VECTREN CORP

CIK:0001096385|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
OPERATING REVENUES
Gas utility	$ 122.1	$ 120.4	$ 600.7	$ 557.2
Electric utility	160.0	159.2	437.4	433.0
Nonutility	382.9	411.6	929.8	956.1
Total operating revenues	665.0	691.2	1,967.9	1,946.3
OPERATING EXPENSES
Cost of gas sold	24.5	23.9	211.4	174.0
Cost of fuel & purchased power	47.5	44.1	137.7	128.8
Cost of nonutility revenues	121.4	136.2	299.8	318.4
Other operating	296.2	296.7	809.3	794.2
Merger-related	11.1	0.0	26.4	0.0
Depreciation & amortization	73.9	69.5	217.7	205.7
Taxes other than income taxes	14.1	13.5	49.6	42.5
Total operating expenses	588.7	583.9	1,751.9	1,663.6
OPERATING INCOME	76.3	107.3	216.0	282.7
OTHER INCOME
Equity in (losses) of unconsolidated affiliates	(0.3)	(0.2)	(18.3)	(1.0)
Other income – net	9.6	9.1	28.7	24.1
Total other income	9.3	8.9	10.4	23.1
INTEREST EXPENSE	24.6	22.2	72.1	64.9
INCOME BEFORE INCOME TAXES	61.0	94.0	154.3	240.9
INCOME TAXES	10.6	32.1	18.2	86.1
NET INCOME AND COMPREHENSIVE INCOME	$ 50.4	$ 61.9	$ 136.1	$ 154.8
WEIGHTED AVERAGE AND DILUTED COMMON SHARES OUTSTANDING (in shares)	83.1	83.0	83.1	83.0
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK (in dollars per share)	$ 0.61	$ 0.75	$ 1.64	$ 1.87
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK (in dollars per share)	$ 0.45000000	$ 0.42000000	$ 1.35000000	$ 1.26000000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 136.1	$ 154.8
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization	217.7	205.7
Deferred income taxes & investment tax credits	12.6	76.6
Provision for uncollectible accounts	5.3	4.0
Expense portion of pension & postretirement benefit cost	3.3	4.4
Other non-cash items - net	18.3	4.1
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenues	78.0	3.6
Inventories	7.2	(1.1)
Recoverable/refundable fuel & natural gas costs	11.4	0.0
Prepayments & other current assets	(6.7)	(3.1)
Accounts payable	(144.0)	(54.3)
Accrued liabilities	24.7	4.9
Unconsolidated affiliate dividends	0.0	0.1
Employer contributions to pension & postretirement plans	(6.9)	(3.5)
Changes in noncurrent assets	(29.0)	(28.0)
Changes in noncurrent liabilities	(13.5)	(7.7)
Net cash from operating activities	314.5	360.5
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term debt, net of issuance costs	299.3	99.2
Dividend reinvestment plan & other common stock issuances	1.7	4.6
Dividends on common stock	(112.1)	(104.5)
Retirement of long-term debt	(100.0)	0.0
Net change in short-term borrowings	75.8	31.5
Net cash from financing activities	164.7	30.8
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of assets and other collections	5.7	4.8
Requirements for:
Capital expenditures, excluding AFUDC equity	(472.7)	(453.5)
Other costs	0.0	(3.4)
Changes in restricted cash	0.0	0.9
Net cash from investing activities	(467.0)	(451.2)
Net change in cash & cash equivalents	12.2	(59.9)
Cash & cash equivalents at beginning of period	16.6	68.6
Cash & cash equivalents at end of period	$ 28.8	$ 8.7

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash & cash equivalents	$ 28.8	$ 16.6
Accounts receivable - less reserves of $4.1 & $5.1, respectively	230.5	262.9
Accrued unbilled revenues	156.2	207.1
Inventories	119.4	126.6
Recoverable fuel & natural gas costs	7.8	19.2
Prepayments & other current assets	53.9	47.0
Total current assets	596.6	679.4
Utility Plant
Original cost	7,394.5	7,015.4
Less: accumulated depreciation & amortization	2,850.9	2,738.7
Net utility plant	4,543.6	4,276.7
Investments in unconsolidated affiliates	1.5	19.7
Other utility & corporate investments	48.6	43.7
Other nonutility investments	9.6	9.6
Nonutility plant - net	483.0	464.1
Goodwill	293.5	293.5
Regulatory assets	469.5	416.8
Other assets	34.6	35.8
TOTAL ASSETS	6,480.5	6,239.3
Current Liabilities
Accounts payable	232.1	366.2
Accrued liabilities	246.1	222.3
Short-term borrowings	325.3	249.5
Current maturities of long-term debt	60.0	100.0
Total current liabilities	863.5	938.0
Long-term Debt - Net of Current Maturities	1,978.9	1,738.7
Deferred Credits & Other Liabilities
Deferred income taxes	518.4	491.3
Regulatory liabilities	938.8	937.2
Deferred credits & other liabilities	306.1	284.8
Total deferred credits & other liabilities	1,763.3	1,713.3
Commitments & Contingencies (Notes 8, 11-14)
Common Shareholders' Equity
Common stock (no par value) – issued & outstanding 83.1 & 83.0, respectively	739.5	736.9
Retained earnings	1,136.6	1,113.7
Accumulated other comprehensive (loss)	(1.3)	(1.3)
Total common shareholders' equity	1,874.8	1,849.3
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 6,480.5	$ 6,239.3