EX-99.2 3 tm1921793d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(Thousands of Dollars)  As of
September 30,
2019		   As of
December 31,
2018		 
ASSETS                
Current Assets:          
Cash  $22,688   $108,068 
Receivables, Net   993,396    994,055 
Unbilled Revenues   150,394    176,285 
Fuel, Materials, Supplies and REC Inventory   204,012    238,042 
Regulatory Assets   538,162    514,779 
Prepayments and Other Current Assets   312,253    260,995 
Total Current Assets   2,220,905    2,292,224 
           
Property, Plant and Equipment, Net   26,911,877    25,610,428 
           
Deferred Debits and Other Assets:          
Regulatory Assets   4,292,560    4,631,137 
Goodwill   4,427,266    4,427,266 
Investments in Unconsolidated Affiliates   861,687    464,286 
Marketable Securities   404,804    417,508 
Other Long-Term Assets   606,295    398,407 
Total Deferred Debits and Other Assets   10,592,612    10,338,604 
           
Total Assets  $39,725,394   $38,241,256 
           
LIABILITIES AND CAPITALIZATION          
Current Liabilities:          
Notes Payable  $712,500   $910,000 
Long-Term Debt — Current Portion   853,066    837,319 
Rate Reduction Bonds — Current Portion   43,210    52,332 
Accounts Payable   892,106    1,119,995 
Regulatory Liabilities   441,189    370,230 
Other Current Liabilities   806,839    823,006 
Total Current Liabilities   3,748,910    4,112,882 
           
Deferred Credits and Other Liabilities:          
Accumulated Deferred Income Taxes   3,604,791    3,506,030 
Regulatory Liabilities   3,644,477    3,609,475 
Derivative Liabilities   357,869    379,562 
Accrued Pension, SERP and PBOP   821,172    962,510 
Other Long-Term Liabilities   1,290,704    1,196,336 
Total Deferred Credits and Other Liabilities   9,719,013    9,653,913 
           
Long-Term Debt   13,440,165    12,248,743 
           
Rate Reduction Bonds   540,122    583,331 
           
Noncontrolling Interest — Preferred Stock of Subsidiaries   155,570    155,570 
           
Common Shareholders' Equity:          
Common Shares   1,699,292    1,669,392 
Capital Surplus, Paid In   6,675,889    6,241,222 
Retained Earnings   4,100,220    3,953,974 
Accumulated Other Comprehensive Loss   (52,017)   (60,000)
Treasury Stock   (301,770)   (317,771)
Common Shareholders' Equity   12,121,614    11,486,817 
           
Total Liabilities and Capitalization  $39,725,394   $38,241,256 

 

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 INCOME

(Unaudited)

 

   For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,		 
(Thousands of Dollars, Except Share Information)  2019   2018   2019   2018 
Operating Revenues  $2,175,797   $2,271,425   $6,476,084   $6,413,243 
                     
Operating Expenses:                    
Purchased Power, Fuel and Transmission   730,255    842,291    2,326,041    2,442,953 
Operations and Maintenance   331,054    344,475    994,660    970,881 
Depreciation   222,599    208,671    656,632    612,077 
Amortization   73,854    92,711    183,760    174,108 
Energy Efficiency Programs   136,832    129,965    382,785    366,162 
Taxes Other Than Income Taxes   171,965    187,291    537,636    547,155 
Impairment of Northern Pass Transmission   —    —    239,644    — 
Total Operating Expenses   1,666,559    1,805,404    5,321,158    5,113,336 
Operating Income   509,238    466,021    1,154,926    1,299,907 
Interest Expense   135,216    125,201    399,654    372,734 
Other Income, Net   26,968    16,718    103,818    100,656 
Income Before Income Tax Expense   400,990    357,538    859,090    1,027,829 
Income Tax Expense   80,226    66,278    194,435    220,497 
Net Income   320,764    291,260    664,655    807,332 
Net Income Attributable to Noncontrolling Interests   1,880    1,880    5,639    5,639 
Net Income Attributable to Common Shareholders  $318,884   $289,380   $659,016   $801,693 
                     
Basic Earnings Per Common Share  $0.98   $0.91   $2.06   $2.53 
                     
Weighted Average Common Shares Outstanding:                    
Basic   324,037,169    317,360,110    320,442,253    317,367,252 
Diluted   326,008,342    317,967,311    321,570,926    317,948,498 

 

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.