
|
|
56,978
|
|
Allowance for equity
funds used during construction
|
(15,013)
|
|
|
(9,944)
|
|
Loss on
extinguishment of debt
|
—
|
|
|
29,074
|
|
Other
|
10,863
|
|
|
8,142
|
|
Changes in assets and
liabilities, exclusive of changes shown separately:
|
|
|
|
Accounts
receivable
|
(19,758)
|
|
|
(28,890)
|
|
Inventory
|
1,326
|
|
|
2,611
|
|
Prepaid and other
current assets
|
(8,166)
|
|
|
(9,623)
|
|
Accounts
payable
|
(581)
|
|
|
(21,394)
|
|
Accrued
payroll
|
(4,497)
|
|
|
(3,524)
|
|
Accrued
interest
|
1,693
|
|
|
(1,951)
|
|
Accrued
taxes
|
2,310
|
|
|
10,869
|
|
Other current
liabilities
|
(532)
|
|
|
(9,370)
|
|
Other non-current
assets and liabilities, net
|
4,161
|
|
|
(5,903)
|
|
Net cash provided by
operating activities
|
197,399
|
|
|
195,972
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Expenditures for
property, plant and equipment
|
(318,187)
|
|
|
(375,650)
|
|
Other
|
(5,542)
|
|
|
235
|
|
Net cash used in
investing activities
|
(323,729)
|
|
|
(375,415)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Issuance of long-term
debt
|
225,000
|
|
|
473,664
|
|
Borrowings under
revolving credit agreements
|
638,500
|
|
|
1,054,100
|
|
Borrowings under term
loan credit agreements
|
—
|
|
|
110,000
|
|
Proceeds from
commercial paper
|
49,974
|
|
|
—
|
|
Retirement of
long-term debt — including debt retirement costs
|
—
|
|
|
(198,494)
|
|
Repayments of
revolving credit agreements
|
(729,100)
|
|
|
(1,035,300)
|
|
Repayments under term
loan credit agreements
|
—
|
|
|
(39,000)
|
|
Issuance of common
stock
|
10,704
|
|
|
14,177
|
|
Dividends on common
and restricted stock
|
(50,467)
|
|
|
(44,983)
|
|
Refundable deposits
from generators for transmission network upgrades
|
981
|
|
|
5,208
|
|
Repayment of
refundable deposits from generators for transmission network
upgrades
|
(9,831)
|
|
|
(22,155)
|
|
Repurchase and
retirement of common stock
|
(21,838)
|
|
|
(107,952)
|
|
Forward contract of
accelerated share repurchase program
|
—
|
|
|
(46,000)
|
|
Other
|
(2,544)
|
|
|
(9,080)
|
|
Net cash provided by
financing activities
|
111,379
|
|
|
154,185
|
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS
|
(14,951)
|
|
|
(25,258)
|
|
CASH AND CASH
EQUIVALENTS — Beginning of period
|
27,741
|
|
|
34,275
|
|
CASH AND CASH
EQUIVALENTS — End of period
|
$
|
12,790
|
|
|
$
|
9,017
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/itc-reports-continued-strong-growth-for-second-quarter-and-year-to-date-2015-results-300120980.html
SOURCE ITC Holdings Corp.