Fortis Reports 2015 Earnings of $728 Million
- Targets Annual Dividend Growth of 6% Through 2020 - Announces Acquisition of ITC Holdings Corp. for US$11.3 Billion
(firmenpresse) - ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 02/18/16 -- Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS), a leader in the North American electric and gas utility industry, released its 2015 annual results today. Driven by its U.S. utility acquisitions, gains on non-core asset dispositions, completion of the Waneta hydroelectric generating facility ("Waneta Expansion"), and strong results from its Canadian utilities, Fortis' net earnings attributable to common equity shareholders for 2015 were $728 million, or $2.61 per common share, compared to $317 million, or $1.41 per common share, for 2014. For the fourth quarter of 2015, net earnings attributable to common equity shareholders were $135 million, or $0.48 per common share, compared to $113 million, or $0.44 per common share, for the same period in 2014.
"Fortis had a year of transformation and growth in 2015, with all utilities contributing," said Barry Perry, President and Chief Executive Officer, Fortis. "We delivered a record year in earnings, which demonstrates the success of our growth strategy. We also advanced our business on several fronts. We successfully integrated our Arizona utility; divested non-core assets to focus on the core utility business; and sharpened our focus on additional investments within our franchise areas.
"Last week we announced the acquisition of ITC, a premier pure-play transmission utility in a transaction valued at US$11.3 billion," continued Mr. Perry. "We are very excited about this opportunity to continue our growth strategy, further strengthen and diversify our business, and also accelerate our growth. We continue to be committed to profitable growth that adds value for our shareholders."
Strong earnings and cash flow; successful execution of capital program
Continuation of growth strategy through acquisitions
Fortis has grown its business through strategic acquisitions that have also contributed to strong organic growth over the past decade. On February 9, 2016, Fortis and ITC Holdings Corp. ("ITC") (NYSE: ITC) entered into an agreement and plan of merger pursuant to which Fortis will acquire ITC in a transaction (the "Acquisition") valued at approximately US$11.3 billion, based on the closing price for Fortis common shares and the foreign exchange rate on February 8, 2016. ITC is the largest independent pure-play electric transmission company in the United States. Under the terms of the transaction, ITC shareholders will receive US$22.57 in cash and 0.7520 Fortis common shares per ITC share, representing total consideration of approximately US$6.9 billion, and Fortis will assume approximately US$4.4 billion of ITC consolidated indebtedness. The financing of the Acquisition has been structured to allow Fortis to maintain investment-grade credit ratings and is consistent with the Corporation's existing capital structure. Financing of the cash portion of the Acquisition will be achieved primarily through the issuance of approximately US$2 billion of Fortis debt and the sale of up to 19.9% of ITC to one or more infrastructure-focused minority investors.
The closing of the Acquisition is subject to ITC and Fortis shareholder approvals, the satisfaction of other customary closing conditions, and certain regulatory, state and federal approvals including, among others, the United States Federal Energy Regulatory Commission. The closing of the Acquisition is expected to occur in late 2016.
Additionally, in December 2015 Fortis announced the acquisition of the Aitken Creek Gas Storage Facility ("Aitken Creek") for approximately US$266 million. Aitken Creek is the largest gas storage facility in British Columbia with a total working gas capacity of 77 billion cubic feet and is an integral part of Western Canada's natural gas transmission network. The acquisition is subject to regulatory approval and is expected to close in the first half of 2016.
Regulatory proceedings
Fortis continues to focus on maintaining constructive regulatory relationships and outcomes across its utilities and its regulatory calendar remains very active.
In November 2015 Tucson Electric Power Company ("TEP"), UNS Energy's largest utility, filed a general rate application with the Arizona Corporation Commission requesting new retail rates to be effective January 1, 2017, using the year ended June 30, 2015 as a historical test year. Since its last approved rate order in 2013, which used a 2011 historical test year, TEP's total rate base has increased by approximately US$0.6 billion and the common equity component of capital structure increased from 43.5% to approximately 50%.
Newfoundland Power recently filed a general rate application for 2016 and FortisBC Energy, the benchmark utility in British Columbia, filed its application to review cost of capital for 2016. The regulator in Alberta has also initiated a generic cost of capital proceeding for 2016 and 2017, which includes FortisAlberta.
Outlook
Fortis is focused on closing the acquisition of ITC by the end of 2016. The Acquisition is in alignment with the Corporation's business model and acquisition strategy, and is expected to provide approximately 5% accretion to earnings per common share in the first full year following closing, excluding one-time acquisition-related expenses and assuming a stable currency exchange environment. The Acquisition represents a singular opportunity for Fortis to significantly diversify its business in terms of regulatory jurisdictions, business risk profile and regional economic mix.
Substantially all of Fortis' assets are low-risk, regulated utilities and long-term contracted energy infrastructure. No single regulatory jurisdiction comprises more than one-third of total assets. Over the five-year period through 2020, excluding the acquisition of ITC, the Corporation's highly executable capital program is expected to be approximately $9 billion. This investment in energy infrastructure is expected to increase rate base to almost $21 billion in 2020 and produce a five-year compound annual growth rate in rate base of approximately 5%.
On a pro forma basis, 2016 forecast midyear rate base of Fortis is expected to increase by approximately $8 billion to approximately $26 billion, as a result of the acquisition of ITC. Following the Acquisition, Fortis will be one of the top 15 North American public utilities ranked by enterprise value, with an estimated enterprise value of $42 billion. Additionally, ITC's midyear rate base, including construction work in progress, is expected to increase at a compound annual growth rate of approximately 7.5% through 2018, based on ITC's planned capital expenditure program.
Fortis continues to target 6% average annual dividend growth through 2020. This dividend guidance takes into account many factors, including the expectation of reasonable outcomes for regulatory proceedings at the Corporation's utilities, the successful execution of the five-year capital expenditure plan, and management's continued confidence in the strength of the Corporation's diversified portfolio of assets and record of operational excellence. The pending acquisition of ITC further supports this dividend guidance.
Fortis expects long-term sustainable growth in rate base, assets and earnings resulting from strategic acquisitions and investment in its existing utility operations. The Corporation is also committed to identifying and executing on opportunities for incremental rate base and earnings growth through additional investments in existing service territories, and in new franchise areas.
Teleconference to Discuss 2015 Annual Results
A teleconference and webcast will be held on February 18 at 9:00 a.m. (Eastern). Barry Perry, President and Chief Executive Officer, Fortis, and Karl Smith, Executive Vice President, Chief Financial Officer, Fortis, will discuss the Corporation's 2015 annual results.
Analysts, members of the media and other interested parties in North America are invited to participate by calling 1.877.223.4471. International participants may participate by calling 647.788.4922. Please dial in 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Corporation's website, .
A replay of the conference will be available two hours after the conclusion of the call until March 18, 2016. Please call 1.800.585.8367 or 416.621.4642 and enter pass code 22316534.
FORWARD-LOOKING INFORMATION
The following Fortis Inc. ("Fortis" or the "Corporation") Management Discussion and Analysis ("MD&A") has been prepared in accordance with National Instrument 51-102 - Continuous Disclosure Obligations. The MD&A should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2015. Financial information for 2015 and comparative periods contained in the MD&A has been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") and is presented in Canadian dollars unless otherwise specified.
Fortis includes forward-looking information in the MD&A within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs based on information currently available.
The forward-looking information in the MD&A includes, but is not limited to, statements related to the acquisition of ITC Holdings Corp. ("ITC"), the expected timing and conditions precedent to the closing of the acquisition of ITC, including shareholder approvals of both ITC and Fortis, regulatory approvals, governmental approvals and other customary closing conditions; the expectation that Fortis will borrow funds to satisfy its obligation to pay the cash portion of the purchase price and will issue securities to pay the balance of the purchase price; the assumption of ITC debt and expected maintenance of investment-grade credit ratings; the impact of the acquisition on the Corporation's earnings, midyear rate base, credit rating, estimated enterprise value and compound annual growth rate; the expectation that the acquisition of ITC will be accretive in the first full year following closing and that the acquisition will support the average annual dividend growth target of Fortis; the expectation that the Corporation will become a U.S. Securities and Exchange Commission registrant and have its common shares listed on the New York Stock Exchange in connection with the acquisition; the expectation that Fortis will identify one or more minority investors to invest in ITC; the annualized 2016 common share dividend; targeted annual dividend growth through 2020; the expectation that there will be a significant reduction in the use of coal in certain of UNS Energy's generating facilities by 2022; the acquisition of a share of Aitken Creek Gas Storage facility, the expected timing, total expected consideration and conditions precedent to the closing of such acquisition, including regulatory approval; the expected timing of filing of regulatory applications and receipt and outcome of regulatory decisions; the expectation that midyear rate base will increase from 2016 to 2020;
the Corporation's forecast gross consolidated capital expenditures for 2016 and total capital spending over the five-year period from 2016 through 2020; the nature, timing and expected costs of certain capital projects including, without limitation, the Tilbury liquefied natural gas ("LNG") facility expansion, the pipeline expansion to the Woodfibre LNG site, the development of a diesel power plant in Grand Cayman, the Residential Solar Program, the Gas Main Replacement Program, the Lower Mainland System Upgrade, the Pole Management Program, and additional opportunities including electric transmission, LNG and renewable related infrastructure and generation; the expectation that the Corporation's significant capital expenditure program will support continuing growth in earnings and dividends; the expectation that cash required to complete subsidiary capital expenditure programs will be sourced from a combination of cash from operations, borrowings under credit facilities, equity injections from Fortis and long-term debt offerings; the expectation that the Corporation's subsidiaries will be able to source the cash required to fund their 2016 capital expenditure programs, operating and interest costs, and dividend payments; the expected consolidated fixed-term debt maturities and repayments in 2016 and on average annually over the next five years; the expectation that long-term debt will not be settled prior to maturity; the expectation that the Corporation and its subsidiaries will continue to have reasonable access to capital in the near to long terms;
the expectation that the combination of available credit facilities and relatively low annual debt maturities and repayments will provide the Corporation and its subsidiaries with flexibility in the timing of access to capital markets; the expectation that the Corporation and its subsidiaries will remain compliant with debt covenants during 2016; the intent of management to hedge future exchange rate fluctuations and monitor its foreign currency exposure; the expectation that economic conditions in Arizona will improve; the expectation that any liability from current legal proceedings will not have a material adverse effect on the Corporation's consolidated financial position and results of operations; and the expectation that the adoption of future accounting pronouncements will not have a material impact on the Corporations consolidated financial statements.
The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: the receipt of applicable regulatory approvals and requested rate orders, no material adverse regulatory decisions being received, and the expectation of regulatory stability; no material capital project and financing cost overrun related to any of the Corporation's capital projects; the realization of additional opportunities including natural gas related infrastructure and generation; the Board of Directors exercising its discretion to declare dividends, taking into account the business performance and financial conditions of the Corporation; no significant variability in interest rates; no significant operational disruptions or environmental liability due to a catastrophic event or environmental upset caused by severe weather, other acts of nature or other major events; the continued ability to maintain the electricity and gas systems to ensure their continued performance; no severe and prolonged downturn in economic conditions; no significant decline in capital spending; sufficient liquidity and capital resources; the continuation of regulator-approved mechanisms to flow through the cost of natural gas and energy supply costs in customer rates; the ability to hedge exposures to fluctuations in foreign exchange rates, natural gas prices and electricity prices; no significant counterparty defaults; the continued competitiveness of natural gas pricing when compared with electricity and other alternative sources of energy;
the continued availability of natural gas, fuel, coal and electricity supply; continuation and regulatory approval of power supply and capacity purchase contracts; the ability to fund defined benefit pension plans, earn the assumed long-term rates of return on the related assets and recover net pension costs in customer rates; no significant changes in government energy plans and environmental laws that may materially negatively affect the operations and cash flows of the Corporation and its subsidiaries; no material change in public policies and directions by governments that could materially negatively affect the Corporation and its subsidiaries; new or revised environmental laws and regulations will not severely affect the results of operations; maintenance of adequate insurance coverage; the ability to obtain and maintain licences and permits; retention of existing service areas; the ability to report under US GAAP beyond 2018 or the adoption of International Financial Reporting Standards after 2018 that allows for the recognition of regulatory assets and liabilities; the continued tax-deferred treatment of earnings from the Corporation's Caribbean operations; continued maintenance of information technology infrastructure; continued favourable relations with First Nations; favourable labour relations; that the Corporation can reasonably assess the merit of and potential liability attributable to ongoing legal proceedings; and sufficient human resources to deliver service and execute the capital program.
The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. Risk factors which could cause results or events to differ from current expectations are detailed under the heading "Business Risk Management" in this MD&A and in continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. Key risk factors for 2016 include, but are not limited to: uncertainty regarding the completion of the acquisition of ITC including but not limited to the receipt of shareholder approvals of ITC and Fortis, the receipt of regulatory and other governmental approvals, the availability of financing sources at the desired time or at all, on cost-efficient or commercially reasonable terms and the satisfaction or waiver of certain other conditions to closing; uncertainty related to the realization of some or all of the expected benefits of the acquisition of ITC; uncertainty regarding the outcome of regulatory proceedings of the Corporation's utilities; uncertainty of the impact a continuation of a low interest rate environment may have on the allowed rate of return on common shareholders' equity at the Corporation's regulated utilities; the impact of fluctuations in foreign exchange rates; and risk associated with the impact of less favorable economic conditions on the Corporation's results of operations.
All forward-looking information in the MD&A is qualified in its entirety by the above cautionary statements and, except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
CORPORATE OVERVIEW
Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $29 billion and fiscal 2015 revenue of $6.7 billion. The Corporation's asset mix is approximately 96% regulated (70% electric, 26% gas), with the remaining 4% comprised of long-term contracted hydroelectric operations. The Corporation's regulated utilities serve more than 3 million customers across Canada and in the United States and the Caribbean. In 2015 the Corporation's electricity distribution systems met a combined peak demand of 9,705 megawatts ("MW") and its gas distribution systems met a peak day demand of 1,323 terajoules.
The Corporation's main business, utility operations, is highly regulated and the earnings of the Corporation's regulated utilities are primarily determined under cost of service ("COS") regulation and, in certain jurisdictions, performance-based rate-setting ("PBR") mechanisms. Generally, under COS regulation the respective regulatory authority sets customer electricity and/or gas rates to permit a reasonable opportunity for the utility to recover, on a timely basis, estimated costs of providing service to customers, including a fair rate of return on a regulatory deemed or targeted capital structure applied to an approved regulatory asset value ("rate base"). The ability of a regulated utility to recover prudently incurred costs of providing service and earn the regulator-approved rate of return on common shareholders' equity ("ROE") and/or rate of return on rate base assets ("ROA") depends on the utility achieving the forecasts established in the rate-setting processes. If a historical test year is used to set customer rates, there may be regulatory lag between when costs are incurred and when they are reflected in customer rates. When PBR mechanisms are utilized in determining annual revenue requirements and resulting customer rates, a formula is generally applied that incorporates inflation and assumed productivity improvements. The use of PBR mechanisms should allow a utility a reasonable opportunity to recover prudently incurred costs and earn its allowed ROE or ROA.
Earnings of regulated utilities may be impacted by: (i) changes in the regulator-approved allowed ROE and/or ROA and common equity component of capital structure; (ii) changes in rate base; (iii) changes in energy sales or gas delivery volumes; (iv) changes in the number and composition of customers; (v) variances between actual expenses incurred and forecast expenses used to determine revenue requirements and set customer rates; and (vi) regulatory lag in the case of a historical test year. When future test years are used to establish revenue requirements and set base customer rates, these rates are not adjusted as a result of the actual COS being different from that which is estimated, other than for certain prescribed costs that are eligible to be deferred on the balance sheet. In addition, the Corporation's regulated utilities, where applicable, are permitted by their respective regulatory authority to flow through to customers, without markup, the cost of natural gas, fuel and/or purchased power through base customer rates and/or the use of rate stabilization and other mechanisms.
Fortis segments its utility operations by franchise area and, depending on regulatory requirements, by the nature of the assets. Fortis also holds investments in non-regulated generation assets, which are treated as a separate segment. The Corporation's reporting segments allow senior management to evaluate the operational performance and assess the overall contribution of each segment to the long-term objectives of Fortis. Each entity within the reporting segments operates with substantial autonomy, assumes profit and loss responsibility and is accountable for its own resource allocation.
The following summary describes the operations included in each of the Corporation's reportable segments.
REGULATED UTILITIES
The Corporation's interests in regulated electric and gas utilities are as follows.
Regulated Electric & Gas Utilities - United States
Regulated Gas Utility - Canadian
FortisBC Energy: Primarily includes FortisBC Energy Inc. ("FortisBC Energy" or "FEI") and, prior to December 31, 2014, FortisBC Energy (Vancouver Island) Inc. ("FEVI") and FortisBC Energy (Whistler) Inc. ("FEWI"). On December 31, 2014, FEI, FEVI and FEWI were amalgamated and FEI is the resulting Company. FEI is the largest distributor of natural gas in British Columbia, serving approximately 982,000 customers in more than 135 communities. Major areas served by the Company are the Lower Mainland, Vancouver Island and Whistler regions of British Columbia. FEI provides T&D services to customers, and obtains natural gas supplies on behalf of most residential, commercial and industrial customers. Gas supplies are sourced primarily from northeastern British Columbia and, through FEI's Southern Crossing pipeline, from Alberta.
Regulated Electric Utilities - Canadian
Regulated Electric Utilities - Caribbean
The Regulated Electric Utilities - Caribbean segment includes the Corporation's approximate 60% controlling ownership interest in Caribbean Utilities Company, Ltd. ("Caribbean Utilities") (December 31, 2014 - 60%), Fortis Turks and Caicos, and the Corporation's 33% equity investment in Belize Electricity Limited ("Belize Electricity"). Caribbean Utilities is an integrated electric utility and the sole provider of electricity on Grand Cayman, Cayman Islands, serving approximately 28,000 customers. The Company has an installed diesel-powered generating capacity of 132 MW. Caribbean Utilities is a public company traded on the Toronto Stock Exchange ("TSX") (TSX: CUP.U). Fortis Turks and Caicos is comprised of two integrated electric utilities serving approximately 14,000 customers on certain islands in Turks and Caicos. The utilities have a combined diesel-powered generating capacity of 82 MW. Belize Electricity is an integrated electric utility and the principal distributor of electricity in Belize.
NON-REGULATED - FORTIS GENERATION
Fortis Generation is primarily comprised of long-term contracted generation assets in British Columbia and Belize. Generating assets in British Columbia include the Corporation's 51% controlling ownership interest in the 335-MW Waneta Expansion. Construction of the Waneta Expansion was completed in April 2015 and the output is sold to BC Hydro and FortisBC Electric under 40-year contracts. The Corporation's 51% controlling ownership interest in the Waneta Expansion is conducted through the Waneta Expansion Limited Partnership ("Waneta Partnership"), with CPC/CBT holding the remaining 49% interest.
Generating assets in Belize are comprised of three hydroelectric generating facilities with a combined capacity of 51 MW. All of the output of these facilities is sold to Belize Electricity under 50-year power purchase agreements ("PPAs") expiring in 2055 and 2060. The hydroelectric generation operations in Belize are conducted through the Corporation's indirectly wholly owned subsidiary Belize Electric Company Limited ("BECOL") under a franchise agreement with the Government of Belize ("GOB").
As at December 31, 2015, the 16-MW run-of-river Walden hydroelectric generating facility has been classified as held for sale.
In June 2015 and July 2015 the Corporation sold its non-regulated generation assets in Upstate New York and Ontario, respectively.
NON-REGULATED - NON-UTILITY
The Non-Utility segment previously included Fortis Properties Corporation ("Fortis Properties") and Griffith Energy Services, Inc. ("Griffith"). Fortis Properties completed the sale of its commercial real estate assets in June 2015 and its hotel assets in October 2015. For further information, refer to the "Significant Items" section of this MD&A. Griffith was sold in March 2014.
CORPORATE AND OTHER
The Corporate and Other segment captures expense and revenue items not specifically related to any reportable segment and those business operations that are below the required threshold for reporting as separate segments. The Corporate and Other segment includes net corporate expenses of Fortis and non-regulated holding company expenses of FortisBC Holdings Inc. ("FHI"), CH Energy Group, Inc. and UNS Energy Corporation. Also included in the Corporate and Other segment are the financial results of FortisBC Alternative Energy Services Inc. ("FAES"). FAES is a wholly owned subsidiary of FHI that provides alternative energy solutions, including thermal-energy and geo-exchange systems.
CORPORATE STRATEGY
The principal business of Fortis is the ownership and operation of regulated electric and gas utilities. The Corporation remains focused on being a leader in the North American utility industry and its strategic vision is guided by the goals of delivering long-term profitable growth and building shareholder value. Earnings per common share and total shareholder return are the primary measures of financial performance.
Over the 10-year period ended December 31, 2015, earnings per common share of Fortis grew at a compound annual growth rate of 4.6%, on an adjusted basis. Over the same period, Fortis delivered an average annualized total return to shareholders of 8.2%, exceeding the S&P/TSX Capped Utilities and S&P/TSX Composite Indices, which delivered average annualized performance of 4.6% and 7.4%, respectively, over the same period.
The Corporation's first priority remains the continued profitable expansion of existing operations. Management remains focused on executing the consolidated capital program and pursuing additional investment opportunities within existing service territories. Fortis has also demonstrated its ability to acquire additional regulated utilities in Canada and the United States. The Corporation's standalone operating model and financial strength, driven by a strong balance sheet and investment-grade credit ratings, positions it well for future investment opportunities in existing and new franchise areas.
KEY TRENDS, RISKS AND OPPORTUNITIES
Pending Acquisition of ITC Holdings Corp.: On February 9, 2016, Fortis and ITC Holdings Corp. ("ITC") (NYSE: ITC) entered into an agreement and plan of merger pursuant to which Fortis will acquire ITC in a transaction (the "Acquisition") valued at approximately US$11.3 billion, based on the closing price for Fortis common shares and the foreign exchange rate on February 8, 2016. For details on the Acquisition, including transaction details, strategic rationale and acquisition financing, refer to the "Subsequent Event" section of this MD&A, and for a discussion of risks associated with the Acquisition, refer to the "Business Risk Management - Risks Associated with the Acquisition of ITC" section of this MD&A.
Electric Utility Industry Developments: The North American electric utility industry has changed significantly over the past several years. The most notable changes include a continued focus on clean energy and energy conservation initiatives, while balancing technology advancements and changes in customer needs. At the same time, the continued low interest rate environment and decrease in world oil and gas prices are having significant impacts on the North American economy. Notwithstanding the changes occurring in the utility industry, safety, reliability and serving customers at the lowest reasonable cost remain at the forefront of the utility industry's focus.
Government and regulatory policy in Canada and the United States is being directed at environmental protection and energy efficiency. The increasing availability of cleaner sources of power generation are driving new environmental regulation designed to eliminate or reduce dependence on traditional sources of electricity power generation, such as coal. The availability of cheaper, cleaner burning natural gas, as well as growing accessibility of renewable or alternative energy sources like solar are encouraging governments to deploy aggressive targets for the removal of high carbon emission sources of energy. Reaching these targets will require the shutdown of certain high carbon emission generating plants earlier than planned, which is an issue that utilities and regulators need to address. These environmental regulations are, however, expected to create additional investment opportunities in renewable power generation and related energy infrastructure. Fortis' regulated utilities are actively involved in pursuing these opportunities.
Technological development, particularly in the area of distributed generation, is playing a significant role in the transformation of the utility industry. Although distributed generation customers remain connected to the electrical system and benefit from that connection, they avoid paying much of the fixed operating and maintenance costs because they can offset a portion of their volumetric energy usage with their own systems. This results in an increasing amount of utility costs that are ultimately shifted to other customers. The declining cost of certain types of distributed generation technologies, together with government subsidization, is encouraging increased adoption by customers. Not only does this expose the utility to declining revenue because of a decrease in energy sales, the rate structure serves to shift an increasing burden for these costs on those customers that do not have distributed generation, such as rooftop solar. Traditional rate designs have not been structured to ensure fairness among all customers, which is a focus for utilities and regulators. Fortis, through its subsidiaries, is working with its regulators to address these rate design issues for its customers.
Despite the challenges facing the utility industry, Fortis is well positioned to meet these headwinds and capitalize on any resulting opportunities. Its decentralized structure and customer focused business culture will support the efforts required to both meet evolving customer expectations and to work with policy makers and regulators on solutions that are financially sustainable for the utilities. Leveraging those relationships to get out in front of these evolving challenges will be essential to meeting the industry challenges.
Natural Gas Opportunities: FortisBC Energy continues to pursue opportunities in British Columbia related to gas infrastructure. The combination of an abundant supply of natural gas, low costs for natural gas and supportive government policy are generating new interest for large industrial customers and niche liquefied natural gas ("LNG") producers to utilize FortisBC Energy's gas system.
In 2013 the Government of British Columbia issued an Order in Council announcing the exemption of FEI's Tilbury LNG facility expansion ("Tilbury Expansion") from regulatory review. The Tilbury Expansion is well underway and will increase LNG production and storage capabilities, and is expected to be in service around the end of 2016. Since this announcement, there has been considerable interest for LNG supply from the Pacific Northwest, Hawaii, Alaska and international markets. In 2014 the Government of British Columbia issued a second Order in Council amending directions to the regulator regarding the Tilbury Expansion. The revisions set out a number of requirements for the regulator, including the consideration of a further expansion of the Tilbury site that would include additional liquefaction.
Traditionally, the majority of natural gas production in northern British Columbia has served the provincial and Pacific Northwest markets via the Westcoast (Spectra) system. However, to realize the full potential of British Columbia shale gas opportunities, additional capacity to connect to markets will have to be developed. FortisBC Energy continues to explore pipeline investment opportunities that include expansion of their existing distribution system to supply natural gas to a prospective LNG export facility, as well as to expand capacity on their Southern Crossing transmission pipeline. Specifically, FortisBC Energy is pursuing a potential pipeline expansion to the proposed Woodfibre LNG site in British Columbia. The Woodfibre LNG site is a former paper mill site located near Squamish, British Columbia. The Company has an opportunity to expand its gas pipeline and increase compression to deliver natural gas to this site.
For further information on the Corporation's natural gas investment opportunities, refer to the "Liquidity and Capital Resources - Additional Investment Opportunities" section of this MD&A.
Regulation: The Corporation's key business risk is regulation. Each of the Corporation's nine utilities is subject to regulation by the regulatory body in its respective operating jurisdiction. Relationships with the regulatory authorities are managed at the local utility level.
Commitment by the Corporation's utilities to provide safe and reliable service, operational excellence and promote positive customer and regulatory relations is important to ensure supportive regulatory relationships and obtain full cost recovery and competitive returns for the Corporation's shareholders.
Central Hudson began operating under a new three-year rate order in mid-2015. In November 2015 TEP filed a general rate application ("GRA") with the Arizona Corporation Commission ("ACC") requesting new retail rates to be effective January 1, 2017, using the year ended June 30, 2015 as a historical test year. Since its last approved rate order in 2013, which used a 2011 historical test year, TEP's total rate base has increased by approximately US$0.6 billion and the common equity component of capital structure increased from 43.5% to approximately 50%. The application also addresses rate design changes that would reduce the reliance on volumetric sales to recover fixed costs, and a new net metering tariff that would ensure that customers who install distributed generation pay an equitable price for their electric service. In May 2015 UNS Electric filed a similar GRA requesting new retail rates effective May 1, 2016, using 2014 as a historical test year. The nature of UNS Electric's application was similar to that of TEP.
The Corporation's regulatory calendar for its utilities in Canada continues to be extensive. Newfoundland Power recently filed a GRA for 2016 and FortisBC Energy, the benchmark utility in British Columbia, filed its application to review cost of capital for 2016. In Alberta, while the regulator issued decisions on outstanding generic cost of capital proceedings and capital tracker applications early in 2015, it has initiated a generic cost of capital proceeding for 2016 and 2017, which includes FortisAlberta.
For a further discussion of the nature of regulation and material regulatory decisions and applications and regulatory risk, refer to the "Regulatory Highlights" and "Business Risk Management" sections of this MD&A.
Capital Expenditure Program and Rate Base Growth: The Corporation's regulated midyear rate base for 2015 was $16.4 billion. Over the five-year period through 2020, excluding the pending acquisition of ITC, the Corporation's capital program is expected to be approximately $9 billion. This investment in energy infrastructure is expected to increase rate base to almost $21 billion in 2020 and produce a five-year compound annual growth rate in rate base of approximately 5%. Fortis expects this capital investment to support growth in earnings and dividends.
For further information on the Corporation's consolidated capital expenditure program and rate base of its regulated utilities, refer to the "Liquidity and Capital Resources - Capital Expenditure Program" section of this MD&A.
Access to Capital and Liquidity: The Corporation's regulated utilities require ongoing access to long-term capital to fund investments in infrastructure necessary to provide service to customers. Long-term capital required to carry out the utility capital expenditure programs is mostly obtained at the regulated utility level. The regulated utilities usually issue debt at terms ranging between 5 and 40 years. As at December 31, 2015, almost 90% of the Corporation's consolidated long-term debt, excluding borrowings under long-term committed credit facilities, had maturities beyond five years. Management expects consolidated fixed-term debt maturities and repayments to average approximately $260 million annually over the next five years.
To help ensure uninterrupted access to capital and sufficient liquidity to fund capital programs and working capital requirements, the Corporation and its subsidiaries have approximately $3.6 billion in credit facilities, of which approximately $2.4 billion was unused as at December 31, 2015. Based on current credit ratings and conservative capital structures, the Corporation and its regulated utilities expect to continue to have reasonable access to long-term capital in 2016.
The Corporation has significant financing requirements associated with the pending acquisition of ITC. Refer to the "Business Risk Management - Risks Associated with the Acquisition of ITC" and "Subsequent Event" sections of this MD&A.
Dividend Increases: Dividends paid per common share increased to $1.40 in 2015. During 2015 Fortis increased its quarterly dividend per common share over 17% to $0.375 per quarter, or $1.50 on an annualized basis. This continues the Corporation's record of raising its annualized dividend to common shareholders for 42 consecutive years, the record for a public corporation in Canada.
Fortis also announced dividend guidance, targeting annual dividend per common share growth through 2020 of 6% based on a 2016 dividend of $1.50. This guidance takes into account many factors, including the expectation of reasonable outcomes for regulatory proceedings at its utilities, the successful execution of its $9 billion five-year capital expenditure plan, and management's continued confidence in the strength of the Corporation's diversified portfolio of assets and record of operational excellence. The pending acquisition of ITC further supports this dividend guidance.
SIGNIFICANT ITEMS IN 2015
Pending Acquisition of Aitken Creek Gas Storage Facility: In December 2015 Fortis, through an indirect wholly owned subsidiary, entered into a definitive share purchase and sale agreement with Chevron Canada Properties Ltd. to acquire its share of the Aitken Creek Gas Storage Facility ("Aitken Creek") for approximately US$266 million, subject to customary closing conditions and adjustments. Aitken Creek is the largest gas storage facility in British Columbia with a total working gas capacity of 77 billion cubic feet and is an integral part of Western Canada's natural gas transmission network. The acquisition is subject to regulatory approval and is expected to close in the first half of 2016. The net cash purchase price is expected to be initially financed with borrowings under the Corporation's credit facility. In December 2015 the Corporation paid a deposit of US$29 million related to the transaction.
Sale of Commercial Real Estate and Hotel Assets: In June 2015 the Corporation completed the sale of the commercial real estate assets of Fortis Properties for gross proceeds of $430 million. As a result of the sale, the Corporation recognized an after-tax gain of approximately $109 million, net of expenses. As part of the transaction, Fortis subscribed to $35 million in trust units of Slate Office REIT in conjunction with the REIT's public offering.
In October 2015 the Corporation completed the sale of the hotel assets of Fortis Properties for gross proceeds of $365 million. As a result of the sale, the Corporation recognized an after-tax loss of approximately $8 million, which reflects an impairment loss and expenses associated with the sale transaction.
Net proceeds from the sales were used by the Corporation to repay credit facility borrowings, the majority of which were used to finance a portion of the acquisition of UNS Energy.
Sale of Non-Regulated Generation Assets in New York and Ontario: In June 2015 the Corporation sold its non-regulated generation assets in Upstate New York for gross proceeds of approximately $77 million (US$63 million). As a result of the sale, the Corporation recognized an after-tax gain of approximately $27 million (US$22 million), net of expenses and foreign exchange impacts.
In July 2015 the Corporation sold its non-regulated generation assets in Ontario for gross proceeds of approximately $16 million. As a result of the sale, the Corporation recognized an after-tax gain of approximately $5 million.
Settlement of Belize Electricity Expropriation Matters: In August 2015 the Corporation agreed to terms of a settlement with the GOB regarding the expropriation of the Corporation's approximate 70% interest in Belize Electricity in June 2011. The terms of the settlement included a one-time US$35 million cash payment to Fortis from the GOB and an approximate 33% equity investment in Belize Electricity. As a result of the settlement, the Corporation recognized an approximate $9 million loss.
Net Earnings Attributable to Common Equity Shareholders: Fortis achieved net earnings attributable to common equity shareholders of $728 million in 2015 compared to $317 million in 2014. On an adjusted basis, net earnings attributable to common equity shareholders for 2015 were $589 million, an increase of $195 million, or almost 50%, over 2014. Results for both years were impacted by non-recurring or adjusting items, which are detailed in the "Consolidated Results of Operations" section of this MD&A. The increase in adjusted net earnings attributable to common equity shareholders was driven by a full year's contribution from UNS Energy, which was acquired in mid-August 2014, earnings contribution from the Waneta Expansion, which came online in early April 2015, rate base growth associated with capital expenditures and growth in the number of customers at FortisAlberta, a higher allowance for funds used during construction ("AFUDC") at FortisBC Energy, the resetting of customer rates at Central Hudson, effective July 1, 2015, and the continued strength of the US dollar relative to the Canadian dollar. Earnings growth was tempered by an increase in Corporate expenses and lower earnings contribution due to the sale of the commercial real estate and hotel assets.
Basic Earnings per Common Share: Basic earnings per common share were $2.61 in 2015 compared to $1.41 in 2014. On an adjusted basis, as noted above, basic earnings per common share were $2.11 for 2015, an increase of $0.36 over 2014. The increase was driven by higher adjusted earnings per common share, as discussed above, partially offset by an increase in the weighted average number of common shares outstanding.
A graph is available at the following address:
Cash Flow from Operating Activities: Cash flow from operating activities was $1,673 million for 2015, an increase of $691 million, or 70%, over 2014. The increase was driven by higher cash earnings, mainly due to the factors noted above, and favourable changes in working capital.
A graph is available at the following address:
Dividends: Dividends paid per common share increased to $1.40 in 2015, 9.0% higher than $1.28 in 2014. During 2015 Fortis increased its quarterly dividend per common share over 17% to $0.375 per quarter. The Corporation's dividend payout ratio was 53.6% in 2015 compared to 90.8% in 2014. On an adjusted basis, the dividend payout ratio was 66.4% in 2015 compared to 73.1% in 2014.
A graph is available at the following address:
Return on Average Book Common Shareholders Equity: The return on average book common shareholders' equity for 2015 was 9.8% compared to 5.4% for 2014. On an adjusted basis, the return on average book common shareholders' equity for 2015 was 7.9%, compared to 6.8% for 2014.
Total Assets: Total assets increased 9.9% to approximately $28.8 billion at the end of 2015 compared to approximately $26.2 billion at the end of 2014. The increase reflects favourable foreign exchange on the translation of US dollar-denominated assets and continued investment in energy infrastructure, driven by capital spending at the regulated utilities, partially offset by the sale of commercial real estate and hotel assets in 2015.
A graph is available at the following address:
Gross Capital Expenditures: Consolidated capital expenditures, before customer contributions, were $2.2 billion in 2015 compared to $1.7 billion in 2014. The increase was driven by a full year contribution from UNS Energy and higher capital spending at most of the Corporation's regulated utilities, partially offset by lower non-regulated capital expenditures due to the completion of the Waneta Expansion and the sale of commercial real estate and hotel assets. For a detailed discussion of the Corporation's consolidated capital expenditure program, refer to the "Liquidity and Capital Resources - Capital Expenditure Program" section of this MD&A.
Long-Term Capital: The Corporation's regulated utilities raised approximately $1 billion in long-term debt in 2015, largely in support of energy infrastructure investment and regularly scheduled debt repayments.
Fortis completed the sale of $1.8 billion convertible debentures in 2014 to finance a portion of the acquisition of UNS Energy. In October 2014 approximately 58.2 million common shares of Fortis were issued on conversion of the debentures. In September 2014 Fortis issued 24 million First Preference Shares, Series M for gross proceeds of $600 million. The net proceeds were also used to finance a portion of the acquisition of UNS Energy. The Corporation and its regulated utilities raised approximately $1.2 billion in long-term debt in 2014.
For further information, refer to the "Liquidity and Capital Resources - Summary of Consolidated Cash Flows" section of this MD&A.
Revenue
The increase in revenue was driven by the acquisition of UNS Energy in August 2014. Favourable foreign exchange associated with the translation of US dollar-denominated revenue, contribution from the Waneta Expansion and higher base electricity rates at the Canadian Regulated Electric Utilities also contributed to the increase. The increase was partially offset by the flow through in customer rates of lower energy supply costs at FortisBC Energy, Central Hudson and the Caribbean Regulated Electric Utilities, and a decrease in non-utility revenue due to the sale of commercial real estate and hotel assets in June 2015 and October 2015, respectively.
Energy Supply Costs
The increase in energy supply costs was primarily due to the acquisition of UNS Energy and unfavourable foreign exchange associated with the translation of US dollar-denominated energy supply costs. The increase was partially offset by lower commodity costs at FortisBC Energy, Central Hudson and the Caribbean Regulated Electric Utilities.
Operating Expenses
The increase in operating expenses was primarily due to the acquisition of UNS Energy, unfavourable foreign exchange associated with the translation of US dollar-denominated operating expenses and general inflationary and employee-related cost increases. The increase was partially offset by a decrease in non-utility operating expenses due to the sale of commercial real estate and hotel assets, and lower Corporate retirement expenses.
Depreciation and Amortization
The increase in depreciation and amortization was primarily due to the acquisition of UNS Energy and continued investment in energy infrastructure at the Corporation's regulated utilities.
Other Income (Expenses), Net
The increase in other income, net of expenses, was driven by gains on the sale of commercial real estate and non-regulated generation assets in 2015, compared to acquisition-related expenses associated with UNS Energy in 2014. The increase was partially offset by a loss associated with the sale of hotel assets in 2015.
Finance Charges
The increase in finance charges was primarily due to the acquisition of UNS Energy, including interest expense on debt issued to complete the financing of the acquisition, and unfavourable foreign exchange associated with the translation of US-dollar denominated interest expense. The increase was partially offset by lower interest on convertible debentures. Approximately $72 million ($51 million after tax) in interest expense was recognized in 2014 associated with convertible debentures issued to finance a portion of the acquisition of UNS Energy. In October 2014 the convertible debentures were substantially all converted into common shares of the Corporation.
Income Tax Expense
The increase in income tax expense was primarily due to higher earnings before income taxes, driven by the acquisition of UNS Energy and gains on the sale of commercial real estate and non-regulated generation assets in 2015, and a higher effective income tax rate, mainly due to the combined federal and state income tax rate at UNS Energy.
Net Earnings Attributable to Common Equity Shareholders and Basic Earnings Per Common Share
Net earnings attributable to common equity shareholders were impacted by a number of non-recurring or non-operating items. These items, referred to as adjusting items, are reconciled below and discussed in the segmented results of operations for the respective reporting segments. Management believes that adjusted net earnings attributable to common equity shareholders and adjusted basic earnings per common share provide useful information to investors and shareholders as they provide increased transparency and predictive value. The adjusting items do not have a standardized meaning as prescribed under US GAAP and are not considered US GAAP measures. Therefore, these adjusting items may not be comparable with similar measures presented by other companies.
Adjusted Net Earnings Attributable to Common Equity Shareholders
The increase in adjusted net earnings attributable to common equity shareholders was driven by earnings contribution of $195 million at UNS Energy compared to $60 million for 2014. Earnings contribution of $22 million from the Waneta Expansion, which represents the Corporation's 51% controlling ownership interest, also contributed to the increase. Performance was driven by all of the Corporation's other regulated utilities, including rate base growth associated with capital expenditures and growth in the number of customers at FortisAlberta; a higher AFUDC at FortisBC Energy; and improved performance at Central Hudson under a new three-year rate order. Favourable foreign exchange impacts associated with US dollar-denominated earnings also increased earnings year over year. The increase in adjusted earnings was partially offset by higher preference share dividends and finance charges in the Corporate and Other segment, largely associated with the acquisition of UNS Energy, and lower earnings contribution from non-utility assets due to the sale of commercial real estate and hotel assets.
Adjusted Basic Earnings Per Common Share
The increase in adjusted earnings per common share was driven by accretion associated with the acquisition of UNS Energy, after considering the finance charges associated with the acquisition and the increase in the weighted average number of common shares outstanding, and contribution from the Waneta Expansion. Performance at all of the Corporation's other regulated utilities, as discussed above, and the impact of favourable foreign exchange also contributed to the increase. The increase was partially offset by an increase in Corporate expenses and lower earnings contribution from non-utility assets due to the sale of commercial real estate and hotel assets.
The following is a discussion of the financial results of the Corporation's reporting segments. A discussion of the nature of regulation and material regulatory decisions and applications pertaining to the Corporation's regulated utilities is provided in the "Regulatory Highlights" section of this MD&A.
REGULATED UTILITIES
The Corporation's primary business is the ownership and operation of regulated utilities. In 2015 earnings from regulated assets represented approximately 92% (2014 - 91%) of the Corporation's earnings from its operating segments (excluding Corporate and Other segment expenses), excluding the gains on sale of non-core assets. Total regulated assets represented 96% of the Corporation's total assets as at December 31, 2015 (December 31, 2014 - 93%).
REGULATED ELECTRIC & GAS UTILITIES - UNITED STATES
Regulated Electric & Gas Utilities - United States earnings for 2015 were $253 million (2014 - $97 million), which represented approximately 37% (2014 - 21%) of the Corporation's total regulated earnings. Total segment assets were approximately $12.1 billion as at December 31, 2015 (December 31, 2014 - $9.9 billion), which represented approximately 44% of the Corporation's total regulated assets as at December 31, 2015 (December 31, 2014 - 40%).
A graph is available at the following address:
Electricity Sales & Gas Volumes
Electricity sales were 15,366 gigawatt hours ("GWh") for 2015 compared to 14,560 GWh for the full year in 2014. The increase was primarily due to higher short-term wholesale electricity sales. The majority of short-term wholesale electricity sales is flowed through to customers and has no impact on earnings. Retail sales were comparable year over year.
Gas volumes of 13 petajoules ("PJ") for 2015 were comparable with the full year in 2014.
Revenue
Revenue was US$1,588 million for 2015 compared to US$1,560 million for the full year in 2014. The increase was primarily due to the flow through to customers of higher purchased power and fuel supply costs, higher transmission revenue, and higher wholesale electricity sales. On a Canadian dollar basis, revenue was also impacted by favourable foreign exchange.
Earnings
Earnings were US$152 million for 2015 compared to US$144 million for the full year in 2014, excluding the impact of acquisition-related expenses. The increase was primarily due to higher transmission revenue and a decrease in interest expense due to the expiry of leasing arrangements. The increase was partially offset by higher operating expenses. On a Canadian dollar basis, earnings were also impacted by favourable foreign exchange.
Electricity Sales & Gas Volumes
The increase in electricity sales was mainly due to higher average consumption as a result of warmer temperatures in the summer, which increased the use of air conditioning and other cooling equipment. Gas volumes for 2015 were comparable with last year.
Changes in electricity sales and gas volumes at Central Hudson are subject to regulatory revenue decoupling mechanisms and, as a result, do not have a material impact on revenue and earnings.
Revenue
The increase in revenue was driven by approximately $111 million of favourable foreign exchange associated with the translation of US dollar-denominated revenue. An increase in base electricity rates effective July 1, 2015 and the recovery from customers of previously deferred electricity costs also contributed to the increase in revenue. Additionally, revenue for the first half of 2015 was favourably impacted by energy efficiency incentives and higher gas revenue associated with a new gas delivery contract in late 2014. The increase was partially offset by the recovery from customers of lower commodity costs, which were mainly due to lower wholesale prices.
Earnings
The increase in earnings was primarily due to approximately $9 million of favourable foreign exchange associated with the translation of US dollar-denominated earnings, an increase in base electricity rates effective July 1, 2015, a new gas delivery contract implemented in late 2014, and energy efficiency incentives earned during the first half of 2015. The increase was partially offset by the impact of higher expenses during the two-year rate freeze period post acquisition, which ended on June 30, 2015.
REGULATED GAS UTILITY - CANADIAN
Regulated Gas Utility - Canadian earnings for 2015 were $140 million (2014 - $127 million), which represented approximately 21% of the Corporation's total regulated earnings (2014 - 28%). Total segment assets were approximately $6.0 billion as at December 31, 2015 (December 31, 2014 - $5.8 billion), which represented approximately 22% of the Corporation's total regulated assets as at December 31, 2015 (December 31, 2014 - 24%).
A graph is available at the following address:
Gas Volumes
The decrease in gas volumes was primarily due to lower average consumption in the first quarter as a result of warmer temperatures.
FortisBC Energy earns approximately the same margin regardless of whether a customer contracts for the purchase and delivery of natural gas or only for the delivery of natural gas. As a result of the operation of regulatory deferral mechanisms, changes in consumption levels and the cost of natural gas from those forecast to set customer gas rates do not materially affect earnings.
Revenue
The decrease in revenue was primarily due to a lower commodity cost of natural gas charged to customers and lower gas volumes. The decrease was partially offset by higher regulatory flow-through deferral amounts.
Earnings
The increase in earnings was mainly due to higher AFUDC, regulatory flow-through deferral amounts and operating cost savings, net of the earnings sharing mechanism. The increase was partially offset by a decrease in the allowed ROE and equity component of capital structure as a result of the amalgamation of FEVI and FEWI with FEI, effective December 31, 2014. For further details on the amalgamation, refer to the "Material Regulatory Decisions and Applications" section of this MD&A.
REGULATED ELECTRIC UTILITIES - CANADIAN
Regulated Electric Utilities - Canadian earnings for 2015 were $250 million (2014 - $209 million), which represented approximately 37% of the Corporation's total regulated earnings (2014 - 45%). Total segment assets were approximately $8.2 billion as at December 31, 2015 (December 31, 2014 - $7.7 billion), which represented approximately 30% of the Corporation's total regulated assets as at December 31, 2015 (December 31, 2014 - 32%).
A graph is available at the following address:
Energy Deliveries
The decrease in energy deliveries was primarily due to lower average consumption by oil and gas customers as a result of low commodity prices for oil and gas, partially offset by higher average consumption by farm and irrigation, residential and commercial customers. Lower levels of precipitation, particularly in the third quarter, and warmer temperatures had a favorable impact on energy deliveries to farm and irrigation customers. Higher energy deliveries to residential and commercial customers due to customer growth were partially offset by lower average consumption due to warmer temperatures.
Revenue
As a significant portion of FortisAlberta's distribution revenue is derived from fixed or largely fixed billing determinants, changes in quantities of energy delivered are not entirely correlated with changes in revenue. Revenue is a function of numerous variables, many of which are independent of actual energy deliveries.
The increase in revenue was primarily due to the operation of the PBR formula, including an increase in customer rates based on a combined inflation and productivity factor of 1.49%, higher capital tracker revenue, growth in the number of customers, and higher revenue related to flow-through costs to customers. Revenue was also favourably impacted by a $9 million capital tracker revenue adjustment recognized in 2015 associated with 2013 and 2014, as a result of regulatory decisions. For further details on regulatory decisions, refer to the "Material Regulatory Decisions and Applications" section of this MD&A.
Earnings
The increase in earnings was primarily due to rate base growth associated with capital expenditures, growth in the number of customers, and the impact of a technical update on depreciation and amortization. Also contributing to the increase in earnings was capital tracker revenue of approximately $9 million recognized in 2015 associated with 2013 and 20
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