20200930Cagle Direct.pdf

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Michael C. Creamer (lSB No. 4030)
Preston N. Carter (lSB No. 8462)
Givens Pursley LLP
601 W. Bannock St.
Boise, lD 83702
Telephone: [phone]
Facsimile: (208) 388-1 300
[e-mail]
prestoncarter@qivenspu rslev.com
Attorneys for SUEZ Water ldaho lnc.
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION
OF SUEZ WATER IDAHO INC. FOR
AUTHORITY TO INCREASE ITS RATES
AND CHARGES FOR WATER SERVICE
IN THE STATE OF IDAHO
Case No. SUZ-W-2O-O2
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
DIRECT TESTIMONY OF JAMES CAGLE
SEPTEMBER 2O2O
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Please state your name and business address.
My name is James C. Cagle, and my business address is 461 From Rd,
Suite 400, Paramus, New Jersey 07652.
By whom are you employed and in what capacity?
I am the Vice President, Rates and Regulatory Affairs for SUEZ Water
Management & Services !nc. ('SWM&S").
What are your job responsibilities?
I am primarily responsible for the management and direction of rate case
filings for SUEZ Water lnc.'s ("SUEZ') regulated utilities. I am also
responsible for oversight of certain rate related compliance and reporting
requirements as prescribed by the various regulatory Commissions having
jurisdiction over the SUEZ regulated utilities.
Please outline your educational and professional qualifications.
I received a Bachelor of Accountancy degree from the University of
Oklahoma in 1987. ! was initially employed by SUEZ Water M&S (previously
United Water M&S) as Director, Regulatory Business in October of 2007
and have held my current position since March 2O1O. Previous to that, I
was employed by Atmos Energy Corporation, a natural gas utility operating
then in twelve states, as Manager, Rates and Revenue Requirements.
Have you previously testified before the ldaho Public Service
Commission ("Commission" or "lPUC") or other regulatory
commissions?
Cagle, Di
SUEZ Water ldaho lnc.
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1A.I have not previously provided testimony before the IPUC. I have provided
testimony before several other state commissions on various regulatory
issues.
What is the purpose of your testimony in this proceeding?
The purpose of my testimony is to support the request of SUEZ Water ldaho
lnc. (SWID) for an increase in its base rates for water service. Specifically,
I am supporting the Company's position regarding the allocation of shared
assets included in intercompany fees from SWM&S as well as the
calculation of pro-forma interest costs and capital structure.
What Exhibits are you sponsoring?
I am sponsoring the following Exhibits:
Exhibit 2, Schedule 1 - M&S Shared Services Allocation, Shared Assets
Exhibit 2, Schedule 2 - Composite Debt Rate calculation
Exhibit 2, Schedule 3 - Allocation of Amortization of Additional Debt Costs
Please explain the current shared services allocation methodology.
ln 2017, the Company implemented an updated shared services allocation
methodology the goal of which was to make allocations of SWM&S shared
services costs simpler and more transparent. Such costs are allocated
based upon a three-factor formula based upon the simple average of
revenues, total assets and labor costs. The calculation of the factors are
refined whereby by each department within SWM&S allocates costs to the
areas of the affiliates which it serves. For example, if a department works
solely for regulated companies like SWID, then 100% of that department's
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accumulated expense would go to the regulated segment and allocated to
each of the regulated companies based upon the same three factor formula
calculated to include only the regulated companies. The opposite is also
true. lf a department works 100o/o for non-regulated businesses then 100o/o
of that department's accumulated costs would be charged to the non-
regulated segment. Other departments that work for the benefit of some or
all businesses would be allocated according to their relative three factor
formula.
Are there any other changes in addition to these departmental
charges?
Yes. Previously there were many expenses that were paid by SWM&S
and either allocated or charged directly based upon certain formulas.
These expenses include general liability and property insurance, outside
IT support, audit fees and actuarial fees. These corporate assumption
expenses were previously not included in M&S fees but included in other
accounts. With the new allocations, these expenses are included in M&S
fees. Additionally, in conjunction with the sale of 20o/o of SUEZ Water
Resources LLC ('SWR") to PGGM, the Shared Services organization was
restructured.
How were shared assets previously recorded vs. now?
Previous to the 2017 update, capital expenditures generally related to
investments in lnformation Technology hardware and software, as well as
other assets related to the corporate office, would have been allocated on
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SUEZ Water ldaho lnc.
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a one-time basis to each operating company and reflected as assets on the
operating company's balance sheet. As such, the allocated cost of the
assets increased the operating company's rate base and have been
recovered in rates through depreciation expense and return.
With the updated methodology, capital expenditures, generally
related to information technology such as the PeopleSoft accounting
software upgrade and Powerplan asset accounting software etc., are now
recorded on the SWM&S balance sheet and the depreciation expense on
these assets is allocated to the operating companies based upon the three-
factor fonnula as a part of SWM&S charges. The carrying costs associated
with assets are calculated recovered from the utility customers who receive
the benefit of the assets through depreciation and return as a part of rate
case filings and are calculated utilizing the capital structure, debt and equity
rates included in the filing.
How has the overall level M&S Costs changed since the change in
methodology?
Since 2018, the overall allocation of SWM&S costs to SWID have
decreased from approximately $4.6M in 2018 (of which $362K was
depreciation on shared assets) to approximately $3.6M for the 12 months
ended June 30, 2020 (of which $412Kwas depreciation on shared assets).
Please explain the shared asset adjustment shown on Exhibit 2,
Schedule 1.
Cagle, Di
SUEZ Water ldaho lnc.
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As discussed above, previously, capita! expenditures, generally related to
investments in lnformation Technology hardware and software, as well as
other assets related to the corporate office would have been allocated on a
one-time basis to each operating company and reflected on the operating
company's balance sheet. As such, the allocated cost of the assets
increased the operating company's rate base and have been recovered in
rates through depreciation expense and return. With the updated
methodology, the asset appropriately remains on SWM&S's balance sheet
and a portion of the costs are allocated to the operating companies and
recovered through depreciation and return.
The adjustment reflects a calculation of the cost of shared assets
whereby the balance of the assets, less accumulated depreciation and
deferred income taxes, are calculated and the appropriate portion, based
upon the three-factor formula, is projected as of March 31,2021for SWID.
The difference between the calculated amount and the SWM&S shared
Services expense included in the 12 months ended June 30, 2020 is the
adjustment.
What cost of debt is submitted in this filing?
As shown on Exhibit 2, Schedule 2 page 1 of 2, line 20, the cost of debt is
4.23o/o and reflects SWR's intent to redeem a $35M issuance from 2010
which is now available for an optional redemption at par. The redemption
decreases the debt costs from the June 30, 2020 by 0.02o/o.
Cagle, Di
SUEZ Water ldaho lnc.
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The necessary accounting treatment of the Additional Debt Costs
shown on lines 30 through 48 of Exhibit 2, Schedule 2, Page 1 of 2 is
discussed in Company Witness Zerhouni's testimony. Exhibit 2, Schedule
2, Page 2 of 2 is the calculation of the allocation of debt costs (including the
aforementioned redemption). The amount is utilized in the calculation of
the interest adjustment made in the income tax calculation on Exhibit 10,
Schedule 4, Note [B] as sponsored by Company Witness Njuguna.
O. Please describe Exhibit 2, Schedule 3 and its purpose.
A. Exhibit 2, Schedule 3 calculates the amount of the amortization of additional
debt costs allocated through interest expense for the 12 months ended
613012020. The amount is utilized in the calculation of the interest
adjustment made in the income tax calculation on Exhibit 10, Schedule 4,
Note [B] and includes the unamortized debt costs from the debt redemption
described above.
O. What is the impact of the allocation of the additional debt costs to
SWID and the other SWR subsidiaries?
A. As described in Company Witness Zerhouni's testimony, the additional debt
costs and their amortization is basically a matter of geography. The interest
costs recorded to SWID foraccounting purposes, including the amortization
of additional debt costs, in total will remain largely unchanged. For
ratemaking purposes, the utilization of the calculation of the composite debt
cost rate as calculated on Exhibit 2, Schedule 2, page 1 of 2 will continue
to be utilized and therefore will have no impact on SWID customers.
Cagle, Di
SUEZ Water ldaho lnc.
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Does this conclude your direct testimony?
Yes.
Cagle, Di
SUEZ Water ldaho lnc.
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Michael C. Creamer (lSB No.4030)
Preston N. Carter (lSB No. 8462)
Givens Pursley LLP
601 W. Bannock St.
Boise, lD 83702
Telephone: [phone]
Facsimile: (208) 388-1 300
mcc@qivenspu rslev.com
[e-mail]
Attorneys for SUEZ Water ldaho lnc.
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION
OF SUEZ WATER IDAHO INC. FOR
AUTHORITY TO INCREASE ITS RATES
AND CHARGES FOR WATER SERVICE
IN THE STATE OF IDAHO
Case No. SUZ-W-20-02
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
EXHIBIT 2 TO ACCOMPANY THE
DIRECT TESTIMONY OF JAMES CAGLE
Suez Water ldaho
M&S Shared Seruices Allocation
Shared Assets
il3u2021
Line
No.DescriDtion
Shared
Servlces:,05
Shared
Services 987
Allocated Depr Exp
three months
ended June 2020 Total
1 Plant in Service
2 Accumulted Depreciation
3 ADIT
4 Net Rate Base
5 Allocation Factorto ldaho
6 Allocation to ldaho
7 Pre-Tax ROR (1)
8 Return, lnterest, and lncome Taxes
9 Shared Services 305 Depreciation Expense
10 Total M&S Ass€ts
11 Allocated to SwlD for the 12 months ended 613012020
12 Adjustment
(1) Calculation of Proposed Pre-tax Rate of Return:
s 19,243,s0s
7,8/,9,259
607,628
5 37,7L4,6t1
t6,746,136
4,027,7tL
LO,786,618
634%
L6,940,765
8.09%
683,s58
9.37Yo
L,370,393
9.37Yo
64,M9
146,s08 t2I
r28,406
334,794 l2l 91,341
s210,557 S453,200 s91.341 s76s,098
4L2,056
S3s3,043
Capital Cost
Rates
Weighted
Cost RatesStructure Pre-tax
Debt
Equity
46.89Yo
53.tL%
4.26%
t0.20%
2.O0%
s.42%
2.OO%
7.37%
100.00%7.4t%9.37Yo
[2] Calculated for the 9 months ended 3l3tl2020
Case No. SUZ-W-20{2
Exhibit No. 2
Schedule 1
J. Cagle
Page 1 of 1
1 Medium Trm Note S!d!rA 1998
2 SWR SENIOR NOTES 2OI5 SERIES A
3 SWR SENIOR NOTES 2OT5 SERIES B,I SIA/R SENIOR NOTES 2OI5 SERIES C
5 Tu Exrmpt-Dluphin 92 TEF S.ris! A
6 Scnior Notc Scrl.s 2010
7 Scnior llotc Srri€! B
8 Mcdium Trm Notr Mutual ol Omaha AI Medium Tlm Note Mutual of Omaha B
10 Tu-Ersmpt-l.lY Sorlsr 20I0A (1)
1'l ScniorNote Slrics 2011
12 Privato Placcm€nt Notc Scri.s A
13 Private Plscrmlnt Note Serios B
FcE98
Au9'15
AugEl 5
AugFl5
JuD92
JaDl0
Nov-07
od-0E
DccOS$Fr0
D8911
Apr-'ll
Apr-l1
JaFl6
JeFl8
Dcel7
Oec17
Nor19
Nor19
NoF19
Fob-.20
ila
Oct-12
od-12
J.F95
F!b.23
Aug-30
Aug-31
Aug-35
JUG?/
J8125
Nov-2E
Oct-29
DcG29
SsP-40
D.q27
Nt-21
ApF26
Jan-33
Jan-48
D€G32
Oec47
Nov-34
Nov-19
NoEs9
FcE50
Jul2l
od-27
oci-32
Jaft25
Jun-22
25,000,000
75,000,000
75,000,000
125,000,000
10,(x)0,000
,15,U)0,000
't5,000,(x)0
7,500,000
7,500,000
0
20,000,000
35,000,000
40,000.000
65,000,000
65,000,000
70,000,000
75,000,000
150.000,000
55.000,000
/t0,fi)o,000
30,000,000
7't,109
10,000,000
30,000,000
12,000,(x)0
25,000,000
218,727
2U,777
30,0,,157
555,952
72.U0
377.400
58,782
22,U2
2,,151
379,604
E,657
3E3,010
296,333
329,595
327,302
391,514
569,969
216,152
158,777
109,399
237,956
919,712
16,803
0
21,781,273
71,705,223
74.095.543
124,14,U8
9,927,650
4,622.,600
14,94.1,214
7,177,956
7,177,5$
0
19,620,396
34,991,3,t3
39,616,990
6.1,703,667
6.t,570,,t05
69.672,696
74,606,,.Eo
1,t9,,130,03'l
s4,783,548
39,E/.1,23
29,690,601
7't,109
9,762,U1
29,080,2E8
'11,983,197
25,000,000
6.57%
3.60%
3.60%
1.ovh
6.90%
4.92%
6.'t3%
6.5i1%
6.59%
1.88Yo
1.1Wo
,1.38%
4.6E%
3.30%
3.77
3.30%
3.77%
2.U%
3.39%
3.,19%
3.121o
6.30%
3.17%
3.S1%
E.9E%
7.90%
1,712,500
2,650,UX)
2.700,000
5,1,12,500
690,000
2,211,O00
919,500
i190,500
49.1,250
0
E20,000
1,533,000
1,472,000
2,145,000
2,i|50,500
2,310,000
2,827,500
4,410,000
'l,E6it,500
1,396,000
1,026,000
4,480
347,000
1,173,000
1,077,600
r,975.000
97,212
29,9n
2E.'t04
37,ilEo
18,480
88,800
7,272
2,172
2,172
52,968
8,657
70,7U
24,190
12,095
26,902
11,412
40,712
7,54
1,O71
3,740
1,639,712
2,879,977
2,724,1U
5,'t49,9E0
708,/t80
2,302,800
926,772
152,972
$4,722
0
872,968
1,5.{'l,657
1,912,7U
2,169,190
2,i62,595
2,33{J,90i2
2,U1,912
1,150,112
I,871,9e{
1,,1(x),07'l
1,029,710
i|.480
381.392
1,250,172
r,081,632
1,975,000
7.42vo
3.E6%
3_65%
1.11%
7.11%
5.16%
6.20%
6.59%
6.64%
0.00%
1.15%
1.11%
4.90%
3.35Yo
3.81%
3.35%
3.41%
2.9d%
3.4210
3.51%
3.45Yo
6.30%
3.91%
/t.30%
9.03%
7.90%
0.17%
o.26%
0.250a
0.17%
0.06%
o.21to
0.08%
0.0tlYo
0.05%
0.00%
0.08%
0.14%
0.18%
0.20%
O.229o
0.210h
0.26%
o.40%
o.17%
0.13%
0.09%
0.00%
0.03%
o.'11
0.10%
0-18%
15 S.nio, Nol€ 2016 Scri.s D
15 Sonior Notr 2017 Scris8 A
17 Slnlor Nol€ 20'17 Slrlr3 B
lE S.nior Nole! S.ri6E A 2019
20 Ssnior i'lotsE S€rio! D 2019
2l ScniorNotcs S€rics C 2019
22 North Jcrscy Wat€r Didrid
23 Srnlor tlote 2012 S.riss A
24 S.nior tlotc 2012 Scrics B
25 Srniorllcd€
26 SWR
u,392
77,172
1,032
SUEZ WATER RESOURCES
Actual
COMPOSITE COST RATE OF DEBT
Prefoma e5 ot Octobcr 3,l,2020
nt
D6!cription
ol tbh
121 I3l I{t5l
Unamodizod
Nsl Dkcount,
Pcmium and
Ncl
Prccoeds
(C.4+/-C.5)
Stalcd
lnterc6t
Ral6
Annual
Cost
(C.8+C.9)
t6l t4 tEl
Annual
lntsBEt
Ep!n8s
(C.,1)(c.7)
Iel
Amortizalion ol
Not Di8counl
Prcmium end
E)ocNc
t10l nll 114
LinC lEsue
Dat6
Ial
Amount
Outalrndind
Mstuirty
Date
Eficctiv€
CoEt
Rate
Wcighted
Embadd€d
Cost Rsto*
27 Total LongTsm O€bl
28 Addition.l D.bt co.ts
29 Tot.ls
('l) To bs r.de€mcd in Octobsr m20.
(2) Remaining unamorlized deb( cost! on (1)
Additional O6bt C$ts
30 Unamodtscd Costr Assoclstrd With Rctir€d
Medium Tom Note (f10M@8.84%)
31 PEmium on Rgtirsmsnt of Mcdium T€m Nole
32 PEmium on Rolirrmcri ofPrudontial Cspitsl
@ 9.57%)
33 PEmium on Amodizcd l25MM 4.392%, $mMM ,{.318%
and i2OMM it.3'19%
34 Unsmodlz€d CoslE As3ocaatsd With Retired @l1l2AO2
Jachonvill€ Dcbl ($l2M @ 6.75%)
35 PEDFA Sl,rEZ Water PA2Crt7 - ReliBd 1,,13117
36 lo Watcr Rciourc. Dev Rcv lD 2005 - R.tn d 12111117 20Os
37 EDA Fixed Rato Bonds - R.tircd 0'l/25l18
38 EDA Flxsd Rate Bondr 1996 - Retirod 01/25118
39 CrI Prqmium rctircd bonds 201E
40 C8l Prcmium rctircd bond! 2018
,11 EDA Flrcd Rat6 Bonds - Rotircd 08/31/15.f2 EOA Flxrd R.te Bonds - Rctlrcd 08/31/15
43 Tu Excmpt-Bollr 2(D'l TEF - Rotired 08/31/15
/t4 Til Excmpt-DE 2002 TEF - Rctir.d 0€il31/15
45 Tu Excmpt NY (NR) 2002 TEF - RGtircd 08/31/1 5
46 Two Amodizstlon tor PREFSTK3&6_1O0 TBR
/l7 BOA A8scietqd costs un@mmittrd
48 Til-Exompt-tlY Scries 2010A - Unamortizcd Drbt Costs (2)
1,107,071,109 6,272,O14
'15,6.46,840
r,'t00,799,095 6S3,/AO
1,122,40
45,134,510
1,12.,140
4.1o1Yn
0.13%0.'t3%
2' m 6EO 2.087.67E 46.532.507 4.23%
23,858 5,6t6 5,616 0.001%
2'092 0.00%
3,10,992 0.03%
't0,981 0.00%
93.891 22,092
1,193,172 3.10,992
18.30'l 10,9E,|
39,,163 21,921 21,921 0.00%729,E06 37.104 37,.104 0.00%1,032,5't6 52,1AE 52,488 0.00%2,595,103 150,441 150,41 0.01%1.716,136 99,,185 99,486 O.O1%2,242,500 130,000 130,000 0.0,1%0 0 0.00%497,i159 12,U8 12,U8 0.00%
f ,il9il,906 16,321 12f,'321 0.0'l7o1,476,438 124,776 121,776 0.01%923,054 76,000 7E,000 0.01%687.536 58,092 58,092 0-01%750 750 750 0.00%165,012 il9,50if 49,504 0.00%716,51E 36,132 36,.t32 0.00%
_L:@9_ _1,3Ee,719_ __gq_
Amortizttion oflhe gvenl smounl ovcr 1 1 yoaB.15,6it6,8,10 /11 1,122,410
Case No. SUZ-W-20-02
Exhibit No. 2
Schedule 2
J.Cagle
Page 1 ot 2
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