ATO » Topics » Capitalization

This excerpt taken from the ATO 10-Q filed May 1, 2009.
Capitalization
 
The following table presents our capitalization as of March 31, 2009, September 30, 2008 and March 31, 2008:
 
                                                 
    March 31, 2009     September 30, 2008     March 31, 2008  
    (In thousands, except percentages)  
 
Short-term debt
  $       %   $ 350,542       7.7 %   $       %
Long-term debt
    2,569,366       54.1 %     2,120,577       46.9 %     2,128,149       50.0 %
Shareholders’ equity
    2,178,494       45.9 %     2,052,492       45.4 %     2,125,993       50.0 %
                                                 
Total capitalization
  $ 4,747,860       100.0 %   $ 4,523,611       100.0 %   $ 4,254,142       100.0 %
                                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 54.1 percent at March 31, 2009, 54.6 percent at September 30, 2008 and 50.0 percent at March 31, 2008. Our ratio of total debt to capitalization is typically greater during the winter heating season as we incur short-term debt to fund natural gas purchases and meet our working capital requirements. The increase in the debt to capital ratio compared to March 31, 2008 is due to the timing of the repayment of our $400 million unsecured 4.00% unsecured senior notes. Had we repaid the notes as of March 31, 2009, our total-debt-to-capital ratio would have been 49.9 percent. We intend to maintain our debt to capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.
 
This excerpt taken from the ATO 10-Q filed Feb 4, 2009.
Capitalization
 
The following table presents our capitalization as of December 31, 2008, September 30, 2008 and December 31, 2007:
 
                                                 
    December 31, 2008     September 30, 2008     December 31, 2007  
    (In thousands, except percentages)  
 
Short-term debt
  $ 360,833       7.9 %   $ 350,542       7.7 %   $ 202,244       4.6 %
Long-term debt
    2,120,427       46.5 %     2,120,577       46.9 %     2,128,533       48.8 %
Shareholders’ equity
    2,078,076       45.6 %     2,052,492       45.4 %     2,032,483       46.6 %
                                                 
Total capitalization
  $ 4,559,336       100.0 %   $ 4,523,611       100.0 %   $ 4,363,260       100.0 %
                                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 54.4 percent at December 31, 2008, 54.6 percent at September 30, 2008 and 53.4 percent at December 31, 2007. Our ratio of total debt to capitalization is typically greater during the winter heating season as we incur short-term debt to fund natural gas purchases and meet our working capital requirements. We intend to maintain our debt to capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.
 
These excerpts taken from the ATO 10-K filed Nov 19, 2008.
Capitalization
 
The following table presents our capitalization as of September 30, 2008 and 2007:
 
                                 
    September 30  
    2008     2007  
    (In thousands, except percentages)  
 
Short-term debt
  $ 350,542       7.7 %   $ 150,599       3.5 %
Long-term debt
    2,120,577       46.9 %     2,130,146       50.2 %
Shareholders’ equity
    2,052,492       45.4 %     1,965,754       46.3 %
                                 
Total capitalization, including short-term debt
  $ 4,523,611       100.0 %   $ 4,246,499       100.0 %
                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 54.6 percent and 53.7 percent at September 30, 2008 and 2007. The increase in the debt to capitalization ratio primarily reflects an increase in natural gas prices as of September 30, 2008 compared to the prior year. Our ratio of total debt to capitalization is typically greater during the winter heating season as we make additional short-term borrowings to fund natural gas purchases and meet our working capital requirements. We intend to maintain our capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.


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Capitalization


 



The following table presents our capitalization as of
September 30, 2008 and 2007:


 


































































































































































                                 

 

 

September 30

 

 

 

2008

 

 

2007

 

 

 

(In thousands, except percentages)

 
 


Short-term debt


 

$

350,542

 

 

 

7.7

%

 

$

150,599

 

 

 

3.5

%


Long-term debt


 

 

2,120,577

 

 

 

46.9

%

 

 

2,130,146

 

 

 

50.2

%


Shareholders’ equity


 

 

2,052,492

 

 

 

45.4

%

 

 

1,965,754

 

 

 

46.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Total capitalization, including short-term debt


 

$

4,523,611

 

 

 

100.0

%

 

$

4,246,499

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 



Total debt as a percentage of total capitalization, including
short-term debt, was 54.6 percent and 53.7 percent at
September 30, 2008 and 2007. The increase in the debt to
capitalization ratio primarily reflects an increase in natural
gas prices as of September 30, 2008 compared to the prior
year. Our ratio of total debt to capitalization is typically
greater during the winter heating season as we make additional
short-term borrowings to fund natural gas purchases and meet our
working capital requirements. We intend to maintain our
capitalization ratio in a target range of 50 to 55 percent
through cash flow generated from operations, continued issuance
of new common stock under our Direct Stock Purchase Plan and
Retirement Savings Plan and access to the equity capital markets.





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This excerpt taken from the ATO 10-Q filed Aug 6, 2008.
Capitalization
 
The following table presents our capitalization as of June 30, 2008, September 30, 2007 and June 30, 2007:
 
                                                 
    June 30,
    September 30,
    June 30,
 
    2008     2007     2007  
    (In thousands, except percentages)  
 
Short-term debt
  $ 113,257       2.6 %   $ 150,599       3.5 %   $       %
Long-term debt
    2,120,788       48.9 %     2,130,146       50.2 %     2,430,518       55.0 %
Shareholders’ equity
    2,105,407       48.5 %     1,965,754       46.3 %     1,988,142       45.0 %
                                                 
Total capitalization
  $ 4,339,452       100.0 %   $ 4,246,499       100.0 %   $ 4,418,660       100.0 %
                                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 51.5 percent at June 30, 2008, 53.7 percent at September 30, 2007 and 55.0 percent at June 30, 2007. Our ratio of total debt to capitalization is typically greater during the winter heating season as we incur short-term debt to fund natural gas purchases and meet our working capital requirements. We intend to maintain our debt to capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.
 
This excerpt taken from the ATO 10-Q filed May 6, 2008.
Capitalization
 
The following table presents our capitalization as of March 31, 2008, September 30, 2007 and March 31, 2007:
 
                                                 
    March 31,
    September 30,
    March 31,
 
    2008     2007     2007  
    (In thousands, except percentages)  
 
Short-term debt
  $       %   $ 150,599       3.5 %   $       %
Long-term debt
    2,128,149       50.0 %     2,130,146       50.2 %     2,181,563       51.9 %
Shareholders’ equity
    2,125,993       50.0 %     1,965,754       46.3 %     2,021,953       48.1 %
                                                 
Total capitalization
  $ 4,254,142       100.0 %   $ 4,246,499       100.0 %   $ 4,203,516       100.0 %
                                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 50.0 percent at March 31, 2008, 53.7 percent at September 30, 2007 and 51.9 percent at March 31, 2007. Our ratio of total debt to capitalization is typically greater during the winter heating season as we incur short-term debt to fund natural gas purchases and meet our working capital requirements. We intend to maintain our debt to capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.
 
This excerpt taken from the ATO 10-Q filed Feb 6, 2008.
Capitalization
 
The following table presents our capitalization as of December 31, 2007 and September 30, 2007:
 
                                                 
    December 31,
    September 30,
             
    2007     2007              
    (In thousands, except percentages)              
 
Short-term debt
  $ 202,244       4.6 %   $ 150,599       3.5 %                
Long-term debt
    2,128,533       48.8 %     2,130,146       50.2 %                
Shareholders’ equity
    2,032,483       46.6 %     1,965,754       46.3 %                
                                                 
Total capitalization, including short-term debt
  $ 4,363,260       100.0 %   $ 4,246,499       100.0 %                
                                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 53.4 percent at December 31, 2007, and 53.7 percent at September 30, 2007. Our ratio of total debt to capitalization is typically greater during the winter heating season as we borrow short-term debt to fund natural gas purchases and meet our working capital requirements. We intend to maintain our debt to capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common


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stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.
 
This excerpt taken from the ATO 10-K filed Nov 29, 2007.
Capitalization
 
The following table presents our capitalization as of September 30, 2007 and 2006:
 
                                 
    September 30  
    2007     2006  
    (In thousands, except percentages)  
 
Short-term debt
  $ 150,599       3.5 %   $ 382,416       9.1 %
Long-term debt
    2,130,146       50.2 %     2,183,548       51.8 %
Shareholders’ equity
    1,965,754       46.3 %     1,648,098       39.1 %
                                 
Total capitalization, including short-term debt
  $ 4,246,499       100.0 %   $ 4,214,062       100.0 %
                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 53.7 percent and 60.9 percent at September 30, 2007 and 2006. The decrease in the debt to capitalization ratio primarily reflects the favorable impact of our December 2006 equity offering and the reduction in short-term and long-term debt as of September 30, 2007. Our ratio of total debt to capitalization is typically greater during the winter heating season as we make additional short-term borrowings to fund natural gas purchases and meet our working capital requirements. We intend to maintain our capitalization ratio in a target range of 50 to 55 percent


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through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the equity capital markets.
 
This excerpt taken from the ATO 10-Q filed Aug 8, 2007.
Capitalization
 
As noted above, our capitalization is a leading quantitative factor used to determine our credit ratings. The following table presents our capitalization as of June 30, 2007 September 30, 2006 and June 30, 2006.
 
                                                 
    June 30,
    September 30,
    June 30,
 
    2007     2006     2006  
    (In thousands, except percentages)  
 
Short-term debt
  $       %   $ 382,416       9.1 %   $ 297,087       7.2 %
Long-term debt
    2,430,518       55.0 %     2,183,548       51.8 %     2,184,083       52.7 %
Shareholders’ equity
    1,988,142       45.0 %     1,648,098       39.1 %     1,664,556       40.1 %
                                                 
Total capitalization
  $ 4,418,660       100.0 %   $ 4,214,062       100.0 %   $ 4,145,726       100.0 %
                                                 
 
Total debt as a percentage of total capitalization, including short-term debt, was 55.0 percent at June 30, 2007, 60.9 percent at September 30, 2006 and 59.9 percent at June 30, 2006. The decrease in the debt to capitalization ratio primarily reflects the favorable impact of our December 2006 equity offering and the absence of short-term debt as of June 30, 2007, partially offset by the timing of the repayment of our $300 million unsecured floating rate senior notes. Had we been able to repay the notes as of June 30, 2007, our total-debt-to-capitalization ratio would have been 51.7 percent. Our ratio of total debt to capitalization is typically greater during the winter heating season as we make additional short-term borrowings to fund natural gas purchases and meet our working capital requirements. We intend to maintain our capitalization ratio in a target range of 50 to 55 percent through cash flow generated from operations, continued issuance of new common stock under our Direct Stock Purchase Plan and Retirement Savings Plan and access to the capital markets.


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