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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Schedule of Segment Information

Segment information as of and for the three months ended March 31, 2017, consisted of:

Three Months Ended March 31, 2017

 

Networks

 

 

Renewables

 

 

Gas

 

 

Other (a)

 

 

AVANGRID

Consolidated

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue - external

 

$

1,460

 

 

$

285

 

 

$

14

 

 

$

(1

)

 

$

1,758

 

Revenue - intersegment

 

 

(1

)

 

 

2

 

 

 

11

 

 

 

(12

)

 

 

—

 

Depreciation and amortization

 

 

113

 

 

 

78

 

 

 

6

 

 

 

—

 

 

 

197

 

Operating income (loss)

 

 

336

 

 

 

56

 

 

 

7

 

 

 

(1

)

 

 

398

 

Adjusted EBITDA

 

 

449

 

 

 

133

 

 

 

14

 

 

 

(1

)

 

 

595

 

Earnings (losses) from equity method investments

 

 

4

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

2

 

Capital expenditures

 

$

267

 

 

$

257

 

 

$

1

 

 

$

—

 

 

$

525

 

As of March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

13,168

 

 

 

8,133

 

 

 

496

 

 

 

—

 

 

 

21,797

 

Equity method investments

 

 

149

 

 

 

235

 

 

 

—

 

 

 

—

 

 

 

384

 

Total assets

 

$

20,998

 

 

$

9,996

 

 

$

1,041

 

 

$

(639

)

 

$

31,396

 

 

(a)

Does not represent a segment. It mainly includes Corporate and intersegment eliminations.

Segment information for the three months ended March 31, 2016, consisted of:

 

Three Months Ended March 31, 2016

 

Networks

 

 

Renewables

 

 

Gas

 

 

Other (a)

 

 

AVANGRID

Consolidated

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue - external

 

$

1,390

 

 

$

276

 

 

$

3

 

 

$

1

 

 

$

1,670

 

Revenue - intersegment

 

 

—

 

 

 

2

 

 

 

9

 

 

 

(11

)

 

 

—

 

Depreciation and amortization

 

 

118

 

 

 

80

 

 

 

7

 

 

 

—

 

 

 

205

 

Operating income (loss)

 

 

312

 

 

 

49

 

 

 

(10

)

 

 

(2

)

 

 

349

 

Adjusted EBITDA

 

 

430

 

 

 

129

 

 

 

(3

)

 

 

(2

)

 

 

554

 

Earnings (losses) from equity method investments

 

 

3

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

2

 

Capital expenditures

 

$

206

 

 

$

70

 

 

$

—

 

 

$

—

 

 

$

276

 

As of December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

13,032

 

 

 

8,015

 

 

 

501

 

 

 

—

 

 

 

21,548

 

Equity method investments

 

 

151

 

 

 

236

 

 

 

—

 

 

 

—

 

 

 

387

 

Total assets

 

$

20,753

 

 

$

9,884

 

 

$

1,124

 

 

$

(452

)

 

$

31,309

 

 

(a)

Does not represent a segment. It mainly includes Corporate and intersegment eliminations.
Schedule of Reconciliation of Consolidated EBITDA to Consolidated Net Income

Reconciliation of consolidated Adjusted EBITDA to the AVANGRID consolidated Net Income for the three months ended March 31, 2017 and 2016, respectively, is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

(Millions)

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA

 

$

595

 

 

$

554

 

Less:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

197

 

 

 

205

 

Interest expense, net of capitalization

 

 

71

 

 

 

84

 

Income tax expense

 

 

103

 

 

 

104

 

Add:

 

 

 

 

 

 

 

 

Other income

 

 

13

 

 

 

49

 

Earnings from equity method investments

 

 

2

 

 

 

2

 

Consolidated Net Income

 

$

239

 

 

$

212