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Avangrid, Inc. (AGR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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  • 10-K Annual Report February 2022
  • 10-K Annual Report March 2021
    10-K Annual Report March 2020
    10-K Annual Report March 2020
    10-K Annual Report March 2019
    10-K Annual Report March 2018
    10-K Annual Report March 2017
    10-K Annual Report April 2016

Avangrid, Inc.

CIK: 1634997 Ticker: AGR

Exhibit 99.1

 

LOGO

For Immediate Release

Contacts:

Analysts: Patricia Cosgel, Patricia.Cosgel@Avangrid.com, 203-499-2624

Media: Zsoka McDonald, Zsoka.McDonald@Avangrid.com, 203-997-6892

AVANGRID REPORTS STRONG 2021 FINANCIAL RESULTS

 

   

U.S. GAAP Net Income and Non-U.S. GAAP Adjusted Net Income increased 22% and 25% in 2021, respectively, compared to 2020

   

Invested $3.3B across Networks & Renewables businesses, growing rate base and installed capacity

   

Delivered strong operating performance and improved customer service in Networks, reducing customers impacted by outages by 22%

   

Restructured offshore lease partnership generating ~$175 million earnings contribution for 2022; company now owns 4.9 GW of offshore wind potential on the eastern seaboard

   

Continuing construction on the first U.S. commercial-scale offshore wind project and growing the portfolio of onshore renewables

   

Providing 2022 Adjusted Earnings Outlook of $2.20-$2.38 per share

Orange, CT – February 22, 2022 - Today AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, reported consolidated U.S. GAAP net income of $707 million, or $1.97 per share, compared to $581 million, or $1.88 per share, for the full year 2020. For the fourth quarter ended December 31, 2021, consolidated net income was $164 million, or $0.42 per share, compared to $166 million, or $0.54 per share, for the fourth quarter ended December 31, 2020. Results for the fourth quarter ended December 2020 included $0.22 per share from the implementation of rate plans in New York, which included a make-whole adjustment retroactive to April 2020. Weighted average shares outstanding for the fourth quarter and the full year 2021 were 387.2 million and 358.1 million shares respectively, compared to 309.5 million shares in both periods in 2020.

On a non-U.S. GAAP adjusted basis, consolidated net income for the full year 2021 was $780 million, or $2.18 per share, compared to $625 million, or $2.02 per share, for the full year 2020. For the fourth quarter 2021, non-U.S. GAAP adjusted net income was $171 million, or $0.44 per share, compared to $191 million, or $0.62 per share, for the fourth quarter 2020.

“Our excellent performance in 2021 is the result of our focus on execution, continuous improvement in our operations and our commitment to excellent customer service,” said Dennis V. Arriola, chief executive officer of AVANGRID. “We successfully executed our rate plans, remained focused on improving customer service, and increased energetic availability in our Renewables fleet. We are positioned to continue growing investments in our strong utility foundation and increasing capacity in renewables. As a result, we are providing 2022 earnings guidance of $850-$920 million or $2.20-$2.38 per share.”

 

1


The following information was filed by Avangrid, Inc. (AGR) on Tuesday, February 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Avangrid, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Additional Information (Details)
Asset Retirement Obligations - Reconciliation Of Aro (Details)
Background And Nature Of Operations
Background And Nature Of Operations (Details)
Basis Of Presentation
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Additional Information (Details)
Commitments And Contingent Liabilities - Schedule Of Forward Purchases And Sales Commitments Under Power, Gas, And Other Arrangements (Details)
Condensed Financial Information Of Parent
Condensed Financial Information Of Parent - Balance Sheets (Details)
Condensed Financial Information Of Parent - Basis Of Presentation (Details)
Condensed Financial Information Of Parent - Cash Dividends Paid By Subsidiaries - Additional Information (Details)
Condensed Financial Information Of Parent - Cash Dividends Paid By Subsidiaries - Summary (Details)
Condensed Financial Information Of Parent - Common Stock (Details)
Condensed Financial Information Of Parent - Long-Term Debt (Details)
Condensed Financial Information Of Parent - Statement Of Cash Flows (Details)
Condensed Financial Information Of Parent - Statement Of Income (Details)
Condensed Financial Information Of Parent - Statements Of Comprehensive Income (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Other 2021 Long-Term Debt Issuances (Details)
Debt - Schedule Of Long-Term Debt (Details)
Debt - Schedule Of Long-Term Debt Maturities (Details)
Derivative Instruments And Hedging
Derivative Instruments And Hedging (Tables)
Derivative Instruments And Hedging - Additional Information (Details)
Derivative Instruments And Hedging - Effect Of Derivatives In Cash Flow Hedging (Details)
Derivative Instruments And Hedging - Effect Of Trading And Non Trading Derivatives (Details)
Derivative Instruments And Hedging - Fair Value Of Derivative Contract (Details)
Derivative Instruments And Hedging - Net Notional Volume (Details)
Derivative Instruments And Hedging - Offsetting Of Derivatives, Locations In Consolidated Balance Sheet And Amounts Of Derivatives (Details)
Derivative Instruments And Hedging - Schedule Of Fair Value Hedge (Details)
Derivative Instruments And Hedging - Summary Of Unrealized Gains And Losses From Fair Value Adjustments (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Environmental Liabilities
Environmental Liabilities (Details)
Equity
Equity (Tables)
Equity - Accumulated Other Comprehensive Income (Loss) (Details)
Equity - Additional Information (Details)
Equity Method Investments
Equity Method Investments (Details)
Fair Value Of Financial Instruments And Fair Value Measurements
Fair Value Of Financial Instruments And Fair Value Measurements (Tables)
Fair Value Of Financial Instruments And Fair Value Measurements - Additional Information (Details)
Fair Value Of Financial Instruments And Fair Value Measurements - Fair Value Of Assets And Liabilities (Details)
Fair Value Of Financial Instruments And Fair Value Measurements - Reconciliation Of Changes In Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments And Fair Value Measurements - Schedule Of Fair Value Measurement (Details)
Fair Value Of Financial Instruments And Fair Value Measurements - Valuation Of Instruments (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill By Reportable Segment (Details)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Details)
Grants, Government Incentives And Deferred Income
Grants, Government Incentives And Deferred Income (Details)
Grants, Government Incentives And Deferred Income (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Current And Deferred Taxes Charged To (Benefit) Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Differences Between Tax Expense Per Statements Of Income And Tax Expense At Statutory Federal Tax Rate (Details)
Income Taxes - Schedule Of Reconciliation Of Unrecognized Income Tax Benefits (Details)
Industry Regulation
Industry Regulation (Tables)
Industry Regulation - Additional Information (Details)
Industry Regulation - Rate Increases (Details)
Industry Regulation - Rate Increases And Delivery Rate Percentages (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Maturities (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet (Details)
Leases - Supplemental Cash Flow (Details)
Other Financial Statements Items
Other Financial Statements Items (Tables)
Other Financial Statements Items - Additional Information (Details)
Other Financial Statements Items - Schedule Of Accounts Receivable (Details)
Other Financial Statements Items - Schedule Of Change In Allowance For Bad Debts (Details)
Other Financial Statements Items - Schedule Of Other Current Liabilities (Details)
Other Financial Statements Items - Schedule Of Other Income And (Expense) (Details)
Other Financial Statements Items - Schedule Of Prepayments And Other Current Assets (Details)
Post-Retirement And Similar Obligations
Post-Retirement And Similar Obligations (Tables)
Post-Retirement And Similar Obligations - Additional Information (Details)
Post-Retirement And Similar Obligations - Estimated Future Benefit Payments (Details)
Post-Retirement And Similar Obligations - Fair Values Of Pension Plan Assets By Asset Category (Details)
Post-Retirement And Similar Obligations - Obligations And Funded Status (Details)
Post-Retirement And Similar Obligations - Schedule Of Aggregate Pbo And Abo And Fair Value Of Plan Assets For Underfunded Plans (Details)
Post-Retirement And Similar Obligations - Schedule Of Assumed Health Care Cost Trend Rates Used To Determine Benefit Obligations (Details)
Post-Retirement And Similar Obligations - Schedule Of Net Periodic Benefit Cost And Other Changes In Plan Assets And Benefit Obligations Recognized (Details)
Post-Retirement And Similar Obligations - Schedule Of Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (Details)
Post-Retirement And Similar Obligations - Summary Of Amounts Recognized In Other Comprehensive Income (Details)
Post-Retirement And Similar Obligations - Summary Of Liabilities Amount Recognized (Details)
Post-Retirement And Similar Obligations - Summary Of Recognized As Regulatory Assets Or Regulatory Liabilities (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Details)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Details)
Regulatory Assets And Liabilities
Regulatory Assets And Liabilities (Tables)
Regulatory Assets And Liabilities - Regulatory Assets Narrative (Details)
Regulatory Assets And Liabilities - Regulatory Liabilities Narrative (Details)
Regulatory Assets And Liabilities - Schedule Of Regulatory Assets (Details)
Regulatory Assets And Liabilities - Schedule Of Regulatory Liabilities (Details)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Details)
Related Party Transactions - Schedule Of Related Party Balances (Details)
Related Party Transactions - Schedule Of Related Party Transactions (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Schedule Of Aggregate Transaction Price Allocated To Unsatisfied Performance Obligations And Expected Time To Recognize Revenue (Details)
Revenue - Schedule Of Revenues Disaggregated By Major Source For Reportable Segments (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - By Segment (Details)
Segment Information - Reconciliation Of Consolidated Ebitda To Consolidated Net Income (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Summary Of Nonvested Psus And Rsus (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies, New Accounting Pronouncements And Use Of Estimates
Summary Of Significant Accounting Policies, New Accounting Pronouncements And Use Of Estimates (Policies)
Summary Of Significant Accounting Policies, New Accounting Pronouncements And Use Of Estimates (Tables)
Summary Of Significant Accounting Policies, New Accounting Pronouncements And Use Of Estimates - Additional Information (Details)
Summary Of Significant Accounting Policies, New Accounting Pronouncements And Use Of Estimates - Property, Plant And Equipment (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: AGR
CIK: 1634997
Form Type: 10-K Annual Report
Accession Number: 0001634997-22-000013
Submitted to the SEC: Wed Feb 23 2022 4:06:06 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Electric Services

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