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New words:
absence, advisory, aggravation, ancillary, anniversary, Apax, Avenue, begun, bipartisan, Brentwood, Buyer, called, causation, Center, CERCLA, charge, Charleston, coalition, comment, Commonwealth, compensatory, conference, conflict, consequential, consulting, cooperating, copper, correct, covenant, create, creating, currency, deceptive, deciding, diminishing, disposition, documented, Dodson, draft, drafted, DSIC, ductile, emotional, enrichment, enroll, ensuing, escalation, evolving, expedited, expenditure, expert, expressly, firm, flushing, focused, foreign, forma, fourth, Francisco, galvanized, GSA, guide, heard, household, Human, implied, improperly, incidental, indemnify, indemnity, indirectly, inflow, institute, interpret, intervene, investigation, Iowa, iron, IRS, joinder, joining, judgment, landowner, lead, legislature, lend, living, LLP, LP, marking, MCL, MCWRA, member, mental, merit, monetize, Mountaineer, notification, nuisance, opposing, Panel, PaPUC, passive, penalty, pendency, perfecting, pledge, precautionary, precursor, premium, prepaid, prevail, priority, pro, profit, promote, promulgate, prudency, purportedly, quantitative, RDP, recurrence, referral, regular, rider, RMC, Ruffin, San, Side, single, stability, statute, steel, Street, strict, stringent, Summit, tenor, Tentative, thereunder, Toliver, tort, treble, Tyco, unfair, unfavorable, unjust, uphold, usage, void, voluntarily, waiting, Washington, WVPSC
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Academy, accessed, acquirer, ALJ, allocable, borrower, Commerce, comparable, continuation, derived, divided, Egg, eliminate, enhancement, enhancing, established, exclude, experiencing, Haddonfield, Harbor, industry, inflationary, input, iv, measure, measuring, monitor, NJBPU, optimization, originated, origination, planned, point, Poor, practical, rebuttal, recognizing, recommended, refinancing, Reply, restructuring, shown, trillion, troubled, twelve, underwritten, Vintage, York
Financial report summary
?Risks
- Our operations and the quality of water we supply are subject to extensive and increasingly stringent environmental, water quality and health and safety laws and regulations, including with respect to contaminants of emerging concern, compliance with which could impact both our operating costs and capital expenditures, and violations of which could subject us to substantial liabilities and costs, as well as damage to our reputation.
- Limitations on availability of water supplies or restrictions on our use of water supplies because of government regulation or action may adversely affect our access to sources of water, our ability to supply water to customers or the demand for our water services.
- Service disruptions caused by severe weather conditions, climate variability patterns or natural or other disasters may disrupt our operations or reduce the demand for our water services, which could adversely affect our financial condition, results of operations, cash flows and liquidity.
- The current regulatory rate setting process may result in a significant delay, also known as “regulatory lag,” from the time that we invest in infrastructure improvements, incur increased operating expenses as a result of inflation or other factors, incur increased cost of capital, including as a result of increasing short- and long-term interest rates, or experience declining water usage, to the time at which we can seek to address these events in general rate cases; our inability to mitigate or minimize regulatory lag or the impacts thereof could adversely affect our business.
- Changes in laws and regulations can significantly and materially affect our business, financial condition, results of operations, cash flows and liquidity.
- Regulatory and environmental risks associated with the collection, treatment and disposal of wastewater may impose significant costs and liabilities.
- A loss of one or more large industrial or commercial customers could have a material adverse impact upon the results of operations of one or more of our Regulated Businesses.
- Our Regulated Businesses require significant capital expenditures and may suffer if we fail to secure appropriate funding to make investments, experience increases in short- and long-term interest rates or if we experience delays in completing major capital expenditure projects.
- Aging infrastructure may lead to service disruptions, property damage and increased capital expenditures and O&M expenses and other costs, all of which could negatively impact our financial results.
- Seasonality could adversely affect the volume of water sold and our revenues.
- Contamination of water supplies or our water service provided to our customers could result in service limitations and interruptions and exposure to substances not typically found in potable water supplies, and could subject us and our subsidiaries to reductions in usage and other responsive obligations, government enforcement actions, damage to our reputation and private litigation.
- We are subject to adverse publicity and reputational risks, which make us vulnerable to negative customer perception and could lead to increased regulatory oversight or sanctions.
- The failure of, or the requirement to repair, upgrade or dismantle, any of our dams may adversely affect our financial condition, results of operations, cash flows and liquidity.
- Any failure of our network of water and wastewater pipes, water mains and water reservoirs could result in losses and damages that may affect our financial condition and reputation.
- An important part of our growth strategy is the acquisition of water and wastewater systems, which involves risks, including competition for acquisition opportunities from other regulated utilities, governmental entities and other buyers, which may hinder or limit our ability to grow our business.
- Our Regulated Businesses are subject to condemnation and other proceedings through eminent domain or other similar authorized process, which could materially and adversely affect their results of operations and financial condition.
- We may be subject to physical and cyber attacks.
- We may sustain losses that exceed or are excluded from our insurance coverage or for which we are self-insured.
- We rely on technology to facilitate the management of our business as well as our customer and supplier relationships, and a failure or disruption of implemented technology could materially and adversely affect our business.
- An inability to successfully develop and implement new technologies poses substantial risks to our business and operational excellence strategies, which could have a material adverse effect on our business and financial results.
- Our inability to efficiently upgrade and improve our operational and technology systems, or implement new systems, could result in higher than expected costs or otherwise adversely impact our internal controls environment, operations and profitability.
- Disruptions in our supply chain related to goods, such as pipe, chemicals, power and other fuel, equipment, water and other raw materials, and services, could adversely impact our operations and our ability to serve our customers, as well as our financial results.
- Our business has inherently dangerous work sites. If we fail to maintain safe work sites, we may experience workforce or customer injuries or loss of life, and be exposed to financial losses, including penalties and other liabilities.
- Work stoppages and other labor relations matters could adversely affect our results of operations and the ability to serve our customers.
- Our inability to access the debt or equity capital or financial markets or other events could affect our ability to meet our long-term commitments or liquidity needs at reasonable cost, which could adversely affect our financial condition and results of operations.
- The conditional exchange feature of the Exchangeable Senior Notes due 2026, if triggered, may adversely effect our liquidity and financial condition and may dilute the ownership interest of our shareholders or may otherwise depress the price of parent company’s common stock.
- Parent company may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds.
- We have a significant amount of goodwill and other assets measured and recorded at fair value on a recurring basis, and we may be required to record impairments or changes in fair value to these assets, which may negatively affect our financial condition and results of operations.
- Market volatility and other conditions may impact the value of benefit plan assets and liabilities, as well as assumptions related to the benefit plans, which may require us to provide significant additional funding.
- MSG’s operations are subject to various risks associated with doing business with the U.S. government.
- New accounting standards or changes to existing accounting standards could materially impact how we report our results of operations, cash flows and financial condition.
- Undetected errors in internal controls and information reporting could result in the disallowance of cost recovery and noncompliant disclosure.
- Our continued success is dependent upon our ability to attract, hire and retain highly qualified, skilled and/or diverse talent.
- Our business may be adversely affected by the intentional misconduct of our employees and contractors.