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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
 
 
FORM 10-Q
 
 
 
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      
Commission File Number: 001-11590 
 
 
 
CHESAPEAKE UTILITIES CORPORATION
(Exact name of registrant as specified in its charter)
 
 
 

Delaware
 
51-0064146
(State or other jurisdiction
of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
909 Silver Lake Boulevard, Dover, Delaware 19904
(Address of principal executive offices, including Zip Code)
(302) 734-6799
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock - par value per share $0.4867
CPK
New York Stock Exchange, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Common Stock, par value $0.486716,403,776 shares outstanding as of July 31, 2019.



Table of Contents
 




GLOSSARY OF DEFINITIONS
ASC: Accounting Standards Codification issued by the FASB
Aspire Energy: Aspire Energy of Ohio, LLC
ASU: Accounting Standards Update issued by the FASB
CDD: Cooling Degree-Day
Chesapeake or Chesapeake Utilities: Chesapeake Utilities Corporation, and its direct and indirect subsidiaries, as appropriate in the context of the disclosure
CHP: Combined heat and power plant
Company: Chesapeake Utilities Corporation, and its direct and indirect subsidiaries, as appropriate in the context of the disclosure
Degree-Day: A degree-day is the measure of the variation in the weather based on the extent to which the average daily temperature (from 10:00 am to 10:00 am) falls above (CDD) or below (HDD) 65 degrees Fahrenheit
Delmarva Peninsula: A peninsula on the east coast of the U. S. occupied by Delaware and portions of Maryland and Virginia
Dt(s): Dekatherm(s), which is a natural gas unit of measurement that includes a standard measure for heating value
Dts/d: Dekatherms per day
Eastern Shore: Eastern Shore Natural Gas Company, a wholly-owned subsidiary of Chesapeake Utilities
Eight Flags: Eight Flags Energy, LLC, a subsidiary of Chesapeake OnSight Services, LLC
FASB: Financial Accounting Standards Board
FERC: Federal Energy Regulatory Commission
FPU: Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake Utilities
GAAP: Accounting principles generally accepted in the United States of America
GRIP: Gas Reliability Infrastructure Program
Gross Margin: a non-GAAP measure defined as operating revenues less the cost of sales. The Company's cost of sales includes purchased fuel cost for natural gas, electricity and propane and the cost of labor spent on direct revenue-producing activities and excludes depreciation, amortization and accretion
Gulfstream: Gulfstream Natural Gas System, LLC, an unaffiliated pipeline network that supplies natural gas to FPU
HDD: Heating Degree-Day
Marlin Gas Services: Marlin Gas Services, LLC, a wholly-owned subsidiary of Chesapeake Utilities that acquired certain operating assets of Marlin Gas Transport, Inc.
Marlin Gas Transport: Marlin Gas Transport, Inc., a former supplier of mobile compressed natural gas distribution and pipeline solutions
MetLife: MetLife Investment Advisors, an institutional debt investment management firm, with which we entered into the MetLife Shelf Agreement
MGP: Manufactured gas plant, which is a site where coal was previously used to manufacture gaseous fuel for industrial, commercial and residential use
MTM: Mark-to-Market (fair value accounting)
NYL: New York Life Investors LLC, an institutional debt investment management firm, with which Chesapeake Utilities entered into a Shelf Agreement
Peninsula Pipeline: Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities



PESCO: Peninsula Energy Services Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities
Prudential: Prudential Investment Management Inc., an institutional investment management firm, with which Chesapeake Utilities has entered into a Shelf Agreement and issued Shelf Notes
PSC: Public Service Commission, which is the state agency that regulates utility rates and/or services in certain of our jurisdictions
Retirement Savings Plan: A qualified 401(k) retirement savings plan sponsored by Chesapeake Utilities
Revolver: Our unsecured revolving credit facility with certain lenders
Sandpiper: Sandpiper Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
SEC: U.S. Securities and Exchange Commission
Senior Notes: Our unsecured long-term debt issued primarily to insurance companies on various dates
Sharp: Sharp Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
Shelf Agreement: An agreement entered into by Chesapeake Utilities and a counterparty pursuant to which Chesapeake Utilities may request that the counterparty purchase our unsecured senior debt with a fixed interest rate and a maturity date not to exceed 20 years from the date of issuance
Shelf Notes: Unsecured senior promissory notes issuable under the Shelf Agreement executed with various counterparties
SICP: 2013 Stock and Incentive Compensation Plan
TCJA: Tax Cuts and Jobs Act enacted on December 22, 2017
TETLP: Texas Eastern Transmission, LP, an interstate pipeline interconnected with Eastern Shore's pipeline



PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2019
 
2018
 
2019
 
2018
 
(in thousands, except shares and per share data)
 
 
 
 
 
 
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
 
Regulated Energy
 
$
73,403

 
$
70,504

 
$
177,021

 
$
179,897

 
Unregulated Energy and other
 
57,500

 
66,160

 
181,498

 
196,123

 
Total Operating Revenues
 
130,903

 
136,664

 
358,519

 
376,020

 
Operating Expenses
 
 
 
 
 
 
 
 
 
Regulated Energy cost of sales
 
18,317

 
20,010

 
54,833

 
68,241

 
Unregulated Energy and other cost of sales
 
42,476

 
49,393

 
132,179

 
149,219

 
Operations
 
32,696

 
36,281

 
69,839

 
68,983

 
Maintenance
 
3,600

 
3,619

 
7,280

 
7,211

 
Gain from a settlement
 
(130
)
 
(130
)
 
(130
)
 
(130
)
 
Depreciation and amortization
 
11,609

 
9,839

 
22,684

 
19,543

 
Other taxes
 
4,899

 
4,404

 
10,405

 
9,299

 
Total Operating Expenses
 
113,467

 
123,416

 
297,090

 
322,366

 
Operating Income
 
17,436

 
13,248

 
61,429

 
53,654

 
Other expense, net
 
(316
)
 
(262
)
 
(361
)
 
(194
)
 
Interest charges
 
5,655

 
3,881

 
11,365

 
7,545

 
Income Before Income Taxes
 
11,465

 
9,105

 
49,703


45,915

 
Income taxes
 
3,161

 
2,718

 
12,735

 
12,674

 
Net Income
 
$
8,304

 
$
6,387

 
$
36,968


$
33,241

 
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
 
 
Basic
 
16,401,028

 
16,369,641

 
16,393,022

 
16,360,540

 
Diluted
 
16,445,743

 
16,417,082

 
16,439,333

 
16,410,061

 
Earnings Per Share of Common Stock:
 
 
 
 
 
 
 
 
 
Basic
 
$
0.51

 
$
0.39

 
$
2.26

 
$
2.03

 
Diluted
 
$
0.50

 
$
0.39

 
$
2.25

 
$
2.03

 
The accompanying notes are an integral part of these financial statements.



- 1



Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
(in thousands)
 
 
 
 
 
 
 
 
Net Income
 
$
8,304

 
$
6,387

 
$
36,968

 
$
33,241

Other Comprehensive Income (Loss), net of tax:
 
 
 
 
 
 
 
 
Employee Benefits, net of tax:
 
 
 
 
 
 
 
 
Amortization of prior service cost, net of tax of $(5), $(5), $(10) and $(11), respectively
 
(14
)
 
(14
)
 
(29
)
 
(28
)
Net gain, net of tax of $42, $41, $86 and $80, respectively
 
121

 
108

 
242

 
217

Cash Flow Hedges, net of tax:
 
 
 
 
 
 
 
 
Unrealized gain (loss) on commodity contract cash flow hedges, net of tax of $(850), $429, $343 and $(327), respectively
 
(2,115
)
 
1,061

 
868

 
(728
)
Total Other Comprehensive Income (Loss), net of tax
 
(2,008
)
 
1,155

 
1,081

 
(539
)
Comprehensive Income
 
$
6,296

 
$
7,542

 
$
38,049

 
$
32,702

The accompanying notes are an integral part of these financial statements.


- 2


Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
Assets
 
June 30,
2019
 
December 31,
2018
(in thousands, except shares and per share data)
 
 
 
 
Property, Plant and Equipment
 
 
 
 
Regulated Energy
 
$
1,380,591

 
$
1,297,416

Unregulated Energy
 
245,738

 
237,682

Other businesses and eliminations
 
30,347

 
34,585

Total property, plant and equipment
 
1,656,676

 
1,569,683

Less: Accumulated depreciation and amortization
 
(321,284
)
 
(294,295
)
Plus: Construction work in progress
 
85,630

 
108,584

Net property, plant and equipment
 
1,421,022

 
1,383,972

Current Assets
 
 
 
 
Cash and cash equivalents
 
7,254

 
6,089

Trade and other receivables (less allowance for uncollectible accounts of $1,190 and $1,108, respectively)
 
48,908

 
85,404

Accrued revenue
 
12,724

 
27,499

Propane inventory, at average cost
 
5,143

 
9,791

Other inventory, at average cost
 
7,778

 
7,127

Regulatory assets
 
6,842

 
4,796

Storage gas prepayments
 
4,143

 
6,603

Income taxes receivable
 
10,984

 
15,300

Prepaid expenses
 
5,873

 
10,079

Derivative assets, at fair value
 
10,571

 
13,165

Other current assets
 
4,022

 
5,684

Total current assets
 
124,242

 
191,537

Deferred Charges and Other Assets
 
 
 
 
Goodwill
 
25,785

 
25,837

Other intangible assets, net
 
5,611

 
6,207

Investments, at fair value
 
8,821

 
6,711

Operating lease right-of-use assets (refer to Note 15)
 
12,404

 

Regulatory assets
 
76,945

 
72,422

Other assets
 
6,212

 
6,985

Total deferred charges and other assets
 
135,778

 
118,162

Total Assets
 
$
1,681,042

 
$
1,693,671

 
The accompanying notes are an integral part of these financial statements.

- 3


Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
Capitalization and Liabilities
 
June 30,
2019
 
December 31,
2018
(in thousands, except shares and per share data)
 
 
 
 
Capitalization
 
 
 
 
Stockholders’ equity
 
 
 
 
Preferred stock, par value $0.01 per share (authorized 2,000,000 shares), no shares issued and outstanding
 
$

 
$

Common stock, par value $0.4867 per share (authorized 50,000,000 shares)
 
7,984

 
7,971

Additional paid-in capital
 
256,385

 
255,651

Retained earnings
 
285,762

 
261,530

Accumulated other comprehensive loss
 
(5,747
)
 
(6,713
)
Deferred compensation obligation
 
4,694

 
3,854

Treasury stock
 
(4,694
)
 
(3,854
)
Total stockholders’ equity
 
544,384

 
518,439

Long-term debt, net of current maturities
 
275,924

 
316,020

Total capitalization
 
820,308

 
834,459

Current Liabilities
 
 
 
 
Current portion of long-term debt
 
75,600

 
11,935

Short-term borrowing
 
301,226

 
294,458

Accounts payable
 
50,645

 
129,804

Customer deposits and refunds
 
29,839

 
34,155

Accrued interest
 
2,073

 
2,317

Dividends payable
 
6,644

 
6,060

Accrued compensation
 
8,699

 
13,923

Regulatory liabilities
 
10,168

 
7,883

Derivative liabilities, at fair value
 
10,994

 
14,871

Other accrued liabilities
 
16,527

 
12,828

Total current liabilities
 
512,415

 
528,234

Deferred Credits and Other Liabilities
 
 
 
 
Deferred income taxes
 
164,421

 
156,820

Regulatory liabilities
 
133,858

 
135,039

Environmental liabilities
 
6,994

 
7,638

Other pension and benefit costs
 
29,675

 
28,513

Operating lease - liabilities (refer to Note 15)
 
10,710

 

Deferred investment tax credits and other liabilities
 
2,661

 
2,968

Total deferred credits and other liabilities
 
348,319

 
330,978

Environmental and other commitments and contingencies (Notes 5 and 6)
 

 

Total Capitalization and Liabilities
 
$
1,681,042

 
$
1,693,671

The accompanying notes are an integral part of these financial statements.


- 4


Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
 
Six Months Ended
 
 
June 30,
 
 
2019
 
2018
(in thousands)
 
 
 
 
Operating Activities
 
 
 
 
Net income
 
$
36,968

 
$
33,241

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
22,684

 
19,543

Depreciation and accretion included in other costs
 
4,322

 
4,428

Deferred income taxes
 
7,746

 
7,668

Realized (gain) loss on commodity contracts/sale of assets/investments
 
(572
)
 
3,857

Unrealized gain on investments/commodity contracts
 
(1,089
)
 
(114
)
Employee benefits and compensation
 
764

 
456

Share-based compensation
 
1,095

 
2,247

Other, net
 

 
(23
)
Changes in assets and liabilities:
 
 
 
 
Accounts receivable and accrued revenue
 
51,362

 
32,230

Propane inventory, storage gas and other inventory
 
6,458

 
9,844

Regulatory assets/liabilities, net
 
(1,610
)
 
11,035

Prepaid expenses and other current assets
 
9,660

 
11,523

Accounts payable and other accrued liabilities
 
(56,902
)
 
(26,152
)
Income taxes receivable
 
4,316

 
8,358

Customer deposits and refunds
 
(4,316
)
 
(2,733
)
Accrued compensation
 
(5,365
)
 
(5,196
)
Other assets and liabilities, net
 
(946
)
 
(1,860
)
Net cash provided by operating activities
 
74,575

 
108,352

Investing Activities
 
 
 
 
Property, plant and equipment expenditures
 
(90,443
)
 
(126,811
)
Proceeds from sales of assets
 
207

 
323

Environmental expenditures
 
(644
)
 
(173
)
Net cash used in investing activities
 
(90,880
)
 
(126,661
)
Financing Activities
 
 
 
 
Common stock dividends
 
(11,759
)
 
(10,301
)
Issuance of stock under the Dividend Reinvestment Plan
 
(368
)
 
(328
)
Tax withholding payments related to net settled stock compensation
 
(692
)
 
(1,210
)
Change in cash overdrafts due to outstanding checks
 
548

 
632

Net borrowings (repayments) under line of credit agreements
 
6,220

 
(16,313
)
Proceeds from long-term debt
 
29,956

 
74,916

Repayment of long-term debt, long-term borrowing under the Revolver and capital lease obligation
 
(6,435
)
 
(30,189
)
Net cash provided by financing activities
 
17,470

 
17,207

Net Increase (Decrease) in Cash and Cash Equivalents
 
1,165

 
(1,102
)
Cash and Cash Equivalents—Beginning of Period
 
6,089

 
5,614

Cash and Cash Equivalents—End of Period
 
$
7,254

 
$
4,512

The accompanying notes are an integral part of these financial statements.

- 5


Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
 
 
Common Stock (1)
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except shares and per share data)
Number  of
Shares(2)
 
Par
Value
 
Additional  Paid-In
Capital
 
Retained
Earnings
 
Accumulated  Other Comprehensive
Loss
 
Deferred
Compensation
 
Treasury
Stock
 
Total
Balance at December 31, 2017
16,344,442

 
$
7,955

 
$
253,470

 
$
229,141

 
$
(4,272
)
 
$
3,395

 
$
(3,395
)
 
$
486,294

Net income

 

 

 
26,854

 

 

 

 
26,854

Cumulative effect of the adoption of ASU 2014-09

 

 

 
(1,498
)
 

 

 

 
(1,498
)
Reclassification upon the adoption of ASU 2018-02

 

 

 
907

 
(907
)
 

 

 

Other comprehensive loss

 

 

 

 
(1,694
)
 

 

 
(1,694
)
Dividend declared ($0.3250 per share)

 

 

 
(5,380
)
 

 

 

 
(5,380
)
Dividend reinvestment plan

 

 
(1
)
 

 

 

 

 
(1
)
Share-based compensation and tax benefit (3)(4)
19,350

 
9

 
657

 

 

 

 

 
666

Treasury stock activities

 

 

 

 

 
178

 
(178
)
 

Balance at March 31, 2018
16,363,792

 
7,964

 
254,126

 
250,024

 
(6,873
)
 
3,573

 
(3,573
)
 
505,241

Net income

 

 

 
6,387

 

 

 

 
6,387

Other comprehensive income

 

 

 

 
1,155

 

 

 
1,155

Dividend declared ($0.3700 per share)

 

 

 
(6,034
)
 

 

 

 
(6,034
)
Dividend reinvestment plan

 

 
(1
)
 

 

 

 

 
(1
)
Share-based compensation and tax benefit (3)(4)
14,753

 
7

 
1,231

 

 

 

 

 
1,238

Treasury stock activities

 

 

 

 

 
209

 
(209
)
 

Balance at June 30, 2018
16,378,545

 
$
7,971

 
$
255,356

 
$
250,377

 
$
(5,718
)
 
$
3,782

 
$
(3,782
)
 
$
507,986