VECTREN UTILITY HOLDINGS INC

CIK:0001129542|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ 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
Other	0.1	0.1	0.2	0.2
Total operating revenues	282.2	279.7	1,038.3	990.4
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
Other operating	83.5	82.0	265.6	250.4
Depreciation & amortization	63.4	59.0	186.3	174.3
Taxes other than income taxes	13.5	12.6	47.5	40.1
Total operating expenses	232.4	221.6	848.5	767.6
OPERATING INCOME	49.8	58.1	189.8	222.8
Other income - net	9.2	8.1	27.9	21.4
Interest expense	20.3	18.3	60.3	53.5
INCOME BEFORE INCOME TAXES	38.7	47.9	157.4	190.7
Income taxes	5.7	17.1	24.6	68.5
NET INCOME	$ 33.0	$ 30.8	$ 132.8	$ 122.2

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	$ 132.8	$ 122.2
Adjustments to reconcile net income to cash from operating activities:
Depreciation & amortization	186.3	174.3
Deferred income taxes & investment tax credits	11.1	72.0
Expense portion of pension & postretirement benefit cost	3.3	2.6
Provision for uncollectible accounts	4.7	4.0
Other non-cash items - net	1.4	(3.3)
Changes in working capital accounts:
Accounts receivable & accrued unbilled revenues	104.0	90.0
Inventories	16.7	(1.4)
Recoverable/refundable fuel & natural gas costs	11.4	0.0
Prepayments & other current assets	(4.3)	(5.8)
Accounts payable, including to Vectren companies & affiliated companies	(111.0)	(79.0)
Accrued liabilities	22.9	(1.8)
Cash to fund pension & postretirement plans	(6.7)	0.0
Changes in noncurrent assets	(33.1)	(26.3)
Changes in noncurrent liabilities	(18.3)	(9.3)
Net cash from operating activities	321.2	338.2
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term debt - net of issuance costs	249.3	99.2
Additional capital contribution	1.7	44.6
Requirements for:
Dividends to parent	(96.0)	(92.5)
Retirement of long-term debt	(100.0)	0.0
Net change in short-term borrowings	45.8	17.3
Net cash from financing activities	100.8	68.6
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from other collections	0.0	2.8
Requirements for:
Capital expenditures, excluding AFUDC equity	(424.8)	(411.7)
Other costs	0.0	(2.4)
Changes in restricted cash	0.0	0.9
Net cash from investing activities	(424.8)	(410.4)
Net change in cash & cash equivalents	(2.8)	(3.6)
Cash & cash equivalents at beginning of period	9.8	9.4
Cash & cash equivalents at end of period	$ 7.0	$ 5.8

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current Assets
Cash & cash equivalents	$ 7.0	$ 9.8
Accounts receivable - less reserves of $3.2 & $3.9, respectively	82.2	109.5
Accrued unbilled revenues	42.3	123.7
Inventories	100.8	117.5
Recoverable fuel & natural gas costs	7.8	19.2
Prepayments & other current assets	37.2	32.7
Total current assets	277.3	412.4
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	0.2	0.2
Other investments	30.7	26.7
Nonutility plant - net	202.5	198.6
Goodwill	205.0	205.0
Regulatory assets	366.6	314.0
Other assets	64.0	64.2
TOTAL ASSETS	5,689.9	5,497.8
Current Liabilities
Accounts payable	125.2	221.8
Payables to other Vectren companies	29.2	33.3
Accrued liabilities	176.9	154.0
Short-term borrowings	225.3	179.5
Current maturities of long-term debt	0.0	100.0
Total current liabilities	556.6	688.6
Long-Term Debt - Net of Current Maturities	1,729.6	1,479.5
Deferred Credits & Other Liabilities
Deferred income taxes	483.1	457.5
Regulatory liabilities	938.7	937.2
Deferred credits & other liabilities	220.5	212.2
Total deferred credits & other liabilities	1,642.3	1,606.9
Commitments & Contingencies (Notes 9 - 12)
Common Shareholder's Equity
Common stock (no par value)	879.2	877.5
Retained earnings	882.2	845.3
Total common shareholder's equity	1,761.4	1,722.8
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY	$ 5,689.9	$ 5,497.8