Document



	For the Three Months Ended March 31,
(Thousands of Dollars)	2019			2018

Operating Activities:
Net Income	$	310,558		$	271,426
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	214,948			204,266
Deferred Income Taxes	18,085			88,481
Uncollectible Expense	18,565			19,613
Pension, SERP and PBOP Expense/(Income), Net	8,428			(1,965		)
Pension and PBOP Contributions	(4,700		)	(171,244		)
Regulatory (Under)/Over Recoveries, Net	(19,232		)	70,457
Amortization	70,961			45,194
Other	(37,310		)	(74,582		)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(155,823		)	(156,888		)
Fuel, Materials, Supplies and Inventory	(39,063		)	(26,956		)
Taxes Receivable/Accrued, Net	126,381			(5,061		)
Accounts Payable	(69,832		)	(61,571		)
Other Current Assets and Liabilities, Net	(70,242		)	(23,456		)
Net Cash Flows Provided by Operating Activities	371,724			177,714

Investing Activities:
Investments in Property, Plant and Equipment	(618,418		)	(607,334		)
Proceeds from Sales of Marketable Securities	234,497			145,438
Purchases of Marketable Securities	(237,794		)	(143,264		)
Proceeds from the Sale of PSNH Generation Assets	—			130,641
Investments in Unconsolidated Affiliates	(249,138		)	(7,340		)
Other Investing Activities	4,893			2,140
Net Cash Flows Used in Investing Activities	(865,960		)	(479,719		)

Financing Activities:
Cash Dividends on Common Shares	(169,757		)	(160,027		)
Cash Dividends on Preferred Stock	(1,880		)	(1,880		)
Issuance of Treasury Shares	26,109			—
Increase/(Decrease) in Notes Payable	829,430			(240,005		)
Repayment of Rate Reduction Bonds	(30,727		)	—
Issuance of Long-Term Debt	—			1,150,000
Retirement of Long-Term Debt	(250,215		)	(150,218		)
Other Financing Activities	(9,676		)	(19,140		)
Net Cash Flows Provided by Financing Activities	393,284			578,730
Net (Decrease)/Increase in Cash and Restricted Cash	(100,952		)	276,725
Cash and Restricted Cash - Beginning of Period	209,324			85,890
Cash and Restricted Cash - End of Period	$	108,372		$	362,615



(Thousands of Dollars)	As of March 31, 2019			As of December 31, 2018

ASSETS
Current Assets:
Cash	$	35,145		$	108,068
Receivables, Net	1,140,348			994,055
Unbilled Revenues	159,288			176,285
Fuel, Materials, Supplies and Inventory	277,104			238,042
Regulatory Assets	507,255			514,779
Prepayments and Other Current Assets	181,724			260,995
Total Current Assets	2,300,864			2,292,224

Property, Plant and Equipment, Net	26,032,781			25,610,428

Deferred Debits and Other Assets:
Regulatory Assets	4,589,427			4,631,137
Goodwill	4,427,266			4,427,266
Investments in Unconsolidated Affiliates	711,476			464,286
Marketable Securities	415,405			417,508
Other Long-Term Assets	463,788			398,407
Total Deferred Debits and Other Assets	10,607,362			10,338,604

Total Assets	$	38,941,007		$	38,241,256

LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$	1,477,830		$	910,000
Long-Term Debt – Current Portion	805,519			837,319
Rate Reduction Bonds – Current Portion	43,210			52,332
Accounts Payable	1,006,774			1,119,995
Regulatory Liabilities	385,442			370,230
Other Current Liabilities	840,587			823,006
Total Current Liabilities	4,559,362			4,112,882

Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	3,543,052			3,506,030
Regulatory Liabilities	3,627,389			3,609,475
Derivative Liabilities	372,957			379,562
Accrued Pension, SERP and PBOP	939,786			962,510
Other Long-Term Liabilities	1,259,400			1,196,336
Total Deferred Credits and Other Liabilities	9,742,584			9,653,913

Long-Term Debt	12,284,330			12,248,743

Rate Reduction Bonds	561,727			583,331

Noncontrolling Interest – Preferred Stock of Subsidiaries	155,570			155,570

Common Shareholders' Equity:
Common Shares	1,669,392			1,669,392
Capital Surplus, Paid In	6,242,089			6,241,222
Retained Earnings	4,092,895			3,953,974
Accumulated Other Comprehensive Loss	(57,804		)	(60,000		)
Treasury Stock	(309,138		)	(317,771		)
Common Shareholders' Equity	11,637,434			11,486,817

Total Liabilities and Capitalization	$	38,941,007		$	38,241,256



	For the Three Months Ended March 31,
(Thousands of Dollars, Except Share Information)	2019		2018

Operating Revenues	$	2,415,792	$	2,287,962

Operating Expenses:
Purchased Power, Fuel and Transmission	974,882		946,747
Operations and Maintenance	335,597		332,549
Depreciation	214,948		204,266
Amortization	70,961		45,194
Energy Efficiency Programs	140,116		134,241
Taxes Other Than Income Taxes	184,588		182,433
Total Operating Expenses	1,921,092		1,845,430
Operating Income	494,700		442,532
Interest Expense	131,734		121,129
Other Income, Net	30,985		33,789
Income Before Income Tax Expense	393,951		355,192
Income Tax Expense	83,393		83,766
Net Income	310,558		271,426
Net Income Attributable to Noncontrolling Interests	1,880		1,880
Net Income Attributable to Common Shareholders	$	308,678	$	269,546

Basic and Diluted Earnings Per Common Share	$	0.97	$	0.85

Weighted Average Common Shares Outstanding:
Basic	317,624,593		317,397,052
Diluted	318,316,082		317,992,999