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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM10-Q/A
AMENDMENT NO.1
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2021
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock - par value per share $0.4867CPKNew 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



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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 $0.486717,604,196 shares outstanding as of November 1, 2021.


EXPLANATORY NOTE

Chesapeake Utilities Corporation (“Chesapeake Utilities”) is filing this Amendment No. 1 (this “Amendment”) to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, originally filed with the Securities and Exchange Commission (the “SEC”) on November 3, 2021 (the “Original 10-Q”). This Amendment is being filed solely for the purpose of correcting an incorrect date in the certification by the Company’s Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 filed as Exhibits 31.1, 31.2, 32.1 and 32.2 to the Original 10-Q. In accordance with the Compliance and Disclosure Interpretations published by the SEC staff, the entire periodic report for the quarter ended September 30, 2021 is included in this Amendment. Other than the corrections described above, no other statement or amount has been changed from those presented in the Original 10-Q.


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Table of Contents
 
    ITEM 1.
    ITEM 2.
    ITEM 3.
    ITEM 4.
    ITEM 1.
    ITEM 1A.
    ITEM 2.
    ITEM 3.
    ITEM 5.
    ITEM 6.



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GLOSSARY OF DEFINITIONS
Aspire Energy: Aspire Energy of Ohio, LLC, a wholly-owned subsidiary of Chesapeake Utilities
Aspire Energy Express: Aspire Energy Express, LLC, a wholly-owned subsidiary of Chesapeake Utilities
ASU: Accounting Standards Update issued by the FASB
ATM: At-the-market
CDC: U.S. Centers for Disease Control and Prevention
CDD: Cooling Degree-Day
CFG: Central Florida Gas Company
Chesapeake or Chesapeake Utilities: Chesapeake Utilities Corporation, its divisions and subsidiaries, as appropriate in the context of the disclosure
CHP: Combined Heat and Power Plant
Company: Chesapeake Utilities Corporation, its divisions and subsidiaries, as appropriate in the context of the disclosure
COVID-19: An infectious disease caused by a recently discovered coronavirus
CNG: Compressed natural gas
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
DRIP: Dividend Reinvestment and Direct Stock Purchase Plan
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 wholly-owned subsidiary of Chesapeake Utilities

Elkton Gas: Elkton Gas Company, a wholly-owned subsidiary of Chesapeake Utilities

Escambia Meter Station: A natural gas metering station owned by Peninsula Pipeline Company located in Escambia County,
Florida

ESG: Environmental, Social and Governance

FASB: Financial Accounting Standards Board
FERC: Federal Energy Regulatory Commission
FGT: Florida Gas Transmission Company
Florida OPC: The Office of Public Counsel, an agency established by the Florida legislature who advocates on behalf of Florida's utility consumers prior to actions or rule changes
FPU: Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake Utilities
GAAP: Generally Accepted Accounting Principles
GRIP: Gas Reliability Infrastructure Program


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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
LNG: Liquefied Natural Gas
Marlin Gas Services: Marlin Gas Services, LLC, a wholly-owned subsidiary of Chesapeake Utilities
MetLife: MetLife Investment Advisors, an institutional debt investment management firm, with which we have previously issued Senior Notes and which is a party to the current MetLife Shelf Agreement, as amended
MGP: Manufactured gas plant, which is a site where coal was previously used to manufacture gaseous fuel for industrial, commercial and residential use
NYL: New York Life Investors LLC, an institutional debt investment management firm, with which Chesapeake Utilities entered into a Shelf Agreement and issued Shelf Notes
Peninsula Pipeline: Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities
PESCO: Peninsula Energy Services Company, Inc., an inactive wholly-owned subsidiary of Chesapeake Utilities
Prudential: Prudential Investment Management Inc., an institutional investment management firm, with which Chesapeake Utilities entered into a previous 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
Revolver: Our $400.0 million unsecured revolving credit facility with certain lenders
RNG: Renewable natural gas
Sandpiper Energy: Sandpiper Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
SEC: 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
Uncollateralized Senior Notes: Our unsecured long-term debt issued primarily to insurance companies on various dates
U.S.: The United States of America
Western Natural Gas: Western Natural Gas Company


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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
 
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
(in thousands, except shares and per share data)  
Operating Revenues
Regulated Energy$80,396 $82,762 $282,503 $259,235 
Unregulated Energy and other 26,939 18,657 127,101 91,925 
Total Operating Revenues107,335 101,419 409,604 351,160 
Operating Expenses
Regulated Energy cost of sales15,294 16,271 72,785 67,490 
Unregulated Energy and other cost of sales12,072 5,640 55,578 30,250 
Operations34,075 34,959 109,886 105,516 
Maintenance4,267 3,717 12,568 11,695 
Gain from settlement   (130)
Depreciation and amortization15,798 18,293 46,460 42,793 
Other taxes5,716 5,133 18,039 16,028 
Total Operating Expenses87,222 84,013 315,316 273,642 
Operating Income20,113 17,406 94,288 77,518 
Other income (expense), net339 (40)2,180 2,997 
Interest charges4,975 4,584 15,134 15,452 
Income from Continuing Operations Before Income Taxes15,477 12,782 81,334 65,063 
Income Taxes on Continuing Operations2,993 3,502 20,563 16,082 
Income from Continuing Operations12,484 9,280 60,771 48,981 
Income (Loss) from Discontinued Operations, Net of Tax(9)(19)(17)165 
Net Income$12,475 $9,261 $60,754 $49,146 
Weighted Average Common Shares Outstanding:
Basic17,582,115 16,533,748 17,538,461 16,466,106 
Diluted17,659,643 16,592,842 17,610,158 16,523,200 
Basic Earnings Per Share of Common Stock:
Earnings from Continuing Operations $0.71 $0.56 $3.46 $2.97 
Earnings from Discontinued Operations   0.01 
Basic Earnings Per Share of Common Stock$0.71 $0.56 $3.46 $2.98 
Diluted Earnings Per Share of Common Stock:
Earnings from Continuing Operations $0.71 $0.56 $3.45 $2.96 
Earnings from Discontinued Operations   0.01 
Diluted Earnings Per Share of Common Stock$0.71 $0.56 $3.45 $2.97 
    
The accompanying notes are an integral part of these financial statements.



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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
(in thousands)  
Net Income$12,475 $9,261 $60,754 $49,146 
Other Comprehensive Income (Loss), net of tax:
Employee Benefits, net of tax:
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively(14)(14)(42)(42)
Net gain, net of tax of $28, $28, $83 and $83, respectively78 80 234 240 
Cash Flow Hedges, net of tax:
Unrealized gain on commodity contract cash flow hedges, net of tax of $688, $282, $1,945 and $935, respectively1,803 740 5,094 2,450 
Unrealized gain/(loss) on interest rate swap cash flow hedges, net of tax of $5, $10, $6 and $(4), respectively14 27 18 (10)
Total Other Comprehensive Income, net of tax1,881 833 5,304 2,638 
Comprehensive Income$14,356 $10,094 $66,058 $51,784 
The accompanying notes are an integral part of these financial statements.


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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
AssetsSeptember 30,
2021
December 31,
2020
(in thousands, except shares and per share data)  
Property, Plant and Equipment
Regulated Energy$1,688,938 $1,577,576 
Unregulated Energy324,083 300,647 
Other businesses and eliminations35,183 30,769 
Total property, plant and equipment2,048,204 1,908,992 
Less: Accumulated depreciation and amortization(405,263)(368,743)
Plus: Construction work in progress56,773 60,929 
Net property, plant and equipment1,699,714 1,601,178 
Current Assets
Cash and cash equivalents5,886 3,499 
Trade and other receivables 47,570 61,675 
Less: Allowance for credit losses(2,980)(4,785)
Trade and other receivables, net44,590 56,890 
Accrued revenue11,318 21,527 
Propane inventory, at average cost6,917 5,906 
Other inventory, at average cost6,716 5,539 
Regulatory assets12,021 10,786 
Storage gas prepayments4,663 2,455 
Income taxes receivable12,702 12,885 
Prepaid expenses15,555 13,239 
Derivative assets, at fair value12,185 3,269 
Other current assets440 436 
Total current assets132,993 136,431 
Deferred Charges and Other Assets
Goodwill38,803 38,731 
Other intangible assets, net7,298 8,292 
Investments, at fair value11,490 10,776 
Operating lease right-of-use assets 9,602 11,194 
Regulatory assets107,872 113,806 
       Receivables and other deferred charges14,056 12,079 
Total deferred charges and other assets189,121 194,878 
Total Assets$2,021,828 $1,932,487 
 
The accompanying notes are an integral part of these financial statements.

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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
Capitalization and LiabilitiesSeptember 30,
2021
December 31,
2020
(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)8,560 8,499 
Additional paid-in capital361,066 348,482 
Retained earnings378,897 342,969 
Accumulated other comprehensive income (loss)2,439 (2,865)
Deferred compensation obligation7,186 5,679 
Treasury stock(7,186)(5,679)
Total stockholders’ equity750,962 697,085 
Long-term debt, net of current maturities505,459 508,499 
Total capitalization1,256,421 1,205,584 
Current Liabilities
Current portion of long-term debt16,206 13,600 
Short-term borrowing192,026 175,644 
Accounts payable53,026 60,253 
Customer deposits and refunds35,782 33,302 
Accrued interest4,783 2,905 
Dividends payable8,442 7,683 
Accrued compensation13,497 13,994 
Regulatory liabilities5,357 6,284 
Derivative liabilities, at fair value1,969 127 
Other accrued liabilities23,454 15,240 
Total current liabilities354,542 329,032 
Deferred Credits and Other Liabilities
Deferred income taxes225,448 205,388 
Regulatory liabilities143,164 142,736 
Environmental liabilities3,709 4,299 
Other pension and benefit costs28,113 30,673 
Operating lease - liabilities 8,380 9,872 
Deferred investment tax credits and other liabilities2,051 4,903 
Total deferred credits and other liabilities410,865 397,871 
Environmental and other commitments and contingencies (Notes 6 and 7)
Total Capitalization and Liabilities$2,021,828 $1,932,487 
The accompanying notes are an integral part of these financial statements.


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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
20212020
(in thousands)  
Operating Activities
Net income$60,754 $49,146 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization46,460 42,793 
Depreciation and accretion included in other costs7,668 7,062 
Deferred income taxes18,059 22,184 
Gain on sale of discontinued operations (200)
Realized gain on commodity contracts and sale of assets(6,255)(4,876)
Unrealized (gain) loss on investments/commodity contracts(949)(432)
Employee benefits and compensation(519)32 
Share-based compensation4,620 3,654 
Changes in assets and liabilities:
Accounts receivable and accrued revenue22,439 10,255 
Propane inventory, storage gas and other inventory(4,396)2,824 
Regulatory assets/liabilities, net(6,562)(2,284)
Prepaid expenses and other current assets(6,813)1,135 
Accounts payable and other accrued liabilities18,325 (924)
Income taxes (payable) receivable183 (6,809)
Customer deposits and refunds2,480 1,572 
Accrued compensation(740)(5,506)
Other assets and liabilities, net(1,970)(3,746)
Net cash provided by operating activities152,784 115,880 
Investing Activities
Property, plant and equipment expenditures(148,213)(123,421)
Proceeds from sale of assets727 4,320 
Acquisitions, net of cash acquired (15,629)
Proceeds from the sale of discontinued operations 200 
Environmental expenditures(590)(2,021)
Net cash used in investing activities(148,076)(136,551)
Financing Activities
Common stock dividends(23,287)(20,044)
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees7,069 19,731 
Tax withholding payments related to net settled stock compensation(1,478)(977)
Change in cash overdrafts due to outstanding checks(508)(2,310)
Net advances (repayments) under line of credit agreements16,392 (29,385)
Proceeds from long-term debt, net of offering fees9,590 89,827 
Repayment of long-term debt(10,099)(40,100)
Net cash (used in) / provided by financing activities(2,321)16,742 
Net Increase (Decrease) in Cash and Cash Equivalents2,387 (3,929)
Cash and Cash Equivalents—Beginning of Period3,499 6,985 
Cash and Cash Equivalents—End of Period$5,886 $3,056 
The accompanying notes are an integral part of these financial statements.

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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
Income/(Loss)
Deferred
Compensation
Treasury
Stock
Total
Balance at June 30, 202016,463,808 $8,013 $263,272 $326,454 $(4,462)$5,659 $(5,659)$593,277 
Net income— — — 9,261 — — — 9,261 
Other comprehensive gain— — — — 833 — — 833 
Dividend declared ($0.440 per share)— — — (7,358)— — — (7,358)
Dividend reinvestment plan232,684 113 19,420 — — — — 19,533 
Share-based compensation and tax benefit (3)(4)
  1,144 — — — — 1,144 
Treasury stock activities— — — — — (25)25 — 
Balance at September 30, 202016,696,492 $8,126 $283,836 $328,357 $(3,629)$5,634 $(5,634)$616,690 
Balance at December 31, 201916,403,776 $7,984 $259,253 $300,607 $(6,267)$4,543 $(4,543)$561,577 
Net income— — — 49,146 — — — 49,146 
Other comprehensive income— — — — 2,638 — — 2,638 
Dividend declared ($1.285 per share)— — — (21,366)— — — (21,366)
Dividend reinvestment plan258,260 126 21,693 — — — — 21,819 
Share-based compensation and tax benefit (3) (4)
34,456 16 2,890 — — — — 2,906 
Treasury stock activities— —