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Schedule I
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule I
SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC.
CONDENSED STATEMENTS OF INCOME
(In Thousands)

 201920182017
    
Management Service Fee Revenues$34,757  $42,934  $34,321  
Operating Expenses:   
   Operations42,481  67,869  43,513  
   Depreciation646  600  311  
   Energy and Other Taxes1,842  1,517  1,324  
      Total Operating Expenses44,969  69,986  45,148  
      Operating (Loss) Income(10,212) (27,052) (10,827) 
Other Income:   
   Equity in Earnings (Losses) of Subsidiaries (See Note 1)118,910  65,327  (2,793) 
   Other10,863  17,608  15,083  
      Total Other Income129,773  82,935  12,290  
   Interest Charges58,956  54,678  23,818  
   Income Taxes(16,584) (16,698) (18,951) 
      Income (Loss) from Continuing Operations77,189  17,903  (3,404) 
   Equity in Undistributed Earnings of Discontinued Operations(272) (240) (86) 
      Net Income (Loss)$76,917  $17,663  $(3,490) 
The accompanying notes are an integral part of the condensed financial statements.
 
SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
 
 201920182017
Net Income (Loss)$76,917  $17,663  $(3,490) 
Other Comprehensive Income (Loss) - Net of Tax   
Postretirement Liability Adjustment, net of tax of $2,539, $(3,731), and $4,106, respectively
(6,498) 10,636  (10,920) 
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax of $(11), $(12), and $(988), respectively
35  34  1,536  
Total Other Comprehensive Income (Loss) - Net of Tax(6,463) 10,670  (9,384) 
Comprehensive Income (Loss)$70,454  $28,333  $(12,874) 

The accompanying notes are an integral part of the condensed financial statements.
SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC.
CONDENSED STATEMENTS OF RETAINED EARNINGS
(In Thousands)
 201920182017
Retained Earnings - Beginning$343,258  $420,351  $510,597  
Net Income (Loss)76,917  17,663  (3,490) 
420,175  438,014  507,107  
Dividends Declared - Common Stock(106,938) (94,756) (87,308) 
Excess Tax Benefit on Restricted Stock —  —  552  
Retained Earnings - Ending$313,237  $343,258  $420,351  
 The accompanying notes are an integral part of the condensed financial statements.

SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED DECEMBER 31,
(In Thousands)


 201920182017
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $(12,039) $(6,447) $17,339  
CASH FLOWS FROM INVESTING ACTIVITIES:   
Net (Advances to) Repayments from Associated Companies(42,084) 366,342  (16,096) 
Capital Expenditures(29,944) (24,155) (801) 
Cash Paid for Acquisition—  (1,740,291) —  
Proceeds from Sale of PPE171  51  —  
Proceeds from (Purchase of) Company Owned Life Insurance1,694  (1,298) (9,180) 
Investment in Affiliate—  —  (40,000) 
Net Cash Used in Investing Activities(70,163) (1,399,351) (66,077) 
CASH FLOWS FROM FINANCING ACTIVITIES:   
Proceeds from Issuance of Long Term Debt194,657  1,592,500  50,000  
Principal Repayments of Long Term Debt(715,000) —  (16,000) 
Payments for Issuance of Long Term Debt(876) (15,513) (12,174) 
Net Borrowings from (Repayments of) Short-Term Credit Facilities496,100  (217,400) 102,600  
Dividends on Common Stock(106,938) (94,756) (87,308) 
Net Settlement of Restricted Stock—  (776) (751) 
Proceeds from Sale of Common Stock189,032  173,750  —  
Payments for the Issuance of Common Stock—  (7,149) —  
Net Cash Provided by Financing Activities56,975  1,430,656  36,367  
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(25,227) 24,858  (12,371) 
Cash, Cash Equivalents and Restricted Cash at Beginning of Year25,334  476  12,847  
Cash, Cash Equivalents and Restricted Cash at End of Year$107  $25,334  $476  
The accompanying notes are an integral part of the condensed financial statements.
SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC.
CONDENSED BALANCE SHEETS (In Thousands)
20192018
Assets
Property Plant and Equipment:
Nonutility Property, Plant and Equipment, at cost$5,014  $4,188  
Accumulated Depreciation(2,745) (2,488) 
Property, Plant and Equipment - Net2,269  1,700  
Investments: 
Investments in Subsidiaries2,558,155  2,458,680  
Available-for-Sale Securities40  41  
Total Investments2,558,195  2,458,721  
Current Assets: 
Cash and Cash Equivalents107  25,334  
Receivable from Associated Companies312,449  270,478  
Accounts Receivable57  38  
Other25,460  19,100  
Total Current Assets338,073  314,950  
Other Noncurrent Assets 56,092  53,838  
Total Assets$2,954,629  $2,829,209  
Capitalization and Liabilities 
Equity: 
Common Stock SJI 
Par Value $1.25 a share 
Authorized - 120,000,000 shares 
Outstanding Shares - 92,394,155 (2019) and 85,506,218 (2018)$115,493  $106,883  
Premium on Common Stock1,027,902  843,268  
Treasury Stock (at par)(289) (292) 
Accumulated Other Comprehensive Loss(32,558) (26,095) 
Retained Earnings313,237  343,258  
Total Equity1,423,785  1,267,022  
Long-Term Debt854,599  708,360  
Current Liabilities:  
Notes Payable - Banks573,100  77,000  
Current Portion of Long-Term Debt50,000  715,000  
Payable to Associated Companies784  899  
Accounts Payable3,088  6,378  
Other Current Liabilities25,353  27,895  
Total Current Liabilities652,325  827,172  
Other Noncurrent Liabilities23,920  26,655  
Total Capitalization and Liabilities$2,954,629  $2,829,209  
The accompanying notes are an integral part of the condensed financial statements.
 Notes to Condensed Financial Statements

1.BASIS OF PRESENTATION:

Pursuant to rules and regulations of the SEC, the parent-company only condensed financial statements of SJI do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP in the United States. Therefore, these condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included under Item 8 in this Form 10-K.
Dividends received from subsidiaries were $20.0 million for 2017. Dividends were not received from subsidiaries in 2018 or 2019.

The following table provides a reconciliation between SJI's equity in earnings from its subsidiaries to total income from continuing operations (in thousands):

Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
Equity in Earnings (Losses) of Subsidiaries$118,910  $65,327  $(2,793) 
General & Administrative Costs, net of tax (A)(8,859) (29,727) (12,031) 
Interest Charges, net of tax (B)(32,862) (17,697) —  
Impact of Tax Adjustments (C)—  —  11,420  
Income (Loss) From Continuing Operations$77,189  $17,903  $(3,404) 

(A) Represents costs incurred on the agreement to acquire the assets of ETG and ELK, including legal, consulting and other professional services, including costs incurred to exit the TSA. Also includes costs associated the implementation of the ERIP in 2018, and other general & administrative costs.

(B) Represents interest charges incurred, net of tax, primarily on debt.
(C) Represents one-time tax adjustments, most notably for Tax Reform.