Panel Discussion On Status Of Implementation Within The .
Panel discussion on status ofimplementation within the industrySlide1
With you todayModerator:David Humphreys, PwC PartnerPanel:Lori Colvin, Southwest GasRyan Ginty, Atmos EnergyLaura Robertson, ExelonEileen Sirois, PSEGEEI/AGA/PwC2
P&U Revenue Recognition Survey – ResultsQuestionOn a scale of 1 to 10 (10 being positive), how would you assess the current status of yourASC 606 implementation compared to your plan?No. of Responses10987654210EEI/AGA/PwC5101520253
P&U Revenue Recognition Survey – ResultsWhat is the biggest challenge you have encountered in implementing thenew revenue standard?GeneralData Gathering &DocumentationEEI/AGA/PwC Interpreting and applying very complex guidanceLack of timely resolution and direction on industry issuesNew disclosure requirementsLevel of disaggregation of revenueWaiting for industry consensusAlignment of understanding and interpretation of contract terms andaccounting standard guidance between working group members(accounting, finance, business support, etc.)Impact on registration statementsLess examples under new guidance than existed for old standard Volume of contracts to gather, assess, and maintainComplying with documentation requirementsTime and resource constraintsProject management challengesEngaging all relevant parties in early decisionsSeparating lease and derivative revenues from 606Mapping revenue subledger to new requirements 4
P&U Revenue Recognition Survey – ResultsQuestionDo you anticipate any system and technology changes associated withadoption? (1)YesNo14%86%(1) Tracking commoditycontracts as derivative, lease, or ASC 606 revenues for disclosureChanges to the contract review systems to potentially flag ASC 606 contractsAccumulate data for required disclosures around future performance obligationsSystem solutions for applying output method to renewable PPAsMapping of revenue streams to financial statement line itemsMapping of new accountsCreating new reportsMinor changes to how transaction price is calculated on some contractsEEI/AGA/PwC5
P&U Revenue Recognition Survey – ResultsQuestionDo you anticipate any significant judgments in applying the newrevenue guidance?Technical AccountingJudgmentsYesNo29%71% Application of the general 5 step-model on a specific contract by contract basisApplication of the invoice practical expedientAssessing contract modificationsAccounting and disclosures of variable considerationPrincipal vs. agent considerationsRNS/LNS charges in the transmission revenue streamFranchise taxesRecognition of margin adjustments under minimum annual volume/paymentcontract provisions, due to the substantial risk of reversal (these provisions arebased on actual expected throughput of the customer)Tax implicationsData GatheringJudgments Identifying purchase ordersAssessing contracts as a portfolio and determining classificationsIndustry-SpecificJudgments Utility judgment areas related to CIACCIAC under IFRS 15 and consistency between US/internationalIdentification, presentation and disclosure of alternative revenue programsEEI/AGA/PwC 6
P&U Revenue Recognition Survey – ResultsQuestionDo you expect to implement any new internal controls over financial reporting when adopting 606?Yes, we will have new controls related to 606 implementation and initial adoption18%Yes, new controls related to embedding the impacts of 606 into our ongoing processes9%Yes, we will have both types of new controls36%No, we do not expect any new controls14%Have not yet assessed23%EEI/AGA/PwC7
P&U Revenue Recognition Survey – ResultsYesNoNotsureDo you plan to apply a full retrospective transitionapproach to the new standard?9%67%24%Have you identified any differences in applying thenew revenue model to regulated utility revenue? (1)5%76%19%Have you identified any differences in applying thenew revenue model to non-regulated revenue? (2)18%56%26%Question(1)Shipper-provided fuel (retention gas) as revenue under the new standardrather than as a negative gas cost as was historically permissible by the FERCConsistency between our utilities in reporting specific revenue streams(2)REC revenue that will be spread over the contractTax equity/tax credit revenue for solar/wind farm assets previously real estate under ASC 360-20Current analogizes CIAC accounting for pipeline lateralsPotentially non-regulated CIACSeasonally adjusted service contracts expected to now be straight-lineSeparation of financing elements; Customer incentive programs; Realized revenue on derivativesEEI/AGA/PwC8
P&U Revenue Recognition Survey – ResultsQuestionRank(1 most difficult)Please rate the expected impact of the new revenue recognition standard:Data gathering to support adoption and disclosures1Documentation of process and associated auditability2Assessing impact to disclosures3Volume of contracts to be assessed4Assessing specific "one off" transactions5Establishing accounting policies and procedures6Assessing changes to internal control environment7Quantification of adjustments8Systems9EEI/AGA/PwC9
P&U Revenue Recognition Survey – ResultsQuestionWhat type of information did you include in your most recent 10-Q filing relateddisclosures required by SAB 74 (codified in SAB Topic 11-M) for the adoption of ASC606? Please select all that apply.Expected adoption date92%Statement that we are still assessing the impact80%Statement that we do not expect the adoption to have a material impact59%Expected adoption method (full retrospective or modified retrospective)53%Qualitative information about which revenue streams will be impacted24%Quantitative information about impacts to one or more revenue streams2%Do not plan to include any disclosure0%Have not yet assessed6%EEI/AGA/PwC10
P&U Revenue Recognition Survey – ResultsQuestionWhat type of information do you plan to include in your next SEC filing relateddisclosures required by SAB 74 (codified in SAB Topic 11-M) for the adoption of ASC606? Please select all that apply.Expected adoption date82%Expected adoption method (full retrospective or modified retrospective)66%Statement that we do not expect the adoption to have a material impact66%Statement that we are still assessing the impact48%Qualitative information about which revenue streams will be impacted32%Quantitative information about impacts to one or more revenue streams8%Do not plan to include any disclosure0%Have not yet assessed22%EEI/AGA/PwC11
P&U Revenue Recognition Survey – ResultsQuestionHow far along is your company in in assessing impact of the new ASC 606 disclosurerequirements?Not yet startedWe are in progress6%80%Completed our assessment10%Not sure4%QuestionAt what level do you plan to disclose disaggregated revenue information to comply withthe new revenue standard requirements?At the same level as our current segment disclosureAt a more disaggregated level than our segment disclosureNot yet assessed(1) To match MD&A revenue breakdownBy customer type / customer classMajor service lineMarketEEI/AGA/PwC25%(1)37%38%606 vs. non-606Tariff vs. alternative revenueMajor service lineGas vs. electric12
P&U Revenue Recognition Survey – ResultsQuestionWhich disclosure requirements related to the new revenue recognition standard do youexpect to be most challenging to comply with?Disaggregated revenue disclosures47%Significant judgments made in applying the new revenue standard24%Transaction price allocated to remaining performance obligations and whenrevenue will be recognized10%Changes in contract assets and liabilities8%Information about costs to obtain or fulfill a contract2%Other (1)8%(1) Opening/closing balances of receivablesIdentifying new types of revenuesDisclosure/presentation of alternative revenueIncreasing volume of disclosures for concepts that may be intuitive for our industryEEI/AGA/PwC13
P&U Revenue Recognition SurveyList of Companies Represented in Survey ResultsAES CorpClecoNational Fuel (1)SempraAlgonquin PowerConsumers Energy (1)National GridSouth Jersey IndustriesAmerican Electric PowerDelta Natural GasNew Jersey ResourcesSouthern Company (1)Arizona Public ServiceDTE, DukeNextEraSouthern Star (1)ATCOEl Paso Electric (1)NiSourceSouthwest GasAtmos (1)Emera/TECO (1)Northwestern EnergyTVAAvangridFirstEnergy (1)NW Natural (1)Vectren (1)AvistaIdaCorpOGE EnergyVermont GasBonneville PowerIdaho PowerONE GasVistra Energy (1)CenterPoint Energy (1)KCPL/PPLPacific Gas & ElectricWEC EnergyCentral HudsonLG&E and KUPuget SoundWestar EnergyChesapeake Utilities (1)Madison G&E (1)San Diego G&EXcel(1)Denotes that multiple company representatives participated in the surveyEEI/AGA/PwC14
disclosures required by SAB 74 (codified in SAB Topic 11-M) for the adoption of ASC 606? Please select all that apply. Expected adoption date 82% Expected adoption method (full retrospective or modified retrospective) 66% Statement that we do not expect the adoption to have a material impact
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