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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 March 31, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  i
Commission File No. 001-37660
Avangrid, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York14-1798693
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
180 Marsh Hill Road
Orange,Connecticut06477
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (207) 629-1190
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, par value $0.01 per shareAGRNew York Stock Exchange
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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller 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  
As of April 30, 2021, the registrant had 309,369,894 shares of common stock, par value $0.01, outstanding.



Avangrid, Inc.
REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2021
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


GLOSSARY OF TERMS AND ABBREVIATIONS
Unless the context indicates otherwise, the terms “we,” “our” and the “Company” are used to refer to Avangrid, Inc. and its subsidiaries.
2020 Joint ProposalJoint proposal of NYSEG and RG&E and certain other signatory parties approved by the NYPSC on November 19, 2020, for a three-year rate plan for electric and gas service commencing December 1, 2020.
AOCI Accumulated other comprehensive income
ARHI Avangrid Renewables Holdings, Inc.
ARP Alternative Revenue Programs
ASC Accounting Standards Codification
AVANGRID Avangrid, Inc.
BGC The Berkshire Gas Company
CfDs Contracts for Differences
CFIUSCommittee on Foreign Investment in the United States
CL&P The Connecticut Light and Power Company
CMP Central Maine Power Company
CNG Connecticut Natural Gas Corporation
DEEP Connecticut Department of Energy and Environmental Protection
DIMP Distribution Integrity Management Program
DPA Deferred Payment Arrangements
DPUMassachusetts Department of Public Utilities
EBITDA Earnings before interest, taxes, depreciation and amortization
ESM Earnings sharing mechanism
Evergreen Power Evergreen Power, LLC
English StationThe former generation site on the Mill River in New Haven, Connecticut
Exchange Act The Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
FCCFederal Communications Commission
FERC Federal Energy Regulatory Commission
FirstEnergy FirstEnergy Corp.
Form 10-K
Avangrid, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 1, 2021.
HLBV Hypothetical Liquidation at Book Value
IberdrolaIberdrola, S.A., which owns 81.5% of the outstanding shares of Avangrid, Inc.
Iberdrola GroupThe group of companies controlled by Iberdrola, S.A.
Installed capacityThe production capacity of a power plant or wind farm based either on its rated (nameplate) capacity or actual capacity.
ISO Independent system operator
Klamath PlantKlamath gas-fired cogeneration facility located in the city of Klamath, Oregon.
KWKilowatts
LIBOR The London Interbank Offered Rate
Merger
The merger of PNMR with and into Merger Sub on the terms and subject to the conditions set forth in the Merger Agreement, with PNMR continuing as the surviving corporation and as a wholly-owned subsidiary of AVANGRID.
Merger Agreement
Agreement and Plan of Merger, dated as of October 20, 2020, among AVANGRID, PNMR and Merger Sub.
Merger Sub
NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID.
MNG Maine Natural Gas Corporation
MPUC Maine Public Utility Commission
MtM Mark-to-market
MW Megawatts
MWh Megawatt-hours
Networks Avangrid Networks, Inc.
New York TransCo New York TransCo, LLC.
NMPRCNew Mexico Public Regulation Commission
Non-GAAPFinancial measures that are not prepared in accordance with U.S. GAAP, including adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA with tax credits.
NRCNuclear Regulatory Commission
NYPSC New York State Public Service Commission
NYSEG New York State Electric & Gas Corporation
NYSERDA New York State Energy Research and Development Authority
OCI Other comprehensive income
PJM PJM Interconnection, L.L.C.
PNMRPNM Resources, Inc.
PUCTPublic Utility Commission of Texas
PURA Connecticut Public Utilities Regulatory Authority
Renewables Avangrid Renewables, LLC
RDM Revenue Decoupling Mechanism
RG&E Rochester Gas and Electric Corporation
ROE Return on equity
SCG The Southern Connecticut Gas Company
SEC United States Securities and Exchange Commission
Tax Act Tax Cuts and Jobs Act of 2017 enacted by the U.S. federal government on December 22, 2017
TEF Tax equity financing arrangements
UI The United Illuminating Company
UIL UIL Holdings Corporation
U.S. GAAP Generally accepted accounting principles for financial reporting in the United States.
VIEs Variable interest entities
3


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(unaudited)
 
Three Months Ended March 31,
 20212020
(Millions, except for number of shares and per share data)  
Operating Revenues$1,966 $1,789 
Operating Expenses
Purchased power, natural gas and fuel used501 475 
Operations and maintenance642 570 
Depreciation and amortization247 251 
Taxes other than income taxes170 166 
Total Operating Expenses1,560 1,462 
Operating Income406 327 
Other Income and (Expense)  
Other income (expense)1 (3)
Earnings (losses) from equity method investments1 (6)
Interest expense, net of capitalization(73)(76)
Income Before Income Tax335 242 
Income tax expense14 12 
Net Income321 230 
Net loss attributable to noncontrolling interests13 10 
Net Income Attributable to Avangrid, Inc.$334 $240 
Earnings Per Common Share, Basic$1.08 $0.78 
Earnings Per Common Share, Diluted$1.08 $0.78 
Weighted-average Number of Common Shares Outstanding:
  
Basic309,495,250 309,491,082 
Diluted309,736,266 309,623,573 
The accompanying notes are an integral part of our condensed consolidated financial statements.
4


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three Months Ended March 31,
 20212020
(Millions)  
Net Income$321 $230 
Other Comprehensive Income (Loss)
Unrealized loss during the period on derivatives qualifying as cash flow hedges, net of income tax of $(5) and $(8), respectively
(27)(23)
Reclassification to net income of loss on cash flow hedges, net of income taxes $(1) and $0, respectively
1 2 
Other Comprehensive Income (Loss)(26)(21)
Comprehensive Income295 209 
Net loss attributable to noncontrolling interests13 10 
Comprehensive Income Attributable to Avangrid, Inc.$308 $219 
The accompanying notes are an integral part of our condensed consolidated financial statements.
5


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
 March 31,December 31,
As of20212020
(Millions)  
Assets  
Current Assets  
Cash and cash equivalents$813 $1,463 
Accounts receivable and unbilled revenues, net1,283 1,187 
Accounts receivable from affiliates15 12 
Derivative assets23 18 
Fuel and gas in storage83 93 
Materials and supplies171 169 
Prepayments and other current assets534 525 
Regulatory assets317 310 
Total Current Assets3,239 3,777 
Total Property, Plant and Equipment ($1,637 related to VIEs)
27,168 26,751 
Operating lease right-of-use assets177 153 
Equity method investments695 668 
Other investments61 68 
Regulatory assets2,583 2,572 
Other Assets
Goodwill3,119 3,119 
Intangible assets302 305 
Derivative assets74 79 
Other350 331 
Total Other Assets3,845 3,834 
Total Assets$37,768 $37,823 
The accompanying notes are an integral part of our condensed consolidated financial statements.
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Avangrid, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 March 31,December 31,
As of20212020
(Millions, except share information)  
Liabilities  
Current Liabilities  
Current portion of debt$387 $313 
Notes payable 307 
Notes payable to affiliates8  
Interest accrued81 70 
Accounts payable and accrued liabilities1,416 1,453 
Accounts payable to affiliates16 50 
Dividends payable136 136 
Taxes accrued60 73 
Operating lease liabilities16 8 
Derivative liabilities32 17 
Other current liabilities348 368 
Regulatory liabilities292 274 
Total Current Liabilities2,792 3,069 
Regulatory liabilities3,150 3,137 
Other Non-current Liabilities
Deferred income taxes1,924 1,919 
Deferred income1,181 1,204 
Pension and other postretirement979 1,007 
Operating lease liabilities172 154 
Derivative liabilities85 79 
Asset retirement obligations217 210 
Environmental remediation costs284 292 
Other591 448 
Total Other Non-current Liabilities5,433 5,313 
Non-current debt7,401 7,478 
Non-current debt to affiliate3,000 3,000 
Total Non-current Liabilities18,984 18,928 
Total Liabilities21,776 21,997 
Commitments and Contingencies
Equity  
Stockholders’ Equity:  
Common stock, $.01 par value, 500,000,000 shares authorized, 309,848,228 and 309,794,917 shares issued; 309,369,894 and 309,077,300 shares outstanding, respectively
3 3 
Additional paid in capital13,667 13,665 
Treasury stock(16)(14)
Retained earnings1,864 1,666 
Accumulated other comprehensive loss(137)(111)
Total Stockholders’ Equity15,381 15,209 
Non-controlling interests611 617 
Total Equity15,992 15,826 
Total Liabilities and Equity$37,768 $37,823 
The accompanying notes are an integral part of our condensed consolidated financial statements.
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Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended March 31,
 20212020
(Millions)
Cash Flow from Operating Activities:
Net income$321 $230 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization247 251 
Regulatory assets/liabilities amortization and carrying cost21 18 
Pension cost17 20 
(Earnings) losses from equity method investments(1)6 
Distributions of earnings received from equity method investments4 3 
Unrealized loss (gain) on marked-to-market derivative contracts53 (18)
Deferred taxes(13)10 
Other non-cash items(5)1 
Changes in operating assets and liabilities:
Current assets(169)(16)
Noncurrent assets(93)(55)
Current liabilities39 (117)
Noncurrent liabilities4 (26)
Net Cash Provided by Operating Activities425 307 
Cash Flow from Investing Activities:
Capital expenditures(623)(742)
Contributions in aid of construction9 7 
Proceeds from sale of assets8 6 
Proceeds from notes receivable from affiliates5 2 
Distributions received from equity method investments1 1 
Other investments and equity method investments, net(39)(23)
Net Cash Used in Investing Activities(639)(749)
Cash Flow from Financing Activities:
Repayments of non-current debt(2)(3)
(Repayments) receipts of other short-term debt, net(301)187 
Repayments of financing leases(1)(1)
Repurchase of common stock(2) 
Issuance of common stock(1) 
Distributions to noncontrolling interests(3)(1)
Contributions from noncontrolling interests10 244 
Dividends paid(136)(136)
Net Cash (Used in) Provided by Financing Activities(436)290 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(650)(152)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period1,467 184 
Cash, Cash Equivalents and Restricted Cash, End of Period$817 $32 
Supplemental Cash Flow Information
Cash paid for interest, net of amounts capitalized$51 $70 
Cash paid for income taxes$4 $2 
The accompanying notes are an integral part of our condensed consolidated financial statements.
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Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity
(unaudited)

Avangrid, Inc. Stockholders
(Millions, except for number of shares )Number of shares (*)Common StockAdditional paid-in capitalTreasury StockRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNoncontrolling InterestsTotal
As of December 31, 2019309,005,272 $3 $13,660 $(12)$1,634 $(95)$15,190 $349 $15,539 
Adoption of accounting standards— — — — (1)— (1)— (1)
Net income (loss)— — — — 240 — 240 (10)230 
Other comprehensive loss, net of tax of $(8)
— — — — — (21)(21)— (21)
Comprehensive income209 
Dividends declared, $0.44/share
— — — — (136)— (136)— (136)
Release of common stock held in trust213 — — — — — — — — 
Stock-based compensation— — 7 — — — 7 — 7 
Distributions to noncontrolling interests— — — — — — — (1)(1)
Contributions from noncontrolling interests— — — — — — — 244 244 
As of March 31, 2020309,005,485 $3 $13,667 $(12)$1,737 $(116)$15,279 $582 $15,861 
As of December 31, 2020309,077,300 $3 $13,665 $(14)$1,666 $(111)$15,209 $617 $15,826 
Net income (loss)— — — — 334 — 334 (13)321 
Other comprehensive loss, net of tax of $(6)
— — — — — (26)(26)— (26)
Comprehensive income295 
Dividends declared, $0.44/share
— — — — (136)— (136)— (136)
Release of common stock held in trust292,594 — — — — — — — — 
Issuance of common stock53,311 — (1)— — — (1)— (1)
Repurchase of common stock(53,311)— — (2)— — (2)— (2)
Stock-based compensation— — 3 — — — 3 — 3 
Distributions to noncontrolling interests— — — — — — — (3)(3)
Contributions from noncontrolling interests— — — — — — — 10 10 
As of March 31, 2021309,369,894 $3 $13,667 $(16)$1,864 $(137)$15,381 $611 $15,992 
(*) Par value of share amounts is $0.01
The accompanying notes are an integral part of our condensed consolidated financial statements.
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Avangrid, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
Note 1. Background and Nature of Operations
Avangrid, Inc. (AVANGRID, we or the Company), is an energy services holding company engaged in the regulated energy transmission and distribution business through its principal subsidiary, Avangrid Networks, Inc. (Networks), and in the renewable energy generation business through its principal subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables). Iberdrola, S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain, owns 81.5% of the outstanding common stock of AVANGRID. The remaining outstanding shares are publicly traded on the New York Stock Exchange and owned by various shareholders. 
Proposed Merger with PNMR
On October 20, 2020, AVANGRID, PNM Resources, Inc., a New Mexico corporation (PNMR) and NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID (Merger Sub), entered into an Agreement and Plan of Merger (Merger Agreement), pursuant to which Merger Sub is expected to merge with and into PNMR, with PNMR surviving the Merger as a direct wholly-owned subsidiary of AVANGRID (Merger). Pursuant to the Merger Agreement, each issued and outstanding share of the common stock of PNMR (PNMR common stock) (other than (i) the issued shares of PNMR common stock that are owned by AVANGRID, Merger Sub, PNMR or any wholly-owned subsidiary of AVANGRID or PNMR, which will be automatically cancelled at the time the Merger is consummated and (ii) shares of PNMR common stock held by a holder who has not voted in favor of, or consented in writing to, the Merger who is entitled to, and who has demanded, payment for fair value of such shares) will be converted, at the time the Merger is consummated, into the right to receive $50.30 in cash (Merger Consideration).
Consummation of the Merger (Closing) is subject to the satisfaction or waiver of certain customary closing conditions, including, without limitation, the approval of the Merger Agreement by the holders of at least a majority of the outstanding shares of PNMR common stock entitled to vote thereon, the absence of any material adverse effect on PNMR, the receipt of certain required regulatory approvals (including approvals from the Public Utility Commission of Texas (PUCT), the New Mexico Public Regulation Commission (NMPRC), the Federal Energy Regulatory Commission (FERC), the Federal Communications Commission (FCC), the Committee on Foreign Investment in the United States (CFIUS), the Nuclear Regulatory Commission (NRC) and approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), the Four Corners Divestiture Agreements (as defined below) being in full force and effect and all applicable regulatory filings associated therewith being made, as well as holders of no more than 15% of the outstanding shares of PNMR common stock validly exercising their dissenters’ rights. On February 12, 2021, the shareholders of PNMR approved the proposed Merger. During the period ended March 31, 2021, the Merger obtained regulatory approval under the the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and approvals from the CFIUS and the FCC. During April 2021, the Merger received approval from the FERC. The Merger is currently expected to close in the second half of 2021.
The Merger Agreement also contains representations, warranties and covenants of PNMR, AVANGRID and Merger Sub, which are customary for transactions of this type. In addition, among other things, the Merger Agreement contains a covenant requiring PNMR to, prior to the Closing, enter into agreements (Four Corners Divestiture Agreements) providing for, and to make filings required to, exit from all ownership interests in the Four Corners Power Plant, all with the objective of having the closing date for such exit be no later than December 31, 2024.
In connection with the Merger, Iberdrola has provided AVANGRID a commitment letter (Iberdrola Funding Commitment Letter), pursuant to which Iberdrola has unilaterally agreed to provide to AVANGRID, or arrange the provision to AVANGRID of, funds to the extent necessary for AVANGRID to consummate the Merger, including the payment of the aggregate Merger Consideration. To the extent AVANGRID wishes to effect a funding transaction under the Iberdrola Funding Commitment Letter in order to pay the Merger Consideration, the specific terms of any such transaction will be negotiated between Iberdrola and AVANGRID on an arm’s length basis and must be approved by both (i) a majority of the members of the unaffiliated committee of the board of directors of AVANGRID, and (ii) a majority of the board of directors of AVANGRID. Under the terms of such commitment letter, Iberdrola has agreed to negotiate with AVANGRID the specific terms of any transaction effecting such funding commitment promptly and in good faith, with the objective that such terms shall be commercially reasonable and approved by AVANGRID. AVANGRID’s and Merger Sub’s obligations under the Merger Agreement are not conditioned upon AVANGRID obtaining financing.
On April 15, 2021, AVANGRID entered into a side letter agreement with Iberdrola, which sets forth certain terms and conditions relating to the funding commitment letter (the Side Letter Agreement). The Side Letter Agreement provides that any drawing in the form of indebtedness made by the Corporation pursuant to the Funding Commitment Letter shall bear interest at
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an interest rate equal to 3-month LIBOR plus 0.75% per annum calculated on the basis 360-day year for the actual number of days elapsed and, commencing on the date of the Funding Commitment Letter, we shall pay Iberdrola a facility fee equal to 0.12% per annum on the undrawn portion of the funding commitment set forth in the Funding Commitment Letter.
The Merger Agreement provides for certain customary termination rights including the right of either party to terminate the Merger Agreement if the Merger is not completed on or before January 20, 2022 (subject to a three-month extension by either party if all of the conditions to the closing, other than the conditions related to obtaining regulatory approvals, have been satisfied or waived). The Merger Agreement further provides that, upon termination of the Merger Agreement under certain specified circumstances (including if AVANGRID terminates the Merger Agreement due to a change in recommendation of the board of directors of PNMR or if PNMR terminates the Merger Agreement to accept a superior proposal (as defined in the Merger Agreement)), PNMR will be required to pay AVANGRID a termination fee of $130 million. In addition, the Merger Agreement provides that (i) if the Merger Agreement is terminated by either party due to a failure of a regulatory closing condition and such failure is the result of AVANGRID’s breach of its regulatory covenants, or (ii) AVANGRID fails to effect the Closing when all closing conditions have been satisfied and it is otherwise obligated to do so under the Merger Agreement, then, in either such case, upon termination of the Merger Agreement, AVANGRID will be required to pay PNMR a termination fee of $184 million as the sole and exclusive remedy. Upon the termination of the Merger Agreement under certain specified circumstances involving a breach of the Merger Agreement, either PNMR or AVANGRID will be required to reimburse the other party’s reasonable and documented out-of-pocket fees and expenses up to $10 million (which amount will be credited toward, and offset against, the payment of any applicable termination fee).
Note 2. Basis of Presentation
The accompanying condensed consolidated financial statements should be read in conjunction with the Form 10-K for the fiscal year ended December 31, 2020.
The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of AVANGRID and its consolidated subsidiaries, Networks and ARHI. All intercompany transactions and accounts have been eliminated in consolidation. The year-end balance sheet data was derived from audited financial statements. The unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the interim condensed consolidated financial statements do not include all the information and note disclosures required by U.S. GAAP for complete financial statements.
Preparation of the accompanying unaudited financial statements requires management to make estimates and assumptions that affect the amounts reported during the periods covered by the related financial statements and accompanying disclosures. We continue to utilize information reasonably available to us; however, the business and economic uncertainty resulting from the global pandemic of the novel coronavirus (COVID-19) has made such estimates and assumptions more difficult to assess and calculate. Impacted estimates include, but are not limited to, evaluations of certain long-lived assets and goodwill for impairment, expected credit losses and potential regulatory deferral or recovery of certain costs. While there have been no material impacts from COVID-19 on financial results, actual results could differ from those estimates, which could result in material impacts to our consolidated financial statements in future reporting periods.
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly our condensed consolidated financial statements for the interim periods described herein. All such adjustments are of a normal and recurring nature, except as otherwise disclosed. The results for the three months ended March 31, 2021, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2021.
Note 3. Significant Accounting Policies and New Accounting Pronouncements
The new accounting pronouncements we have adopted as of January 1, 2021, and reflected in our condensed consolidated financial statements are described below. There have been no other material changes to the significant accounting policies described in our Form 10-K for the fiscal year ended December 31, 2020, except for those described below resulting from the adoption of new authoritative accounting guidance issued by the Financial Accounting Standards Board (FASB).
Adoption of New Accounting Pronouncements
(a) Simplifying the accounting for income taxes
In December 2019, the FASB issued an accounting standards update that is intended to reduce complexity in accounting for income taxes. The amendments remove specific exceptions to the general principles in ASC 740, Income Taxes, eliminating the need for an entity to analyze whether the following apply in a given period: (1) exception to the incremental approach for intra-period tax allocation; (2) exceptions to accounting for basis differences in equity method investments when there are ownership
11


changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The amendments also improve financial statement preparers’ application of income-tax related guidance and simplify U. S. GAAP for: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. We adopted the amendments effective January 1, 2021, with no material effect to our condensed consolidated results of operations, financial position, cash flows and disclosures. We are applying the amendments on a retrospective and/or modified retrospective basis, or a prospective basis, depending on the amendment requirement.
Accounting Pronouncements Issued but Not Yet Adopted
The following are new accounting pronouncements not yet adopted, including those issued since December 31, 2020, that we have evaluated or are evaluating to determine their effect on our condensed consolidated financial statements.
(a) Facilitation of the effects of reference rate reform on financial reporting, and subsequent scope clarification
In March 2020, the FASB issued amendments and created ASC 848 to provide temporary optional guidance to entities to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments respond to concerns about structural risks of interbank offered rates, and particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR). The guidance is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform, around the end of 2021. The guidance applies to contracts that have modified terms that affect, or have the potential to affect, the amount or timing of contractual cash flows resulting from the discontinuance of the reference rate reform. The amendments are effective for all entities as of March 12, 2020, through December 31, 2022, although the FASB has indicated it will monitor developments in the marketplace and consider whether developments warrant an extension.
In January 2021, the FASB issued amendments to clarify the scope of ASC 848 and respond to questions from stakeholders about whether ASC 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is modified because of reference rate reform. The modification, commonly referred to as the “discounting transition,” may have accounting implications, raising concerns about the need to reassess previous accounting determinations related to those derivatives and about the possible hedge accounting consequences of the discounting transition. The amendments clarify that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition, capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments are effective immediately, and may be elected retrospectively to eligible modifications as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date within the interim period that includes January 7, 2021.
We expect our adoption of reference rate reform and the subsequent scope clarification will not materially affect our consolidated results of operations, financial position and cash flows.
Note 4. Revenue
We recognize revenue when we have satisfied our obligations under the terms of a contract with a customer, which generally occurs when the control of promised goods or services transfers to the customer. We measure revenue as the amount of consideration we expect to receive in exchange for providing those goods or services. Contracts with customers may include multiple performance obligations. For such contracts, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers. Certain revenues are not within the scope of ASC 606, such as revenues from leasing, derivatives, other revenues that are not from contracts with customers and other contractual rights or obligations, and we account for such revenues in accordance with the applicable accounting standards. We exclude from revenue amounts collected on behalf of third parties, including any such taxes collected from customers and remitted to governmental authorities. We do not have any significant payment terms that are material because we receive payment at or shortly after the point of sale.
The following describes the principal activities, by reportable segment, from which we generate revenue. For more detailed information about our reportable segments, refer to Note 13.
Networks Segment
Networks derives its revenue primarily from tariff-based sales of electricity and natural gas service to customers in New York, Connecticut, Maine and Massachusetts, with no defined contractual term. For such revenues, we recognize revenues in an
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amount derived from the commodities delivered to customers. Other major sources of revenue are electricity transmission and wholesale sales of electricity and natural gas.
Tariff-based sales are subject to the corresponding state regulatory authorities, which determine prices and other terms of service through the ratemaking process. The applicable tariffs are based on the cost of providing service. The utilities’ approved base rates are designed to recover their allowable operating costs, including energy costs, finance costs, and the costs of equity, the last of which reflect our capital ratio and a reasonable return on equity. They traditionally invoice their customers by applying approved base rates to usage. Maine state law prohibits the utility from providing the electricity commodity to customers. In New York, Connecticut and Massachusetts, customers have the option to obtain the electricity or natural gas commodity directly from the utility or from another supplier. For customers that receive their commodity from another supplier, the utility acts as an agent and delivers the electricity or natural gas provided by that supplier. Revenue in those cases is only for providing the service of delivery of the commodity.
Transmission revenue results from others’ use of the utility’s transmission system to transmit electricity and is subject to FERC regulation, which establishes the prices and other terms of service. Long-term wholesale sales of electricity are based on individual bilateral contracts. Short-term wholesale sales of electricity are generally on a daily basis based on market prices and are administered by the Independent System Operator-New England (ISO-NE) and the New York Independent System Operator (NYISO) or PJM Interconnection, L.L.C. (PJM), as applicable. Wholesale sales of natural gas are generally short-term based on market prices through contracts with the specific customer.
The performance obligation in all arrangements is satisfied over time because the customer simultaneously receives and consumes the benefits as Networks delivers or sells the electricity or natural gas or provides the delivery or transmission service.
Certain Networks entities record revenue from Alternative Revenue Programs (ARPs), which is not ASC 606 revenue. Such programs represent contracts between the utilities and their regulators. The Networks ARPs include revenue decoupling mechanisms (RDMs), other ratemaking mechanisms, annual revenue requirement reconciliations and other demand side management programs.
Networks also has various other sources of revenue including billing, collection, other administrative charges, sundry billings, rent of utility property and miscellaneous revenue. It classifies such revenues as other ASC 606 revenues to the extent they are not related to revenue generating activities from leasing, derivatives or ARPs.
Renewables Segment
Renewables derives its revenue primarily from the sale of energy, transmission, capacity and other related charges from its renewable wind, solar and thermal energy generating sources. For such revenues, we will recognize revenues in an amount derived from the commodities delivered and from services as they are made available. Renewables has bundled power purchase agreements consisting of electric energy, transmission, capacity and/or renewable energy credits (RECs). The related contracts are generally long-term with no stated contract amount, that is, the customer is entitled to all of the unit’s output. Renewables also has unbundled sales of electric energy and capacity, RECs and natural gas, which are generally for periods of less than a year. The performance obligations in substantially all of both bundled and unbundled arrangements for electricity and natural gas are satisfied over time, for which we record revenue based on the amount invoiced to the customer for the actual energy delivered. The performance obligation for stand-alone RECs is satisfied at a point in time, for which we record revenue when the performance obligation is satisfied upon delivery of the REC.
Renewables classifies certain contracts for the sale of electricity as derivatives, in accordance with the applicable accounting standards. Renewables also has revenue from its energy trading operations, which it generally classifies as derivative revenue. However, trading contracts not classified as derivatives are within the scope of ASC 606, with the performance obligation of the delivery of energy (electricity, natural gas) and settlement of the contracts satisfied at a point in time at which time we recognize the revenue. Renewables also has other ASC 606 revenue, which we recognize based on the amount invoiced to the customer.
Other
Other, which does not represent a segment, includes miscellaneous Corporate revenues and intersegment eliminations.
Contract Costs and Contract Liabilities
We recognize an asset for incremental costs of obtaining a contract with a customer when we expect the benefit of those costs to be longer than one year. We have contract assets for costs from development success fees, which we paid during the solar asset development period in 2018, and will amortize ratably into expense over the 15-year life of the power purchase agreement
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(PPA), expected to commence in December 2021 upon commercial operation. Contract assets totaled $9 million at both March 31, 2021 and December 31, 2020, and are presented in "Other non-current assets" on our condensed consolidated balance sheets.
We have contract liabilities for revenue from transmission congestion contract (TCC) auctions, for which we receive payment at the beginning of an auction period, and amortize ratably each month into revenue over the applicable auction period. The auction periods range from six months to two years. TCC contract liabilities totaled $5 million and $9 million at March 31, 2021 and December 31, 2020, respectively, and are presented in "Other current liabilities" on our condensed consolidated balance sheets. We recognized $4 million and $5 million as revenue during the three months ended March 31, 2021 and 2020, respectively.
Revenues disaggregated by major source for our reportable segments for the three months ended March 31, 2021 and 2020 are as follows:
Three Months Ended March 31, 2021
 NetworksRenewablesOther (b)Total
(Millions)
Regulated operations – electricity
$942 $ $ $942 
Regulated operations – natural gas
564   564 
Nonregulated operations – wind
 371  371 
Nonregulated operations – solar
 4  4 
Nonregulated operations – thermal
 12  12 
Other(a)10 32  42 
Revenue from contracts with customers