HomeMy WebLinkAboutU-1034-99 Staff Exhibit 101.pdfl
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Standard & Poor's 400 Industrials
Return on Common Equity
Year Returnon Equity
3-Year*
Moving
Average
1977
1978
1979
1980
1981
13.67%
14.33%
16.06'0
14.83%
14.35'0
14.69%
15.07%
15.08%
Averages
5 Year, 1977-1981 14.65'0
3 Year, 1979-1981 15.08%
*Calculated
Source: Salomon Brothers, Inc., Stock Research, June 15, 1982,
"Composite Financial Statement of the S&P 400".
INTRMOUNAIN GAS COMPAN
CASE NUBER U-L034-99
Staff Exhibit No. 101
Schedule 1
Terri Carlock
4" Industries
Returns on Common Equi ty
Years Ending First Quarter
Industry 1977 1978 1979 1980 1981 1982
Aerospace 14.4%15.5%19.2%18.7%15.2%15.2%Airlines 11.2 14.8 19.3 2.6 .5 -8.8
Appliances 19.2 18.6 15.6 6.6 12.6 9.2
Automotive 18.1 18.1 2".9 9."-11.9 -3.5
Banks &Bank Holding
Companies 12.2 12.9 14.8 14.9 15.Ø 13.7
Beverages 15.7 17 .4 15.6 15."16.8 16.9
Building Materials 13."15.1 16.2 14.3 1Ø.Ø 4.6
Chemicals 14.6 13.6 15.5 17.8 14.2 12.6
Conglomera tes 12.2 13.1 14.6 18.9 16.6 15.3Containers12.6 11.8 12.5 13.6 12."1Ø.2
Drugs 19.6 19.2 2Ø.7 2Ø.7 19.7 18.9Electrical,Electronics 17 .2 17.8 19.Ø 2Ø.Ø 18.4 15.2
Food Processing 14.4 14.4 15.Ø 15.6 16.Ø 14.8
Food &Lodging 12.8 16.Ø 18.8 2Ø.5 18.4 18.9GeneralMachinery13.9 14.4 16.8 17 .7 15.3 13.6Instruents14.8 15.7 16.2 15.6 14.9 14.1LeisureTimeIndustries14.6 16."19.Ø 17 .6 17.2 15.2Metals&Mining 7.8 5.4 13.Ø 21.3 16.6 5 .l~
Misc.Manufacturing 14.9 15.2 18.5 19.1 13.3 13.7NaturalResources(Fuel)13.9 13.2 15.4 25.2 21.8 17 .ø
Nonbank Financial 14.4 17 .2 2Ø.4 17 .8 15.6 15.2OfficeEquipment,
Computers 17.7 18.7 21.1 19.1 18.7 15.7OilService&Supply 18.7 23.1 22.6 23.7 27.9 26.5
Paper 14.4 14.3 16.9 16.5 12.1 9.3PersonalCareProducts2Ø.2 19.8 2Ø.5 2Ø.3 19.Ø 18.2Publishingi
17 .3 19.6 19.5 18.7 18.7 17 .9
Radio & TV Broadcasting 22.5 23..1 22.2 21.3 18.7 N/ARailroads9.Ø 7.9 1Ø.6 13.4 13.7 l1.ØRealEstate & Housing 9.5 13.Ø 18.6 9.6 16.".2
Retail (Food)13.2 12.2 15.5 15.6 15.5 17 .9)Retail (Non-Food)13.7 15.Ø 14.9 14.1 11.9 11.5Savings&Loan 14.1 17.9 17 .4 ll~.l 6.1 -13.2ServiceIndustries16.7 16."19.6 2".4 21.3 15.91SpecialMachinery18.3 17.8 18.9 15.7 12.1 11.4Steel5.4 -".8 lØ.2 6.6 8.Ø 6.2Textiles&Apparel 14.Ø 13.1 13.1 13.7 12.9 11.4
Tire &Rubber 7.8 8.2 3."3.3 4.8 7.6
Tobacco 16.8 17.7 18.7 21.7 21.7 19.7
Trucking 21.3 2Ø.4 21. 7 16.8 14.7 12.1Utilities12.2 12.8 12.9 12.6 13."13.5
All Industry Composite 13.6%14.1%16.Ø%17.Ø%14.8%13.5%
*3-Year Moving Average 13.4%13.6%14.6%15..7%16.0%15.1%
*1977-1981, 5-Year Average, 15.1%
*1979-1981, 3-Year Average, 16.0%
*1978-1982, 5-Year Average, 15.1%
*1980-1982, 3-Year Average, 15.1%
i Includes Radio & TV Broadcasting after 1981.
*Calculated
Source: Business Week, May 16, 1977; May 22, 1978; May 21, 1979; May 19, 198.,;
May 18, 1981; May 17, 1982.
INTRMOUNTAIN GAS COMPAN
'CASE NUBER U-1034-99
Staff Exhibit No. 101
Schedule 2
Terri Carlock
~""'''''''''''''','''''''''''''''
4" Industries
Returns on Common Equity
Years Ending Second Quarter
Industry 1977 1978 1979 1980 1981 1982
Ae.rospace 15.4%17.2%19.9%15.8%19.3%14."%Airlines 11.3 19.6 18.5 -4.1 1.4 -8.5
Appliances l9."16.6 14.5 5."15.1 9.7
Automotive 18.2 17.7 17.7 -4.5 -5.2 .. 4.Ø
Banks &Bank Holding
Companies 12.1 13.2 15.3 15.3 14.3 13.1
Beverages 15.8 17 .6 17 .8 15.4 18.2 17.4BuildingMaterials14.2 15.9 15.8 12.5 1Ø.l 3.6Chemicals14.2 13.4 16.1 16.8 14,.3 11.4
Conglomera tes 13.4 14.3 15.2 18.2 17.Ø 14.5Containers12.2 12.4 12.6 12.8 14.2 9.6
Drugs 19.1 19.4 2Ø.8 2".6 18.9 18.8Electrical,Electronics 17 .1 18.2 19.3 19.4 17.6 14.
Food Processing 15.2 14.9 15.8 15.7 16.4 15.
Food &Lodging 15.3 17 .1 2".4 17.7 18.7 17.General Machinery 13.8 14.9 16.2 16."15.8 12.Instruments 14.6 14.8 16.4 15.6 15.5 12.Leisure Time Industries 14.4 16.7 18.9 16.2 17.4 14.
Metals & Mining 8.4 6.2 15.1 2".5 15.5 1.Misc.Manufacturing 14.9 16.1 19.3 17.6 15.3 12.Natural Resources (Fuel)14.2 13.1 16.9 25.7 21.2 15.
Nonbank Financial 16.4 18.8 2".5 19.4 15.5 12.Office Equipment,
Computers 17 .9 19.1 2".7 18.8 18.2 15.Oil Service &Supply 21.2 23.5 22.9 23.5 29.Ø 25.Paper 13.7 14.1 17.4 15.2 11.9 8.Personal Care Products 19.5 21.2 22.Ø 18.7 19.3 17.
Publishing 1 13.6 19.9 19.7 19.3 18.6 18.
Radio &TV Broadcasting 23.3 24.2 23.7 19.3 18.6 NlRailroads9.6 8.2 11.5 12.4 13.1 U.Real Estate &Housing 1Ø.3 14.9 19.5 21.9 13.3 2.
Retail (Food)1".3 11.8 15.5 14.5 14.4 11.
Retail (Non-Food)13.3 14.2 14.4 12.8 11.8 9.Savings &Loan 15.Ø 17.8 16-.7 1".4 2.9 -15.Service Industries 16.9 17.4 19.4 22.4 2".7 14.Special Machinery 17 .1 17.9 18.5 14.6 11. 7 8.Steel 4.6 Ø.3 11.1 4.5 9.9 1.Textiles &Apparel 13.3 12."13.1 13.9 12.5 1".Tire & Rubber 9.1 7.2 7.7 1.2 7.4 7.Tobacco 15.5 17.8 17 .8 22.6 21.8 2".Trucking 21.4 22.2 21."15.5 15'.3 11.Utilities 14.1 12.7 12.5 12.4 13.3 13.
All Industry Composite 14.1%14.3%16.3%15.9%15.2%12.%
*3-Year Moving Average 13.3%13.9%14.9%15.5%15.8%14.%
*1977-1981,5-Year Average,15.2%*1978-1982,5-Year Average,14.8%*1979-1981,3-Year Average,15.8%"1r1980-1982,3-Year Average,14.5%
lIncludes Radio &TV Broadcasting after 1981.
*Calculated
Source: Business Week, August 15, 1977; August 21, 1978; August2Ø, 1979;
August 18, 198Ø; August 17, 1981; August 16, 1982.
INTERMOUNAIN GAS COMPAN
CASE NUBER U..I034-99
Staff Exhibit No. 101
Schedule 3
Terri Carlock
,"
49) Industries
Returns on Common Equity
Years Ending Third Quarter
Industry 1977 1978 1979 1980 1981
Aerospace 17.3%19.2%2Ø.5%15.1%18.6%Airlines 12.9 22.4 9.1 -3.5 .7Appliances19.1 16.9 8.6 11.9 15.5
Automotive 18.7 19.6 14.6 -9.6 -4.2
Banks &Bank Holding
Companies 12.4 13.8 15.2 15.2 14.Ø
Beverages 14.3 18.Ø 16.Ø 16.5 2Ø.3BuildingMaterials14.9 16.2 15.6 11.7 8.6
Chemicals 13.6 13.5 16.8 15.4 14.7
Conglomera tes 13.Ø 13.5 17 .4 17 .1 16.1Containers12.9)11.8 13.5 12.9 13.8
Drugs 18.8 2Ø.3 21.2 29).8 18.6Electrical,Electronics 17 .3 18.4 19.2 19.4 17.1
Food Processing 14.4 14.8 16."15.4 16.1
Food & Lodging 16.5 18.1 21.3 2Ø.5 17.4GeneralMachinery14.5 15.6 16.3 14.6 16.5Instruments15.4 15.1 17.2 16.Ø 15.4LeisureTimeIndustries17 .Ø 17.7 18.6 17 .5 18.2
Metals & Mining 19).Ø 7.7 16.9 18.1 12.5Misc.Manufacturing 15.8 16.5 19.2 16.9)15.3
Natural Resources (Fuel)12.7 12.9 19.5 25.Ø 2Ø.3
Nonbank Financial 15.7 18.6 18.8 18.6 16.2OfficeEquipment,
Computers 18.Ø 19.6 19.9 19.1 17.3
Oil Service &Supply 23.4 23.8 23.6 24.6 29.8Paper13.7 13.4 18.6 13.2 l1.ØPersonalCareProducts19.4 19.8 2Ø.1 19.4 17.7Publishing17 .3 21.9)2Ø.Ø 18.6 18.4Radio&TV Broadcasting 22.3 24.9)23.2 18.6 18.4Railroads9.2 8.7 11.8 13.2 13.7RealEstate &Housing 11.8 16.9 29).1 21.3 9.5Retail(Food)13.5 14.6 16.3 14.2 15."Retail (Non-'Food)14.1 014.5 14.6 1201 13.5Savings& Loan 16.2 18.Ø 16.1 8.2 2.1ServiceIndustries16.8 17.7 19.1 21.9 18.9SpecialMachinery17.5 18.9)18.9 12.5 12.7Steel1.2 5.7 l1.Ø 2.9)14.5
Textiles &Apparel 11.Ø 13.9)13.2 13.1 13.ØTire&Rubber 1Ø.4 6.6 5.2 1.4 8.4
Tobacco 17 .1 18.8 19.4 22.8 21.1Trucking21.3 22.2 19.3 14.6 16.4Utilities12.9 12.8 12.8 12.6 13.5
All Industry Composite 14.1%14.7%16.5%15.4%15.2%
*3-Year Moving Average 13.3%14.2%15.1%15.6%15.7%
*1977-1981,5-Year Average,15.2%
*1979-1981,3..Year Average,15.7%
*Calcula ted
Source: Business Week, November 14, 1977; November 29), 1978; November 19, 1979;
November 17, 1989); November 16, 1981.
INTRMOUNAIN GAS COMPAN
CASE NUER U-1034-99
Staff Exhibit No. 101
Schedule 4
Terri Carlock
4Ø Industries
Returns .on Common Equity
Years Ending Fourth Quarter
Industry 1977 1978 1979 1980 1981
Aerospace 15.3%2Ø.3%21.7%19.5%15.9%Airlines 13.4 2Ø.Ø 6.8 -Ø.3 - 5.9Appliances18.5 15.7 9.3 12.7 lØ.8Automotive19.1 16.8 11.3 11.1 -4."
Banks &Bank Holding
Companies 12.2 14.3 15.2 14.9 13.6Beverages17.5 13.2 14.6 17.9)15.4B!1ilding Materials 14.6 16.9 15.8 lØ.9 7.ØChemicals13.5 14.4 17.1 15.3 13.1Conglomerates12.9 13.5 18.Ø 16.1 15.4Containers11.9 12.1 13.4 12.9 1Ø.7
Drugs 18.2 lØ.4 2Ø.8 2Ø.1 18.7Electrical,Electronics 18.2 18.6 19.7 19.3 15.9FoodProcessing14.2 14.8 15.4 15.6 14.9
Food &Lodging 15.7 18.1 17 .1 18.5 17 ,IGeneralMachinery14.2 16.3 17 .5 15.3 14.1Instruments14.8 15.3 15.9 15.4 12.7LeisureTimeIndustries15.5 18.8 18."16.4 15.2Metals& Mining 6.3 lØ.Ø 19.4 18.1 9.ØMisc.Manufacturing 14.8 16.Ø 19.3 16.3 14.6NaturalResources(Fuel)13.4 13.9 21.5 23.8 18.6
Nonbank Financial 16.1 18.8 17 .1 15.9 14.5OfficeEquipment,
Computers 19.Ø 2Ø.4 19.8 19.2 15.2OilService & Supply 21."2Ø.5 2Ø.6 24.2 24.8Paper14.3 15.5 17.7 12.6 n.øPersonalCareProducts19.2 2Ø.Ø 18.2 19.1 17.7Publishing18.6 19.4 2".6 18.3 17.2Radio& TV Broadcasting 21. 7 22.3 22.Ø 18.3 17.2Railroads8.9 9.3 12.9 13.9 12.5RealEstate&Housing 14.Ø 18.4 21.Ø 18.3 7.1Retail(Food)11. 7 15.4 15.5 14.5 15.1Retail(Non-Food)14.6 14.9 14.5 11.1 12.5Savings& Loan 17.2 18.4 15.4 6.1 -8.6ServiceIndustries16.3 18.2 19.3 2Ø.5 14.9
Special Machinery 18.6 18.4 16.5 13.4 12.5SteelØ.8 7.8 5.4 7.8 9.4Textiles&Apparel 11. 9 12.7 13.5 12.7 n.4Tire&Rubber lØ.2 5.4 7.8 3.7 9.2TobaccoN/A 19.7 2Ø.5 21.5 19.9Trucking21.6 21.4 16.9 14.6 13.9Utilities12.4 12.7 12.8 12.9 13."
All Industry Composite 14.1%15.1%16.6%15.3%14.Ø%
*3-Year Moving Average 13.3%14.4%15.3%15.7%15.3%
*1977-1981, 5-YearAverage, 15.0%
*1979-1981, 3-Year Average, 15.3%
*Calculated
Source: Business Week, March 2Ø, 1978; March 4, 1979, March 17, 198Ø; March 16, 1981
March 15, 1982.
INTERMOUNAIN GAS COMPAN
CASE NUBER U-1034-99
Staff Exhibit No. 101
Schedule 5
Terri Carlock
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Moody t s 24 Electric Utili ties
Return on Common Equitý
3-Year*Return MovingYearon Equity Average
1970 10.8%
1971 10.8%
1972 11.0'0 10.9%
1973 10.5%10.8%
1974 10.4%10.7%
1975 10.3%10.4%
1976 10.6%10.5%
1977 11.0%10.7%
1978 10.7%10.8%
1979 11.0%10.9%
1980 10.7%10.8%
1981*12.5%11.4%
Averages
10 Year,1972-1981 10.9'0
5 Year,1977-1981 11.2'0
3 Year,1979-1981 11.4%
-'
*Calculated
Source: Moody's Public Utility Manual, 1981.
INTRMOUNTAIN GAS COMPAN
CASE NUBER U-I034..99
Staff Exhibit No. 101
Schedule 7
Terri Carlock
Moody iS 9 Gas Distribution Utili ties
Return on Common Equity
Year Returnon Eguity
3-Year*
Moving
Average
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981*
12.8%
12.3%
12.6%
11.5%
11.9%
ll.5%
12.6%
13.6%
15.2%
14.2%
13.2'0
12.0%
12.6%
12.2%
12.0%
11.7%
12.0%
12.6%
13.8%
14.4%
14.2%
13.2%
Averages
10 Year,1972-1981 12.9%
5 Year,1977-1981 13.7%
3 Year,1979-1981 13.2%
*Calcu1ated
Source: Moody's Public Utility Manual, 1981.
INTERMOUNTAIN GAS COMPAN
CASE NUER U-I034-99
Staff Exhibit No. 101
Schedule 8
Terri Carlock
INTERMOUNAIN GAS COMPAN
Derivation of Discounted Cash Flow Formula
LEGEND
P = Current Priceo
D = Dividend
k = Capitalization Rate, Discount Rate, or Required Rate of Returns
00 = Infini ty
N = Latest Year Considered
g = Growth Rate
(1)Value of Stock = P = PV of Expected Future Incomes (both dividends and/or theo
gain from the sale of the stock).
If the stock is held by a family forever, the future incomes are the dividends.
So, the accumulated future incomes for all investors of the stock is the
expected future dividends.
(2)Value of Stock = P = PV of Expected Future Dividends.o
P =o
D1
+
(1+k ) 1s
D2
(1+k )2s
+ ... +
DOl
00(1+k )s
(3) Assume dividends grow at a constant rate in perpetuity and prices track earnings.
(4) Rewrite (2) as:
D (1+g) 1 D (1+g)2 D (1+g)3 00D (1+g)
P 0 +0 0 ++0=+. . .0 (1+k )1 (I+k )2 (I+k )3
00(I+k )s s s s
P = D ((I+g) + (1+g)2 + (I+g)3 + + (l+g)N Jo 0 (1+k) (1+k)2 (I+k)3 . . . (l+k)N..s s s s
INTERMOUNAIN GAS COMPAN
CASE NUBER U-I034-99
Staff Exhibit No. 101
Schedule 9
Page 1 of 2
Terri Carlock
,
(5)Multiply Both Sides by (l+k ) I (l+g):s
((i+k )J (
s P = D 1 +
. (1+g)
· · ·(l+g) (l+g)2+ + ....+
(l+k) (l+k)2s s
(l+g)N-1 J
(l+ks)N-i'
(6) Subtract (4) from (5) to Obtain:
((i+k) J (· s _ IP = 0 1". (l+g) 0 0
(l+g)N J
(i+kS)N
(. (l+ks) - (l+g)J.. ((l+g)N J
P = D, i-(l+g) 0 0 (l+kS)N
(7)Assuming k )0 g, as N approaches 00, the Term in the Brackets on'the Right"'Hands
Side of the Equation Approaches 1.0, Leaving:
(.(1+kS) . (i+g)J(1+g)
P = Do 0
(8) Which Simplifies to:
(ks .. g) Po = Do (1 + g) = D1
Di
Po = k -g
s
(9)Solve for k to Obtain the Required Rate of Return:s
D1
ks = -- + g
o
INTRMOUNAIN GAS COMPAN
CASE NUBER U-I034-99
Staff Exhibit No. 101
Schedule 9
Page 2 of 2
Terri Carlock
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INTERMOUNAIN GAS COMPAN
Growth Indicators
Three-Year Average 1979-1981 (Percent Change)
1 Growth in Earnings per Share
2 Growth in Cash Dividends per Share
3 Growth in Book Value per Share
4 Growth in Gross Plant
5
6
Grawth as Return Times the Retention Rate
Three-Year Average Return
Three-Year Average Retention Rate
(1 Minus the Payout Ratio)
Three-Year Average Growth Rate
(Line 5 x Line 6)
7
Source: Annual Reports
(2.38)%
0.00 %
0.75 %
2.70%
8.23%
.70%
0.06%
INTOUNTAIN GAS COMPAN
CASE NUER U-I034-99
Staff Exhibit No. 101
Schedule 10
Terri Carlock
INTERMOUNTAIN GAS COMPANY
Discounted Cash Flow
ks =
D1
+where Di $1.40Pg=
0
g =2.00%
Po at Various Time Intervals:
INTRMOUNAIN GAS COMPAN
CASE NUER U-1034-99
Staff Exhibit No. 101
Schedule 11
Terri Carlock
(A)
INTERMOUNTAIN GAS COMPAN.
Statement of Lpng-Term Debt and
Determination of Embedded Debt Cost
As of July 31, 1982
(B)
Description of Issue
Cost Rate1
to Maturity
First Mortgage Bonds:
1
2
3
4
5
6
7
8
Series F,
Series G,
Series H,Series I,
Series J,
Series K,
Series L,
5.375% due 1984
5.250% due 1985
6.125% due 1986
9.125% due 1991
8.875% due 1994
10.250% due 1994
10.750% due 1999
5.64%
5.45
6.39
9.47
9.28
10.82
11.24
Subordinate Debentures:
9 6.000% due 1984
10 5.750% due 1987
11
12 Promissory Note 12.000% due 1985
13 Total Long-Term Debt
6.88%
7,,59
12.00
14 Weighted Average Cost
1Calculated on a Semi-Annual Basis.
(C)
Amount: " .
Outstanding
July 31, 1982
$ 900,000
1,640,000
2,200,000
5,200,000
5,840,000
3,285,000
10,000,000
29,065,000
432,000
1,129,100
1,561,100
30,000
$ 30,656,100
(D)
Annual
Interest
Requirements
$ 50,76089,380
140,580
492,440
541,952
355,437
1,124,000
2,794,549
29,722
85,699
115,421
3,.600
$ 2.913.570
9,504%
INTERMOUNAIN GAS COMPAN
CASE ,NUER U-I034-99
Staff Exhibit No. 101
Schedule 12
Terri Carlock
(A)
Description
INTRMOUNAIN GAS COMPAN
Statement of Preferred Equity
As of July 31, 1982
(B)
Effective
Cost Rate
1 $3.00 Cumulative Preferred Stock,
$50 par 6.33%
2 $8.00 Cumulative Preferred Stock A,
$100 par 8.40 '
3 $9.75 Cumulative Preferred Stock A~
$100 par
4 Total Preferred Stock
5 Weighted Average Cost
10.43.
(C)(D)
Amount
Outstanding
July 31, 1982
Anual
Dividend
Cost
$ 1,235,650 $ 78,217
3,400,000 285,600
1,500,000 156,45Q.
i 520,267
8.479%
$ 6,135,650
INTRMOUNAIN GAS COMPAN
CASE NUBER U-I034-99
Staff Exhibit No. 101
Schedule 13
Terri Carlock
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INTERMOUNTAIN GAS COMPANY
Example of Deferred Taxes
Capital Structure vs. Rate Base Treatment
Assumptions:
(a) Equity equals $100;
(b) Debt equals $100;
(c) Deferred tax equals $20;
(d) Cost rate of equity is 14.00%;
(e) Cost rate of debt is 10%;
(f) Cost rate of deferred tax is ø; and,
(g) Rate base before deferred taxes is $220.
Method I is where the deferred taxes are included in the capital strUC-
ture and there is no rate base adjustment.
Method II is where the deferred taxes are excluded from, the capital
structure and there is a deduction from rate base.
When the rate base equals. the capital structure ,the,income requirement
under both methods will be the. same. (The only differences wiii be due
to rounding of the weighted cost.)
Rate of Return - Method I
Amount
Equity
Debt
Deferred Taxes
$ LOO100
20
$ Z20
Rate of Return - Method II
Equity
Debt
Amount
$ 100
lOO
$ ZOO
Rate Base
Method I
Rate Base
Deferred Taxes
Total Rate Base
$ 220
$ Z20
Rate of Return 10.91%
Income Requi remen t $24.00
Percent
of Total
45.45%45.45
9.10
100.00%
" . CostRate
14%
10%
ø,o
Pe"rcent
of Total
50.00'0
50.00
100.000k
CostRate
14%
10%
Method II
$ 220
( 20)
$ ZOO
12.00%
$24.00
WeightedCost
6.36%4.550.00
1Q.91%
Weighted
Cost
7.00%5.00
12.00%
INTERMOUNAIN GAS COMPAN
CASE NUERU-1034-99
Staff Exhibit No. 101
Schedule 15
Terri Carlock
,.
..t . ~
INTRMOUNAIN GAS COMPAN
Short-Term Debt
July 1, 1981 to May 31, 1982
1
2
3
4
5
6
7
8
9
10
11
12
13
14
(A)(B)(C)(D)(E)(F)
Weighted
.. .~;.Amount
Issue Pay-Off Nô.of Days Rate of Outstanding
Bank Amount Date Date Outstanding Interest,.. (CoL. (A)x(D)l
Citibank $1,500,000 12-24-81 12-31"81*7 15.75%$10j500,000
Citibank $1,500,000 01-01-82 01-20-82*19 15.75%28,500,000
Citibank $3,000,000 01-25-82 02-02-82 7 16.54%2hOOO,00O
IFNB $250,000 09-25-81 09-30,,81 5 19.50%1,250,000
IFN $700,000 10-23-81 10-26-81 3 1:8.00%2." 100,000
IFN $750,000 11-25-81 12-04-81 8 16.00%6,000,000
IFN $750,000 12-24-81 12-31-81*7 15.75%5 j250 ,000
IFNB $750,000 01-01-82 01-07-82*6 1-5.75%4j500,000
IFNB $1,250,000 01-25-82 01-26-82 1 16.54%1,250,000
F.Sec.Bank $250,000 09,,25-81 10-06-81 10 19.50%2~500,OOO
F.Sec.Bank $300,000 10-23-81 10-27-81 4 18.00%1,200,000
F.Sec.Bank $750,000 11-25-81 12-01-81 5 16.00%3,750,000
F.Sec.Bank $750,000 12-24-81 12-30-81 6 15.75%4,500,000
F.Sec.Bank $1,250,000 01-25-82 01-29-82 4 16.54%5 ,000,000
Total $97 ,300.00015
16 Average Daily Outstanding Balance (line 15 + 360 days i . s 270.218
*Renewed under new Line of Credit Agreement for calendar year 1982.
INTERMOUNAIN GAS COMPAN
CASE NUBER U-1034-99
Staff Exhibit No. 101
Schedule 16
Terri Carlock