SEC Info - Eversource Energy, et al. - ‘8-K’ for 7/27/17

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Thousands of Dollars, Except Share Information)	2017			2016			2017		2016

Operating Revenues	$	1,762,811		$	1,767,184		$	3,867,946	$	3,822,819

Operating Expenses:
Purchased Power, Fuel and Transmission	549,704			581,260			1,303,353		1,336,119
Operations and Maintenance	302,714			320,714			632,979		640,850
Depreciation	189,881			176,507			376,686		350,492
Amortization of Regulatory (Liabilities)/Assets, Net	(7,807		)	(8,716		)	16,210		12,281
Energy Efficiency Programs	116,398			119,667			262,556		256,842
Taxes Other Than Income Taxes	156,234			154,330			311,455		314,277
Total Operating Expenses	1,307,124			1,343,762			2,903,239		2,910,861
Operating Income	455,687			423,422			964,707		911,958
Interest Expense	107,329			100,492			210,758		198,703
Other Income, Net	21,543			8,038			35,120		10,049
Income Before Income Tax Expense	369,901			330,968			789,069		723,304
Income Tax Expense	137,272			125,439			295,103		271,742
Net Income	232,629			205,529			493,966		451,562
Net Income Attributable to Noncontrolling Interests	1,880			1,880			3,759		3,759
Net Income Attributable to Common Shareholders	$	230,749		$	203,649		$	490,207	$	447,803

Basic and Diluted Earnings Per Common Share	$	0.72		$	0.64		$	1.54	$	1.41

Dividends Declared Per Common Share	$	0.48		$	0.45		$	0.95	$	0.89

Weighted Average Common Shares Outstanding:
Basic	317,391,365			317,785,495			317,427,258		317,651,319
Diluted	317,947,194			318,476,699			318,035,864		318,478,876

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Six Months Ended June 30,
(Thousands of Dollars)	2017			2016

Operating Activities:
Net Income	$	493,966		$	451,562
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	376,686			350,492
Deferred Income Taxes	269,505			250,851
Pension, SERP and PBOP Expense, Net	11,242			22,659
Pension and PBOP Contributions	(91,400		)	(65,929		)
Regulatory Over/(Under) Recoveries, Net	74,224			(5,768		)
Amortization of Regulatory Assets, Net	16,210			12,281
Other	(94,666		)	(10,808		)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	3,908			(76,751		)
Fuel, Materials, Supplies and Inventory	42,425			43,930
Taxes Receivable/Accrued, Net	23,980			230,075
Accounts Payable	(168,221		)	(151,996		)
Other Current Assets and Liabilities, Net	(49,889		)	(72,160		)
Net Cash Flows Provided by Operating Activities	907,970			978,438

Investing Activities:
Investments in Property, Plant and Equipment	(1,146,952		)	(869,168		)
Proceeds from Sales of Marketable Securities	373,853			327,581
Purchases of Marketable Securities	(394,379		)	(322,244		)
Other Investing Activities	(11,050		)	(2,991		)
Net Cash Flows Used in Investing Activities	(1,178,528		)	(866,822		)

Financing Activities:
Cash Dividends on Common Shares	(301,042		)	(282,314		)
Cash Dividends on Preferred Stock	(3,759		)	(3,759		)
Decrease in Notes Payable	(211,000		)	(393,953		)
Issuance of Long-Term Debt	950,000			800,000
Retirements of Long-Term Debt	(150,000		)	(200,000		)
Other Financing Activities	(19,254		)	(16,811		)
Net Cash Flows Provided by/(Used in) Financing Activities	264,945			(96,837		)
Net (Decrease)/Increase in Cash and Cash Equivalents	(5,613		)	14,779
Cash and Cash Equivalents - Beginning of Period	30,251			23,947
Cash and Cash Equivalents - End of Period	$	24,638		$	38,726


(Thousands of Dollars)	As of June 30, 2017			As of December 31, 2016

ASSETS
Current Assets:
Cash and Cash Equivalents	$	24,638		$	30,251
Receivables, Net	833,945			847,301
Unbilled Revenues	158,183			168,490
Fuel, Materials, Supplies and Inventory	286,296			328,721
Regulatory Assets	870,393			887,625
Prepayments and Other Current Assets	157,359			215,284
Total Current Assets	2,330,814			2,477,672

Property, Plant and Equipment, Net	22,071,496			21,350,510

Deferred Debits and Other Assets:
Regulatory Assets	3,580,981			3,638,688
Goodwill	3,519,401			3,519,401
Marketable Securities	565,460			544,642
Other Long-Term Assets	590,688			522,260
Total Deferred Debits and Other Assets	8,256,530			8,224,991

Total Assets	$	32,658,840		$	32,053,173

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$	937,500		$	1,148,500
Long-Term Debt – Current Portion	1,483,883			773,883
Accounts Payable	587,174			884,521
Regulatory Liabilities	185,930			146,787
Other Current Liabilities	591,222			684,914
Total Current Liabilities	3,785,709			3,638,605

Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	5,900,052			5,607,207
Regulatory Liabilities	696,740			702,255
Derivative Liabilities	402,138			413,676
Accrued Pension and SERP	1,073,510			1,141,514
Other Long-Term Liabilities	860,579			853,260
Total Deferred Credits and Other Liabilities	8,933,019			8,717,912

Capitalization:
Long-Term Debt	8,899,021			8,829,354

Noncontrolling Interest - Preferred Stock of Subsidiaries	155,568			155,568

Equity:
Common Shareholders' Equity:
Common Shares	1,669,392			1,669,392
Capital Surplus, Paid In	6,232,501			6,250,224
Retained Earnings	3,364,336			3,175,171
Accumulated Other Comprehensive Loss	(62,935		)	(65,282		)
Treasury Stock	(317,771		)	(317,771		)
Common Shareholders' Equity	10,885,523			10,711,734
Total Capitalization	19,940,112			19,696,656

Total Liabilities and Capitalization	$	32,658,840		$	32,053,173

This ‘8-K’ Filing	Date	Other Filings

Filed on / For Period End:	7/27/17
	6/30/17
	12/31/16	10-K, 11-K, 5
		List all Filings

Eversource Energy, et al. – ‘8-K’ for 7/27/17 – ‘EX-99’

On: Thursday, 7/27/17, at 4:43pm ET · For: 7/27/17 · Accession #: 72741-17-28 · File #s: 0-00404, 0-07624, 1-02301, 1-05324, 1-06392

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