-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GFFmUDvGLD5VxwwtEOblte2I2tBiehx5nU7DeqVUZXXe58rGwGrPBq6qTVR3tH8x i5UNQ6nh7+/4/oHwFWrQ0g== /in/edgar/work/20000623/0000072741-00-000171/0000072741-00-000171.txt : 20000920 0000072741-00-000171.hdr.sgml : 20000920 ACCESSION NUMBER: 0000072741-00-000171 CONFORMED SUBMISSION TYPE: U-1/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20000623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES SYSTEM CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: [4911 ] IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-1/A SEC ACT: SEC FILE NUMBER: 070-09541 FILM NUMBER: 659867 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 4137855871 MAIL ADDRESS: STREET 1: 107 SELDON ST CITY: BERLIN STATE: CT ZIP: 06037-1616 U-1/A 1 0001.txt AMENDMENT NO. 1 TO FORM U-1 FILE NO. 70-09541 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM U-1 APPLICATION/DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 WITH RESPECT TO ISSUANCE OF RATE REDUCTION BONDS AND RELATED TRANSACTIONS The Connecticut Light Western Massachusetts Electric Company and Power Company 174 Brush Hill Avenue 107 Selden Street West Springfield, MA 01090 Berlin, CT 06037 Public Service Company of New Hampshire 1000 Elm Street Manchester, NH 03101 (Names of companies filing this statement and addresses of principal executive offices) NORTHEAST UTILITIES (Name of top registered holding company) Cheryl W. Grise Senior Vice President, Secretary and General Counsel Northeast Utilities Service Company 107 Selden Street Berlin, CT 06037 (Name and address of agent for service) The Commission is requested to mail signed copies of all orders, notices and communications to: Jeffrey C. Miller, Esq. John P. Stack Assistant General Counsel Executive Director - Northeast Utilities Service Company Corporate Accounting and Taxes P.O. Box 270 Northeast Utilities Service Company Hartford, CT 06141-0270 P.O. Box 270 Hartford, CT 06141-0270 Richard J. Wasserman, Esq. Day, Berry & Howard LLP City Place I Hartford, CT 06103-3499 The Application/Declaration in this File is hereby amended by the filing of the following exhibits: (a) Exhibits G. Financial Data Schedules (b) Financial Statements 1. Northeast Utilities and Subsidiaries (consolidated) 1.1 Balance sheet, per book and pro forma, as of March 31, 2000. 1.2 Statement of income, per book and pro forma, for the 12 months ended March 31, 2000, and statements of retained earnings and capital structure, per book and pro forma, as of March 31, 2000. 2. Northeast Utilities (parent company only). 2.1 Balance sheet, per book and pro forma, as of March 31, 2000. 2.2 Statement of income, per book and pro forma, for the 12 months ended March 31, 2000, and statements of retained earnings and capital structure, per book and pro forma, as of March 31, 2000. 3. The Connecticut Light and Power Company 3.1 Balance sheet, per book and pro forma, as of March 31, 2000. 3.2 Statement of income, per book and pro forma, for the 12 months ended March 31, 2000, and statements of retained earnings and capital structure, per book and pro forma, as of March 31, 2000. 4. Public Service Company of New Hampshire 4.1 Balance sheet, per book and pro forma, as of March 31, 2000. 4.2 Statement of income, per book and pro forma, for the 12 months ended March 31, 2000, and statements of retained earnings and capital structure, per book and pro forma, as of March 31, 2000. 5. Western Massachusetts Electric Company 5.1 Balance sheet, per book and pro forma, as of March 31, 2000. 5.2 Statement of income, per book and pro forma, for the 12 months ended March 31, 2000, and statements of retained earnings and capital structure, per book and pro forma, as of March 31, 2000. SIGNATURES Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, the undersigned companies have duly caused this amendment to be signed on their behalf by the undersigned thereunto duly authorized. THE CONNECTICUT LIGHT AND POWER COMPANY By: /s/ John P. Stack John P. Stack Controller Date: June 23, 2000 PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE By: /s/ David R. McHale David R. McHale Vice President and Treasurer Date: June 23, 2000 WESTERN MASSACHUSETTS ELECTRIC COMPANY By: /s/ David R. McHale David R. McHale Vice President and Treasurer Date: June 23, 2000 EX-27 2 0002.txt PRO FORMA U-1 - NU CONSOLIDATED
OPUR1 1000 DEC-31-1999 DEC-31-1999 MAR-31-2000 MAR-31-2000 YEAR YEAR PER-BOOK PRO-FORMA 4,301,035 4,301,035 908,455 908,455 1,377,839 1,960,526 4,153,679 5,404,747 0 0 10,741,008 12,574,763 742,731 742,731 1,102,278 1,102,278 642,092 642,092 2,363,999 2,363,999 119,789 79,789 136,200 116,200 2,443,989 1,980,864 984,000 887,604 0 0 0 0 346,123 344,623 0 0 53,126 53,126 115,285 115,285 4,055,395 6,510,171 10,741,008 12,574,763 4,810,165 4,945,210 220,868 220,868 4,198,989 4,198,989 4,419,857 4,419,857 390,308 525,353 (17,550) (17,550) 372,758 507,803 260,826 395,871 111,932 111,932 (21,573) (21,573) 642,092 642,092 (27,480) (27,480) 246,517 381,562 0 0 0 0 0 0
EX-99 3 0003.txt FINANCIAL STATEMENTS NORTHEAST UTILITIES AND SUBSIDIARIES 1.1a PRO FORMA BALANCE SHEET -- ASSETS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Utility Plant, at cost: Electric $ 9,237,679 $ $ 9,237,679 Other 826,495 826,495 ----------- ---------- ----------- 10,064,174 0 10,064,174 Less: Accumulated provision for depreciation 6,373,365 6,373,365 ----------- ---------- ----------- 3,690,809 0 3,690,809 Unamortized PSNH acquisition costs 317,332 317,332 Construction work in progress 179,516 179,516 Nuclear fuel, net 113,378 113,378 ----------- ---------- ----------- Total net utility plant 4,301,035 0 4,301,035 ----------- ---------- ----------- Other Property and Investments: Investment in subsidiary companies 0 0 [1] 0 Nuclear decommissioning trusts, at market 717,246 717,246 Investments in regional nuclear generating companies, at equity 82,456 82,456 Other 108,753 108,753 ----------- ---------- ----------- 908,455 0 908,455 ----------- ---------- ----------- Current Assets: Cash and cash equivalents 369,738 447,642 [2] 817,380 Investment in securitizable assets 80,742 80,742 Receivables, net 448,356 135,045 [3] 583,401 Unbilled revenues 88,918 88,918 Fuel, materials and supplies, at average cost 174,442 174,442 Recoverable energy costs, net -- current portion 85,052 85,052 Prepayments and other 130,591 130,591 ----------- ---------- ----------- 1,377,839 582,687 1,960,526 ----------- ---------- ----------- Deferred Charges: Regulatory assets: Recoverable nuclear costs 2,165,777 2,165,777 Income taxes, net 626,973 626,973 Deferred costs -- nuclear plants 91,572 91,572 Unrecovered contractual obligations 341,988 341,988 Recoverable energy costs, net 201,246 201,246 Other 169,272 1,243,295 [3] 1,412,567 Unamortized debt expense 43,839 7,773 [3] 51,612 Goodwill and other purchased intangible assets 345,372 345,372 Other 167,640 167,640 ----------- ---------- ----------- 4,153,679 1,251,068 5,404,747 ----------- ---------- ----------- Total Assets $ 10,741,008 $ 1,833,755 $ 12,574,763 =========== ========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Capitalization: Common stock $ 742,731 $ 0 [1] $ 742,731 Capital surplus, paid in 1,102,278 0 [1] 1,102,278 Deferred contribution plan -- employee stock ownership plan (124,626) (124,626) Retained earnings 642,092 642,092 Accumulated other comprehensive income 1,524 1,524 ----------- ---------- ----------- Total common stockholders' equity 2,363,999 0 2,363,999 Preferred stock not subject to mandatory redemption 136,200 (20,000) [3] 116,200 Preferred stock subject to mandatory redemption 119,789 (40,000) [3] 79,789 Long-term debt 2,443,989 (463,125) [3] 1,980,864 ----------- ---------- ----------- Total capitalization 5,063,977 (523,125) 4,540,852 ----------- ---------- ----------- Minority Interest in Consolidated Subsidiaries 100,000 (100,000) [3] 0 ----------- ---------- ----------- Obligations Under Capital Leases 53,126 0 [2] 53,126 ----------- ---------- ----------- Rate Reduction Bond Obligation 0 2,419,731 [3] 2,419,731 ----------- ---------- ----------- Current Liabilities: Notes payable to banks 984,000 (96,396) [3] 887,604 Long-term debt and preferred stock -- current portion 346,123 (1,500) [3] 344,623 Obligations under capital leases -- current portion 115,285 0 [2] 115,285 Accounts payable 437,492 437,492 Accrued taxes 130,252 (13,276) [3] 116,976 Accrued interest 56,088 135,045 [3] 191,133 Other 127,338 127,338 ----------- ---------- ----------- 2,196,578 23,873 2,220,451 ----------- ---------- ----------- Deferred Credits and Other Long-term Liabilities: Accumulated deferred income taxes 1,721,263 13,276 [3] 1,734,539 Accumulated deferred investment tax credits 144,882 144,882 Decommissioning obligation -- Millstone 1 686,609 686,609 Deferred contractual obligations 341,983 341,983 Other 432,590 432,590 ----------- ---------- ----------- 3,327,327 13,276 3,340,603 ----------- ---------- ----------- Total Capitalization and Liabilities $ 10,741,008 $ 1,833,755 $ 12,574,763 =========== ========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenue $ 4,810,165 $ 135,045 [3] $ 4,945,210 ---------- ---------- ---------- Operating Expenses: Operation -- Fuel, purchased and net interchange power 2,243,670 0 [3] 2,243,670 Other 867,124 0 [3] 867,124 Maintenance 294,036 294,036 Depreciation 278,349 278,349 Amortization of regulatory assets, net 575,623 575,623 Federal and state income taxes 220,868 0 [3] 220,868 Taxes other than income taxes 249,101 249,101 Gain on sale of utility plant (308,914) (308,914) ---------- ---------- ---------- Total operating expenses 4,419,857 0 4,419,857 ---------- ---------- ---------- Operating Income 390,308 135,045 525,353 ---------- ---------- ---------- Other Income (Loss): Equity in earnings of regional nuclear generating and transmission companies 5,367 5,367 Nuclear unrecoverable costs (72,496) (72,496) Other, net (24,835) (24,835) Minority interest in loss of subsidiary (9,300) (9,300) Income taxes 83,714 0 [3] 83,714 ---------- ---------- ---------- Other loss, net (17,550) 0 (17,550) ---------- ---------- ---------- Income before interest charges 372,758 135,045 507,803 ---------- ---------- ---------- Interest Charges: Interest on long-term debt 246,517 135,045 [3] 381,562 Other interest 21,586 21,586 Deferred interest -- nuclear plants (7,277) (7,277) ---------- ---------- ---------- Interest charges, net 260,826 135,045 395,871 ---------- ---------- ---------- Net Income $ 111,932 $ 0 $ 111,932 ========== =========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ 579,213 $ $ 579,213 Net income 111,932 111,932 Cash dividends on common stock (27,480) (27,480) Cash dividends on preferred stock (21,573) (21,573) ---------- ---------- ---------- Balance at end of period $ 642,092 $ 0 $ 642,092 ========== ========== ==========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2c PRO FORMA CAPITAL STRUCTURE AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. ----------- ----------- ------------- Long-term debt* $ 2,443,989 $ (463,125) [3] $ 1,980,864 Preferred stock not subject to mandatory redemption* 136,200 (20,000) [3] 116,200 Preferred stock subject to mandatory redemption* 119,789 (40,000) [3] 79,789 Common stock equity 2,363,999 2,363,999 ----------- ------------ ------------ Total Capitalization $ 5,063,977 $ (523,125) $ 4,540,852 =========== ============ ============ *Does not include current portion.
[1] See adjustments a and b. [2] See adjustments a and c. [3] See adjustment a. NORTHEAST UTILITIES AND SUBSIDIARIES 1.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars)
Debit Credit a) Cash and cash equivalents 90,089 Receivables, net 135,045 Operating expenses -- operation -- other 0 Accrued taxes 13,276 Federal and state income taxes 0 Regulatory assets -- other 1,243,295 Long-term debt and preferred stock -- current portion 1,500 Long-term debt 463,125 Obligations under Seabrook Power Contracts and other capital leases -- current portion 102,659 Obligations under Seabrook Power Contracts and other capital leases 254,894 Minority interest in consolidated subsidiary 100,000 Preferred stock subject to mandatory redemption 40,000 Unamortized debt expense 7,773 Operating expenses -- operation -- fuel, purchased and net interchange power 0 Interest on long-term debt 135,045 Common stock 2,039 Capital surplus, paid in 288,050 Notes payable to bank 96,396 Preferred stock not subject to mandatory redemption 20,000 Operating revenues 135,045 Rate reduction bond obligation 2,419,731 Accumulated deferred income taxes 13,276 Accrued interest 135,045 Income taxes 0 Investment in subsidiary companies 290,089 To record summary entry for NU consolidated. b) Investment in subsidiary companies 290,089 Common stock 2,039 Capital surplus, paid in 288,050 To record elimination of investment in subsidiary companies. c) Cash and cash equivalents 357,553 Obligations under Seabrook Power Contracts and other capital leases -- current portion 102,659 Obligations under Seabrook Power Contracts and other capital leases 254,894 To record elimination of obligations under Seabrook Power Contracts.
NORTHEAST UTILITIES PARENT 2.1 PRO FORMA BALANCE SHEET AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Other Property and Investments: Investments in subsidiary companies, at equity $ 2,858,586 $ (290,089) [1] $ 2,568,497 Investments in transmission companies, at equity 16,357 16,357 Other, at cost 54 54 ----------- ----------- ----------- 2,874,997 (290,089) 2,584,908 Current Assets: Cash 1,090 290,089 [1] 291,179 Notes receivable from affiliated companies 46,100 46,100 Notes and accounts receivable 701 701 Accounts receivable from affiliated companies 2,915 2,915 Taxes receivable 1,463 1,463 Prepayments 872 872 ----------- ----------- ----------- 53,141 290,089 343,230 Deferred Charges: Unamortized debt expense 6 6 Other 5,159 5,159 ----------- ----------- ----------- 5,165 0 5,165 ----------- ----------- ----------- Total Assets $ 2,933,303 $ 0 $ 2,933,303 =========== =========== =========== Capitalization: Common stock $ 742,731 $ $ 742,731 Capital surplus, paid in 1,102,278 1,102,278 Deferred benefit plan -- Employee Stock Ownership Plan (124,626) (124,626) Retained earnings 642,092 642,092 Accumulated other comprehensive income 1,524 1,524 ---------- ---------- ----------- Total common stockholder's equity 2,363,999 0 2,363,999 Long-term debt 132,000 132,000 ---------- ---------- ----------- Total capitalization 2,495,999 0 2,495,999 ---------- ---------- ----------- Current Liabilities: Notes payable to banks 396,000 396,000 Accounts payable 1,737 1,737 Accounts payable to affiliated companies 2,059 2,059 Long-term debt -- current portion 20,000 20,000 Accrued interest 5,921 5,921 Accrued Con Edison/Northeast Utilities merger fees 6,143 6,143 Other 3 3 ---------- ---------- ----------- 431,863 0 431,863 ---------- ---------- ----------- Accumulated deferred income taxes 5,334 5,334 Other deferred credits 107 107 ---------- ---------- ----------- Total Capitalization and Liabilities $ 2,933,303 $ 0 $ 2,933,303 ========== ========== =========== [1] See adjustments a and b.
NORTHEAST UTILITIES PARENT 2.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $ 0 $ $ 0 ---------- ---------- ---------- Operating Expenses: Operation expense 22,562 22,562 Federal and state income taxes (4,590) (4,590) Taxes other than income taxes 65 65 ---------- ---------- ---------- Total operating expenses 18,037 0 18,037 ---------- ---------- ---------- Operating Loss (18,037) 0 (18,037) ---------- ---------- ---------- Other Income: Equity in earnings of subsidiaries 118,316 118,316 Equity in earnings of transmission companies 2,472 2,472 Other, net 3,294 3,294 Income taxes 2,417 2,417 ---------- ---------- ---------- Other income, net 126,499 0 126,499 ---------- ---------- ---------- Income before interest charges 108,462 0 108,462 ---------- ---------- ---------- Interest Charges: Interest on long-term debt 14,263 14,263 Other interest 3,840 3,840 ---------- ---------- ---------- Interest Charges, net 18,103 0 18,103 ---------- ---------- ---------- Net Income $ 90,359 $ 0 $ 90,359 ========== ========== ==========
NORTHEAST UTILITIES PARENT 2.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ 579,213 $ $ 579,213 Net income 90,359 90,359 Cash dividends on common shares (27,480) (27,480) ---------- ---------- ---------- Balance at end of period $ 642,092 $ 0 $ 642,092 ========== =========== ===========
NORTHEAST UTILITIES PARENT 2.2c PRO FORMA CAPITAL STRUCTURE AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt* $ 132,000 $ $ 132,000 Common stock equity 2,363,999 2,363,999 ----------- ----------- ----------- Total Capitalization $ 2,495,999 $ 0 $ 2,495,999 =========== =========== =========== *Does not include current portion.
NORTHEAST UTILITIES PARENT 2.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash 275,089 Investment in Subsidiary Companies 275,089 To record the stock repurchase by PSNH. b) Cash 15,000 Investment in Subsidiary Companies 15,000 To record the stock repurchase by WMECO. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.1a PRO FORMA BALANCE SHEET -- ASSETS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Utility Plant, at cost: Electric $ 5,666,637 $ $ 5,666,637 Less: Accumulated provision for depreciation 4,149,201 4,149,201 ---------- ---------- ---------- 1,517,436 0 1,517,436 Construction work in progress 97,668 97,668 Nuclear fuel, net 72,493 72,493 ---------- ---------- ---------- Total net utility plant 1,687,597 0 1,687,597 ---------- ---------- ---------- Other Property and Investments: Nuclear decommissioning trusts, at market 521,127 521,127 Investments in regional nuclear generating companies, at equity 55,080 55,080 Other, at cost 32,677 32,677 ---------- ---------- ---------- 608,884 0 608,884 ---------- ---------- ---------- Current Assets: Cash 6,527 0 [1] 6,527 Investment in securitizable assets 81,125 81,125 Notes receivable from affiliated companies 93,400 93,400 Receivables, net 25,031 77,856 [2] 102,887 Accounts receivable from affiliated companies 112,779 112,779 Fuel, materials and supplies, at average cost 36,628 36,628 Prepayments and other 179,810 179,810 ---------- ---------- ---------- 535,300 77,856 613,156 ---------- ---------- ---------- Deferred Charges: Regulatory assets: Recoverable nuclear costs 1,169,339 1,169,339 Income taxes, net 391,260 391,260 Unrecovered contractual obligations 227,157 227,157 Recoverable energy costs, net 87,160 87,160 Other 70,693 979,559 [3] 1,050,252 Unamortized debt expense 15,417 6,899 [4] 22,316 Other 21,476 21,476 ---------- ---------- ---------- 1,982,502 986,458 2,968,960 ---------- ---------- ---------- Total Assets $ 4,814,283 $ 1,064,314 $ 5,878,597 ========== ========== ==========
[1] See adjustments a, b, d, e, g, and m. [2] See adjustments j and l. [3] See adjustments c and h. [4] See adjustment f. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Capitalization: Common stock $ 75,849 $ $ 75,849 Capital surplus, paid in 412,339 412,339 Retained earnings 200,058 200,058 Accumulated other comprehensive income 416 416 ---------- ---------- ---------- Total common stockholder's equity 688,662 0 688,662 Preferred stock not subject to mandatory redemption 116,200 116,200 Preferred stock subject to mandatory redemption 79,789 79,789 Long-term debt 1,223,899 (353,925) [5] 869,974 ---------- ---------- ---------- Total capitalization 2,108,550 (353,925) 1,754,625 ---------- ---------- ---------- Minority Interest in Consolidated Subsidiary 100,000 (100,000) [5] 0 ---------- ---------- ---------- Obligations Under Capital Leases 43,878 43,878 ---------- ---------- ---------- Rate Reduction Bond Obligation 0 1,440,383 [6] 1,440,383 ---------- ---------- ---------- Current Liabilities: Long-term debt and preferred stock -- current portion 19,750 19,750 Obligations under capital leases -- current portion 91,346 91,346 Accounts payable 170,211 170,211 Accounts payable to affiliated companies 127,393 127,393 Accrued taxes 29,360 (7,432) [7] 21,928 Accrued interest 21,267 77,856 [8] 99,123 Other 42,873 42,873 ---------- ---------- ---------- 502,200 70,424 572,624 ---------- ---------- ---------- Deferred Credits and Other Long-Term Liabilities: Accumulated deferred income taxes 1,005,145 7,432 [9] 1,012,577 Accumulated deferred investment tax credits 105,241 105,241 Decommissioning obligation -- Millstone 1 576,181 576,181 Deferred contractual obligations 227,152 227,152 Other 145,936 145,936 ---------- ---------- ---------- 2,059,655 7,432 2,067,087 ---------- ---------- ---------- Total Capitalization and Liabilities $ 4,814,283 $ 1,064,314 $ 5,878,597 ========== ========== ==========
[5] See adjustment d. [6] See adjustments a and m. [7] See adjustments b, e, i, j, k, and l. [8] See adjustments i and k. [9] See adjustments c, f, g, and h. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $ 2,593,833 $ 77,856 [2] $ 2,671,689 ---------- ---------- ---------- Operating Expenses: Operation -- Fuel, purchased and net interchange power 1,097,584 0 [10] 1,097,584 Other 468,702 0 [11] 468,702 Maintenance 180,740 180,740 Depreciation 170,954 170,954 Amortization of regulatory assets, net 420,048 420,048 Federal and state income taxes 150,667 0 [12] 150,667 Taxes other than income taxes 161,257 161,257 Gain on sale of utility plant (286,477) (286,477) ---------- ---------- ---------- Total operating expenses 2,363,475 0 2,363,475 ---------- ---------- ---------- Operating Income 230,358 77,856 308,214 ---------- ---------- ---------- Other Income (Loss): Equity in earnings of regional nuclear generating companies 1,764 1,764 Nuclear unrecoverable costs (54,004) (54,004) Other, net (25,326) (25,326) Minority interest in loss of subsidiary (9,300) (9,300) Income taxes 33,950 0 [13] 33,950 ---------- ---------- ---------- Other loss, net (52,916) 0 (52,916) ---------- ---------- ---------- Income before interest charges 177,442 77,856 255,298 ---------- ---------- ---------- Interest Charges: Interest on long-term debt 118,595 77,856 [14] 196,451 Other interest 13,797 13,797 Deferred interest -- nuclear plants (4,730) (4,730) ---------- ---------- ---------- Interest charges, net 127,662 77,856 205,518 ---------- ---------- ---------- Net Income $ 49,780 $ 0 $ 49,780 ========== ========== ==========
[10] See adjustments g and h. [11] See adjustments b, c, e, and f. [12] See adjustments b, c, e, f, g, and h. [13] See adjustments i, j, k and l. [14] See adjustments i and k. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ 193,178 $ $ 193,178 Net income 49,780 49,780 Cash dividends on preferred stock (12,341) (12,341) ESOP contribution (30,559) (30,559) ---------- ---------- ---------- Balance at end of period $ 200,058 $ 0 $ 200,058 ========== ========== ==========
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.2c PRO FORMA CAPITAL STRUCTURE AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt* $ 1,223,899 $ (353,925) [5] $ 869,974 Preferred stock not subject to mandatory redemption* 116,200 116,200 Preferred stock subject to mandatory redemption* 79,789 79,789 Common stock equity 688,662 688,662 ---------- ---------- ---------- Total Capitalization $ 2,108,550 $ (353,925) $ 1,754,625 ========== ========== ==========
*Does not include current portion. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY 3.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash 1,489,000 Rate reduction bond obligation 1,489,000 To record the issuance of rate reduction bonds. b) Operating expenses -- operation -- other 11,679 Accrued taxes 4,672 Cash 11,679 Federal and state income taxes 4,672 To record issuance expenses associated with securitization and related tax effect. c) Regulatory assets -- other 11,679 Federal and state income taxes 4,672 Operating expenses -- operation -- other 11,679 Accumulated deferred income taxes 4,672 To record deferral of issuance expenses associated with securitization and related tax effect. d) Minority interest in consolidated subsidiary 100,000 Long-term debt 353,925 Cash 453,925 To record the use of securitization proceeds to retire long-term debt. e) Operating expenses -- operation -- other 6,899 Accrued taxes 2,760 Cash 6,899 Federal and state income taxes 2,760 To record the associated costs and premiums of retiring debt. f) Unamortized debt expense 6,899 Federal and state income taxes 2,760 Operating expenses -- operation -- other 6,899 Accumulated deferred income taxes 2,760 To record deferral of debt retirement costs and related tax effect. g) Fuel, purchased and net interchange power 967,880 Accumulated deferred income taxes 387,152 Cash 967,880 Federal and state income taxes 387,152 To record the buyout of IPP contracts and related tax effect. h) Regulatory assets -- other 967,880 Federal and state income taxes 387,152 Fuel, purchased and net interchange power 967,880 Accumulated deferred income taxes 387,152 To record the deferral of IPP buyout costs and related tax effect. i) Interest on long-term debt 115,231 Accrued taxes 46,092 Accrued interest 115,231 Income taxes 46,092 To record interest expense on rate reduction bonds and related tax effect. j) Receivables, net 115,231 Income taxes 46,092 Operating revenues 115,231 Accrued taxes 46,092 To record deferral of interest expense on rate reduction bonds and related tax effect. k) Accrued interest 37,375 Income taxes 14,950 Interest on long-term debt 37,375 Accrued taxes 14,950 To record decrease in interest costs associated with debt repurchase and the related tax effect. l) Operating revenues 37,375 Accrued taxes 14,950 Receivables, net 37,375 Income taxes 14,950 To record deferral of decrease in interest costs on debt repurchased and related tax effect. m) Rate reduction bond obligation 48,617 Cash 48,617 To record repayment of excess rate reduction bond obligation. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.1a PRO FORMA BALANCE SHEET -- ASSETS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Utility Plant, at cost: Electric $ 1,946,796 $ $ 1,946,796 Less: Accumulated provision for depreciation 685,840 685,840 ------------ ------------ ------------ 1,260,956 0 1,260,956 Unamortized acquisition costs 317,332 317,332 Construction work in progress 17,090 17,090 Nuclear fuel, net 1,500 1,500 ------------ ------------ ------------ Total net utility plant 1,596,878 0 1,596,878 ------------ ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 6,906 6,906 Investments in regional nuclear generating companies and subsidiary company, at equity 18,547 18,547 Other, at cost 2,931 2,931 ------------ ------------ ------------ 28,384 0 28,384 ------------ ------------ ------------ Current Assets: Cash and cash equivalents 248,365 (200,000) [1] 48,365 Receivables, net 69,884 45,396 [2] 115,280 Accounts receivable from affiliated companies 7,330 7,330 Taxes receivable from affiliated companies 4,014 4,014 Accrued utility revenues 48,303 48,303 Fuel, materials and supplies, at average cost 36,321 36,321 Recoverable energy costs -- current portion 85,196 85,196 Prepayments and other 9,865 9,865 ------------ ------------ ------------ 509,278 (154,604) 354,674 ------------ ------------ ------------ Deferred Charges: Regulatory assets: Recoverable energy costs 111,565 111,565 Income taxes, net 160,231 160,231 Deferred costs -- nuclear plant 118,244 118,244 Unrecovered contractual obligations 54,152 54,152 Other 3,047 138,158 [3] 141,205 Deferred receivable from affiliated company 10,548 10,548 Unamortized debt expense 11,687 11,687 Other 8,251 8,251 ------------ ------------ ------------ 477,725 138,158 615,883 ------------ ------------ ------------ Total Assets $ 2,612,265 $ (16,446) $ 2,595,819 ============ ============ ============
[1] See adjustments a, b, d, e, g, m, and n. [2] See adjustments j and l. [3] See adjustments c, f and h. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Capitalization: Common stock $ 1 $ (1) [4] $ 0 Capital surplus, paid in 424,740 (275,088) [4] 149,652 Retained earnings 336,006 336,006 Accumulated other comprehensive income 1,074 1,074 ------------ ------------ ------------ Total common stockholder's equity 761,821 (275,089) 486,732 Preferred stock subject to mandatory redemption 25,000 (25,000) [5] 0 Long-term debt 516,485 (109,200) [5] 407,285 ------------ ------------ ------------ Total capitalization 1,303,306 (409,289) 894,017 ------------ ------------ ------------ Obligations Under Seabrook Power Contracts and Other Capital Leases 597,662 (254,894) [6] 342,768 ------------ ------------ ------------ Rate Reduction Bond Obligation 0 705,000 [7] 705,000 ------------ ------------ ------------ Current Liabilities: Long-term debt and preferred stock -- current portion 25,000 25,000 Obligations under Seabrook Power Contracts and other capital leases -- current portion 102,659 (102,659) [6] 0 Accounts payable 34,185 34,185 Accounts payable to affiliated companies 37,638 37,638 Accrued taxes 50,958 (3,263) [8] 47,695 Accrued interest 12,668 45,396 [9] 58,064 Accrued pension benefits 44,779 44,779 Other 8,125 8,125 ------------ ------------ ------------ 316,012 (60,526) 255,486 ------------ ------------ ------------ Deferred Credits and Other Long-Term Liabilities: Accumulated deferred income taxes 256,215 3,263 [10] 259,478 Accumulated deferred investment tax credits 12,260 12,260 Deferred contractual obligations 54,152 54,152 Deferred revenue from affiliated company 10,548 10,548 Other 62,110 62,110 ------------ ------------ ------------ 395,285 3,263 398,548 ------------ ------------ ------------ Total Capitalization and Liabilities $ 2,612,265 $ (16,446) $ 2,595,819 ============ ============ ============
[4] See adjustment m. [5] See adjustment d. [6] See adjustment g. [7] See adjustments a and n. [8] See adjustments b, e, i, j, k, and l. [9] See adjustments i and k. [10] See adjustments c, f, g, and h. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $ 1,202,467 $ 45,396 [2] $ 1,247,863 ------------ ------------ ------------ Operating Expenses: Operation -- Fuel, purchased and net interchange power 734,301 0 [11] 734,301 Other 133,900 0 [12] 133,900 Maintenance 51,176 51,176 Depreciation 48,254 48,254 Amortization of regulatory assets, net 43,171 43,171 Federal and state income taxes 34,496 0 [13] 34,496 Taxes other than income taxes 42,771 42,771 ------------ ------------ ------------ Total operating expenses 1,088,069 0 1,088,069 ------------ ------------ ------------ Operating Income 114,398 45,396 159,794 ------------ ------------ ------------ Other Income (Loss): Equity in earnings of regional nuclear generating companies and subsidiary company 1,118 1,118 Other, net 9,313 9,313 Income taxes (5,349) 0 [14] (5,349) ------------ ------------ ------------ Other income, net 5,082 0 5,082 ------------ ------------ ------------ Income before interest charges 119,480 45,396 164,876 ------------ ------------ ------------ Interest Charges: Interest on long-term debt 42,537 45,396 [15] 87,933 Other interest 584 584 ------------ ------------ ------------ Interest charges, net 43,121 45,396 88,517 ------------ ------------ ------------ Net Income $ 76,359 $ 0 $ 76,359 =========== =========== ===========
[11] See adjustments g and h. [12] See adjustments b, c, e, and f. [13] See adjustments b, c, e, f, g, and h. [14] See adjustments i, j, k, and l. [15] See adjustments i and k. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ 276,206 $ $ 276,206 Net income 76,359 76,359 Cash dividends on preferred stock (5,963) (5,963) ESOP contribution (10,596) (10,596) ----------- ----------- ----------- Balance at end of period $ 336,006 $ 0 $ 336,006 ========== =========== ===========
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2c PRO FORMA CAPITAL STRUCTURE AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt* $ 516,485 $ (109,200) [5] $ 407,285 Preferred stock subject to mandatory redemption* 25,000 (25,000) [5] 0 Common stock equity 761,821 (275,089) 486,732 ------------ ------------ ------------ Total Capitalization $ 1,303,306 $ (409,289) $ 894,017 =========== ============ ============
*Does not include current portion. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash and cash equivalents 725,000 Rate reduction bond obligation 725,000 To record the issuance of rate reduction bonds. b) Operating expenses -- operation -- other 6,933 Accrued taxes 2,773 Cash and cash equivalents 6,933 Federal and state income taxes 2,773 To record issuance expenses associated with securitization and related tax effect. c) Regulatory assets -- other 6,933 Federal and state income taxes 2,773 Operating expenses -- operation -- other 6,933 Accumulated deferred income taxes 2,773 To record deferral of issuance expenses associated with securitization and related tax effect. d) Long-term debt 109,200 Preferred stock subject to mandatory redemption 25,000 Cash and cash equivalents 134,200 To record use of securitization proceeds to retire long-term debt and preferred stock. e) Operating expenses -- operation -- other 1,225 Accrued taxes 490 Cash and cash equivalents 1,225 Federal and state income taxes 490 To record the associated costs and premiums on retiring debt. f) Regulatory assets -- other 1,225 Federal and state income taxes 490 Operating expenses -- operation -- other 1,225 Accumulated deferred income taxes 490 To record deferral of debt retirement costs and related tax effect. g) Obligations under Seabrook Power Contracts and other capital leases -- current portion 102,659 Obligations under Seabrook Power Contracts and other capital leases 254,894 Fuel, purchased and net interchange power 130,000 Accumulated deferred income taxes 52,000 Cash and cash equivalents 487,553 Federal and state income taxes 52,000 To record the buyout of IPP contracts and related tax effect. h) Regulatory assets -- other 130,000 Federal and state income taxes 52,000 Fuel, purchased and net interchange power 130,000 Accumulated deferred income taxes 52,000 To record the deferral of IPP costs and related tax effect. i) Interest on long-term debt 56,400 Accrued taxes 22,560 Accrued interest 56,400 Income taxes 22,560 To record interest expense on rate reduction bonds and related tax effect. j) Receivables, net 56,400 Income taxes 22,560 Operating revenues 56,400 Accrued taxes 22,560 To record deferral of interest expense on rate reduction bonds and related tax effect. k) Accrued interest 11,004 Income taxes 4,402 Interest on long-term debt 11,004 Accrued taxes 4,402 To record decrease in interest costs associated with debt repurchase and the tax effect. l) Operating revenues 11,004 Accrued taxes 4,402 Receivables, net 11,004 Income taxes 4,402 To record deferral of decrease in interest costs on debt repurchased and related tax effect. m) Common stock 1 Capital surplus, paid in 275,088 Cash and cash equivalents 275,089 To record repurchase of 648 shares of common stock at the March 31, 2000, share price of $424,741 share, $1 par. n) Rate reduction bond obligation 20,000 Cash and cash equivalents 20,000 To record repayment of excess rate reduction bond obligation. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.1a PRO FORMA BALANCE SHEET -- ASSETS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Utility Plant, at cost: Electric $ 1,103,310 $ $ 1,103,310 Less: Accumulated provision for depreciation 782,316 782,316 ---------- ---------- ---------- 320,994 0 320,994 Construction work in progress 17,611 17,611 Nuclear fuel, net 16,803 16,803 ---------- ---------- ---------- Total net utility plant 355,408 0 355,408 ---------- ---------- ---------- Other Property and Investments: Nuclear decommissioning trusts, at market 144,067 144,067 Investments in regional nuclear generating companies, at equity 14,915 14,915 Other, at cost 6,252 6,252 ---------- ---------- ---------- 165,234 0 165,234 ---------- ---------- ---------- Current Assets: Cash 167 0 [1] 167 Receivables, net 33,137 11,793 [2] 44,930 Accounts receivable from affiliated companies 18,515 18,515 Accrued utility revenues 11,876 11,876 Fuel, materials and supplies, at average cost 1,421 1,421 Prepayments and other 38,391 38,391 ---------- ---------- ---------- 103,507 11,793 115,300 ---------- ---------- ---------- Deferred Charges: Regulatory assets: Recoverable nuclear costs 265,185 265,185 Income taxes, net 53,360 53,360 Unrecovered contractual obligations 60,679 60,679 Recoverable energy costs 11,812 11,812 Other 53,763 125,578 [3] 179,341 Unamortized debt expense 1,591 874 [4] 2,465 Other 4,513 4,513 ---------- ---------- ---------- 450,903 126,452 577,355 ---------- ---------- ---------- Total Assets $ 1,075,052 $ 138,245 $ 1,213,297 ========== ========== ==========
[1] See adjustments a, b, d, e, g, m, and n. [2] See adjustments j and l. [3] See adjustments c and h. [4] See adjustment f. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Capitalization: Common stock $ 14,752 $ (2,038) [5] $ 12,714 Capital surplus, paid in 93,816 (12,962) [5] 80,854 Retained earnings 49,041 49,041 Accumulated other comprehensive income 160 160 ---------- ---------- ---------- Total common stockholder's equity 157,769 (15,000) 142,769 Preferred stock not subject to mandatory redemption 20,000 (20,000) [6] 0 Preferred stock subject to mandatory redemption 15,000 (15,000) [6] 0 Long-term debt 197,349 197,349 ---------- ---------- ---------- Total capitalization 390,118 (50,000) 340,118 ---------- ---------- ---------- Obligations Under Capital Leases 6,767 6,767 ---------- ---------- ---------- Rate Reduction Bond Obligation 0 274,348 [7] 274,348 ---------- ---------- ---------- Current Liabilities: Notes payable to banks 98,000 (96,396) [6] 1,604 Notes payable to affiliated company 25,400 25,400 Long-term debt and preferred stock -- current portion 1,500 (1,500) [6] 0 Obligations under capital leases -- current portion 21,077 21,077 Accounts payable 20,282 20,282 Accounts payable to affiliated companies 7,503 7,503 Accrued taxes 14,032 (2,581) [8] 11,451 Accrued interest 3,500 11,793 [9] 15,293 Other 14,992 14,992 ---------- ---------- ---------- 206,286 (88,684) 117,602 ---------- ---------- ---------- Deferred Credits and Other Long-Term Liabilities: Accumulated deferred income taxes 228,214 2,581 [10] 230,795 Accumulated deferred investment tax credits 18,593 18,593 Decommissioning obligation -- Millstone 1 135,159 135,159 Deferred contractual obligations 60,679 60,679 Other 29,236 29,236 ---------- ---------- ---------- 471,881 2,581 474,462 ---------- ---------- ---------- Total Capitalization and Liabilities $ 1,075,052 $ 138,245 $ 1,213,297 ========== ========== ==========
[5] See adjustment m. [6] See adjustment d. [7] See adjustments a and n. [8] See adjustments b, e, i, j, k, and l. [9] See adjustments i and k. [10] See adjustments c, f, g, and h. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $ 445,955 $ 11,793 [2] $ 457,748 ---------- ---------- ---------- Operating Expenses: Operation -- Fuel, purchased and net interchange power 193,634 0[11] 193,634 Other 102,026 0[12] 102,026 Maintenance 41,646 41,646 Depreciation 22,700 22,700 Amortization of regulatory assets, net 24,472 24,472 Federal and state income taxes 19,877 0[13] 19,877 Taxes other than income taxes 19,720 19,720 Gain on sale of utility plant (22,437) (22,437) ---------- ---------- ---------- Total operating expenses 401,638 0 401,638 ---------- ---------- ---------- Operating Income 44,317 11,793 56,110 ---------- ---------- ---------- Other Income (Loss): Equity in earnings of regional nuclear generating companies 469 469 Nuclear unrecoverable costs (18,492) (18,492) Other, net (2,895) (2,895) Income taxes 13,174 0 [14] 13,174 ---------- ---------- ---------- Other loss, net (7,744) 0 (7,744) ---------- ---------- ---------- Income before interest charges 36,573 11,793 48,366 ---------- ---------- ---------- Interest Charges: Interest on long-term debt 22,598 11,793 [15] 34,391 Other interest 4,888 4,888 ---------- ---------- ---------- Interest charges, net 27,486 11,793 39,279 ---------- ---------- ---------- Net Income $ 9,087 $ 0 $ 9,087 ========== ========== ==========
[11] See adjustments g and h. [12] See adjustments b, c, e, and f. [13] See adjustments b, c, e, f, g, and h. [14] See adjustments i, j, k, and l. [15] See adjustments i and k. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ 50,127 $ $ 50,127 Net income 9,087 9,087 Cash dividends on preferred stock (3,270) (3,270) ESOP contribution (6,903) (6,903) ---------- ---------- ---------- Balance at end of period $ 49,041 $ 0 $ 49,041 ========== ========== ==========
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2c PRO FORMA CAPITAL STRUCTURE AS OF MARCH 31, 2000 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt* $ 197,349 $ $ 197,349 Preferred stock not subject to mandatory redemption* 20,000 (20,000) [6] 0 Preferred stock subject to mandatory redemption* 15,000 (15,000) [6] 0 Common stock equity 157,769 (15,000) 142,769 ---------- ---------- ---------- Total Capitalization $ 390,118 $ (50,000) $ 340,118 ========== ========== ==========
*Does not include current portion. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash 303,000 Rate reduction bond obligation 303,000 To record the issuance of rate reduction bonds. b) Operating expenses -- operation -- other 5,578 Accrued taxes 2,231 Cash 5,578 Federal and state income taxes 2,231 To record issuance expenses associated with securitization and related tax effect. c) Regulatory assets -- other 5,578 Federal and state income taxes 2,231 Operating expenses -- operation -- other 5,578 Accumulated deferred income taxes 2,231 To record the deferral of issuance expenses associated with securitization and related tax effect. d) Notes payable to bank 96,396 Preferred stock subject to mandatory redemption 15,000 Preferred stock not subject to mandatory redemption 20,000 Long-term debt and preferred stock -- current portion 1,500 Cash 132,896 To record the use of securitization proceeds to retire short-term debt, long-term debt and preferred stock. e) Operating expenses -- operation -- other 874 Accrued taxes 350 Cash 874 Federal and state income taxes 350 To record the associated costs and premiums of retiring debt. f) Unamortized debt expense 874 Federal and state income taxes 350 Operating expenses -- operation -- other 874 Accumulated deferred income taxes 350 To record deferral of debt retirement costs and related tax effect. g) Fuel, purchased and net interchange power 120,000 Accumulated deferred income taxes 48,000 Cash 120,000 Federal and state income taxes 48,000 To record the buyout of IPP contracts and related tax effect. h) Regulatory assets -- other 120,000 Federal and state income taxes 48,000 Fuel, purchased and net interchange power 120,000 Accumulated deferred income taxes 48,000 To record the deferral of IPP buyout costs and related tax effect. i) Interest on long-term debt 21,948 Accrued taxes 8,779 Accrued interest 21,948 Income taxes 8,779 To record interest expense on rate reduction bonds and related taxes. j) Receivables, net 21,948 Income taxes 8,779 Operating revenues 21,948 Accrued taxes 8,779 To record deferral of interest expense on rate reduction bonds and related tax effect. k) Accrued interest 10,155 Income taxes 4,062 Interest on long-term debt 10,155 Accrued taxes 4,062 To record decrease in interest costs associated with debt repurchase and the related increase in taxes. l) Operating revenues 10,155 Accrued taxes 4,062 Receivables, net 10,155 Income taxes 4,062 To record deferral of decrease in interest costs on debt repurchased and related tax effect. m) Common stock 2,038 Capital surplus, paid in 12,962 Cash 15,000 To record repurchase of 81,531 shares of common stock at the March 31, 2000, share price of $183.98, $25 par. n) Rate reduction bond obligation 28,652 Cash 28,652 To record repayment of excess rate reduction bond obligation. -----END PRIVACY-ENHANCED MESSAGE-----