UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 30, 2014


CLECO CORPORATION
(Exact name of registrant as specified in its charter)

Louisiana
1-15759
72-1445282
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
 
Identification No.)


2030 Donahue Ferry Road
 
Pineville, Louisiana
71360-5226
(Address of principal executive offices)
(Zip Code)
 
 

Registrant’s telephone number, including area code: (318) 484-7400


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 2.02    Results of Operations and Financial Condition.

On July 30, 2014, Cleco Corporation (the “Company”) reported earnings for the quarter and six months ended June 30, 2014. For additional information regarding the Company’s earnings for this period, please refer to the press release attached to this report as Exhibit 99.1 (the “Press Release”), which is incorporated by reference herein. The information in the Press Release is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that section. Accordingly, the information in the Press Release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or of any of its subsidiaries, including Cleco Power LLC.

At 7:30 a.m. Central time (8:30 a.m. Eastern time), Thursday, July 31, 2014, management of the Company will host a conference call to discuss the Company’s results for the quarter and six months ended June 30, 2014. The call will be broadcast live on the internet and replays will be available for 12 months. The webcast may be accessed through the Company’s website at www.cleco.com by selecting “Investors,” and then “Q2 2014 Cleco Corporation Earnings Conference Call.”

Item 9.01 Financial Statements and Exhibits.
 
 
(d) Exhibits.
 
The following exhibit is furnished herewith:
 
99.1 Press Release issued July 30, 2014, regarding Cleco Corporation’s earnings for the quarter and six months ended June 30, 2014.
 







SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
CLECO CORPORATION
 
 
 
 
 
 
Date: July 30, 2014
By: /s/ Terry L. Taylor              
 
Terry L. Taylor
 
Controller and Chief Accounting Officer





EXHIBIT INDEX

Exhibit Number
Exhibit Description
 
 
99.1
Press Release issued July 30, 2014, regarding Cleco Corporation’s earnings for the quarter and six months ended June 30, 2014.





exhibit99.1_063014erQ2


 
 
EXHIBIT 99.1

Cleco Corporation announces 2014 second-quarter operational earnings of $0.57 per diluted share

•
Second quarter revenues up due to growth in wholesale business
•
Achieves four-year extension on Formula Rate Plan (FRP)
◦
Reduces retail Return on Equity (ROE) to 10 percent compared to recently earned retail ROE of an estimated 11.1 percent
◦
Provides a one-time refund and ongoing rate reduction for retail customers
◦
Provides clarity in direct allocation of assets related to long-term wholesale contracts
◦
Refund reduces second quarter earnings by $0.22 per diluted share
•
Confirms 2014 operational earnings guidance of $2.65 to $2.75 per diluted share and discusses impact of recent FRP outcome on future year results

PINEVILLE, La., July 30, 2014 - Cleco Corporation (NYSE: CNL) posted 2014 second quarter earnings of $36.6 million, or $0.60 per diluted share, down from $42.0 million, or $0.69 per diluted share recorded in the second quarter of 2013. Operational earnings of $34.8 million, or $0.57 per diluted share in the 2014 second quarter, were down from $37.7 million, or $0.62 per diluted share recorded in the second quarter of 2013. The lower year-over-year results reflect a $0.22 per share charge in the 2014 second quarter related to the one-time $22.3 million customer refund established with the company’s recently approved FRP extension. Excluding the refund, operational earnings would have been $0.79 per diluted share.

“During the second quarter, growth in our wholesale business drove higher revenues,” said Bruce Williamson, chairman, president and CEO of Cleco Corporation. “With that said, our earnings this quarter contain the full effect of the one-time refund to customers as we transition from our former rate plan to our recently approved FRP extension. Excluding this one-time adjustment to earnings, we produced a strong quarter in line with current year expectations.

“Overall, we view the outcome of Cleco Power’s rate plan extension as a balanced result for shareholders and customers, providing a clear path for the rate treatment of our wholesale business while significantly reducing rates for our retail customers,” said Williamson.







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Cleco Corporation
Page 2 of 10

Earnings Outlook
Cleco today confirmed its 2014 consolidated operational earnings guidance range of $2.65 to $2.75 per diluted share. Factors that could impact the 2014 earnings guidance range include tax negotiations regarding historical tax items and summer weather. The 2014 earnings guidance is based on normal weather for the year, is generally consistent with the previous rate plan, and excludes adjustments related to life insurance policies and the Acadia indemnifications. The effective tax rate assumed in the 2014 guidance is approximately 34 percent.

Cleco plans to issue 2015 consolidated operational earnings guidance and disclose capital expenditures in the fourth quarter of 2014. The company noted that effective July 1, 2014, its retail target ROE was reduced from 10.7 percent to 10 percent. When compared to the recently earned retail ROE of an estimated 11.1 percent, the new rate plan will likely reduce Cleco Power's annual earnings potential by up to $0.25 per share based on the retail jurisdictional rate base. The company also noted that, compared to 2014, it does not currently expect its overall rate base to be materially different in 2015.

Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
 
 
 
 
 
 
Diluted Earnings Per Share
 
For the three months
ended June 30
 
For the six months
ended June 30
Subsidiary
2014
 
2013
 
2014
 
2013
Cleco Power LLC
$
0.53

 
$
0.57

 
$
0.97

 
$
1.03

Corporate and Other
0.04

 
0.05

 
0.03

 
0.03

Operational diluted earnings per share (Non-GAAP)
0.57

 
0.62

 
1.00

 
1.06

Adjustments1
0.03

 
0.07

 
0.03

 
0.08

Diluted earnings per share applicable to common stock
$
0.60

 
$
0.69

 
$
1.03

 
$
1.14


1 Refer to “Operational Earnings Adjustments” in this news release

Quarter-Over-Quarter Operational Diluted Earnings Per Share Reconciliation:

$
0.62

 
2013 second-quarter operational diluted earnings per share
 
 
 
0.24

 
Non-fuel revenue
(0.22
)
 
Rate refund accrual
(0.08
)
 
Other expenses, net
0.03

 
AFUDC (allowance for funds used during construction)
(0.01
)
 
Income taxes
$
(0.04
)
 
Cleco Power results
 
 
 
(0.01
)
 
Corporate and Other results
 
 
 
$
0.57

 
2014 second-quarter operational diluted earnings per share
 
 
 
0.03

 
Adjustments1
 
 
 
$
0.60

 
2014 second-quarter reported GAAP diluted earnings per share

1Refer to “Operational Earnings Adjustments” in this news release






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Cleco Corporation
Page 3 of 10

Cleco Power

•
Non-fuel revenue increased earnings by $0.24 per share compared to the second quarter of 2013 primarily due to $0.18 per share from higher sales to a new wholesale customer and the absence of customer refunds for construction financing costs related to Madison Unit 3. Also contributing to this increase was $0.06 per share from adjustments to Cleco Power’s formula rate plan.
•
Rate refund accrual decreased earnings by $0.22 per share compared to the second quarter of 2013 primarily due to provisions for estimated accruals as a result of the formula rate plan extension approved in June 2014.
•
Other expenses, net, decreased earnings by $0.08 per share compared to the second quarter of 2013 primarily due to $0.04 per share of higher depreciation and amortization expense, $0.03 of higher maintenance expense largely related to the transfer of Coughlin to Cleco Power, and $0.02 per share of higher taxes other than income taxes, partially offset by $0.01 per share for other miscellaneous expenses.
•
AFUDC increased earnings by $0.03 per share compared to the second quarter of 2013 primarily due to accruals related to the Mercury and Air Toxics Standards (MATS) project and miscellaneous transmission projects.
•
Income taxes decreased earnings by $0.01 per share compared to the second quarter of 2013 primarily due to the adjustment to record tax expense at the projected annual effective tax rate.

Corporate and Other

•
Corporate’s results decreased earnings by $0.02 per share compared to the second quarter of 2013 primarily due to higher income taxes.
•
Midstream’s results increased earnings by $0.01 per share compared to the second quarter of 2013 primarily due to $0.04 per share of lower taxes resulting from settlements with taxing authorities, partially offset by $0.03 per share of lower net tolling revenue and expenses, which was the result of the transfer of Coughlin to Cleco Power.

For a discussion of other transactions affecting Corporate and Other results, please refer to “Operational Earnings Adjustments” below.

Year-Over-Year Operational Diluted Earnings Per Share Reconciliation:

 
 
 
$
1.06

 
Six months ended June 30, 2013, operational diluted earnings per share
 
 
 
0.46

 
Non-fuel revenue
(0.22
)
 
Rate refund accrual
(0.33
)
 
Other expenses, net
0.01

 
Interest charges
0.04

 
AFUDC
(0.02
)
 
Income taxes
$
(0.06
)
 
Cleco Power results
 
 
 
—

 
Corporate and Other results
 
 
 
$
1.00

 
Six months ended June 30, 2014, operational diluted earnings per share
 
 
 
0.03

 
Adjustments1
 
 
 
$
1.03

 
Six months ended June 30, 2014, reported GAAP diluted earnings per share

1Refer to “Operational Earnings Adjustments” in this news release







--more--
Cleco Corporation
Page 4 of 10

Cleco Power

•
Non-fuel revenue increased earnings by $0.46 per share compared to the first six months of 2013 primarily due to $0.30 per share from higher sales to a new wholesale customer, colder winter weather in the first quarter of 2014, and the absence of customer refunds for construction financing costs related to Madison Unit 3. Also contributing to this increase was $0.13 per share from adjustments to Cleco Power’s formula rate plan, $0.02 per share of higher transmission revenue, and $0.01 per share of higher other miscellaneous revenue.
•
Rate refund accrual decreased earnings by $0.22 per share compared to the first six months of 2013 primarily due to provisions for estimated accruals as a result of the formula rate plan extension approved in June 2014.
•
Other expenses, net, decreased earnings by $0.33 per share compared to the first six months of 2013 primarily due to $0.18 of higher maintenance expense largely related to generating station outage expenses and the transfer of Coughlin to Cleco Power, $0.12 per share of higher depreciation and amortization expense, and $0.03 per share of higher taxes other than income taxes.
•
Interest charges increased earnings by $0.01 per share compared to the first six months of 2013 primarily due to $0.01 per share related to the retirement of senior notes, $0.01 per share related to an adjustment to customer surcredits due to a tax settlement, and $0.01 per share of other miscellaneous interest charges, partially offset by $0.01 related to GO Zone bonds and $0.01 related to uncertain tax positions.
•
AFUDC increased earnings by $0.04 per share compared to the first six months of 2013 primarily due to accruals related to the MATS project and miscellaneous transmission projects.
•
Income taxes decreased earnings by $0.02 per share compared to the first six months of 2013 primarily due to $0.01 per share for permanent tax deductions and $0.01 per share for the adjustment to record tax expense at the projected annual effective tax rate.

Corporate and Other

•
Corporate’s results decreased earnings by $0.02 per share compared to the first six months of 2013 as a result of $0.03 per share primarily due to higher income taxes, partially offset by $0.01 per share related to other miscellaneous items.
•
Midstream’s results increased earnings by $0.02 per share compared to the first six months of 2013 primarily due to $0.04 per share of lower taxes resulting from settlements with taxing authorities, partially offset by $0.02 per share of lower net tolling revenue and expenses, which was the result of the transfer of Coughlin to Cleco Power.

For a discussion of other transactions affecting Corporate and Other results, please refer to “Operational Earnings Adjustments” below.

Operational Earnings Adjustments:

Cleco’s management uses operational diluted earnings per share, which is a non-GAAP measure, to evaluate the operations of Cleco and establish goals for management and employees. Management believes this presentation is appropriate and enables investors to more accurately compare Cleco’s operational financial performance over the periods presented. Operational earnings and operational diluted earnings as presented here may not be comparable to similarly titled measures used by other companies. Operational earnings and operational diluted earnings per share should not be considered alternatives to, or more meaningful than, net income, cash flows from operating activities, or any other measure presented in accordance with GAAP. The following table provides a reconciliation of operational diluted earnings per share to reported GAAP diluted earnings per share.











--more--
Cleco Corporation
Page 5 of 10

Reconciliation of Operational Diluted Earnings Per Share to Reported GAAP Diluted Earnings Per Share

 
Diluted Earnings Per Share
 
For the three months
ended June 30
 
For the six months
ended June 30
 
2014
 
2013
 
2014
 
2013
Operational diluted earnings per share
$
0.57

 
$
0.62

 
$
1.00

 
$
1.06

Life insurance policies
0.01

 
—

 
0.02

 
0.01

Tax levelization
0.01

 
—

 
—

 
—

Acadia Unit 2 indemnifications
0.01

 
0.07

 
0.01

 
0.07

Reported GAAP diluted earnings per share applicable to common stock
$
0.60

 
$
0.69

 
$
1.03

 
$
1.14


Reconciling adjustments from operational diluted earnings per share to GAAP diluted earnings per share are as follows:

Life Insurance Policies

Cleco has life insurance policies covering certain members of management. These policies have a cash surrender value component that is carried as an asset and adjusted due to market changes, premium payments, or policy redemptions. Cleco is unable to predict market changes and cash surrender value amounts of these policies, and management does not consider these adjustments to be a component of operational earnings.

Tax Levelization

GAAP requires companies to apply an effective tax rate to interim periods that is consistent with the company’s estimated annual effective tax rate. As a result, on a quarterly basis, Cleco projects the annual effective tax rate and then adjusts the tax expense recorded in that quarter to reflect the projected annual effective tax rate. During the second quarter of 2014, Cleco recorded a $0.01 per share benefit from the levelization of its annual tax rate to bring the actual tax rate in line with the projected annual effective tax rate. The resulting adjustment for this item had no impact for the second quarter of 2013. The incremental adjustment for tax levelization is not related to the current quarter's operational earnings because it reflects the effect of the change in tax rates on operational earnings for the prior quarter.

Acadia Unit 2 Indemnifications

Acadia Power Partners, LLC provided limited guarantees and indemnifications to Entergy Louisiana when it acquired Acadia Unit 2 in April 2011. Acadia Power Partners, LLC and Acadia Power Holdings reduced the indemnification liability either through expiration of the contractual life or through changes in the probability of a claim arising. During the second quarters of 2014 and 2013, the contractual expiration of the underlying indemnifications increased earnings by $0.01 and $0.07 per share, respectively. The resulting adjustment for this item for the six months ended June 30, 2014 and 2013, increased earnings by $0.01 and $0.07 per share, respectively.

Cleco management will discuss the company’s second-quarter 2014 results during a conference call scheduled for 7:30 a.m. Central time (8:30 a.m. Eastern time) Thursday, July 31, 2014. The call will be webcast live on the internet. A replay will be available for 12 months. Investors may access the webcast through the company’s website at www.cleco.com by selecting “Investors” and then “Q2 2014 Cleco Corporation Earnings Conference Call.”








--more--
Cleco Corporation
Page 6 of 10

Please note: In addition to historical financial information, this news release contains forward-looking statements about future results and circumstances. There are many risks and uncertainties with respect to such forward-looking statements, including the weather and other natural phenomena, state and federal legislative and regulatory initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power’s facilities, the impact of the global economic environment, and other risks and uncertainties more fully described in the company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Actual results may differ materially from those indicated in such forward-looking statements.


Cleco Corporation is a public utility holding company headquartered in Pineville, La. Cleco owns a regulated electric utility company, Cleco Power LLC, which is engaged principally in the generation, transmission, distribution and sale of electricity primarily in Louisiana. Cleco Power owns 11 generating units with a total nameplate capacity of 3,340 megawatts. Cleco Power serves approximately 284,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. For more information about Cleco, visit www.cleco.com.
 

Analyst Contact:
Tom Miller
tom.miller@cleco.com
(318) 484-7642
 
Media Contact:
Robbyn Cooper
robbyn.cooper@cleco.com
(318) 484-7136

--more--
Cleco Corporation
Page 7 of 10


 
For the three months ended June 30
(Unaudited)
(million kWh)
 
(thousands)
 
2014
 
2013
 
Change
 
2014
 
2013
 
Change
Electric Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
788

 
801

 
(1.6
)%
 
$
65,965

 
$
64,815

 
1.8
 %
Commercial
636

 
632

 
0.6
 %
 
46,399

 
44,679

 
3.8
 %
Industrial
543

 
575

 
(5.6
)%
 
21,105

 
22,061

 
(4.3
)%
Other retail
32

 
33

 
(3.0
)%
 
2,568

 
2,494

 
3.0
 %
Surcharge
—

 
—

 
—

 
2,845

 
2,054

 
38.5
 %
Other
—

 
—

 
—

 
—

 
(1,566
)
 
100.0
 %
Total retail
1,999

 
2,041

 
(2.1
)%
 
138,882

 
134,537

 
3.2
 %
Sales for resale
770

 
498

 
54.6
 %
 
22,683

 
13,299

 
70.6
 %
Unbilled
359

 
215

 
67.0
 %
 
22,663

 
12,195

 
85.8
 %
Total retail and wholesale
customer sales
3,128

 
2,754

 
13.6
 %
 
$
184,228

 
$
160,031

 
15.1
 %

 
 
 
 
 
 
 
 
 
 
 
 
 
For the six months ended June 30
(Unaudited)
(million kWh)
 
(thousands)
 
2014
 
2013
 
Change
 
2014
 
2013
 
Change
Electric Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
1,814

 
1,642

 
10.5
 %
 
$
140,898

 
$
126,515

 
11.4
 %
Commercial
1,259

 
1,214

 
3.7
 %
 
94,862

 
88,728

 
6.9
 %
Industrial
1,092

 
1,130

 
(3.4
)%
 
42,931

 
43,186

 
(0.6
)%
Other retail
64

 
65

 
(1.5
)%
 
5,224

 
5,061

 
3.2
 %
Surcharge
—

 
—

 
—

 
5,280

 
4,291

 
23.0
 %
Other
—

 
—

 
—

 
—

 
(3,131
)
 
100.0
 %
Total retail
4,229

 
4,051

 
4.4
 %
 
289,195

 
264,650

 
9.3
 %
Sales for resale
1,244

 
939

 
32.5
 %
 
35,268

 
25,577

 
37.9
 %
Unbilled
253

 
152

 
66.4
 %
 
16,949

 
8,007

 
111.7
 %
Total retail and wholesale
customer sales
5,726

 
5,142

 
11.4
 %
 
$
341,412

 
$
298,234

 
14.5
 %


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Cleco Corporation
Page 8 of 10

CLECO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(Unaudited)
For the three months ended June 30
2014
 
2013
Operating revenue
 
 
 
Electric operations
$
316,997

 
$
252,765

Other operations
14,568

 
11,531

Gross operating revenue
331,565

 
264,296

Electric customer credits
(22,495
)
 
(402
)
Operating revenue, net
309,070

 
263,894

Operating expenses
 
 
 
Fuel used for electric generation
56,696

 
72,611

Power purchased for utility customers
81,393

 
13,940

Other operations
29,092

 
31,442

Maintenance
26,245

 
26,310

Depreciation
37,570

 
34,740

Taxes other than income taxes
11,567

 
10,285

Gain on sale of assets
(214
)
 
(188
)
Total operating expenses
242,349

 
189,140

Operating income
66,721

 
74,754

Interest income
350

 
257

Allowance for other funds used during construction
2,029

 
413

Other income
2,495

 
8,165

Other expense
(369
)
 
(1,247
)
Interest charges
 
 
 
Interest charges, including amortization of debt expense, premium, and discount, net
20,635

 
21,017

Allowance for borrowed funds used during construction
(570
)
 
(129
)
Total interest charges
20,065

 
20,888

Income before income taxes
51,161

 
61,454

Federal and state income tax expense
14,528

 
19,422

Net income applicable to common stock
$
36,633

 
$
42,032

 
 
 
 
Average number of basic common shares outstanding
60,359,949

 
60,445,617

Average number of diluted common shares outstanding
60,626,135

 
60,713,374

Basic earnings per share
 
 
 
Net income applicable to common stock
$
0.61

 
$
0.70

Diluted earnings per share
 
 
 
Net income applicable to common stock
$
0.60

 
$
0.69

Dividends declared per share of common stock
$
0.4000

 
$
0.3625

 


--more--
Cleco Corporation
Page 9 of 10

 
 
 
 
CLECO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(Unaudited)
For the six months ended June 30
2014
 
2013
Operating revenue
 
 
 
Electric operations
$
586,756

 
$
482,191

Other operations
29,381

 
23,074

Gross operating revenue
616,137

 
505,265

Electric customer credits
(22,681
)
 
(424
)
Operating revenue, net
593,456

 
504,841

Operating expenses
 
 
 
Fuel used for electric generation
115,743

 
157,976

Power purchased for utility customers
134,117

 
18,796

Other operations
56,081

 
58,363

Maintenance
58,615

 
43,944

Depreciation
79,311

 
68,773

Taxes other than income taxes
25,674

 
22,919

(Gain) loss on sales of assets
(145
)
 
846

Total operating expenses
469,396

 
371,617

Operating income
124,060

 
133,224

Interest income
952

 
457

Allowance for other funds used during construction
3,660

 
1,577

Other income
3,466

 
10,438

Other expense
(1,041
)
 
(1,683
)
Interest charges
 
 
 
Interest charges, including amortization of debt expense, premium, and discount, net
41,393

 
42,848

Allowance for borrowed funds used during construction
(1,059
)
 
(504
)
Total interest charges
40,334

 
42,344

Income before income taxes
90,763

 
101,669

Federal and state income tax expense
28,206

 
32,503

Net income applicable to common stock
$
62,557

 
$
69,166

 
 
 
 
Average number of basic common shares outstanding
60,424,591

 
60,419,588

Average number of diluted common shares outstanding
60,678,026

 
60,670,112

Basic earnings per share
 
 
 
Net income applicable to common stock
$
1.04

 
$
1.15

Diluted earnings per share
 
 
 
Net income applicable to common stock
$
1.03

 
$
1.14

Dividends declared per share of common stock
$
0.7625

 
$
0.7000

 



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Cleco Corporation
Page 10 of 10

CLECO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
 
At June 30, 2014
 
At Dec. 31, 2013
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
23,237

 
$
28,656

Accounts receivable, net
111,907

 
97,548

Other current assets
409,429

 
347,378

Total current assets
544,573

 
473,582

Property, plant and equipment, net
3,139,524

 
3,083,140

Equity investment in investees
14,540

 
14,540

Prepayments, deferred charges and other
619,982

 
644,000

Total assets
$
4,318,619

 
$
4,215,262

Liabilities
 
 
 
Current liabilities
 
 
 
Long-term debt due within one year
$
17,724

 
$
17,182

Accounts payable
169,066

 
110,544

Other current liabilities
148,197

 
115,747

Total current liabilities
334,987

 
243,473

Long-term liabilities and deferred credits
1,020,916

 
1,070,092

Long-term debt, net
1,371,465

 
1,315,500

Total liabilities
2,727,368

 
2,629,065

Shareholders’ equity
 
 
 
Common shareholders’ equity
1,615,739

 
1,612,073

Accumulated other comprehensive loss
(24,488
)
 
(25,876
)
Total shareholders’ equity
1,591,251

 
1,586,197

Total liabilities and shareholders’ equity
$
4,318,619

 
$
4,215,262



#####