UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 2013 (October 31, 2013)
Commission File Number | Registrant; State of Incorporation Address; and Telephone Number | I.R.S. Employer Identification No. |
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1-5324 | NORTHEAST UTILITIES (a Massachusetts voluntary association) One Federal Street, Building 111-4 Springfield, Massachusetts 01105 Telephone number: (413) 785-5871 | 04-2147929 |
0-00404 | THE CONNECTICUT LIGHT AND POWER COMPANY (a Connecticut corporation) 107 Selden Street Berlin, Connecticut 06037-1616 Telephone: (860) 665-5000 | 06-0303850 |
1-2301 | NSTAR ELECTRIC COMPANY (a Massachusetts corporation) 800 Boylston Street Boston, Massachusetts 02199 Telephone number: (617) 424-2000 | 04-1278810 |
1-6392 | PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE (a New Hampshire corporation) Energy Park 780 North Commercial Street Manchester, New Hampshire 03101-1134 Telephone: (603) 669-4000 | 02-0181050 |
0-7624 | WESTERN MASSACHUSETTS ELECTRIC COMPANY (a Massachusetts corporation) One Federal Street, Building 111-4 Springfield, Massachusetts 01105 Telephone number: (413) 785-5871 | 04-1961130 |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 2.
Financial Information
Item 2.02.
Results of Operations and Financial Conditions.
On October 31, 2013, Northeast Utilities issued a news release announcing its unaudited results of operations for the third quarter and the nine months ended September 30, 2013, and related financial information for certain of its subsidiaries as of and for the same period. A copy of the news release and related unaudited financial reports are attached as Exhibits 99.1 and 99.2, and are incorporated herein by reference thereto.
The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Northeast Utilities or any subsidiary thereof under the Securities Act of 1933, as amended, unless specified otherwise.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit Number | Description |
99.1 | News Release of Northeast Utilities dated October 31, 2013. |
99.2 | Financial Report for the three and nine months ended September 30, 2013. |
[The remainder of this page left blank intentionally.]
2
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| NORTHEAST UTILITIES THE CONNECTICUT LIGHT AND POWER COMPANY NSTAR ELECTRIC COMPANY PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE WESTERN MASSACHUSETTS ELECTRIC COMPANY (Registrants) |
October 31, 2013 | By: /s/ JAY S. BUTH Jay S. Buth Vice President, Controller and Chief Accounting Officer |
3
EXHIBIT INDEX
Exhibit Number | Description of Exhibit |
99.1 | News Release of Northeast Utilities dated October 31, 2013. |
99.2 | Financial Report for the three and nine months ended September 30, 2013. |
Exhibit 99.1
| P. O. Box 270 Hartford, CT 06141-0270 56 Prospect Street Hartford, CT 06103 (860)-665-5000 www.nu.com |
News Release
NU REPORTS THIRD QUARTER RESULTS
BOSTON, Massachusetts and HARTFORD, Connecticut, October 31, 2013 Northeast Utilities (NYSE: NU) today reported earnings of $209.5 million, or $0.66 per share, in the third quarter of 2013, compared with earnings of $207.6 million, or $0.66 per share, in the third quarter of 2012.
Third quarter 2013 results included approximately $7 million, or $0.03 per share, of after-tax integration charges related to the April 2012 merger between NU and NSTAR. Excluding those charges, NU earned $216.5 million, or $0.69 per share, in the third quarter of 2013. Third quarter 2012 results included approximately $12.9 million, or $0.04 per share, of after-tax charges related to the merger.
In the first nine months of 2013, NU earned $608.6 million, or $1.93 per share, compared with earnings of $351.2 million, or $1.32 per share, in the first nine months of 2012. Excluding integration costs of $10.6 million, or $0.03 per share, NU earned $619.2 million, or $1.96 per share, in the first nine months of 2013. In the first nine months of 2012, NU earned $456.7 million, or $1.72 per share, excluding merger and related regulatory settlement costs. Because the merger closed on April 10, 2012, NUs nine-month results from last year exclude NSTARs first quarter 2012 earnings.
Thomas J. May, NU chairman, president and chief executive officer, said that NUs operational and financial performance has been strong this year and that results for the first nine months of the year were consistent with NUs expectations, illustrating the benefits of the merger. Our reliability and customer service levels continue to be strong this year and our cost control efforts remain on target, May said. This reflects the success of our employees in adopting best practices as we integrate our operations and improve our customer service.
Also today, NU affirmed its 2013 earnings guidance of $2.45 to $2.60 per share.
Electric Transmission
NUs transmission segment earned $58.6 million in the third quarter of 2013 and $215.4 million in the first nine months of 2013, compared with $71.1 million in the third quarter of 2012 and $181.1 million in the first nine months of 2012. Third quarter 2013 results reflect an after-tax reserve of $14.3 million resulting from an August 2013 recommendation from a Federal Energy Regulatory Commission (FERC) administrative law judge in a matter that is now before the FERC. That recommendation, if accepted by the FERC, would lower the base return on equity earned by New England transmission owners from 11.14 percent to 10.6 percent for the 15-month period of October 1, 2011 through December 31, 2012. Excluding that reserve, transmission earnings rose in 2013, compared with 2012, due to continued investment in NUs transmission system, as well as the absence of NSTAR Electric Company transmission results from first quarter 2012 consolidated earnings.
1
Electric Distribution and Generation
NUs electric distribution and generation segment earned $156.9 million in the third quarter of 2013 and $347.5 million in the first nine months of 2013, compared with $150.7 million in the third quarter of 2012 and $263.1 million in the first nine months of 2012. Results for the first nine months of 2012 exclude $51 million of after-tax charges relating to the merger and related settlement costs, as well as the first quarter 2012 results of NSTAR Electric.
Earnings of Electric Utility Subsidiaries (net of preferred dividends)
The Connecticut Light and Power Company (CL&P) earned $64.9 million in the third quarter of 2013 and $215 million in the first nine months of 2013, compared with $73.5 million in the third quarter of 2012 and $170.1 million in the first nine months of 2012, excluding merger and related settlement costs. Lower third quarter results primarily resulted from the aforementioned transmission reserve. Improved year-to-date results were due primarily to CL&Ps increased transmission investment, lower operation and maintenance expense, and higher distribution revenues.
NSTAR Electric earned $106.5 million in the third quarter of 2013 and $211.5 million in the first nine months of 2013. In the third quarter of 2012, NSTAR Electric also earned $106.5 million.
Public Service Company of New Hampshire earned $28.4 million in the third quarter of 2013 and $84.5 million in the first nine months of 2013, compared with earnings of $27.2 million in the third quarter of 2012 and $69.8 million in the first nine months of 2012. Improved results reflect higher distribution revenue and higher generation earnings.
Western Massachusetts Electric Company (WMECO) earned $15 million in the third quarter of 2013 and $50 million in the first nine months of 2013, compared with $14.1 million in the third quarter of 2012 and $41.2 million in the first nine months of 2012, excluding merger and related settlement costs. WMECOs 2013 results improved largely as a result of higher transmission earnings, primarily related to the nearly completed Greater Springfield Reliability Project, most of which has been built in the WMECO service territory.
Natural Gas Distribution
NUs natural gas distribution segment, which includes both Yankee Gas Services Company and NSTAR Gas Company, lost $10.4 million in the third quarter of 2013, compared with losses of $4.4 million in the third quarter of 2012. It earned $34.1 million in the first nine months of 2013, compared with earnings of $10.4 million in the first nine months of 2012. Results for the first nine months of 2012 excluded NSTAR Gas earnings for the first quarter of 2012, as well as $2.1 million of merger and related settlement costs. Lower third quarter results were due primarily to the recognition of higher property tax and depreciation expense at NSTAR Gas. Improved year-to-date results were due primarily to the inclusion of NSTAR Gas first quarter results in 2013 and higher sales, due primarily to colder first quarter weather in 2013. Combined firm natural gas sales for NSTAR Gas and Yankee Gas were up 13.3 percent in the first nine months of 2013, compared with the first nine months of 2012.
NU Parent and Other Businesses
NU parent and other businesses earned $4.4 million in the third quarter of 2013 and $11.6 million in the first nine months of 2013. Excluding integration costs, NU parent and other businesses earned $11.4 million in the third quarter of 2013 and $22.2 million in the first nine months of 2013. In the third quarter of 2012, NU parent and other businesses earned $3.1 million, excluding $12.7 million of after-tax merger and related settlement costs. In the first nine months of 2012, NU parent and other businesses earned $2.1 million, excluding $52.4 million of merger and related settlement costs. Third quarter 2013 results benefited from a lower overall effective tax rate, compared with the same period of 2012.
2
The following table reconciles 2013 and 2012 third quarter and first nine months earnings per share:
|
| Third Quarter | First Nine Months |
2012 | Reported EPS | $0.66 | $1.32 |
| 2012 merger and related settlement costs | $0.04 | $0.40 |
| 2012 EPS before merger and related settlement costs | $0.70 | $1.72 |
| Higher/(lower) transmission earnings in 2013 | ($0.04) | $0.06 |
| Higher electric distribution revenues in 2013 | $0.01 | $0.06 |
| Higher firm natural gas sales in 2013 | --- | $0.05 |
| (Higher)/lower non-tracked O&M in 2013 | ($0.02) | $0.08 |
| Other, including NU Parent | $0.04 | $0.11 |
| NSTAR first-quarter 2013 earnings | --- | $0.21 |
| Higher outstanding common shares | --- | ($0.33) |
| 2013 EPS before integration and merger-related costs | $0.69 | $1.96 |
| 2013 integration and merger-related costs | ($0.03) | ($0.03) |
2013 | Reported EPS | $0.66 | $1.93 |
Financial results for the third quarter and first nine months of 2013 and 2012 are noted below:
Three months ended:
(in millions, except EPS) | September 30, 2013 | September 30, 2012 | Increase/ (Decrease) | 2013 EPS1 |
Electric Distribution/Generation* | $156.9 | $150.7 | $6.2 | $0.50 |
Natural Gas Distribution* | ($10.4) | ($4.4) | ($6.0) | ($0.03) |
Electric Transmission | $58.6 | $71.1 | ($12.5) | $0.18 |
NU Parent and Other Companies* | $11.4 | $3.1 | $8.3 | $0.04 |
Earnings, ex. integration, merger impacts | $216.5 | $220.5 | ($4.0) | $0.69 |
Integration, merger impacts | ($7.0) | ($12.9) | $5.9 | ($0.03) |
Reported Earnings | $209.5 | $207.6 | $1.9 | $0.66 |
Nine months ended:
(in millions, except EPS) | September 30, 2013 | September 30, 2012 | Increase/ (Decrease) | 2013 EPS1 |
Electric Distribution/Generation* | $347.5 | $263.1 | $84.4 | $1.10 |
Natural Gas Distribution* | $34.1 | $10.4 | $23.7 | $0.11 |
Electric Transmission | $215.4 | $181.1 | $34.3 | $0.68 |
NU Parent and Other Companies* | $22.2 | $2.1 | $20.1 | $0.07 |
Earnings, ex. integration, merger impacts | $619.2 | $456.7 | $162.5 | $1.96 |
Integration, merger impacts | ($10.6) | ($105.5) | $94.9 | ($0.03) |
Reported Earnings | $608.6 | $351.2 | $257.4 | $1.93 |
* Excludes costs attributable to integration, merger and related settlement agreements.
3
Retail sales data:
| September 30, 2013 | September 30, 2012 | % Change Actual |
Electric Distribution |
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Gwh for three months ended | 15,247 | 15,501 | (1.6) |
Gwh for nine months ended* | 41,954 | 41,697 | 0.6 |
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Natural Gas Distribution |
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Firm volumes in mmcf for three months ended | 11,173 | 10,696 | 4.5 |
Firm volumes in mmcf for nine months ended** | 68,046 | 60,035 | 13.3 |
*
Pre-merger sales data for NSTAR Electric are included for illustrative purposes.
**
Pre-merger sales data for NSTAR Gas are included for illustrative purposes.
NU has approximately 315 million common shares outstanding. It operates New Englands largest energy delivery system, serving approximately 3.6 million customers in Connecticut, Massachusetts and New Hampshire.
CONTACT:
Jeffrey R. Kotkin
(860) 728-4650
# # # #
Note: NU will webcast a conference call with senior management on November 1, 2013, beginning at 9 a.m. Eastern Time. The webcast can be accessed through NUs website at www.nu.com. |
1 All per share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of NU parent. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities allocated to such business, but rather represent a direct interest in NU's assets and liabilities as a whole. EPS by business is a non-GAAP (not determined using generally accepted accounting principles) measure that is calculated by dividing the net income or loss attributable to controlling interests of each business by the weighted average diluted NU parent common shares outstanding for the period. In addition, our third quarter and first nine months of 2013 and 2012 earnings and EPS excluding certain integration and merger charges related to the April 10, 2012 closing of the merger between NU and NSTAR are non-GAAP financial measures. Management uses these non-GAAP financial measures to evaluate earnings results and to provide details of earnings results by business and to more fully compare and explain our third quarter and first nine months of 2013 and 2012 results without including the impact of the non-recurring integration and merger-related costs. Management believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NUs businesses. Non-GAAP financial measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NUs operating performance.
This news release includes statements concerning NUs expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, readers can identify these forward-looking statements through the use of words or phrases such as estimate, expect, anticipate, intend, plan, project, believe, forecast, should, could, and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, the possibility that expected merger synergies will not be realized or will not be realized within the expected time period; cyber breaches, acts of war or terrorism, or grid disturbances; actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions,
4
including their impact on interest rates, bad debt expense and demand for NUs products and services; fluctuations in weather patterns; changes in laws, regulations or regulatory policy; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make NUs access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NUs reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and NU undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.
5
>^]]]Y[S_,\S_,\S_,\SS,`S_,\S\,
Exhibit 99.2
NORTHEAST UTILITIES AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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| September 30, |
| December 31, | ||
(Thousands of Dollars) | 2013 |
| 2012 | |||
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ASSETS |
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Current Assets: |
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| Cash and Cash Equivalents | $ | 57,941 |
| $ | 45,748 |
| Receivables, Net |
| 784,498 |
|
| 792,822 |
| Unbilled Revenues |
| 174,097 |
|
| 216,040 |
| Fuel, Materials and Supplies |
| 304,698 |
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| 267,713 |
| Regulatory Assets |
| 474,198 |
|
| 705,025 |
| Prepayments and Other Current Assets |
| 222,700 |
|
| 199,947 |
Total Current Assets |
| 2,018,132 |
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| 2,227,295 | |
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Property, Plant and Equipment, Net |
| 17,187,896 |
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| 16,605,010 | |
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Deferred Debits and Other Assets: |
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| Regulatory Assets |
| 4,882,381 |
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| 5,132,411 |
| Goodwill |
| 3,519,401 |
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| 3,519,401 |
| Marketable Securities |
| 468,094 |
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| 400,329 |
| Derivative Assets |
| 88,887 |
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| 90,612 |
| Other Long-Term Assets |
| 279,527 |
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| 327,766 |
Total Deferred Debits and Other Assets |
| 9,238,290 |
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| 9,470,519 | |
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Total Assets | $ | 28,444,318 |
| $ | 28,302,824 | |
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The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities. |
NORTHEAST UTILITIES AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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| September 30, |
| December 31, | ||
(Thousands of Dollars) | 2013 |
| 2012 | ||||
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LIABILITIES AND CAPITALIZATION |
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Current Liabilities: |
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| Notes Payable | $ | 1,343,000 |
| $ | 1,120,196 | |
| Long-Term Debt - Current Portion |
| 608,346 |
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| 763,338 | |
| Accounts Payable |
| 554,010 |
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| 764,350 | |
| Regulatory Liabilities |
| 224,416 |
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| 134,115 | |
| Other Current Liabilities |
| 648,658 |
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| 861,691 | |
Total Current Liabilities |
| 3,378,430 |
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| 3,643,690 | ||
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Rate Reduction Bonds |
| - |
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| 82,139 | ||
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Deferred Credits and Other Liabilities: |
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| Accumulated Deferred Income Taxes |
| 3,954,246 |
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| 3,463,347 | |
| Regulatory Liabilities |
| 520,732 |
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| 540,162 | |
| Derivative Liabilities |
| 766,804 |
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| 882,654 | |
| Accrued Pension, SERP and PBOP |
| 1,808,896 |
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| 2,130,497 | |
| Other Long-Term Liabilities |
| 897,997 |
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| 967,561 | |
Total Deferred Credits and Other Liabilities |
| 7,948,675 |
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| 7,984,221 | ||
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Capitalization: |
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| Long-Term Debt |
| 7,444,192 |
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| 7,200,156 | |
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| Noncontrolling Interest - Preferred Stock of Subsidiaries |
| 155,568 |
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| 155,568 | |
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| Equity: |
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| Common Shareholders' Equity: |
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| Common Shares |
| 1,665,098 |
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| 1,662,547 |
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| Capital Surplus, Paid In |
| 6,185,805 |
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| 6,183,267 |
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| Retained Earnings |
| 2,064,401 |
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| 1,802,714 |
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| Accumulated Other Comprehensive Loss |
| (67,387) |
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| (72,854) |
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| Treasury Stock |
| (330,464) |
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| (338,624) |
| Common Shareholders' Equity |
| 9,517,453 |
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| 9,237,050 | |
Total Capitalization |
| 17,117,213 |
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| 16,592,774 | ||
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Total Liabilities and Capitalization | $ | 28,444,318 |
| $ | 28,302,824 | ||
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The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities. |
NORTHEAST UTILITIES AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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| For the Three Months Ended September 30, |
| For the Nine Months Ended September 30, | ||||||||
(Thousands of Dollars, Except Share Information) | 2013 |
| 2012 |
| 2013 |
| 2012 | |||||||
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Operating Revenues | $ | 1,892,590 |
| $ | 1,861,529 |
| $ | 5,523,475 |
| $ | 4,589,835 | |||
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Operating Expenses: |
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| Purchased Power, Fuel and Transmission |
| 645,881 |
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| 602,751 |
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| 1,881,992 |
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| 1,540,110 | ||
| Operations and Maintenance |
| 386,700 |
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| 395,531 |
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| 1,089,960 |
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| 1,187,471 | ||
| Depreciation |
| 149,105 |
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| 144,475 |
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| 463,635 |
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| 369,798 | ||
| Amortization of Regulatory Assets, Net |
| 70,046 |
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| 43,835 |
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| 178,668 |
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| 74,851 | ||
| Amortization of Rate Reduction Bonds |
| - |
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| 43,044 |
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| 42,581 |
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| 102,144 | ||
| Energy Efficiency Programs |
| 106,097 |
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| 98,326 |
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| 306,010 |
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| 209,089 | ||
| Taxes Other Than Income Taxes |
| 135,499 |
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| 120,662 |
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| 391,846 |
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| 319,559 | ||
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| Total Operating Expenses |
| 1,493,328 |
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| 1,448,624 |
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| 4,354,692 |
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| 3,803,022 |
Operating Income |
| 399,262 |
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| 412,905 |
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| 1,168,783 |
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| 786,813 | |||
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Interest Expense: |
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| Interest on Long-Term Debt |
| 84,911 |
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| 86,459 |
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| 256,205 |
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| 233,352 | ||
| Interest on Rate Reduction Bonds |
| - |
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| 1,681 |
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| 422 |
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| 5,168 | ||
| Other Interest |
| 2,565 |
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| 2,221 |
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| (6,044) |
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| 7,336 | ||
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| Interest Expense |
| 87,476 |
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| 90,361 |
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| 250,583 |
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| 245,856 | |
Other Income, Net |
| 8,945 |
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| 4,324 |
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| 21,655 |
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| 14,904 | |||
Income Before Income Tax Expense |
| 320,731 |
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| 326,868 |
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| 939,855 |
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| 555,861 | |||
Income Tax Expense |
| 109,351 |
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| 117,360 |
|
| 325,442 |
|
| 199,379 | |||
Net Income |
| 211,380 |
|
| 209,508 |
|
| 614,413 |
|
| 356,482 | |||
Net Income Attributable to Noncontrolling Interests |
| 1,879 |
|
| 1,880 |
|
| 5,803 |
|
| 5,253 | |||
Net Income Attributable to Controlling Interest | $ | 209,501 |
| $ | 207,628 |
| $ | 608,610 |
| $ | 351,229 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share | $ | 0.66 |
| $ | 0.66 |
| $ | 1.93 |
| $ | 1.33 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Common Share | $ | 0.66 |
| $ | 0.66 |
| $ | 1.93 |
| $ | 1.32 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared Per Common Share | $ | 0.37 |
| $ | 0.34 |
| $ | 1.10 |
| $ | 0.97 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
| |||
| Basic |
| 315,291,346 |
|
| 314,806,441 |
|
| 315,191,752 |
|
| 264,636,636 | ||
| Diluted |
| 316,218,239 |
|
| 315,805,796 |
|
| 316,061,131 |
|
| 265,353,377 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities. |
NORTHEAST UTILITIES AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) |
|
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|
| ||
| |||||||
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|
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|
|
|
|
|
|
| For the Nine Months Ended September 30, | ||||
(Thousands of Dollars) | 2013 |
| 2012 | ||||
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
| ||
| Net Income | $ | 614,413 |
| $ | 356,482 | |
| Adjustments to Reconcile Net Income to Net Cash Flows |
|
|
|
|
| |
|
| Provided by Operating Activities: |
|
|
|
|
|
|
| Depreciation |
| 463,635 |
|
| 369,798 |
|
| Deferred Income Taxes |
| 334,225 |
|
| 186,181 |
|
| Pension, SERP and PBOP Expense |
| 146,803 |
|
| 160,209 |
|
| Pension and PBOP Contributions |
| (338,301) |
|
| (237,123) |
|
| Regulatory Over/(Under) Recoveries, Net |
| 66,239 |
|
| (26,236) |
|
| Amortization of Regulatory Assets, Net |
| 178,668 |
|
| 74,851 |
|
| Amortization of Rate Reduction Bonds |
| 42,581 |
|
| 102,144 |
|
| Other |
| 3,158 |
|
| 6,640 |
| Changes in Current Assets and Liabilities: |
|
|
|
|
| |
|
| Receivables and Unbilled Revenues, Net |
| (98,432) |
|
| (27,677) |
|
| Fuel, Materials and Supplies |
| (13,134) |
|
| 32,887 |
|
| Taxes Receivable/Accrued, Net |
| (28,609) |
|
| 26,302 |
|
| Accounts Payable |
| (112,512) |
|
| (208,308) |
|
| Other Current Assets and Liabilities, Net |
| (81,766) |
|
| (20,145) |
Net Cash Flows Provided by Operating Activities |
| 1,176,968 |
|
| 796,005 | ||
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
| ||
| Investments in Property, Plant and Equipment |
| (1,073,759) |
|
| (1,081,750) | |
| Proceeds from Sales of Marketable Securities |
| 487,729 |
|
| 232,911 | |
| Purchases of Marketable Securities |
| (541,070) |
|
| (252,762) | |
| Decrease in Special Deposits |
| 69,259 |
|
| 6,199 | |
| Other Investing Activities |
| (1,137) |
|
| 34,066 | |
Net Cash Flows Used in Investing Activities |
| (1,058,978) |
|
| (1,061,336) | ||
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
| ||
| Cash Dividends on Common Shares |
| (341,720) |
|
| (267,356) | |
| Cash Dividends on Preferred Stock |
| (5,802) |
|
| (5,149) | |
| (Decrease)/Increase in Short-Term Debt |
| (172,000) |
|
| 654,250 | |
| Issuance of Long-Term Debt |
| 1,350,000 |
|
| 300,000 | |
| Retirements of Long-Term Debt |
| (840,600) |
|
| (267,561) | |
| Retirements of Rate Reduction Bonds |
| (82,139) |
|
| (95,225) | |
| Other Financing Activities |
| (13,536) |
|
| 13,262 | |
Net Cash Flows (Used in)/Provided by Financing Activities |
| (105,797) |
|
| 332,221 | ||
Net Increase in Cash and Cash Equivalents |
| 12,193 |
|
| 66,890 | ||
Cash and Cash Equivalents - Beginning of Period |
| 45,748 |
|
| 6,559 | ||
Cash and Cash Equivalents - End of Period | $ | 57,941 |
| $ | 73,449 | ||
|
|
|
|
|
|
|
|
| |||||||
The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities. |