Investor Presentaiton
L
GAAP
(in millions)
Twelve
Months
Ended
Dec. 31,
2020
Appendix 55
Adjusted Non-GAAP Earnings (Full Year)
o Unfavorable Weather
Move Pension Expense to
OG&A (disaggregated with
ASU 2017-07)
Non-employee Deferred
Compensation
Disallowance of prior period
Osupply costs
Non
Non-GAAP
Non
GAAP
Variance
GAAP
Twelve
Months
Ended
Twelve
Months
Ended
Dec. 31,
2020
Variance
Dec. 31,
2019
Remove Benefit Related to
Unrecognized Tax Benefits
Release of Previously
Non-employee Deferred
Compensation
Move Pension Expense to
OG&A (disaggregated with
|ASU 2017-07)
Favorable Weather
GAAP
Twelve
Months
Ended
Dec. 31,
2019
Revenues
$1,198.7
9.8
9.4
$1,217.9
($32.7) -2.6%
$1,250.6
Cost of sales
306.2
306.2
(11.8) -3.7%
318.0
Gross Margin
892.5
9.8
9.4
911.7
(20.9)
-2.2%
932.6
1
(7.3) $1,257.9
318.0
(7.3)
939.9
Op. Expenses
OG&A
297.1
0.6
2.9
300.6
(22.8)
-7.0%
323.4
(2.4)
7.6
318.2
Prop. & other taxes
179.5
179.5
7.6
4.4%
171.9
.
171.9
Depreciation
179.7
179.7
6.8
3.9%
172.9
172.9
Total Op. Exp.
656.3
0.6
2.9
659.8
(8.4) -1.3%
668.2
(2.4)
7.6
663.0
Op. Income
236.2
9.8
(0.6) (2.9)
9.4
251.9
(12.5)
-4.7%
264.4
2.4
(7.6)
(7.3)
276.9
Interest expense
(96.8)
0.5
(96.3)
(1.2)
-1.3%
(95.1)
(95.1)
Other Inc. (Exp.), net
4.8
0.6
2.9
8.3
2.7
47.8%
5.6
(2.4) 7.6
0.4
Pretax Income
144.2
9.8
9.9
163.9
(11.0)
Income Tax Ben.(Exp.)
11.0
(2.5)
(2.5)
6.0
Net Income
$155.2
7.3
7.4
$169.9
7.1
($3.9)
-6.3%
674.2%
-2.2%
174.9
(7.3)
182.2
$173.8
(1.1) (22.8)
(22.8)
1.8
19.9
(5.5)
$202.1
ETR
-7.6%
25.3%
25.3%
Diluted Shares
Diluted EPS
50.7
$3.06
0.14
0.15
-3.7%
50.7
$3.35
0.6%
25.3%
-10.9%
(0.1) -0.2%
($0.07) -2.0%
50.8
50.8
$3.42 (0.45)
(0.11)
$3.98
The adjusted non-GAAP measures presented in the table are being shown to reflect significant items that are
non-recurring or variance from normal weather, however they should not be considered a substitute for
financial results and measures determined or calculated in accordance with GAAP.
(1) As a result of the adoption of Accounting Standard Update 2017-07 in March 2018, pension and other employee benefit expense is now disaggregated on the GAAP income
statement with portions now recorded in both OG&A expense and Other (Expense) Income lines. To facilitate better understanding of trends in year-over-year comparisons, the
non-GAAP adjustment above re-aggregates the expense in OG&A - as it was historically presented prior to the ASU 2017-07 (with no impact to net income or earnings per share).
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