Converted by EDGARwiz

EX-99 4 september2014brokers.htm FINANCIAL REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 Converted by EDGARwiz

EXHIBIT 99.2


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)


		September 30,		December 31,
(Thousands of Dollars)		2014		2013

ASSETS

Current Assets:
	Cash and Cash Equivalents	$	41,706	$	43,364
	Receivables, Net		848,510		765,391
	Unbilled Revenues		181,284		224,982
	Fuel, Materials and Supplies		333,869		303,233
	Regulatory Assets		445,962		535,791
	Marketable Securities		114,722		92,427
	Prepayments and Other Current Assets		135,497		121,861
Total Current Assets			2,101,550		2,087,049

Property, Plant and Equipment, Net			18,254,610		17,576,186

Deferred Debits and Other Assets:
	Regulatory Assets		3,241,122		3,758,694
	Goodwill		3,519,401		3,519,401
	Marketable Securities		518,032		488,515
	Other Long-Term Assets		347,596		365,692
Total Deferred Debits and Other Assets			7,626,151		8,132,302



Total Assets		$	27,982,311	$	27,795,537

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 BALANCE SHEETS
(Unaudited)


			September 30,		December 31,
(Thousands of Dollars)			2014		2013

LIABILITIES AND CAPITALIZATION

Current Liabilities:
	Notes Payable		$	1,046,961	$	1,093,000
	Long-Term Debt - Current Portion			245,583		533,346
	Accounts Payable			608,639		742,251
	Regulatory Liabilities			398,985		204,278
	Other Current Liabilities			629,508		702,776
Total Current Liabilities				2,929,676		3,275,651

Deferred Credits and Other Liabilities:
	Accumulated Deferred Income Taxes			4,257,996		4,029,026
	Regulatory Liabilities			509,889		502,984
	Derivative Liabilities			420,931		624,050
	Accrued Pension, SERP and PBOP			787,550		896,844
	Other Long-Term Liabilities			863,164		923,053
Total Deferred Credits and Other Liabilities				6,839,530		6,975,957

Capitalization:
	Long-Term Debt			8,166,985		7,776,833

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

	Equity:
	Common Shareholders' Equity:
		Common Shares		1,666,767		1,665,351
		Capital Surplus, Paid In		6,219,516		6,192,765
		Retained Earnings		2,351,421		2,125,980
		Accumulated Other Comprehensive Loss		(40,172)		(46,031)
		Treasury Stock		(306,980)		(326,537)
	Common Shareholders' Equity			9,890,552		9,611,528
Total Capitalization				18,213,105		17,543,929

Total Liabilities and Capitalization			$	27,982,311	$	27,795,537


NORTHEAST UTILITIES 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)				2014		2013		2014		2013

Operating Revenues				$	1,892,532	$	1,892,590	$	5,860,736	$	5,523,475

Operating Expenses:
	Purchased Power, Fuel and Transmission				716,631		645,881		2,318,993		1,881,992
	Operations and Maintenance				344,092		386,700		1,069,015		1,089,960
	Depreciation				153,210		149,105		456,224		463,635
	Amortization of Regulatory Assets/(Liabilities), Net				(22,531)		70,046		31,826		178,668
	Amortization of Rate Reduction Bonds				-		-		-		42,581
	Energy Efficiency Programs				118,693		106,097		360,228		306,010
	Taxes Other Than Income Taxes				141,527		135,499		421,862		391,846
			Total Operating Expenses		1,451,622		1,493,328		4,658,148		4,354,692
Operating Income					440,910		399,262		1,202,588		1,168,783

Interest Expense:
	Interest on Long-Term Debt				85,208		84,911		260,076		256,205
	Other Interest				4,530		2,565		12,132		(5,622)
		Interest Expense			89,738		87,476		272,208		250,583
Other Income, Net					11,860		8,945		19,054		21,655
Income Before Income Tax Expense					363,032		320,731		949,434		939,855
Income Tax Expense					126,539		109,351		345,858		325,442
Net Income					236,493		211,380		603,576		614,413
Net Income Attributable to Noncontrolling Interests					1,879		1,879		5,639		5,803
Net Income Attributable to Controlling Interest				$	234,614	$	209,501	$	597,937	$	608,610

Basic and Diluted Earnings Per Common Share				$	0.74	$	0.66	$	1.89	$	1.93

Dividends Declared Per Common Share				$	0.39	$	0.37	$	1.18	$	1.10

Weighted Average Common Shares Outstanding:
	Basic				316,340,691		315,291,346		315,941,904		315,191,752
	Diluted				317,554,925		316,218,239		317,186,490		316,061,131


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)



			For the Nine Months Ended September 30,
(Thousands of Dollars)			2014		2013

Operating Activities:
	Net Income		$	603,576	$	614,413
	Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
		Depreciation		456,224		463,635
		Deferred Income Taxes		64,755		334,225
		Pension, SERP and PBOP Expense		74,296		146,803
		Pension and PBOP Contributions		(74,681)		(338,301)
		Regulatory Over/(Under) Recoveries, Net		290,111		66,239
		Amortization of Regulatory Assets, Net		31,826		178,668
		Amortization of Rate Reduction Bonds		-		42,581
		Proceeds from DOE Damages Claim, Net		132,138		-
		Other		(17,096)		3,158
	Changes in Current Assets and Liabilities:
		Receivables and Unbilled Revenues, Net		(66,463)		(98,432)
		Fuel, Materials and Supplies		(27,147)		(13,134)
		Taxes Receivable/Accrued, Net		26,533		(28,609)
		Accounts Payable		(69,448)		(112,512)
		Other Current Assets and Liabilities, Net		(20,607)		(81,766)
Net Cash Flows Provided by Operating Activities				1,404,017		1,176,968

Investing Activities:
	Investments in Property, Plant and Equipment			(1,117,493)		(1,073,759)
	Proceeds from Sales of Marketable Securities			388,352		487,729
	Purchases of Marketable Securities			(389,406)		(541,070)
	Decrease in Special Deposits			-		69,259
	Other Investing Activities			(4,669)		(1,137)
Net Cash Flows Used in Investing Activities				(1,123,216)		(1,058,978)

Financing Activities:
	Cash Dividends on Common Shares			(356,080)		(341,720)
	Cash Dividends on Preferred Stock			(5,639)		(5,802)
	Increase/(Decrease) in Notes Payable			6,000		(172,000)
	Issuance of Long-Term Debt			650,000		1,350,000
	Retirements of Long-Term Debt			(576,650)		(840,600)
	Retirements of Rate Reduction Bonds			-		(82,139)
	Other Financing Activities			(90)		(13,536)
Net Cash Flows Used in Financing Activities				(282,459)		(105,797)
Net (Decrease)/Increase in Cash and Cash Equivalents				(1,658)		12,193
Cash and Cash Equivalents - Beginning of Period				43,364		45,748
Cash and Cash Equivalents - End of Period			$	41,706	$	57,941