|
Investor
Contact: |
Daniel Fidell |
609-561-9000 x7027 |
dfidell@sjindustries.com |
|
Media
Contact: |
Dominick DiRocco |
609-561-9000 x4262 |
ddirocco@sjindustries.com |
SJI Reports Fourth Quarter and 2021
Results
Earnings Conference Call Cancelled Given
Agreement to be Acquired by the Infrastructure
Investments Fund
FOLSOM, NJ (February 24, 2022) - SJI (NYSE:
SJI) today reported operating results for the fourth quarter and
full year periods ended December 31, 2021. Highlights include:
- 2021 GAAP earnings
$0.80 per diluted share compared to $1.62 per diluted share in 2020
Economic Earnings* $1.62 per diluted share compared to $1.68 per
diluted share in 2020 2020 results included $0.13 per diluted share
in non-recurring gains
- Q4 2021 GAAP earnings $0.72 per
diluted share compared to $0.69 per diluted share in 2020 Economic
Earnings $0.58 per diluted share compared to $0.62 per diluted
share in 2020
- 2021 economic earnings increased
$15.0 million or 9.2%, despite ongoing challenge of pandemic,
driven by increased profitability from core operating entities SJI
Utilities and SJI Energy Enterprises
- 2021 highlights include continued
strong customer growth and infrastructure modernization,
advancement of key regulatory initiatives and clean energy
investments, and significant balance sheet improvement
- Dividend increased to indicated
annual $1.24 per share, reflecting 23 consecutive years of rising
dividends
- Today announced definitive agreement
under which the Infrastructure Investments Fund (IIF), an
investment vehicle advised by J.P. Morgan Investment Management
Inc. will purchase SJI for $36.00 per share in cash, reflecting an
enterprise value of approximately $8.1 billion
"I'm pleased to report that 2021 results achieved the higher end
of the expectations we outlined at our Investor Day last May,
driven by solid growth across our core operating businesses," said
Michael Renna, SJI President and Chief Executive Officer. “As
energy markets across the U.S. and New Jersey accelerate the
transition toward low carbon and renewable energy, the SJI Board
determined that now is the opportune time to join forces with IIF,
a trusted partner and long-term investor in utility and renewable
energy companies. Together we will be well positioned to execute on
our clean energy and decarbonization initiatives in support of the
environmental goals of our State and region,” added Renna.
|
|
Twelve Months Ended December 31, 2021 |
|
Twelve Months Ended December 31, 2020 |
|
|
GAAP |
GAAP |
Economic |
Economic |
|
GAAP |
GAAP |
Economic |
Economic |
|
|
Earnings |
EPS |
Earnings |
EPS |
|
Earnings |
EPS |
Earnings |
EPS |
Utility |
|
$ |
178.4 |
|
$ |
1.62 |
|
$ |
170.5 |
|
$ |
1.55 |
|
|
$ |
156.1 |
|
$ |
1.61 |
|
$ |
157.3 |
|
$ |
1.62 |
|
Non-Utility |
|
$ |
(52.7 |
) |
$ |
(0.49 |
) |
$ |
44.3 |
|
$ |
0.40 |
|
|
$ |
45.9 |
|
$ |
0.47 |
|
$ |
45.9 |
|
$ |
0.47 |
|
Other |
|
$ |
(37.1 |
) |
$ |
(0.34 |
) |
$ |
(36.8 |
) |
$ |
(0.33 |
) |
|
$ |
(44.7 |
) |
$ |
(0.46 |
) |
$ |
(40.3 |
) |
$ |
(0.41 |
) |
Total - Continuing Ops |
|
$ |
88.5 |
|
$ |
0.80 |
|
$ |
178.0 |
|
$ |
1.62 |
|
|
$ |
157.3 |
|
$ |
1.62 |
|
$ |
163.0 |
|
$ |
1.68 |
|
Average Diluted
Shares |
|
|
110.1 |
|
|
|
110.1 |
|
|
|
|
97.0 |
|
|
|
97.0 |
|
*Non-GAAP, see
"Explanation and Reconciliation of Non-GAAP Financial
Measures." |
|
|
|
|
|
Note: Earnings
and average shares outstanding are in millions. Amounts and/or EPS
may not add due to rounding. |
|
|
2021 Results
For the twelve-month period ended December 31, 2021, SJI
reported consolidated GAAP earnings of $88.5 million compared to
$157.3 million in the prior year period.
SJI uses the non-GAAP measure of economic earnings when
discussing results. We believe this presentation provides clarity
into the continuing earnings of our business. A full explanation
and reconciliation of economic earnings is provided under
“Explanation and Reconciliation of Non-GAAP Financial Measures”
later in this report and in our 10-K for the year ending
December 31, 2021.
For the twelve-month period ended December 31, 2021, economic
earnings were $178.0 million compared to $163.0 million in the
prior year period.
UTILITY
SJI's utility entities include the regulated operations of South
Jersey Gas (SJG) and Elizabethtown Gas (ETG). 2021 GAAP earnings
were $178.4 million compared with $156.1 million in 2020. Economic
earnings were $170.5 million compared with $157.3 in 2020.
South Jersey Gas
Performance. 2021 GAAP earnings were $127.6
million compared to $108.1 million in 2020. Economic earnings were
$127.6 million compared to $109.3 million. Utility margin increased
$38.2 million, reflecting rate relief effective October 1, 2020,
customer growth and the roll-in of investments from infrastructure
replacement programs. SJI defines utility margin, a non-GAAP
measure, as natural gas revenues plus depreciation and amortization
expenses, less natural gas costs, regulatory rider expenses and
related volumetric and revenue-based energy taxes. Total expenses
increased $19.9 million, primarily reflecting higher depreciation
and interest expenses.
Customer Growth. SJG added approximately 6,400
new customers over the last 12 months and now serves approximately
411,000 customers. SJG’s 1.6% customer growth rate compares
favorably to the peer average and remains driven by gas conversions
from alternate fuels such as oil and propane, and new
construction.
Infrastructure Modernization. Through
infrastructure replacement programs, SJG enhances the safety and
reliability of our system while earning our authorized utility
return on approved investments in a timely manner. SJG's
Accelerated Infrastructure Replacement Program (AIRP II) authorized
investment of $302.5 million from 2016-2021 for infrastructure
replacement upgrades. Our investment of approximately $69 million
from July 2020 through September 2021 was rolled into rates on
January 1, 2022. SJG's Storm Hardening and Reliability Program
(SHARP) authorized investment of $100 million from 2018-2021 for
four projects to enhance the safety, redundancy and resiliency of
the distribution system along our coastal communities. Our
investment of approximately $23 million from July 2020 to June 2021
was rolled into rates on October 1, 2021.
IIP Proposal. SJG has filed a request with the
New Jersey Board of Public Utilities (NJBPU) for approval of an
Infrastructure Investment Program (IIP) that would accelerate
planned capital expenditures to enhance the delivery of safe,
reliable, affordable natural gas, create jobs, and support the
State’s environmental goals. Under the proposed five-year program,
SJG will invest approximately $742.5 million to replace 825 miles
of aging steel mains and install excess flow valves on new service
lines. These enhancements ensure the continued safety and
reliability of SJG's system. The procedural schedule contemplates a
resolution during Q2 2022.
Energy Efficiency. Through energy efficiency
programs, SJG advances New Jersey’s clean energy goals in a manner
that benefits customers, the environment and the State’s green
economy while recovering our investments in a timely manner. SJG's
energy efficiency program, as approved by the NJBPU in April 2021,
authorizes investment of $133.2 million from July 1, 2021 to June
30, 2024. Our investment of approximately $40 million from July
2021 to June 2022 commenced recovery in July 2021.
Redundancy. In August 2021, the NJBPU approved
SJG's engineering and route proposal to construct system upgrades
in support of a planned 2.0+ Bcf liquefied natural gas (LNG)
facility. This project is critically important to ensure service is
not interrupted to our customers in the event of a significant
outage, either behind our city gate, or on one of the two
interstate pipelines that serve the SJG system. Pre-construction
engineering and permitting of the project has commenced. We also
continue to explore alternatives that will allow for a secondary
supply of gas needed to create reliability and resiliency for
~140,000 customers in Atlantic and Cape May counties.
Elizabethtown Gas
Performance. 2021 GAAP earnings were $50.7
million compared with $47.7 million in 2020. Economic earnings were
$42.9 million compared with $47.7 million in 2020. Utility margin,
as previously defined, increased $1.6 million, reflecting customer
growth and the roll-in of investments from infrastructure
replacement programs. Total expenses increased $6.4 million,
primarily reflecting higher O&M, depreciation and interest
expenses.
Customer Growth. ETG added approximately 4,000
new customers over the last 12 months and now serves approximately
305,000 customers. ETG’s 1.3% customer growth rate has increased
from its historic 0.9% rate, driven by increases in gas conversions
from alternate fuels such as oil and propane, and new
construction.
Infrastructure Modernization. ETG's
Infrastructure Investment Plan (IIP) authorizes investment of $300
million from 2019-2024 for important infrastructure upgrades
including the replacement of up to 250 miles of cast iron and bare
steel mains. Our investment of approximately $64 million from July
2020 to June 2021 was rolled into rates on October 1, 2021.
Energy Efficiency. ETG's energy efficiency
program, as approved by the NJBPU in April 2021, authorizes
investment of $74.0 million from July 1, 2021 to June 30, 2024. Our
investment of approximately $21 million from July 2021 to June 2022
commenced recovery in July 2021.
Base Rate Case. In December 2021, ETG filed a
petition with the NJBPU requesting an increase of $76.6 million to
its base rates. An update to this petition was filed in February
2022 updating the requested base rate revenue increase to $72.9
million. The request is based on a proposed after tax return on
invested capital of 7.63%, with a capital structure that includes a
common equity component of 54.89% and a return on common equity of
10.75%. The request is predominantly driven by the significant
capital investments that ETG has made since its last base rate
proceeding that was resolved in 2019. Since that time, ETG has
invested approximately $215 million of capital investments that are
not currently reflected in rates, with an additional $175 million
of capital investment anticipated to be invested by September 30,
2022. These capital investments have been and will continue to be
made to ensure the safety, reliability and resiliency of ETG's
distribution system, allow ETG to continue to provide safe,
reliable and best in class customer service, and facilitate the
environmental goals of NJ and SJI's commitment to ensuring that it
is part of New Jersey’s clean energy future. A resolution of the
case is expected later this year.
NON-UTILITY
SJI's non-utility entities include Energy Management, Energy
Production and Midstream. 2021 GAAP earnings were $(52.7) million
compared to $45.9 million in 2020. Economic earnings were $44.3
million compared with $45.9 million in 2020.
Energy Management
Performance. Energy Management includes
Wholesale Services (Fuel Management/Marketing) and Retail Services
(Account Services/Energy Consulting). 2021 GAAP earnings were $40.1
million compared to $26.9 million in 2020. Economic earnings were
$36.9 million compared with $26.0 million in 2020.
- Wholesale Services 2021 GAAP
earnings were $37.3 million compared with $25.6 million in 2020.
Economic earnings were $33.5 million compared with $25.1 million in
2020, primarily reflecting improved asset optimization
opportunities. For comparative purposes, note that 2020 results
included a one-time $2.9 million after-tax refund from a
third-party supplier.
- Retail Services 2021 GAAP earnings
were $2.8 million compared with $1.2 million in 2020. Economic
earnings were $3.5 million compared with $0.9 million in 2020,
reflecting improved contributions from consulting activities, meter
reading and appliance service contract fees.
Energy Production
Performance. Energy Production includes
renewable (fuel cell/solar) and decarbonization (REV/RNG
development) investments. 2021 GAAP earnings were ($7.1) million
compared with $14.9 million in 2020. Economic earnings were $5.8
million compared with $15.7 million in 2020.
- Renewables 2021 GAAP earnings were
($7.5) million compared to $14.9 million in 2020, reflecting an
other-than-temporary impairment charge taken on the Company's
equity investment in Energenic. Economic earnings were $5.4 million
compared to $15.7 million in 2020, primarily reflecting income
associated with past fuel cell and solar investments and the timing
of recognition of investment tax credits (ITC) from current
investments. SJI invested $46.4 million net in renewable projects
in 2021, recognizing approximately $3.9 million in ITC. Development
of our 5.0 MW fuel cell project in Bronx, New York continues to
advance and is expected to become operational in Q2 2022.
- Decarbonization 2021 GAAP/economic
earnings were $0.4 million, reflecting contributions from SJI's 35%
equity interest in REV partially offset by new business investment.
RNG development activities at eight dairy farms is proceeding on
track, with in-service anticipated later this year.
Midstream
Performance. Midstream includes SJI's 20%
equity interest in the PennEast Pipeline. 2021 GAAP earnings were
$(85.8) million compared with $4.2 million in 2020, reflecting an
impairment charge of $87.4 million recorded during the quarterly
period ended June 30, 2021. Economic earnings were $1.6 million
compared to $4.2 million, reflecting allowance for funds used
during construction (AFUDC) related to the project. As previously
communicated, following extensive evaluation and discussion, the
PennEast partners determined that further development of the
project is no longer supported.
OTHER
Performance. Other includes interest on debt,
including debt associated with past acquisitions. 2021 GAAP
earnings were $(37.1) million compared to $(44.7) million in 2020.
Economic earnings were $(36.8) million compared to $(40.3) million
in 2020, reflecting lower outstanding debt partially offset by
higher interest and bank fees.
Fourth Quarter 2021 Results
|
|
Three Months Ended December 31, 2021 |
|
Three Months Ended December 31, 2020 |
|
|
GAAP |
GAAP |
Economic |
Economic |
|
GAAP |
GAAP |
Economic |
Economic |
|
|
Earnings |
EPS |
Earnings |
EPS |
|
Earnings |
EPS |
Earnings |
EPS |
Utility |
|
$ |
62.8 |
|
$ |
0.55 |
|
$ |
62.8 |
|
$ |
0.55 |
|
|
$ |
63.8 |
|
$ |
0.63 |
|
$ |
63.8 |
|
$ |
0.63 |
|
Non-Utility |
|
$ |
28.4 |
|
$ |
0.25 |
|
$ |
12.1 |
|
$ |
0.11 |
|
|
$ |
18.7 |
|
$ |
0.19 |
|
$ |
12.9 |
|
$ |
0.13 |
|
Other |
|
$ |
(9.1 |
) |
$ |
(0.08 |
) |
$ |
(9.0 |
) |
$ |
(0.08 |
) |
|
$ |
(13.4 |
) |
$ |
(0.13 |
) |
$ |
(13.8 |
) |
$ |
(0.14 |
) |
Total - Continuing Ops |
|
$ |
82.2 |
|
$ |
0.72 |
|
$ |
66.0 |
|
$ |
0.58 |
|
|
$ |
69.1 |
|
$ |
0.69 |
|
$ |
63.0 |
|
$ |
0.62 |
|
Average Diluted
Shares |
|
|
113.6 |
|
|
|
113.6 |
|
|
|
|
100.8 |
|
|
|
100.8 |
|
*Non-GAAP, see
"Explanation and Reconciliation of Non-GAAP Financial
Measures." |
|
|
|
|
|
Note: Earnings
and average shares outstanding are in millions. Amounts and/or EPS
may not add due to rounding. |
|
|
For the three month period ended December 31, 2021, SJI reported
consolidated GAAP earnings of $82.2 million compared to $69.1
million in the prior year period.
Economic earnings were $66.0 million compared to $63.0 million
in the prior year period.
UTILITY
Fourth quarter 2021 GAAP/economic earnings were $62.8 million
compared with $63.8 million in 2020.
- SJG. Fourth Quarter
GAAP/economic earnings were $45.4 million compared with $43.4
million in 2020. Utility margin increased $4.5 million, primarily
reflecting customer growth and the roll-in of investments from
infrastructure replacement programs. Total expenses increased $2.5
million, primarily reflecting higher depreciation and interest
expenses.
- ETG. Fourth
Quarter GAAP/economic earnings were $17.4 million compared with
$20.4 million in 2020. Utility margin decreased $2.6 million,
primarily reflecting timing associated with customer growth and the
roll-in of investments from infrastructure replacement programs.
Total expenses increased $0.4 million, primarily reflecting higher
depreciation and interest expenses.
NON-UTILITY
Fourth quarter 2021 GAAP earnings were $28.4 million compared
with $18.7 million in 2020. Economic earnings were $12.1 million
compared with $12.9 million in 2020.
- Energy Management.
Fourth quarter 2021 GAAP earnings were $40.5 million compared with
$13.2 million in 2020. Economic earnings were $11.5 million
compared with $7.2 million in 2020.
- Wholesale Services GAAP earnings
were $39.7 million compared with $12.9 million in 2020. Economic
earnings were $10.2 million compared with $6.8 million in 2020,
primarily reflecting improved asset optimization
opportunities.
- Retail Services GAAP earnings were
$0.7 million compared with $0.2 million in 2020. Economic earnings
were $1.4 million compared with $0.3 million in 2020, primarily
reflecting improved contributions from consulting activities.
- Energy Production.
Fourth quarter 2021 GAAP earnings were $(11.7) million compared
with $4.6 million in 2020. Economic earnings were $0.9 million
compared with $4.8 million in 2020.
- Renewables GAAP earnings were
($11.2) million compared with $4.6 million in 2020, reflecting an
other-than-temporary impairment charge taken on the Company's
equity investment in Energenic. Economic earnings were $1.4 million
compared with $4.8 million in 2020, reflecting income associated
with past fuel cell and solar investments and the timing of
recognition of ITC's from current investments.
- Decarbonization GAAP/economic
earnings were $(0.5) million, reflecting contributions from SJI's
35% equity interest in REV offset by initial operating costs and
new business investments.
- Midstream. Fourth
quarter 2021 GAAP/economic earnings were $(0.3) million compared
with $0.9 million in 2020, reflecting the absence of AFUDC related
to the project.
OTHER
Fourth quarter 2021 GAAP earnings were $(9.1) million compared
with $(13.4) million in 2020. Economic earnings were $(9.0) million
compared with $(13.8) million in 2020, reflecting lower outstanding
debt partially offset by higher interest and bank fees.
Capital Expenditures and Cash Flow
For the twelve months ended December 31, 2021:
- Net cash provided by operating
activities was $273.1 million compared with $311.6 million in the
prior year period, primarily reflecting rate relief at SJG,
improved wholesale marketing results and customer growth offset by
increased utility remediation costs and a third-party gas supplier
refund in 2020.
- Net cash used in investing
activities was $645.5 million compared with $507.8 million in the
prior year period, primarily reflecting $532.0 million in capital
expenditures and $58.4 million in REV, fuel cell and solar
investments.
- Net cash provided by financing
activities was $360.0 million compared with $209.6 million in the
prior year period, primarily reflecting debt and equity issuances
partially offset by debt repayment and refinancing.
Balance Sheet
- Equity-to-total capitalization was
35.8% at December 31, 2021 compared with 32.2% at December 31,
2020, largely reflecting equity financing and repayment of
debt.
- Assuming conversion of mandatory
convertible equity units and equity credit from rating agencies for
long-duration debt, SJI's adjusted equity-to-total capitalization,
a non-GAAP measure, was 43.6% at December 31, 2021 compared with
39.6% at December 31, 2020.
- At December 31, 2021, SJI had total
credit facilities of $1.0 billion, with $653.3 million of available
liquidity.
Acquisition
In a separate press release issued today, SJI announced that it
has entered into a definitive agreement to be acquired by the
Infrastructure Investments Fund, an investment vehicle advised by
J.P. Morgan Investment Management Inc. (IIF). The per
share purchase price of $36.00 represents a 46.3% premium to SJI’s
30-day volume weighted average price (VWAP) as of February 23,
2022, the last trading day prior to the announcement of the
agreement. The transaction was unanimously approved by SJI’s Board
of Directors and is expected to close in the fourth quarter of
2022, subject to the approval of SJI’s shareholders, the receipt of
regulatory approvals, including by the New Jersey Board of Public
Utilities, and other customary closing conditions. Dividends
payable to SJI shareholders are expected to continue in the
ordinary course until the closing, subject to approval by SJI’s
Board of Directors. Upon completion of the transaction, SJI’s
shares will no longer trade on the New York Stock Exchange, and SJI
will become a private company.
Conference Call Cancelled
In light of the announced transaction with IIF, SJI’s previously
planned conference call and webcast set for Thursday, February 24
at 11:00am ET to discuss 2021 financial results is cancelled. SJI
will not be providing financial guidance for full year 2022 as a
result of the pending transaction.
About SJI
SJI (NYSE: SJI), an energy infrastructure holding company based
in Folsom, NJ, delivers energy services to customers through two
primary subsidiaries: SJI Utilities (SJIU) and SJI Energy
Enterprises (SJIEE). SJIU houses the company’s regulated natural
gas utility operations, delivering safe, reliable and affordable
natural gas to more than 700,000 residential, commercial and
industrial customers across New Jersey via its South Jersey Gas and
Elizabethtown Gas subsidiaries. SJIEE houses the company’s
non-utility operations primarily focused on clean energy
development and decarbonization via renewable energy production and
energy management activities. Visit sjindustries.com for more
information about SJI and its subsidiaries.
Forward-Looking Statements and Risk Factors
This news release, including information incorporated by
reference, contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, including
statements regarding guidance, industry prospects, future results
of operations or financial position, expected sources of
incremental margin, strategy, financing needs, future capital
expenditures and the outcome or effect of ongoing litigation,
should be considered forward-looking statements made in good faith
by SJI, as applicable, and are intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. When used in this release, or any
other documents, words such as “anticipate,” “believe,” "estimate,"
“expect,” “forecast,” “goal,” “intend,” “objective,” “plan,”
“project,” “seek,” “strategy,” "target," "will" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based on the beliefs and
assumptions of management at the time that these statements were
prepared and are inherently uncertain. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These risks and uncertainties,
as well as other risks and uncertainties that could cause our
actual results to differ materially from those expressed in the
forward-looking statements, are described in greater detail under
the heading “Item 1A. Risk Factors” on Form 10-K for the year ended
December 31, 2021 and in any other SEC filings made by SJI or SJG
during 2020 and 2021 and prior to the filing of this earnings
release.
Explanation of Non-GAAP Financial
Measures
Management uses the non-GAAP financial measures of Economic
Earnings and Economic Earnings Per Share when evaluating its
results of operations. These non-GAAP financial measures should not
be considered as an alternative to GAAP measures, such as net
income, operating income, earnings per share from continuing
operations or any other GAAP measure of financial performance. We
define Economic Earnings as: Income from Continuing Operations, (i)
less the change in unrealized gains and plus the change in
unrealized losses on non-utility derivative transactions; (ii) less
income and plus losses attributable to noncontrolling interests;
and (iii) less the impact of transactions, contractual arrangements
or other events where management believes period to period
comparisons of SJI's and SJG's operations could be difficult or
potentially confusing. With respect to part (iii) of the definition
of Economic Earnings, items excluded from Economic Earnings for
2021, 2020 and 2019 are described in (A)-(G) in the table below.
Economic Earnings is a significant financial measure used by our
management to indicate the amount and timing of income from
continuing operations that we expect to earn after taking into
account the impact of the items described above. Management uses
Economic Earnings to manage its business and to determine such
items as incentive/compensation arrangements and allocation of
resources. Specifically regarding derivatives, we believe that this
financial measure indicates to investors the profitability of the
entire derivative-related transaction and not just the portion that
is subject to mark-to-market valuation under GAAP. We believe that
considering only the change in market value on the derivative side
of the transaction can produce a false sense as to the ultimate
profitability of the total transaction as no change in value is
reflected for the non-derivative portion of the transaction.
Reconciliation of Non-GAAP Financial
Measures
The following table presents a reconciliation of our income from
continuing operations and earnings per share from continuing
operations to Economic Earnings and Economic Earnings per share (in
thousands, except per share data):
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Income from Continuing
Operations |
$ |
88,514 |
|
$ |
157,297 |
|
$ |
77,189 |
|
Minus/Plus: |
|
|
|
Unrealized Mark-to-Market
(Gains) Losses on Derivatives |
|
(5,567 |
) |
|
(5,145 |
) |
|
14,546 |
|
(Income) Loss Attributable to
Noncontrolling Interests |
|
(653 |
) |
|
42 |
|
|
— |
|
Impairment of Equity Method
Investments (A) |
|
102,872 |
|
|
— |
|
|
— |
|
Loss on Property, Plant and
Equipment (B) |
|
— |
|
|
— |
|
|
10,745 |
|
Net Losses from a Legal
Proceeding in a Pricing Dispute (C) |
|
— |
|
|
— |
|
|
2,336 |
|
Acquisition/Sale Net Costs
(D) |
|
1,438 |
|
|
2,174 |
|
|
3,468 |
|
Other Costs (E) |
|
(7,855 |
) |
|
1,983 |
|
|
4,179 |
|
Income Taxes (F) |
|
(14,897 |
) |
|
527 |
|
|
(9,423 |
) |
Additional Tax Adjustments
(G) |
|
14,176 |
|
|
6,081 |
|
|
— |
|
Economic Earnings |
$ |
178,028 |
|
$ |
162,959 |
|
$ |
103,040 |
|
|
|
|
|
Earnings per Share from
Continuing Operations |
$ |
0.80 |
|
$ |
1.62 |
|
$ |
0.84 |
|
Minus/Plus: |
|
|
|
Unrealized Mark-to-Market
(Gains) Losses on Derivatives |
|
(0.05 |
) |
|
(0.05 |
) |
|
0.16 |
|
Impairment of Equity Method
Investments (A) |
|
0.93 |
|
|
— |
|
|
— |
|
Loss on Property, Plant and
Equipment (B) |
|
— |
|
|
— |
|
|
0.12 |
|
Net Losses from a Legal
Proceeding in a Pricing Dispute (C) |
|
— |
|
|
— |
|
|
0.02 |
|
Acquisition/Sale Net Costs
(D) |
|
0.01 |
|
|
0.02 |
|
|
0.04 |
|
Other Costs (E) |
|
(0.07 |
) |
|
0.02 |
|
|
0.04 |
|
Income Taxes (F) |
|
(0.13 |
) |
|
0.01 |
|
|
(0.10 |
) |
Additional Tax Adjustments
(G) |
|
0.13 |
|
|
0.06 |
|
|
— |
|
Economic Earnings per Share |
$ |
1.62 |
|
$ |
1.68 |
|
$ |
1.12 |
|
(A) Represents other-than-temporary impairment
charges on the Company’s equity method investments in PennEast and
Energenic, as well as an other-than-temporary impairment charge
recognized by Marina related to the realizability of the
outstanding notes receivable, including accrued interest, related
to Energenic.
(B) Represents impairment charges taken in 2019
on solar generating facilities along with the agreement to sell MTF
and ACB, which were both driven by the expected purchase prices
being less than the carrying value of the assets.
(C) Represents net losses, including interest,
legal fees and the realized difference in the market value of the
commodity (including financial hedges), resulting from a ruling in
a legal proceeding related to a pricing dispute between SJI and a
gas supplier that began in October 2014.
(D) Represents the following:
- Costs incurred in
2021 to finalize the transactions related to acquiring Bronx Midco
and solar projects
- The final working
capital payment on the sale of ELK, which was finalized during the
first quarter of 2021
- Costs incurred in
2020 to acquire EnerConnex, Annadale, and four solar LLCs
- Gain recorded in
2020 on the step-acquisition of EnerConnex
- Costs incurred and
gains/losses recognized in 2020 on the sales of MTF/ACB and
ELK
- Costs incurred and
gains recognized in 2020 and 2019 on the sale of certain solar
assets. The gains pertain to those projects that were not impaired
in previous periods.
(E) For 2021, includes a gain recognized by ETG
from a UTUA settlement agreement. For 2021, 2020 and 2019,
represents severance and other employee separation costs, along
with costs incurred to cease operations at landfill gas-to-energy
production facilities, including ACLE in 2021.
(F) The income taxes on (A) through (E) above
are determined using a combined average statutory tax rate
applicable to each period presented.
(G) Represents additional tax adjustments,
primarily including
- In 2021, a federal
deferred tax asset valuation allowance at SJI related to the
impairment charge described in (A)
- In 2020, a state
deferred tax valuation allowance at SJI
- In 2020, a one-time
tax expense resulting from SJG's stipulation of settlement with the
BPU.
Summary of Utility Margin
The following tables summarize Utility Margin
for SJG and ETG (in thousands):
SJG:
|
|
2021 |
|
2020 |
|
2019 |
|
Utility Margin: |
|
|
|
Residential |
$ |
251,758 |
$ |
217,399 |
$ |
213,787 |
|
Commercial and Industrial |
|
103,740 |
|
88,684 |
|
90,489 |
|
Cogeneration and Electric
Generation |
|
4,840 |
|
4,788 |
|
4,896 |
|
Interruptible |
|
119 |
|
58 |
|
88 |
|
Off-system Sales &
Capacity Release |
|
2,964 |
|
1,781 |
|
3,333 |
|
Other Revenues |
|
1,947 |
|
1,385 |
|
1,646 |
|
Margin Before Weather
Normalization & Decoupling |
|
365,368 |
|
314,095 |
|
314,239 |
|
CIP mechanism |
|
14,982 |
|
27,965 |
|
(844 |
) |
EET mechanism |
|
5,954 |
|
5,999 |
|
4,489 |
|
Utility Margin (C) |
$ |
386,304 |
$ |
348,059 |
$ |
317,884 |
|
ETG:
|
|
2021 |
|
|
2020 |
|
|
2019 |
Utility
Margin: |
|
|
|
Residential |
|
144,688 |
|
$ |
139,230 |
|
$ |
110,519 |
Commercial &
Industrial |
|
88,912 |
|
|
86,851 |
|
|
63,605 |
Regulatory Rider
Mechanisms |
|
(19,650 |
) |
|
(13,690 |
) |
|
1,746 |
Utility Margin** |
$ |
213,950 |
|
$ |
212,391 |
|
$ |
175,870 |
*Represents pass-through expenses for which
there is a corresponding credit in operating
revenues. Therefore, such recoveries have no impact on
financial results. **Utility Margin is a non-GAAP financial measure
and is further defined on page 2 under SJG performance. The
definition of Utility Margin is the same for SJG and ETG gas
utility operations.
SOUTH JERSEY INDUSTRIES, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(In Thousands Except for Per Share Data)
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
Operating
Revenues: |
|
|
|
|
|
Utility |
$ |
958,383 |
|
|
$ |
918,428 |
|
|
$ |
896,874 |
|
Nonutility |
|
1,033,613 |
|
|
|
622,955 |
|
|
|
731,752 |
|
Total Operating Revenues |
|
1,991,996 |
|
|
|
1,541,383 |
|
|
|
1,628,626 |
|
Operating
Expenses: |
|
|
|
|
|
Cost of Sales - (Excluding depreciation and amortization) |
|
|
|
|
|
- Utility |
|
296,356 |
|
|
|
297,094 |
|
|
|
351,284 |
|
- Nonutility |
|
948,167 |
|
|
|
561,841 |
|
|
|
680,683 |
|
Operations and Maintenance |
|
265,140 |
|
|
|
272,171 |
|
|
|
276,093 |
|
Impairment Charges |
|
— |
|
|
|
— |
|
|
|
10,745 |
|
Depreciation |
|
131,778 |
|
|
|
118,715 |
|
|
|
99,753 |
|
Energy and Other Taxes |
|
1,435 |
|
|
|
11,918 |
|
|
|
11,996 |
|
Net Gain on Sales of Assets |
|
— |
|
|
|
(2,578 |
) |
|
|
(3,133 |
) |
Total Operating Expenses |
|
1,642,876 |
|
|
|
1,259,161 |
|
|
|
1,427,421 |
|
Operating
Income |
|
349,120 |
|
|
|
282,222 |
|
|
|
201,205 |
|
Other Income and
Expense |
|
4,592 |
|
|
|
7,979 |
|
|
|
4,208 |
|
Interest
Charges |
|
(127,130 |
) |
|
|
(118,534 |
) |
|
|
(114,477 |
) |
Income Before Income
Taxes |
|
226,582 |
|
|
|
171,667 |
|
|
|
90,936 |
|
Income
Taxes |
|
(47,107 |
) |
|
|
(22,664 |
) |
|
|
(21,061 |
) |
Equity in (Losses)
Earnings of Affiliated Companies |
|
(90,961 |
) |
|
|
8,294 |
|
|
|
7,314 |
|
Income from Continuing
Operations |
|
88,514 |
|
|
|
157,297 |
|
|
|
77,189 |
|
Income (Loss) from
Discontinued Operations - (Net of taxes) |
|
51 |
|
|
|
(255 |
) |
|
|
(272 |
) |
Net Income |
|
88,565 |
|
|
|
157,042 |
|
|
|
76,917 |
|
Subtract/Add: Income
(Loss) Attributable to Noncontrolling Interests |
|
474 |
|
|
|
(42 |
) |
|
|
— |
|
Net Income
Attributable to South Jersey Industries, Inc. |
$ |
88,091 |
|
|
$ |
157,084 |
|
|
$ |
76,917 |
|
Basic Earnings per
Common Share: |
|
|
|
|
|
Continuing Operations |
$ |
0.81 |
|
|
$ |
1.62 |
|
|
$ |
0.84 |
|
Discontinued Operations |
|
— |
|
|
|
— |
|
|
|
— |
|
Net Income |
|
0.81 |
|
|
|
1.62 |
|
|
|
0.84 |
|
Subtract/Add: Income (Loss)
Attributable to Noncontrolling Interests |
|
— |
|
|
|
— |
|
|
|
— |
|
Net Income Attributable to
South Jersey Industries, Inc. |
$ |
0.81 |
|
|
$ |
1.62 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
Average Shares of
Common Stock Outstanding - Basic |
|
109,269 |
|
|
|
96,854 |
|
|
|
92,130 |
|
|
|
|
|
|
|
Diluted Earnings per
Common Share: |
|
|
|
|
|
Continuing Operations |
$ |
0.80 |
|
|
$ |
1.62 |
|
|
$ |
0.84 |
|
Discontinued Operations |
|
— |
|
|
|
— |
|
|
|
— |
|
Net Income |
|
0.80 |
|
|
|
1.62 |
|
|
|
0.84 |
|
Subtract/Add: Income (Loss)
Attributable to Noncontrolling Interests |
|
— |
|
|
|
— |
|
|
|
— |
|
Net Income Attributable to
South Jersey Industries, Inc. |
$ |
0.80 |
|
|
$ |
1.62 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
Average Shares of
Common Stock Outstanding - Diluted |
|
110,120 |
|
|
|
96,995 |
|
|
|
92,253 |
|
SOUTH JERSEY INDUSTRIES, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(In Thousands)
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
Cash Flows from
Operating Activities: |
|
|
|
|
|
Net Income |
$ |
88,565 |
|
|
$ |
157,042 |
|
|
$ |
76,917 |
|
(Income) Loss from
Discontinued Operations - Net of taxes |
|
(51 |
) |
|
|
255 |
|
|
|
272 |
|
Income from Continuing
Operations |
|
88,514 |
|
|
|
157,297 |
|
|
|
77,189 |
|
Adjustments to Reconcile
Income from Continuing Operations to Net Cash Provided by Operating
Activities: |
|
|
|
|
|
Net Gain on Sales of
Assets |
|
— |
|
|
|
(2,578 |
) |
|
|
(3,133 |
) |
Step Acquisition Gain |
|
— |
|
|
|
(1,971 |
) |
|
|
0 |
|
Payment of Swap
Termination |
|
— |
|
|
|
(8,173 |
) |
|
|
— |
|
Gain on Insurance
Proceeds |
|
— |
|
|
|
— |
|
|
|
(794 |
) |
Impairment Charges |
|
— |
|
|
|
— |
|
|
|
10,745 |
|
Impairment on Investments in
Equity Method Investees |
|
102,872 |
|
|
|
— |
|
|
|
— |
|
Gain from Tax Settlement |
|
(10,960 |
) |
|
|
— |
|
|
|
— |
|
Depreciation and
Amortization |
|
211,652 |
|
|
|
170,647 |
|
|
|
133,385 |
|
Net Unrealized (Gain) Loss on
Derivatives - Energy Related |
|
(5,567 |
) |
|
|
(385 |
) |
|
|
11,748 |
|
Unrealized (Gain) Loss on
Derivatives - Other |
|
— |
|
|
|
(4,760 |
) |
|
|
2,798 |
|
Provision for
Uncollectibles |
|
10,159 |
|
|
|
9,558 |
|
|
|
10,432 |
|
CIP Receivable/Payable |
|
3,237 |
|
|
|
(27,807 |
) |
|
|
922 |
|
Deferred Gas Costs and Energy
Related Derivatives - Net of Recoveries |
|
(29,000 |
) |
|
|
44,450 |
|
|
|
16,654 |
|
Stock-Based Compensation
Expense |
|
5,966 |
|
|
|
5,797 |
|
|
|
5,209 |
|
Deferred and Noncurrent Income
Taxes - Net |
|
47,342 |
|
|
|
21,841 |
|
|
|
21,543 |
|
Environmental Remediation
Costs - Net of Recoveries |
|
(34,057 |
) |
|
|
(19,325 |
) |
|
|
(49,180 |
) |
Gas Plant Cost of Removal |
|
(13,847 |
) |
|
|
(16,777 |
) |
|
|
(18,823 |
) |
Dividends Received from Equity
Method Investments |
|
2,849 |
|
|
|
1,714 |
|
|
|
1,770 |
|
Income from Equity Method
Investments |
|
(5,467 |
) |
|
|
(8,294 |
) |
|
|
(7,314 |
) |
Societal Benefit Costs
Regulatory Asset and Liabilities |
|
(21,915 |
) |
|
|
(23,068 |
) |
|
|
(24,503 |
) |
Excess Deferred Income
Tax |
|
(21,901 |
) |
|
|
(14,668 |
) |
|
|
(8,505 |
) |
Changes in: |
|
|
|
|
|
Accounts Receivable |
|
(85,911 |
) |
|
|
(48,576 |
) |
|
|
92,614 |
|
Accounts Payable and Other
Accrued Liabilities |
|
80,715 |
|
|
|
49,981 |
|
|
|
(137,717 |
) |
Other Assets and
Liabilities |
|
(51,570 |
) |
|
|
26,733 |
|
|
|
(13,988 |
) |
Cash Flows from Discontinued
Operations |
|
2 |
|
|
|
3 |
|
|
|
— |
|
Net Cash Provided by Operating
Activities |
|
273,113 |
|
|
|
311,639 |
|
|
|
121,052 |
|
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
|
Capital Expenditures |
|
(532,026 |
) |
|
|
(486,451 |
) |
|
|
(504,212 |
) |
Acquisition-related Working Capital Settlement |
|
(267 |
) |
|
|
— |
|
|
|
15,600 |
|
Cash Paid for Acquisitions, Net of Cash Acquired |
|
— |
|
|
|
(21,613 |
) |
|
|
(3,952 |
) |
Proceeds from Business Dispositions and Sale of Property, Plant and
Equipment |
|
— |
|
|
|
119,948 |
|
|
|
26,938 |
|
Investment in Contract Receivables |
|
(22,215 |
) |
|
|
(24,449 |
) |
|
|
(15,718 |
) |
Proceeds from Contract Receivables |
|
13,969 |
|
|
|
12,904 |
|
|
|
10,301 |
|
Proceeds from Company-Owned Life Insurance |
|
— |
|
|
|
— |
|
|
|
1,694 |
|
Investment in Subsidiary, Net of Cash Acquired |
|
(44,356 |
) |
|
|
(79,181 |
) |
|
|
— |
|
Investment in Affiliates |
|
(14,039 |
) |
|
|
(12,139 |
) |
|
|
(4,866 |
) |
Net Advances on Notes Receivable - Affiliates |
|
(46,563 |
) |
|
|
(19,301 |
) |
|
|
(3,433 |
) |
Net Repayment of Notes
Receivable - Affiliates |
|
— |
|
|
|
2,531 |
|
|
|
— |
|
Net Cash Used in Investing Activities |
|
(645,497 |
) |
|
|
(507,751 |
) |
|
|
(477,648 |
) |
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
Net (Repayments of) Borrowings from Short-Term Credit
Facilities |
|
(262,400 |
) |
|
|
(252,300 |
) |
|
|
578,200 |
|
Proceeds from Issuance of Long-Term Debt |
|
460,000 |
|
|
|
1,050,000 |
|
|
|
429,657 |
|
Payments for Issuance of Long-Term Debt |
|
(17,632 |
) |
|
|
(8,191 |
) |
|
|
(2,744 |
) |
Principal Repayments of Long-Term Debt |
|
(117,909 |
) |
|
|
(667,909 |
) |
|
|
(733,909 |
) |
Dividends on Common Stock |
|
(133,336 |
) |
|
|
(114,643 |
) |
|
|
(106,938 |
) |
Proceeds from Sale of Common Stock |
|
429,772 |
|
|
|
200,000 |
|
|
|
189,032 |
|
Payments for the Issuance of Common Stock |
|
(2,322 |
) |
|
|
(2,409 |
) |
|
|
— |
|
Capital Contributions of Noncontrolling Interests in
Subsidiary |
|
3,820 |
|
|
|
6,037 |
|
|
|
— |
|
Other |
|
— |
|
|
|
(1,023 |
) |
|
|
— |
|
Net Cash Provided by Financing
Activities |
|
359,993 |
|
|
|
209,562 |
|
|
|
353,298 |
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents and Restricted
Cash |
|
(12,391 |
) |
|
|
13,450 |
|
|
|
(3,298 |
) |
Cash, Cash Equivalents
and Restricted Cash at Beginning of Year |
|
41,831 |
|
|
|
28,381 |
|
|
|
31,679 |
|
|
|
|
|
|
|
Cash, Cash Equivalents
and Restricted Cash at End of Year |
$ |
29,440 |
|
|
$ |
41,831 |
|
|
$ |
28,381 |
|
|
|
|
|
|
|
Supplemental Disclosures of Cash Flow
Information |
|
|
|
|
|
Cash paid (received) during the year for: |
|
|
|
|
|
Interest (Net of Amounts Capitalized) |
$ |
122,070 |
|
|
$ |
108,901 |
|
|
$ |
114,015 |
|
Income Taxes (Net of Refunds) |
$ |
(301 |
) |
|
$ |
(4,336 |
) |
|
$ |
(10,639 |
) |
|
|
|
|
|
|
Supplemental Disclosures of Non-Cash Investing
Activities |
|
|
|
|
|
Capital Expenditures acquired on account but unpaid as of
year-end |
$ |
36,389 |
|
|
$ |
37,616 |
|
|
$ |
54,321 |
|
SOUTH JERSEY INDUSTRIES, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In Thousands)
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
|
|
Property, Plant and
Equipment: |
|
|
|
Utility Plant, at original cost |
$ |
5,682,805 |
|
|
$ |
5,265,661 |
|
Accumulated Depreciation |
|
(975,619 |
) |
|
|
(914,122 |
) |
Nonutility Property and Equipment, at cost |
|
240,503 |
|
|
|
147,764 |
|
Accumulated Depreciation |
|
(35,367 |
) |
|
|
(35,069 |
) |
|
|
|
|
Property, Plant and Equipment - Net |
|
4,912,322 |
|
|
|
4,464,234 |
|
|
|
|
|
Investments: |
|
|
|
Available-for-Sale Securities |
|
37 |
|
|
|
32 |
|
Restricted |
|
686 |
|
|
|
7,786 |
|
Investment in Affiliates |
|
38,509 |
|
|
|
106,230 |
|
|
|
|
|
Total Investments |
|
39,232 |
|
|
|
114,048 |
|
|
|
|
|
Current
Assets: |
|
|
|
Cash and Cash Equivalents |
|
28,754 |
|
|
|
34,045 |
|
Accounts Receivable |
|
343,835 |
|
|
|
278,723 |
|
Unbilled Revenues |
|
87,357 |
|
|
|
85,423 |
|
Provision for Uncollectibles |
|
(41,763 |
) |
|
|
(30,582 |
) |
Notes Receivable - Affiliate |
|
5,695 |
|
|
|
2,847 |
|
Natural Gas in Storage, average cost |
|
59,744 |
|
|
|
39,440 |
|
Materials and Supplies, average cost |
|
1,053 |
|
|
|
2,561 |
|
Prepaid Taxes |
|
33,977 |
|
|
|
23,851 |
|
Derivatives - Energy Related Assets |
|
95,041 |
|
|
|
41,439 |
|
Other Prepayments and Current Assets |
|
25,269 |
|
|
|
29,081 |
|
|
|
|
|
Total Current Assets |
|
638,962 |
|
|
|
506,828 |
|
|
|
|
|
Regulatory and Other
Noncurrent Assets: |
|
|
|
Regulatory Assets |
|
672,416 |
|
|
|
673,992 |
|
Derivatives - Energy Related Assets |
|
22,488 |
|
|
|
6,935 |
|
Notes Receivable - Affiliate |
|
64,254 |
|
|
|
31,073 |
|
Contract Receivables |
|
45,339 |
|
|
|
41,428 |
|
Goodwill |
|
706,960 |
|
|
|
706,960 |
|
Other |
|
206,699 |
|
|
|
143,650 |
|
|
|
|
|
Total Regulatory and Other Noncurrent Assets |
|
1,718,156 |
|
|
|
1,604,038 |
|
|
|
|
|
Total Assets |
$ |
7,308,672 |
|
|
$ |
6,689,148 |
|
|
|
2021 |
|
|
|
2020 |
|
Capitalization and
Liabilities |
|
|
|
Equity: |
|
|
|
Common Stock |
$ |
146,675 |
|
|
$ |
125,740 |
|
Premium on Common Stock |
|
1,559,060 |
|
|
|
1,218,000 |
|
Treasury Stock (at par) |
|
(287 |
) |
|
|
(321 |
) |
Accumulated Other Comprehensive Loss |
|
(26,729 |
) |
|
|
(38,216 |
) |
Retained Earnings |
|
310,433 |
|
|
|
355,678 |
|
Total South Jersey Industries, Inc. Equity |
|
1,989,152 |
|
|
|
1,660,881 |
|
Noncontrolling Interests |
|
10,289 |
|
|
|
5,995 |
|
Total Equity |
|
1,999,441 |
|
|
|
1,666,876 |
|
|
|
|
|
Long-Term
Debt |
|
3,189,009 |
|
|
|
2,776,400 |
|
|
|
|
|
Total Capitalization |
|
5,188,450 |
|
|
|
4,443,276 |
|
|
|
|
|
Current
Liabilities: |
|
|
|
Notes Payable |
|
334,000 |
|
|
|
596,400 |
|
Current Portion of Long-Term Debt |
|
66,076 |
|
|
|
142,801 |
|
Accounts Payable |
|
330,164 |
|
|
|
256,589 |
|
Customer Deposits and Credit Balances |
|
40,355 |
|
|
|
35,899 |
|
Environmental Remediation Costs |
|
40,905 |
|
|
|
45,265 |
|
Taxes Accrued |
|
4,937 |
|
|
|
6,025 |
|
Derivatives - Energy Related Liabilities |
|
60,002 |
|
|
|
27,006 |
|
Derivatives - Other Current |
|
568 |
|
|
|
659 |
|
Deferred Contract Revenues |
|
753 |
|
|
|
479 |
|
Interest Accrued |
|
23,611 |
|
|
|
21,140 |
|
Other Current Liabilities |
|
54,311 |
|
|
|
31,369 |
|
|
|
|
|
Total Current Liabilities |
|
955,682 |
|
|
|
1,163,632 |
|
|
|
|
|
Deferred Credits and
Other Noncurrent Liabilities: |
|
|
|
Deferred Income Taxes |
|
198,901 |
|
|
|
149,534 |
|
Environmental Remediation Costs |
|
125,176 |
|
|
|
148,310 |
|
Asset Retirement Obligations |
|
229,030 |
|
|
|
202,092 |
|
Derivatives - Energy Related Liabilities |
|
16,079 |
|
|
|
4,947 |
|
Derivatives - Other Noncurrent |
|
7,432 |
|
|
|
9,279 |
|
Regulatory Liabilities |
|
398,951 |
|
|
|
420,577 |
|
Other |
|
188,971 |
|
|
|
147,501 |
|
|
|
|
|
Total Deferred Credits and Other Noncurrent Liabilities |
|
1,164,540 |
|
|
|
1,082,240 |
|
|
|
|
|
Commitments and
Contingencies (Note 15) |
|
|
|
|
|
|
|
Total Capitalization and Liabilities |
$ |
7,308,672 |
|
|
$ |
6,689,148 |
|
South Jersey Industries (NYSE:SJI)
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South Jersey Industries (NYSE:SJI)
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From Jul 2023 to Jul 2024