-----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, RGjX0qF3TrB93/vBqKf0Ydd/UgUYW+EFZsXc+2lmsN/tWRuwYvsV8cygesaRCOZP VWUMZ+0uMVGIwUXsfU4MJQ== 0000072741-99-000166.txt : 19990920 0000072741-99-000166.hdr.sgml : 19990920 ACCESSION NUMBER: 0000072741-99-000166 CONFORMED SUBMISSION TYPE: U-1/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19990917 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES SYSTEM CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [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: 99713016 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 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 THE PAYMENT OF DIVIDENDS, SHARE REPURCHASES AND SHARE ISSUANCES IN CONNECTION WITH RESTRUCTURING BY NORTHEAST UTILITIES AND CERTAIN SUBSIDIARIES Northeast Utilities Western Massachusetts Electric Company 174 Brush Hill Avenue West Springfield, MA 01090 The Connecticut Light and Power Company NU Enterprises, Inc. Northeast Generation Company Northeast Generation Services Company Select Energy, Inc. Select Energy Portland Pipeline, Inc. 107 Selden Street Berlin, CT 06037 Public Service Company of New Hampshire North Atlantic Energy Corporation 1000 Elm Street Manchester, NH 03015 HEC Inc. Select Energy Contracting, Inc. 24 Prime Parkway Natick, MA 01760 Reeds Ferry Supply Co., Inc. 605 Front Street Manchester, NH 03102 HEC Energy Consulting Canada Inc. 242 Simcoe Street Niagara on the Lake Ontario, Canada LOS1J0 Holyoke Water Power Company Holyoke Power and Electric Company One Canal Street Holyoke, MA 01040 (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. Assistant General Counsel Northeast Utilities Service Company 107 Selden Street Berlin, CT 06037 David R. McHale Vice President and Treasurer Northeast Utilities Service Company 107 Selden Street Berlin, CT 06037 The Application/Declaration in this File is hereby amended by the filing of the following exhibits: (a) Exhibits F. Opinion of Counsel G. Financial Data Schedules (b) Financial Statements 1. Northeast Utilities and Subsidiaries (consolidated) 1.1 Balance Sheet, per books and pro forma, as of June 30, 1999. 1.2 Statement of Income, per books and pro forma, for 12 months ended June 30, 1999 and capital structure, per books and pro forma, as of June 30, 1999. 2. Northeast Utilities (parent company only). 2.1 Balance Sheet, per books and pro forma, as of June 30, 1999. 2.2 Statement of Income and Surplus, per books and pro forma, for 12 months ended June 30, 1999 and capital structure, per books and pro forma, as of June 30, 1999. 3. The Connecticut Light and Power Company 3.1 Balance Sheet, per books and pro forma, as of June 30, 1999. 3.2 Statement of Income and Surplus, per books and pro forma, for 12 months ended June 30, 1999 and capital structure, per books and pro forma, as of June 30, 1999. 4. Public Service Company of New Hampshire 4.1 Balance Sheet, per books and pro forma, as of June 30, 1999. 4.2 Statement of Income and Surplus, per books and pro forma, for 12 months ended June 30, 1999 and capital structure, per books and pro forma, as of June 30, 1999. 5. Western Massachusetts Electric Company 5.1 Balance Sheet, per books and pro forma, as of June 30, 1999. 5.2 Statement of Income and Surplus, per books and pro forma, for 12 months ended June 30, 1999 and capital structure, per books and pro forma, as of June 30, 1999. 6. North Atlantic Energy Corporation 6.1 Balance Sheet, per books and pro forma, as of June 30, 1999. 6.2 Statement of Income and Surplus, per books and pro forma, for 12 months ended June 30, 1999 and capital structure, per books and pro forma, as of June 30, 1999. 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. NORTHEAST UTILITIES PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE WESTERN MASSACHUSETTS ELECTRIC COMPANY NORTH ATLANTIC ENERGY CORPORATION NU ENTERPRISES, INC. NORTHEAST GENERATION COMPANY NORTHEAST GENERATION SERVICES COMPANY SELECT ENERGY, INC. HOLYOKE WATER POWER COMPANY HOLYOKE POWER AND ELECTRIC COMPANY SELECT ENERGY PORTLAND PIPELINE, INC. By: /s/ David R. McHale Vice President and Treasurer Date: September 15, 1999 HEC INC. REEDS FERRY SUPPLY CO, INC. SELECT ENERGY CONTRACTING, INC. HEC ENERGY CONSULTING CANADA, INC. By: /s/ David R. McHale Assistant Treasurer Date: September 15, 1999 THE CONNECTICUT LIGHT AND POWER COMPANY By: /s/ Randy A. Shoop Treasurer Date: September 15, 1999 EX-5 2 OPINION OF COUNSEL EXHIBIT F September 14, 1999 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Northeast Utilities SEC File Number 70-09541 Ladies and Gentlemen: I am Assistant General Counsel of Northeast Utilities Service Company ("NUSCO"), a service company affiliate of Northeast Utilities ("NU"). I have acted as counsel for NU and its subsidiaries who are parties to the Application/Declaration on Form U-1 in File No. 70-09541 ("Declaration") in connection with its filing on August 26, 1999 with the Securities and Exchange Commission ("Commission") (NU and its subsidiaries who are parties to the Declaration are referred to collectively herein as the "Applicants"). In the Declaration, the Applicants sought the approval of the Commission for the proposed transaction described therein ("Proposed Transactions"). Specifically, the Applicants sought Commission approval of (a) the payment of dividends to, and/or the repurchase of stock from, each subsidiaries' respective shareholder/parent company out of capital or unearned surplus by each subsidiary, (b) the payment of dividends to, and/or the repurchase of shares from, its shareholders out of capital or unearned surplus by NU; (c) the issuance of additional shares by NU to the extent necessary to fulfill certain of its obligations under one or more forward stock purchase contracts (the "Forwards"); and (d) the payment of dividends and/or the repurchase of stock out of capital or unearned surplus by The Connecticut Light and Power Company to NU under its Mortgage Indenture dividend covenant (collectively, the "Proposed Transactions"). In connection with this opinion, I have examined or caused to be examined by counsel associated with or engaged by me, including counsel who are employed by NUSCO, originals or copies certified to my satisfaction of such corporate records of the Applicants, certificates of public officials and of officers of the Applicants, and agreements, instruments and other documents, as I have deemed necessary as a basis for the opinions expressed below. In my examination of such agreements, instruments and documents, I have assumed the genuineness of all signatures, the authenticity of all agreements, instruments and documents submitted to me as originals, and the conformity to original agreements, instruments and documents of all agreements, instruments and documents submitted to me as certified, conformed or photostatic copies and the authenticity of the originals of such copies. The opinions set forth herein are limited to the laws of the Commonwealth of Massachusetts, the State of Connecticut and the federal laws of the United States. I am a member of the bar of the State of New York. I am not a member of the bar of the Commonwealth of Massachusetts nor of the bar of the State of Connecticut, and do not hold myself out as an expert in the laws of such Commonwealth and State. In expressing opinions about matters governed by the laws of the Commonwealth of Massachusetts, I have consulted with counsel who are employed by NUSCO and are members of the bar of such Commonwealth. In expressing opinions about matters governed by the laws of the State of Connecticut, I have consulted with counsel who are employed by NUSCO and are members of the bar of such State. I have assumed that the Proposed Transactions are carried out in conformity with the Securities Act of 1933 and the Securities Exchange Act of 1934, each as amended, and the requisite authorizations, approvals, consents or exemptions under the securities laws of the various States and other jurisdictions of the United States. Based upon and subject to the foregoing, and assuming that the Proposed Transactions are carried out in accordance with the Declaration, I am of the opinion that, when the Commission shall have entered an order forthwith granting the Declaration: (a) all State laws applicable to the Proposed Transactions will have been complied with; (b) each of the Applicant is validly organized and existing under the laws of its state of organization; (c) if, and when, issued pursuant to the Forwards, the common shares of NU will be validly issued, fully paid and nonassessable, and the holders thereof will be entitled to the rights and privileges appertaining thereto set forth in the Declaration of Trust of NU; (d) the Applicants will legally acquire the shares of their respective stock being repurchased from their respective shareholder; and (e) the consummation of the Proposed Transactions will not violate the legal rights of the holders of any securities issued by NU or any associate company thereof. I hereby consent to the filing of this opinion as an exhibit to the Declaration and in any proceedings before the Commission that may be held in connection therewith. Very truly yours, /s/ Jeffrey C. Miller Jeffrey C. Miller Assistant General Counsel EX-27.1 3 PRO FORMA U-1 - NU CONSOLIDATED
OPUR1 0000072741 NU CONSOLIDATED 1000 DEC-31-1998 DEC-31-1998 JUN-30-1999 JUN-30-1999 YEAR YEAR PER-BOOK PRO-FORMA 6,110,287 4,300,442 891,645 891,645 1,067,485 2,322,876 2,279,109 3,623,546 0 0 10,348,526 11,138,509 686,188 686,188 940,448 940,448 579,449 314,759 2,073,662 1,808,972 141,039 0 136,200 116,200 3,151,013 4,099,866 258,000 19,375 0 0 0 0 203,232 176,732 0 0 79,628 (613,913) 120,258 120,258 4,053,071 5,278,596 10,348,526 11,138,509 4,015,975 4,843,495 103,491 136,832 3,658,411 4,514,952 3,761,902 4,651,784 254,073 191,711 (79,846) 19,013 174,227 210,724 266,444 342,631 (92,217) (356,907) (24,189) (24,189) 579,449 314,759 0 0 267,175 343,362 0 0 0 0 0 0
EX-99 4 FINANCIAL STATEMENTS NORTHEAST UTILITIES AND SUBSIDIARIES 1.1a PRO FORMA BALANCE SHEET--ASSETS AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO FORMA EFFECT TO PER BOOK ADJUSTMENTS ADJUSTMENTS Utility Plant, at cost: Electric $ 9,608,526 $ (1,899,533)$ 7,708,993 Other 195,832 195,832 ----------- ---------- ----------- 9,804,358 (1,899,533) 7,904,825 Less: Accum. provision for depreciation 4,376,454 (184,384) 4,192,070 ----------- ---------- ----------- 5,427,904 (1,715,149) 3,712,755 Unamortized PSNH acquisition costs 338,646 (92,618) 246,028 Construction work in progress 188,881 188,881 Nuclear fuel, net 154,856 (2,078) 152,778 ----------- ---------- ----------- Total net utility plant 6,110,287 (1,809,845) 4,300,442 ----------- ---------- ----------- Other Property and Investments: Investment in subsidiary companies 0 0 0 Nuclear decommissioning trusts, at market 667,499 667,499 Investments in regional nuclear generating companies, at equity 87,330 87,330 Other 136,816 136,816 ----------- ---------- ----------- 891,645 0 891,645 ----------- ---------- ----------- Current Assets: Cash and cash equivalents 220,318 941,146 1,161,464 Investments in securitizable assets 68,660 92,921 161,581 Receivables, net 342,518 342,518 Accrued utility revenues 75,810 75,810 Taxes receivable 0 293,463 293,463 Receivables from affiliated companies 0 0 0 Fuel, materials, and supplies, at average cost 198,338 (75,554) 122,784 Recoverable energy costs, net--current portion 78,589 78,589 Prepayments and other 83,252 3,415 86,667 ----------- ---------- ----------- 1,067,485 1,255,391 2,322,876 ----------- ---------- ----------- Deferred Charges: Regulatory assets: Income taxes, net 701,512 (80,425) 621,087 Millstone 1 528,650 528,650 Deferred costs--nuclear plants 150,192 (118,651) 31,541 Unrecovered contractual obligations 373,467 373,467 Securitizable assets 0 Recoverable energy costs, net 284,955 (31,972) 252,983 Other 116,955 1,557,385 1,674,340 Deferred receivable from affiliated company 0 0 0 Unamortized debt expense 36,198 22,189 58,387 Other 87,180 (4,089) 83,091 ----------- ---------- ----------- 2,279,109 1,344,437 3,623,546 ----------- ---------- ----------- Total Assets $ 10,348,526 $ 789,983 $ 11,138,509 =========== ========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.1b PRO FORMA BALANCE SHEET--CAPITALIZATION AND LIABILITES AS OF JUNE 30, 1999 Unaudited (Thousands of dollars)
PRO FORMA GIVING PRO FORMA EFFECT TO PER BOOK ADJUSTMENTS ADJUSTMENTS Capitalization: Common Stock $ 686,188 $ 0 $ 686,188 Capital surplus, paid in 940,448 0 940,448 Deferred contribution plan-- employee stock ownership plan (133,947) (133,947) Retained earnings 579,449 (264,690) 314,759 Accumulated other comprehensive income 1,524 1,524 ----------- ---------- ----------- Total common stockholders' equity 2,073,662 (264,690) 1,808,972 Preferred stock not subject to mandatory redemption 136,200 (20,000) 116,200 Preferred stock subject to mandatory redemption 141,039 (141,039) 0 Long-term debt 3,151,013 (1,567,947) 1,583,066 ----------- ---------- ----------- Total capitalization 5,501,914 (1,993,676) 3,508,238 ----------- ---------- ----------- Minority Interest in Consolidated Subsidiaries 100,000 (100,000) 0 ----------- ---------- ----------- Obligations Under Capital Leases 79,628 (693,541) (613,913) ----------- ---------- ----------- Rate Reduction Bond Obligation 2,516,800 2,516,800 ----------- ---------- ----------- Current Liabilities: Notes payable to banks 258,000 (238,625) 19,375 Long-term debt and preferred stock - current portion 203,232 (26,500) 176,732 Obligations under capital leases - current portion 120,258 120,258 Accounts payable 480,430 (8,250) 472,180 Accounts payable to affiliated companies 0 0 0 Accrued taxes 67,006 (23,302) 43,704 Accrued interest 46,245 92,727 138,972 Accrued pension benefits 5,618 5,618 Other 90,154 90,154 ----------- ---------- ----------- 1,270,943 (203,950) 1,066,993 ----------- ---------- ----------- Deferred Credits and Other Long-term Liabilities: Accumulated deferred income taxes 1,811,673 204,520 2,016,193 Accumulated deferred investment tax credits 138,858 138,858 Decommissioning obligation--Millstone 1 692,000 692,000 Deferred contractual obligations 385,389 385,389 Deferred obligation to affiliated company 0 0 0 Other 368,121 1,059,830 1,427,951 ----------- ---------- ----------- 3,396,041 1,264,350 4,660,391 ----------- ---------- ----------- Total Capitalization and Liabilities $ 10,348,526 $ 789,983 $ 11,138,509 =========== ========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2a PRO FORMA INCOME STATEMENT 12 MONTHS ENDED JUNE 30, 1999 Unaudited (Thousands of dollars)
PRO FORMA GIVING PRO FORMA EFFECT TO PER BOOK ADJUSTMENTS ADJUSTMENTS Operating Revenue $ 4,015,975 $ 827,520 $ 4,843,495 ---------- ---------- ---------- Operating Expenses: Operation-- Fuel, purchased and net interchange power 1,394,647 10,000 1,404,647 Other 1,018,396 0 1,018,396 Maintenance 395,676 395,676 Depreciation 326,145 504,877 831,022 Amortization of regulatory assets, net 269,164 341,664 610,828 Federal and state income taxes 103,491 33,341 136,832 Taxes other than income taxes 254,383 254,383 ---------- ---------- ---------- Total Operating Expenses 3,761,902 889,882 4,651,784 ---------- ---------- ---------- Operating Income / (Loss) 254,073 (62,362) 191,711 ---------- ---------- ---------- Other income / (loss) Deferred nuclear plants return--other funds 5,647 5,647 Equity in earnings of regional nuclear generating and transmission companies 8,831 8,831 Millstone 1 (141,570) (141,570) Other, net (29,958) 27,134 (2,824) Minority interest in income of subsidiary (9,300) (9,300) Income taxes 86,504 71,725 158,229 ---------- ---------- ---------- Other income, net (79,846) 98,859 19,013 ---------- ---------- ---------- Income before interest charges 174,227 36,497 210,724 ---------- ---------- ---------- Interest Charges Interest on long-term debt 267,175 76,187 343,362 Other interest 13,274 13,274 AFDUC credit (3,550) (3,550) Deferred nuclear plants return--borrowed funds (10,455) (10,455) ---------- ---------- ---------- Interest charges, net 266,444 76,187 342,631 ---------- ---------- ---------- Net Loss (92,217) (39,690) (131,907) Extraordinary Loss, net of tax effect 0 (225,000) (225,000) ---------- ---------- ---------- Net Loss after extraordinary item $ (92,217)$ (264,690)$ (356,907) ========== =========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO FORMA EFFECT TO PER BOOK ADJUSTMENTS ADJUSTMENTS Balance at beginning of period $ 695,846 $ 0 $ 695,846 Net (Loss) / Income (92,217) (264,690) (356,907) Common Dividends 0 0 0 Cash dividends on preferred stock (24,189) 0 (24,189) Adjustment 9 0 9 Balance at end of period ---------- ---------- ---------- $ 579,449 $ (264,690) $ 314,759 ========== ========== ==========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2c PRO FORMA CAPITAL STRUCTURE AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO FORMA EFFECT PER BOOK ADJUSTMENTS TO ADJUSTS ----------- ----------- ------------- Long Term Debt* Preferred stock not subject to mandatory redemption 3,151,013 3,151,013 Preferred stock subject to mandatory redemption 136,200 136,200 Common Stock Equity 141,039 141,039 2,073,662 2,073,662 ----------- ------------ ------------ 5,501,914 0 5,501,914 =========== ============ ============
*Does not include current portion NORTHEAST UTILITIES AND SUBSIDIARIES 1.2d PRO FORMA FINANCIAL STATEMEMT ADJUSTMENTS AS OF JUNE 30, 1999 Unaudited (Thousands of dollars)
Accumulated provision for depreciation 184,384 Cash and cash equivalents 941,146 Investments in securitizable assets 92,921 Prepayments and other 3,415 Regulatory assets -- other 1,557,385 Unamortized debt expense 22,189 Common stock 25,237 Capital surplus, paid in 887,811 Preferred stock not subject to mandatory redemption 20,000 Preferred stock subject to mandatory redemption 141,039 Long-term debt 1,567,947 Minority interest in consolidated subsidiaries 100,000 Obligations under capital leases 693,541 Notes payable to banks 238,625 Long-term debt and preferred stock -- current portion 26,500 Accounts payable 8,250 Accrued taxes 23,302 Operating expenses -- operation -- fuel, purchased power 10,000 Depreciation 504,877 Amortization of regulatory assets, net 341,664 Federal and state income taxes 33,341 Interest on long-term debt 76,187 Extraordinary loss, net of tax effect 225,000 Receivables from affiliated companies 10,343 Deferred obligation to affiliated company 17,856 Taxes receivable 293,463 Utility plan -- electric (1,899,533) Unamortized PSNH acquisition costs (92,618) Nuclear fuel, net (2,078) Fuel, materials, and supplies, at average cost (75,554) Regulatory assets - income taxes, net (80,425) Deferred costs--nuclear plants (118,651) Recoverable energy costs, net (31,972) Other deferred charges (4,089) Rate reduction bond obligation (2,516,800) Accrued interest (92,727) Accumulated deferred income taxes (204,521) Deferred credits -- other (1,059,830) Operating revenues (827,520) Other, net (27,134) Income taxes (71,725) Accounts payable to affiliate companies (10,343) Deferred receivable from affiliated company (17,856) Investment in subsidiary companies (913,047) Operating expenses -- operation -- other 0 To record summary entry for NU consolidated. Accounts payable to affiliate companies 10,343 Deferred receivable from affiliated company 17,856 Receivables from affiliated companies (10,343) Deferred obligation to affiliated company (17,856) To record elimination of intercompany receivables and payables. Investment in subsidiary companies 913,047 Common stock (25,237) Capital surplus (887,810)
To record elimination of investment in subsidiary companies. NORTHEAST UTILITIES PARENT 2.1 PRO FORMA BALANCE SHEET AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO GIVING FORMA EFFECT PER BOOK ADJ TO ADJUSTS ASSETS Other Property and Investments: Investments in subsidiary companies, at equity $ 2,199,224 $ (913,047)[1]$ 1,286,177 Investments in transmission companies, at equity 17,900 17,900 Other, at cost 54 54 ----------- ----------- ----------- 2,217,178 (913,047) 1,304,131 Current Assets: Cash 0 913,047 [1] 913,047 Notes receivable from affiliated companies 22,300 22,300 Notes and accounts receivable 571 571 Accounts receivable from affiliated companies 4,172 4,172 Prepayments 27 27 ----------- ----------- ----------- 27,070 913,047 940,117 Deferred Charges: Accumulated deferred incomes taxes 6,160 6,160 Unamoritized debt expense 46 46 Other 2,562 2,562 ----------- ----------- ----------- 8,768 0 8,768 ----------- ----------- ----------- Total Assets $ 2,253,016 $ 0 $ 2,253,016 =========== =========== =========== CAPITALIZATION AND LIABILITIES Capitalization Common Stock $ 686,188 $ 42,500 [2]$ 728,688 Capital surplus, paid in 940,448 (42,500)[2] 897,948 Deferred benefit plan--employee stock (133,947) (133,947) Retained earnings 579,449 579,449 Accumulated other comprehensive income 1,524 1,524 ---------- ---------- ----------- Total common stockholder's equity 2,073,662 0 2,073,662 Long-term debt 152,000 152,000 ---------- ---------- ----------- Total Capitalization 2,225,662 0 2,225,662 ---------- ---------- ----------- Current Liabilities: Accounts payable 742 742 Accounts payable to affiliated companies 3,233 3,233 Long-term debt--current portion 19,000 19,000 Accrued taxes 2,047 2,047 Accrued interest 1,969 1,969 Other 2 2 ---------- ---------- ----------- 26,993 0 26,993 ---------- ---------- ----------- Other deferred credits 361 361 ---------- ---------- ----------- Total Capitalization and Liabilities $ 2,253,016 $ 0 $ 2,253,016 ========== ========== ===========
[1] See adjustments a, b, c, and d. [2] See adjustment e. NORTHEAST UTILITIES PARENT 2.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO FORMA GIVING EFFECT PER BOOK ADJUSTMENTS TO ADJUSTS Operating Revenues $ 0 $ 0 $ 0 ---------- ---------- ---------- Operating Expenses: Operation expense 6,564 6,564 Federal and state income taxes (8,395) (8,395) Taxes other than income taxes 8 8 ---------- ---------- ---------- Total operating expenses (1,823) 0 (1,823) ---------- ---------- ---------- Operating Income 1,823 0 1,823 ---------- ---------- ---------- Other Income / (Loss): Equity in earnings of subsidiaries (97,350) (97,350) Equity in earnings of transmission companies 2,725 2,725 Other, net (2,997) (2,997) Income taxes (4,776) (4,776) ---------- ---------- ---------- Other loss, net (102,398) 0 (102,398) ---------- ---------- ---------- Loss before interest charges (100,575) 0 (100,575) ---------- ---------- ---------- Interest Charges: Interest on long-term debt 15,449 15,449 Other interest 382 382 ---------- ---------- ---------- Interest Charges, net 15,831 0 15,831 ---------- ---------- ---------- Net Loss $ (116,406)$ 0 $ (116,406) ========== ========== ==========
NORTHEAST UTILITIES PARENT 2.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF JUNE 30, 1999 Unaudited (Thousand of Dollars)
PRO FORMA PRO FORMA GIVING EFFECT PER BOOK ADJ TO ADJUSTS Balance at beginning of period $ 695,846 $ 0 $ 695,846 Net loss (116,406) 0 (116,406) Miscellaneous elimination adjustment 9 0 9 ---------- ---------- ---------- Balance at end of period $ 579,449 $ 0 $ 579,449 ========== =========== ===========
NORTHEAST UTILITIES PARENT 2.2c PRO FORMA CAPITAL STRUCTURE AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO FORMA GIVING EFFECT PER BOOK ADJUSTMENTS TO ADJUSTS Long-term debt* $ 152,000 $ $ 152,000 Common stock equity 2,073,662 0 2,073,662 ----------- ----------- ----------- Total Capitalization $ 2,225,662 $ 0 $ 2,225,662 =========== =========== ===========
*Does not include current portion NORTHEAST UTILITIES PARENT 2.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (THOUSANDS OF DOLLARS)
Debit Credit a) Cash 310,000 Investment in Subsidiary Cos 310,000 To record the CL&P stock repurchase by CL&P b) Cash 145,000 Investment in Subsidiary Cos 145,000 To record the stock repurchase by WMECO. c) Cash 297,208 Investment in Subsidiary Cos 297,208 To record the stock repurchase by PSNH. d) Cash 160,839 Investment in Subsidiary Cos 160,839 To record the stock repurchase by NAEC. e) Capital Surplus 114,750 Common Stock 42,500 Capital Surplus 72,250 To record the issuance of 8,500,000 common shares at $13.5 per share to settle the forward share repurchase.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.1a PRO FORMA BALANCE SHEET--ASSETS AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ ADJ Utility Plant, at original cost: Electric $ 6,222,698 $ (692,665)[1] $ 5,530,033 Less: Accumulated provision for depreciation 2,854,213 (529,831)[1] 2,324,382 ---------- ---------- ---------- 3,368,485 (162,834) 3,205,651 Construction work in progress 96,118 96,118 Nuclear fuel, net 103,279 103,279 ---------- ---------- ---------- Total net utility plant 3,567,882 (162,834) 3,405,048 ---------- ---------- ---------- Other Property and Investments: Nuclear decommissioning trusts, at market 483,751 483,751 Investments in regional nuclear generating companies, at equity 57,999 57,999 Other, at cost 52,951 52,951 ---------- ---------- ---------- 594,701 0 594,701 ---------- ---------- ---------- Current Assets: Cash 398 12,000 [2] 12,398 Investment in securitizable assets 68,660 92,921 [3] 161,581 Notes receivable from affiliated companies 84,300 84,300 Receivables, net 20,075 20,075 Accounts receivable from affiliated companies 41,982 41,982 Taxes receivable 0 290,593 [3] 290,593 Fuel, materials, and supplies, at average cost 71,974 (40,576)[1] 31,398 Prepayments and other 136,246 7,408 [4] 143,654 ---------- ---------- ---------- 423,635 362,346 785,981 ---------- ---------- ---------- Deferred Charges: Regulatory assets: Income taxes, net 476,398 476,398 Millstone 1 403,235 403,235 Unrecovered contractual obligations 243,827 243,827 Recoverable energy costs, net 127,196 127,196 Other 43,108 1,006,202 [5] 1,049,310 Unamortized debt expense 18,534 10,953 [6] 29,487 Other 14,511 14,511 ---------- ---------- ---------- 1,326,809 1,017,155 2,343,964 ---------- ---------- ---------- Total Assets $ 5,913,027 $ 1,216,667 $ 7,129,694 ========== ========== ==========
[1] See adjustments b and d. [2] See adjustments a, b, d, e, g, i, k, l and o. [3] See adjustment r. [4] See adjustment i. [5] See adjustments a, b, d, f and j. [6] See adjustment m. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.1b PRO FORMA BALANCE SHEET--CAPITALIZATION AND LIABILITIES AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ Capitalization: Common stock $ 122,229 $ (48,137)[7] $ 74,092 Capital surplus, paid in 664,956 (261,863)[7] 403,093 Retained earnings 152,968 (11,526) 141,442 Accumulated other comprehensive income 416 416 ---------- ---------- ---------- Total common stockholder's equity 940,569 (321,526) 619,043 Preferred stock not subject to mandatory redemption 116,200 116,200 Preferred stock subject to mandatory redemption 99,539 (99,539)[8] 0 Long-term debt 1,798,430 (795,000)[8] 1,003,430 ---------- ---------- ---------- Total capitalization 2,954,738 (1,216,065) 1,738,673 ---------- ---------- ---------- Minority Interest in Consolidated Subsidiary 100,000 (100,000)[9] 0 ---------- ---------- ---------- Obligations Under Capital Leases 63,156 63,156 ---------- ---------- ---------- Rate Reduction Bond Obligation 1,489,082 [10] 1,489,082 ---------- ---------- ---------- Current Liabilities: Notes payable to banks 180,000 (180,000)[11] 0 Long-term debt and preferred stock--current portion 19,755 19,755 Obligations under capital leases--current portion 93,871 93,871 Accounts payable 137,803 137,803 Accounts payable to affiliated companies 22,485 22,485 Accrued taxes 22,655 (22,655)[12] 0 Accrued interest 27,583 58,269 [13] 85,852 Other 22,988 22,988 ---------- ---------- ---------- 527,140 (144,386) 382,754 ---------- ---------- ---------- Deferred Credits and Other Long-term Liabilities: Accumulated deferred income taxes 1,154,933 293,639 [14] 1,448,572 Accumulated deferred investment tax credits 111,052 111,052 Decommissioning obligation--Millstone 1 560,500 560,500 Deferred contractual obligations 255,749 255,749 Other 185,759 894,397 [15] 1,080,156 ---------- ---------- ---------- 2,267,993 1,188,036 3,456,029 ---------- ---------- ---------- Total Capitalization and Liabilities $ 5,913,027 $ 1,216,667 $ 7,129,694 ========== ========== ==========
[7] See adjustment o. [8] See adjustment k. [9] See adjustment p. [10] See adjustment g. [11] See adjustments k, p, and r. [12] See adjustments b, e, h, i, l, n, q and r. [13] See adjustments h, n and q. [14] See adjustments c, f, j and m. [15] See adjustments b, c and d. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ Operating Revenues $ 2,388,745 $ 0 [16]$ 2,388,745 ---------- ---------- ---------- Operating Expenses: Operation -- Fuel, purchased and net interchange power 814,975 0 [17] 814,975 Other 683,568 0 [18] 683,568 Maintenance 264,633 264,633 Depreciation 209,246 209,246 Amortization of regulatory assets, net 156,841 156,841 Federal and state income taxes 33,974 25,596 [19] 59,570 Taxes other than income taxes 169,798 169,798 ---------- ---------- ---------- Total operating expenses 2,333,035 25,596 2,358,631 ---------- ---------- ---------- Operating Income (Loss) 55,710 (25,596) 30,114 ---------- ---------- ---------- Other Income (Loss): Equity in earnings of regional nuclear generating companies 4,049 4,049 Other, net 2,659 27,134 [1] 29,793 Millstone 1 (141,570) (141,570) Minority interest in income of subsidiary (9,300) (9,300) Income taxes 70,134 45,205 [20] 115,339 ---------- ---------- ---------- Other income, net (74,028) 72,339 (1,689) ---------- ---------- ---------- Income before interest charges (18,318) 46,743 28,425 ---------- ---------- ---------- Interest Charges: Interest on long-term debt 131,742 58,269 [21] 190,011 Other interest 10,571 10,571 AFDUC credit (1,642) (1,642) Deferred Millstone 3 Return (84) (84) ---------- ---------- ---------- Interest charges, net 140,587 58,269 198,856 ---------- ---------- ---------- Net Loss $ (158,905)$ (11,526) $ (170,431) ========== ========== ==========
[16] See adjustments b and c. [17] See adjustments e and f. [18] See adjustments i, j, l and m. [19] See adjustments b, c, e, f, i, j, l, m, and n. [20] See adjustments h and q. [21] See adjustments h, n, and q. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ ADJ. Balance at beginning of period $ 355,313 $ 0 $ 355,313 Net (loss) / income (158,905) (11,526) (170,431) Cash dividends on preferred stock (13,270) 0 (13,270) ESOP contribution (30,170) 0 (30,170) ---------- ---------- ---------- Balance at end of period $ 152,968 $ (11,526) $ 141,442 ========== ========== ==========
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES 3.2c PRO FORMA CAPITAL STRUCTURE AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ ADJ Long-term debt* $ 1,798,430 $ (795,000)[8] $ 1,003,430 Preferred stock not subject to mandatory redemption* 116,200 0 116,200 Preferred stock subject to mandatory redemption* 99,539 (99,539)[8] 0 Common stock equity 940,569 (321,526) 619,043 ---------- ---------- ---------- Total Capitalization $ 2,954,738 $ (1,216,065) $ 1,738,673 ========== ========== ==========
*Does not include current portion CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY 3.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (THOUSANDS OF DOLLARS)
Debit Credit a)Regulatory assets -- other 53,742 Cash 53,742 To establish the regulatory assets associated with the Devon Lease. b)Cash 505,645 Accumulated provision for depreciation 248,550 Federal and state income taxes 122,046 Utility plant -- electric 325,553 Fuel, materials and supplies 39,239 Regulatory assets -- other 58,289 Deferred credits -- other 26,000 Operating revenues 295,869 Accrued taxes 122,046 Other, net 9,245 To record the sale of fossil generation assets to NRG, and the related transaction expenses and tax effect. c)Operating revenues 295,869 Accumulated deferred income taxes 118,348 Deferred credits -- other 295,869 Federal and state income taxes 118,348 To record deferral of gain and deferral of related taxes. d)Cash 685,851 Accumulated provision for depreciation 281,281 Utility plant -- electric 367,112 Fuel, materials and supplies 1,337 Regulatory assets -- other 8,266 Deferred credits -- other 572,528 Other, net 17,889 To record sale of fossil/hydro generation assets to Northeast Generation Company, an affiliate, and the related transaction expenses and tax effects. e)Fuel, purchased and net interchange power 1,000,000 Accrued taxes 400,000 Cash 1,000,000 Federal and state income taxes 400,000 To record the buyout of IPP contracts and related tax effect. f)Regulatory assets -- other 1,000,000 Federal and state income taxes 400,000 Fuel, purchased and net interchange power 1,000,000 Accumulated deferred income taxes 400,000 To record the deferral of IPP contracts costs and the associated tax effect. g)Cash 1,489,082 Rate reduction bond obligation 1,489,082 To record the issuance of rate reduction bonds. h)Interest on long-term debt 100,513 Accrued taxes 40,205 Accrued interest 100,513 Income taxes 40,205 To record interest expense on rate reduction bonds and related taxes. i)Operating expenses -- operation -- other 19,015 Prepayments and other 7,408 Accrued taxes 7,606 Cash 26,423 Federal and state income taxes 7,606 To record issuance expenses associated with securitization and related tax effect. j)Regulatory assets -- other 19,015 Federal and state income taxes 7,606 Operating expenses -- operation -- other 19,015 Accumulated deferred income taxes 7,606 To record the deferral of RRB issuance costs and the associated tax effect. k)Notes payable to banks 372,921 Long-term debt 795,000 Preferred stock subject to mandatory redemption 99,539 Cash 1,267,460 To record the use of sale proceeds and securitization proceeds to retire short-term and long-term debt, retire preferred stock and pay taxes associated with asset sales. l)Operating expenses -- operation -- other 10,953 Accrued taxes 4,381 Cash 10,953 Federal and state income taxes 4,381 To record the associated costs and premiums of retiring debt. m)Unamortized debt expense 0 Federal and state income taxes 4,381 Operating expenses -- operation -- other 0 Accumulated deferred income taxes 4,381 To record deferral of debt retirement costs and related tax effects. n)Accrued interest 54,744 Federal and state income taxes 21,898 Interest on long-term debt 54,744 Accrued taxes 21,898 To record decrease in interest costs associated with debt repurchase and the related increase in taxes. o)Common stock 48,137 Capital surplus 261,863 Cash 310,000 To record repurchase 4,813,664 shares of Common Stock at an average share price as of June 30, 1999 of $64.40, par $10. p)Minority interest in consolidated subsidiaries 100,000 Notes payable to banks 100,000 To record the retirement of Monthly Income Preferred Stock (MIPS). q)Interest on long-term debt 12,500 Accrued taxes 5,000 Accrued interest 12,500 Income taxes 5,000 To record additional interest expense, fees and related taxes for additional short-term debt. r)Investment in securitizable assets 92,921 Taxes receivable 290,593 Notes payable to banks 92,921 Accrued taxes 290,593 To reclassify debit balances in liability accounts.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.1a PRO FORMA BALANCE SHEET--ASSETS AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA GIVING EFFECT PRO FORMA TO PER BOOK ADJUSTMENTS ADJUSTMENTS Utility Plant, at cost: Electric $ 1,921,658 $ (1,062,290)[1] $ 859,368 Less: Accumulated provision for depreciation 653,079 (117,609)[2] 535,470 ------------ ------------ ------------ 1,268,579 (944,681) 323,898 Unamortized acquisition costs 338,646 (92,618)[3] 246,028 Construction work in progress 33,446 33,446 Nuclear fuel, net 2,078 (2,078)[4] 0 ------------ ------------ ------------ Total net utility plant 1,642,749 (1,039,377) 603,372 ------------ ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 6,280 6,280 Investments in regional nuclear generating companies and subsidiary company, at equity 19,761 19,761 Other, at cost 4,443 4,443 ------------ ------------ ------------ 30,484 0 30,484 ------------ ------------ ------------ Current Assets: Cash and cash equivalents 82,840 (20,094)[5] 62,746 Receivables, net 83,742 83,742 Accounts receivable from affiliated company 22,565 22,565 Accrued utility revenues 47,212 47,212 Fuel, materials, and supplies, at average cost 35,786 (33,000)[6] 2,786 Recoverable energy costs -- current portion 78,949 78,949 Prepayments and other 38,456 38,456 ------------ ------------ ------------ 389,550 (53,094) 336,456 ------------ ------------ ------------ Deferred Charges: Regulatory assets: Recoverable energy costs 138,440 (31,972)[3] 106,468 Income taxes, net 147,164 (55,570)[3] 91,594 Deferred costs, nuclear plant 195,340 195,340 Unrecovered contractual obligations 61,142 61,142 Other 3,154 527,316 [7] 530,470 Securitible assets 0 0 Deferred receivable from affiliated company 17,856 (17,856)[8] 0 Unamortized debt expense 11,835 7,791 [9] 19,626 Other 5,248 5,248 ------------ ------------ ------------ 580,179 429,709 1,009,888 ------------ ------------ ------------ Total Assets $ 2,642,962 $ (662,762) $ 1,980,200 ============ ============ ============
[1] See adjustments a, k, u and z. [2] See adjustments a and z. [3] See adjustment i. [4] See adjustment z. [5] See adjustments a, d, e, g, j, k, l, n, p, s and v. [6] See adjustment a. [7] See adjustments b, h, i, k, o, q, t, u, x, y and aa. [8] See adjustment j. [9] See adjustment f. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.1b PRO FORMA BALANCE SHEET-- CAPITALIZATION AND LIABILITIES AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA GIVING EFFECT PRO FORMA TO PER BOOK ADJUSTMENTS ADJUSTMENTS Capitalization: Common Stock $ 1 $ (1)[10]$ 0 Capital surplus, paid in 424,492 (297,208)[10] 127,284 Retained earnings 284,463 (246,034) 38,429 Accumulated other comprehensive income 1,075 1,075 ------------ ------------ ------------ Total common stockholder's equity 710,031 (543,243) 166,788 Preferred stock subject to mandatory redemption 25,000 (25,000)[11] 0 Long-term debt 540,985 (255,947)[12] 285,038 ------------ ------------ ------------ Total capitalization 1,276,016 (824,190) 451,826 ------------ ------------ ------------ Obligations Under Seabrook Power Contracts and Other Capital Leases 678,836 (693,541)[13] (14,705) ------------ ------------ ------------ Rate Reduction Bond Obligation 725,000 [14] 725,000 ------------ ------------ ------------ Current Liabilities: Long-term debt and preferred stock-- current portion 25,000 (25,000)[11] 0 Obligations under Seabrook Power Contracts and other capital leases--current portion 111,068 111,068 Accounts payable 35,079 35,079 Accounts payable to affiliated companies 30,737 10,343 [15] 41,080 Accrued taxes 57,685 287 [16] 57,972 Accrued interest 5,750 25,056 [17] 30,806 Accrued pension benefits 45,671 45,671 Other 7,208 7,208 ------------ ------------ ------------ 318,198 10,686 328,884 ------------ ------------ ------------ Deferred Credits and Other Long-Term Liabilities: Accumulated deferred income taxes 237,053 119,283 [18] 356,336 Accumulated deferred investment tax credits 3,204 3,204 Deferred contractual obligations 61,142 61,142 Deferred revenue from affiliated company 17,856 17,856 Other 50,657 50,657 ------------ ------------ ------------ 369,912 119,283 489,195 ------------ ------------ ------------ Total Capitalization and Liabilities $ 2,642,962 $ (662,762) $ 1,980,200 ============ ============ ============
[10] See adjustment v. [11] See adjustment p. [12] See adjustments d and p. [13] See adjustment k. [14] See adjustment l. [15] See adjustment w. [16] See adjustments c, e, g, m, n, p, r, s, w, y and z. [17] See adjustments m and r. [18] See adjustments a, b, c, f, h, i, k, o, q, t, x, and aa. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA GIVING EFFECT PRO FORMA TO PER BOOK ADJUSTMENTS ADJUSTMENTS Operating Revenues $ 1,148,342 $ 153,000 [6] $ 1,301,342 ------------ ------------ ------------ Operating Expenses: Operation -- Fuel, purchased and net interchange power 346,416 10,000 [19] 356,416 Other 457,212 0 [20] 457,212 Maintenance 50,375 50,375 Depreciation 46,571 46,571 Amortization of regulatory assets, net 18,453 153,000 [21] 171,453 Federal and state income taxes 50,155 (4,000)[22] 46,155 Taxes other than income taxes 44,267 44,267 ------------ ------------ ------------ Total operating expenses 1,013,449 159,000 1,172,449 ------------ ------------ ------------ Operating Income / (Loss) 134,893 (6,000) 128,893 ------------ ------------ ------------ Other income / (loss): Equity in earnings of regional nuclear generating companies and subsidiary company 1,790 1,790 Other, net 9,046 9,046 Income taxes (5,279) 10,022 [17] 4,743 ------------ ------------ ------------ Other income, net 5,557 10,022 15,579 ------------ ------------ ------------ Income / (Loss) before interest charges 140,450 4,022 144,472 ------------ ------------ ------------ Interest Charges: Interest on long-term debt 40,941 25,056 [17] 65,997 Other interest 239 239 ------------ ------------ ------------ Interest charges, net 41,180 25,056 66,236 ------------ ------------ ------------ Net Income/(Loss) 99,270 (21,034) 78,236 Extraordinary Loss, net of tax effect 0 (225,000)[3] (225,000) ------------ ------------ ------------ Net Income/(Loss) after extraordiary item $ 99,270 $ (246,034) $ (146,764) =========== =========== ===========
[19] See adjustments g, h, s and t. [20] See adjustments e, f, n, o, p, q, w, x, y, z and aa. [21] See adjustment b. [22] See adjustments a, b, e, f, g, h, n, o, p, q, s, t, w, x, y, z and aa. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA GIVING EFFECT PRO FORMA TO PER BOOK ADJUSTMENTS ADJUSTMENTS Balance at beginning of period $ 203,593 $ 0 $ 203,593 Net income / (loss) 99,270 (246,034) (146,764) Cash dividends on preferred stock (7,950) 0 (7,950) Cash dividends on common stock 0 0 0 ESOP Contribution (10,450) 0 (10,450) ------------ ------------ ------------ Balance at end of period $ 284,463 $ (246,034) $ 38,429 ========== =========== ===========
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE 4.2c PRO FORMA CAPITAL STRUCTURE AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA GIVING EFFECT PRO FORMA TO PER BOOK ADJUSTMENTS ADJUSTMENTS Long-term debt* $ 540,985 $ (255,947)[12]$ 285,038 Preferred Stock Subject to mandatory redemption* 25,000 (25,000)[11] 0 Common stock equity 710,031 (543,243) 166,788 ------------ ------------ ------------ $ 1,276,016 $ (824,190) $ 451,826 =========== ============ ============
*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 360,000 Accumulated provision for depreciation 74,571 Federal and state income taxes 61,200 Operating revenues 153,000 Utility plant -- electric 248,571 Fuel, materials, and supplies 33,000 Accumulated deferred income taxes 61,200 To record sale and gain on fossil-hydro assets and related tax effect. b)Amortization of regulatory assets, net 153,000 Accumulated deferred income taxes 61,200 Regulatory assets -- other 153,000 Federal and state income taxes 61,200 To record amortization expense related to entry A above and related tax effect. c)Accumulated deferred income taxes 90,800 Accrued taxes 90,800 To record tax effect on difference between $227 million gain on sale and the associated $153 million write-down. d)Long-term debt 146,747 Cash and cash equivalents 146,747 To record use of sale proceeds to retire long-term debt. e)Operating expenses -- operation -- other 7,791 Accrued taxes 3,116 Cash and cash equivalents 7,791 Federal and state income taxes 3,116 To record debt retirement expenses and related tax effect per entry D above. f)Unamortized debt expense 7,791 Federal and state income taxes 3,116 Operating expenses -- operation -- other 7,791 Accumulated deferred income taxes 3,116 To record the deferral of the debt retirement expenses and related tax effect per entry E above. g)Operating expenses -- operation -- fuel 62,000 Accrued taxes 24,800 Cash and cash equivalents 62,000 Federal and state income taxes 24,800 To record buydown of Hydro-Quebec contract and related tax effect. h)Regulatory assets -- other 62,000 Federal and state income taxes 24,800 Operating expenses -- operation -- fuel 62,000 Accumulated deferred income taxes 24,800 To record the deferral of the buydown of Hydro-Quebec contract and related tax effect per entry G above. i)Extraordinary loss, net of tax effect 225,000 Accumulated deferred income taxes 143,824 Unamortized acquisition costs 92,618 Regulatory assets, income taxes, net 55,570 Recoverable energy costs 31,972 Regulatory assets -- other 188,664 To record write-down of regulatory assets in accordance with settlement agreement. j)Cash and cash equivalents 17,856 Deferred receivable from affiliated company 17,856 To record receipt of receivable from NAEC. k)Regulatory asset -- other 693,541 Obligations under Seabrook Power Contracts and other capital leases 693,541 Utility plant -- electric 693,541 Cash and cash equivalents 416,125 Accumulated deferred income taxes 277,416 To record buydown of Seabrook power contract and related tax effect. l)Cash and cash equivalents 725,000 Rate reduction bond obligation 725,000 To record the issuance of rate reduction bonds. m)Interest on long-term debt 48,938 Accrued taxes 19,575 Income taxes 19,575 Accrued interest 48,938 To record increase in interest cost related to issuance of new debt and related tax effect. n)Operating expenses -- operation -- other 17,000 Accrued taxes 6,800 Cash and cash equivalents 17,000 Federal and state income taxes 6,800 To record issuance expenses related to the rate reduction bonds and related tax effect. o)Regulatory assets -- other 17,000 Federal and state income taxes 6,800 Operating expenses -- operation -- other 17,000 Accumulated deferred income taxes 6,800 To record deferral of issuance expenses and related tax effect per entry N above. p)Long-term debt 109,200 Preferred stock subject to mandatory redemption 25,000 Long-term debt and preferred stock -- current portion 25,000 Operating expenses -- operation -- other 878 Accrued taxes 351 Cash and cash equivalents 160,078 Federal and state income taxes 351 To record use of securitization proceeds to retire long-term debt, preferred stock and the associated debt retirement cost and taxes. q)Regulatory assets -- other 878 Federal and state income taxes 351 Operating expenses -- operation -- other 878 Accumulated deferred income taxes 351 To record deferral of premium on debt retired and related tax effect per entry P above. r)Income taxes 9,553 Accrued interest 23,882 Interest on long-term debt 23,882 Accrued taxes 9,553 To record decrease in interest cost as a result of the retiring long-term debt and related tax effect. s)Operating expenses -- operation -- fuel 16,000 Accrued taxes 6,400 Cash and cash equivalents 16,000 Federal and state income taxes 6,400 To record buydown of Vermont Yankee Power Contract and related tax effect. t)Regulatory assets -- other 16,000 Federal and state income taxes 6,400 Operating expenses -- operation -- fuel 16,000 Accumulated deferred income taxes 6,400 To record deferral of expense related to Vermont Yankee Power Contract and related tax effect per entry S above. u)Regulatory assets -- other 2,000 Utility plant -- electric 2,000 To record reclassification of investment in utility plant to regulatory assets (Vermont Yankee). v)Common stock 1 Capital surplus, paid in 297,208 Cash and cash equivalents 297,209 To record repurchase of 692 shares at an average stock price of $429,493 per share,as of June 30, 1999, $1 par value. w)Operating expenses -- operation -- other 10,343 Accrued taxes 4,137 Accounts payable to affiliate companies 10,343 Federal and state income taxes 4,137 To record debt retirement cost and related tax effect. x)Regulatory assets -- other 10,343 Federal and state income taxes 4,137 Operating expenses -- operation -- other 10,343 Accumulated deferred income taxes 4,137 To record deferral of debt retirement cost per entry W above. y)Fuel, purchased and net interchange power 10,000 Accrued taxes 4,000 Regulatory liability (netted with regulatory assets -- other) 10,000 Federal and state income taxes 4,000 To transfer wholesale power contract to an affiliate and related tax effect. z)Accumulated provision for depreciation 43,038 Accrued taxes 30,887 Operating expenses -- operation -- other 77,218 Utility plant -- electric 118,178 Nuclear fuel, net 2,078 Federal and state income taxes 30,887 To transfer nuclear fuel to Millstone 3 at zero market value and record associated loss. aa) Regulatory assets -- other 77,218 Federal and state income taxes 30,887 Operating expenses -- operation -- other 77,218 Accumulated deferred income taxes 30,887 To record deferral of loss per entry Z above.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.1a PRO FORMA BALANCE SHEET--ASSETS AS OF JUNE 30, 1999 Unaudited
PRO FORMA PRO GIVING FORMA EFFECT TO PER BOOK ADJ ADJ ASSETS: Utility Plant, at original cost: Electric $ 1,224,425 $ (99,420)[1]$ 1,125,005 Less: Accumulated provision for depreciation 533,991 (41,821)[1] 492,170 ---------- ---------- ---------- 690,434 (57,599) 632,835 Construction work in progress 22,258 22,258 Nuclear fuel, net 23,436 23,436 ---------- ---------- ---------- Total net utility plant 736,128 (57,599) 678,529 ---------- ---------- ---------- Other Property and Investments: Nuclear decommissioning trusts, at market 136,935 136,935 Investments in regional nuclear generating companies, at equity 15,836 15,836 Other, at cost 7,533 7,533 ---------- ---------- ---------- 160,304 0 160,304 ---------- ---------- ---------- Current Assets: Cash 434 11,873 [2] 12,307 Receivables, net 31,268 31,268 Accounts receivable from affiliated companies 9,849 9,849 Taxes receivable 11,826 2,870 [3] 14,696 Accrued utility revenues 16,378 16,378 Fuel, materials, and supplies, at average cost 4,908 (1,978)[1] 2,930 Recoverable energy costs, net--current portion 1,924 1,924 Prepayments and other 30,817 (3,993)[4] 26,824 ---------- ---------- ---------- 107,404 8,772 116,176 ---------- ---------- ---------- Deferred Charges: Regulatory assets: Income taxes, net 53,757 53,757 Millstone 1 125,414 125,414 Unrecovered contractual obligations 68,498 68,498 Recoverable energy costs 17,547 17,547 Standard service offer deferral 22,064 22,064 Other 43,138 23,867 [5] 67,005 Unamortized debt expense 2,185 3,445 [6] 5,630 Other 4,322 (4,089)[1] 233 ---------- ---------- ---------- 336,925 23,223 360,148 ---------- ---------- ---------- Total Assets $ 1,340,761 $ (25,604) $ 1,315,157 ========== ========== ==========
[1] See adjustments a, c. [2] See adjustments a, c, d, f, h, j, k, n. [3] See adjustment o. [4] See adjustments a, h. [5] See adjustments e, i. [6] See adjustment l. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.1b PRO FORMA BALANCE SHEET-- CAPITALIZATION AND LIABILITIES AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO GIVING FORMA EFFECT TO PER BOOK ADJ ADJ CAPITALIZATION AND LIABILITIES Capitalization: Common stock $ 26,812 $ (19,598)[1]$ 7,214 Capital surplus, paid in 171,561 (125,402)[1] 46,159 Retained earnings 46,763 (7,130) 39,633 Accumulated other comprehensive income 160 160 ---------- ---------- ---------- Total common stockholder's equity 245,296 (152,130) 93,166 Preferred stock not subject to mandatory redemption 20,000 (20,000)[2] 0 Preferred stock subject to mandatory redemption 16,500 (16,500)[2] 0 Long-term debt 290,025 (255,000)[2] 35,025 ---------- ---------- ---------- Total capitalization 571,821 (443,630) 128,191 ---------- ---------- ---------- Obligations Under Capital Leases 10,944 10,944 ---------- ---------- ---------- Rate reduction bond obligation 0 302,718 [3] 302,718 ---------- ---------- ---------- Current Liabilities: Notes payable to banks 78,000 (58,625)[2] 19,375 Notes payable to affiliated company 51,100 51,100 Long-term debt and preferred stock-- current portion 61,500 (1,500)[2] 60,000 Obligations under capital leases -- current portion 21,848 21,848 Accounts payable 18,103 18,103 Accounts payable to affiliated companies 5,975 5,975 Accrued taxes 934 (934)[4] 0 Accrued interest 7,790 11,883 [5] 19,673 Other 12,624 12,624 ---------- ---------- ---------- 257,874 (49,176) 208,698 ---------- ---------- ---------- Deferred Credits and Other Long-Term Liabilities Accumulated deferred income taxes 255,540 (949)[6] 254,591 Accumulated deferred investment tax credits 21,160 21,160 Decommissioning obligation -- Millstone 1 131,500 131,500 Deferred contractual obligations 68,498 68,498 Other 23,424 165,433 [7] 188,857 ---------- ---------- ---------- 500,122 164,484 664,606 ---------- ---------- ---------- Total Capitalization and Liabilities $ 1,340,761 $ (25,604) $ 1,315,157 ========== ========== ==========
[1] See adjustment n. [2] See adjustment j. [3] See adjustment f. [4] See adjustments a, d, g, h, k, m, o. [5] See adjustments g, m. [6] See adjustments b, e, i, l. [7] See adjustments a, b, c. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO GIVING FORMA EFFECT TO PER BOOK ADJ ADJ Operating Revenues $ 401,999 $ 0 [1]$ 401,999 ---------- ---------- ---------- Operating Expenses: Operation -- Fuel, purchased and net interchange power 107,942 0 [2] 107,942 Other 134,534 0 [3] 134,534 Maintenance 56,260 56,260 Depreciation 39,470 39,470 Amortization of regulatory assets, net 8,395 8,395 Federal and state income taxes 8,675 0 [4] 8,675 Taxes other than income taxes 20,304 20,304 ---------- ---------- ---------- Total operating expenses 375,580 0 375,580 ---------- ---------- ---------- Operating Income 26,419 0 26,419 ---------- ---------- ---------- Other Income: Equity in earnings of regional nuclear generating companies and subsidiary company 1,101 1,101 Other, net (2,704) (2,704) Income taxes 2,819 4,753 [5] 7,572 ---------- ---------- ---------- Other income, net 1,216 4,753 5,969 ---------- ---------- ---------- Income before interest charges 27,635 4,753 32,388 ---------- ---------- ---------- Interest Charges: Interest on long-term debt 26,734 11,883 [5] 38,617 Other interest 2,074 2,074 ---------- ---------- ---------- Interest charges, net 28,808 11,883 40,691 ---------- ---------- ---------- Net (Loss) / Income $ (1,173)$ (7,130) $ (8,303) ========== ========== ==========
[1] See adjustments a, b. [2] See adjustments d, e. [3] See adjustments h, i, k, l. [4] See adjustments a, b, d, e, h, i, k, l. [5] See adjustments g, m. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO GIVING FORMA EFFECT TO PER BOOK ADJ ADJ Balance at beginning of period $ 57,724 $ 0 $ 57,724 Net (loss) / income (1,173) (7,130) (8,303) Common dividends 0 0 0 Cash dividends on preferred stock (2,969) 0 (2,969) ESOP contribution (6,819) 0 (6,819) ---------- ---------- ---------- Balance at end of period $ 46,763 $ (7,130) $ 39,633 ========== ========== ==========
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2c PRO FORMA CAPITAL STRUCTURE AS OF JUNE 30, 1999 Unaudited (Thousands of Dollars)
PRO FORMA PRO GIVING FORMA EFFECT TO PER BOOK ADJ ADJ Long-term debt* $ 290,025 $ (255,000)[1]$ 35,025 Preferred stock not subject to mandatory redemption 20,000 (20,000)[1] 0 Preferred stock subject to mandatory redemption 16,500 (16,500)[1] 0 Common stock equity 245,296 (152,130) 93,166 ---------- ---------- ---------- Total capitalization $ 571,821 $ (443,630) $ 128,191 ========== ========== ==========
*Does not include current portion [1] See adjustment j. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (THOUSANDS OF DOLLARS)
Debit Credit a)Cash 49,409 Accumulated depreciation 6,081 Federal and state income taxes 11,874 Utility plant - electric 20,271 Fuel, materials & supplies 1,520 Prepayments and other 5,400 Other deferred charges 2,376 Other deferred credits 2,500 Operating revenues 23,423 Accrued taxes 11,874 To record the sale of 290 MW to Consolidated Edison and the related transaction expenses and tax effect. b)Operating revenues 23,423 Accumulated deferred income taxes 11,874 Other deferred credits 23,423 Federal and state income taxes 11,874 To record deferral of gain and deferral of related taxes. c)Cash 185,090 Accumulated depreciation 35,740 Utility plant - electric 79,149 Fuel, materials & supplies 458 Other deferred charges 1,713 Other deferred credits 139,510 To record sale of 273 MW to Northeast Generation Company, an affiliate, and the related transaction expenses and tax effects. d)Fuel, purchased and net interchange power 20,000 Accrued taxes 8,000 Cash 20,000 Federal and state income taxes 8,000 To record the buydown of IPP contracts and related tax effect. e)Regulatory assets, other 20,000 Federal and state income taxes 8,000 Fuel, purchased and net interchange power 20,000 Accumulated deferred income taxes 8,000 To record the deferral of IPP contracts costs and the associated tax effect. f)Cash 302,718 Rate reduction bonds obligation 302,718 To record the issuance of rate reduction bonds. g)Interest expense 20,433 Accrued taxes 8,173 Accrued interest 20,433 Income taxes 8,173 To record interest expense on rate reduction bonds and related taxes. h)Operating expense -- operation -- other 3,867 Prepayments and other 1,407 Accrued taxes 1,547 Cash 5,274 Federal and state income taxes 1,547 To record issuance expenses associated with securitization and related tax effect. i)Regulatory assets, other 3,867 Federal and state income taxes 1,547 Operating expense -- operation -- other 3,867 Accumulated deferred income taxes 1,547 To record the deferral of RRB issuance costs and the associated tax effect. j)Notes payable to bank 58,625 Long-term debt 255,000 Preferred stock subject to mandatory redemption 16,500 Preferred stock not subject to mandatory redemption 20,000 Long-term debt and preferred stock-current portion 1,500 Cash 351,625 To record the use of sale proceeds and securitization proceeds to retire short-term and long-term debt, retire preferred stock. k)Operating expense -- operation -- other 3,445 Accrued taxes 1,378 Cash 3,445 Federal and state income taxes 1,378 To record the associated costs and premiums of retiring debt. l)Unamortized debt expense 3,445 Federal and state income taxes 1,378 Operating expense -- operation -- other 3,445 Accumulated deferred income taxes 1,378 To record deferral of debt retirement costs and related tax effects. m)Accrued interest 8,550 Income taxes 3,420 Interest expense 8,550 Accrued taxes 3,420 To record decrease in interest costs associated with debt repurchase and the related increase in taxes. n)Common stock 19,598 Capital surplus 125,402 Cash 145,000 To record repurchase 783,910 of Common Stock at an average share price as of June 30, 1999 of $184.97, par $25. o)Taxes receivable 2,870 Accrued taxes 2,870 To reclasss debit balance in Accrued Taxes to Taxes receivable.
NORTH ATLANTIC ENERGY CORPORATION 6.1a PRO FORMA BALANCE SHEET--ASSETS AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA PRO GIVING FORMA EFFECT PER BOOK ADJ TO ADJ ---------- ---------- ---------- Utility Plant, at original cost: Electric $ 735,103 $ (45,158)[1] $ 689,945 Less: Accumulated provision for depreciation 174,103 504,877 [1] 678,980 ---------- ---------- ---------- 561,000 (550,035) 10,965 Construction work in progress 10,172 10,172 Nuclear fuel, net 26,062 26,062 ---------- ---------- ---------- Total net utility plant 597,234 (550,035) 47,199 ---------- ---------- ---------- Other Property and Investments: Nuclear decommissioning trusts, at market 40,533 40,533 ---------- ---------- ---------- 40,533 0 40,533 ---------- ---------- ---------- Current Assets: Cash 0 24,320 [2] 24,320 Special deposits 3,230 3,230 Notes receivable from affiliated companies 8,900 8,900 Receivables from affiliated companies 26,231 10,343 [3] 36,574 Materials and supplies, at average cost 12,268 12,268 Prepayments and other 1,725 1,725 ---------- ---------- ---------- 52,354 34,663 87,017 ---------- ---------- ---------- Deferred Charges: Regulatory assets: Deferred costs--Seabrook 118,651 (118,651)[1] 0 Income taxes, net 36,509 (24,855)[1] 11,654 Recoverable energy costs 1,771 1,771 Unamortized loss on reacquired debt 7,575 7,575 Unamortized debt expense 2,261 2,261 ---------- ---------- ---------- 166,767 (143,506) 23,261 ---------- ---------- ---------- Total Assets $ 856,888 $ (658,878) $ 198,010 ========== ========== ==========
[1] See adjustment b. [2] See adjustment a,c,d,f,g, and h. [3] See adjustment e. NORTH ATLANTIC ENERGY CORPORATION 6.1b PRO FORMA BALANCE SHEET--CAPITALIZATION AND LIABILITIES AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO FORMA PRO GIVING FORMA EFFECT PER BOOK ADJ TO ADJ --------- --------- ------------ Capitalization: Common stock $ 1 $ (1)[4] $ 0 Capital surplus, paid in 160,999 (160,838)[4] 161 Retained earnings 25,900 0 25,900 ------------ ------------ ------------ Total common stockholder's equity 186,900 (160,839) 26,061 Long-term debt 335,000 (262,000)[5] 73,000 ------------ ------------ ------------ Total capitalization 521,900 (422,839) 99,061 ------------ ------------ ------------ Current Liabilities: Long-term debt--current portion 70,000 70,000 Accounts payable 9,280 (8,250)[6] 1,030 Accounts payable to affiliated companies 1,032 1,032 Accrued interest 2,481 (2,481)[7] 0 Accrued taxes 3,686 0 [8] 3,686 Other 438 438 ------------ ------------ ------------ 86,917 (10,731) 76,186 ------------ ------------ ------------ Deferred Credits and Other Long-Term Liabilities: Accumulated deferred income taxes 207,452 (207,452)[9] 0 Deferred obligation to affiliated company 17,856 (17,856)[10] 0 Other 22,763 22,763 ------------ ------------ ------------ 248,071 (225,308) 22,763 ------------ ------------ ------------ Total Capitalization and Liabilities $ 856,888 $ (658,878) $ 198,010 ============ ============ ============
[4] See adjustment a. [5] See adjustment c. [6] See adjustment h. [7] See adjustment d and h. [8] See adjustment d and e. [9] See adjustment b and h. [10] See adjustment f. NORTH ATLANTIC ENERGY CORPORATION 6.2a PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO PRO FORMA FORMA GIVING ADJ EFFECT PER BOOK BUYDOWN TO ADJ --------- --------- ------------ Operating Revenues: $ 286,380 $ 674,520 [10]$ 960,900 --------- --------- --------- Operating Expenses: Operation-- Fuel 14,042 14,042 Other 40,226 0 [11] 40,226 Maintenance 21,417 21,417 Depreciation 26,629 504,877 [12] 531,506 Amortization of regulatory assets, net 85,476 188,664 [12] 274,140 Federal and state income taxes 35,512 11,745 [13] 47,257 Taxes other than income taxes 11,256 11,256 --------- --------- --------- Total operating expenses 234,558 705,286 939,844 --------- --------- --------- Operating Income / (Loss) 51,822 (30,766) 21,056 --------- --------- --------- Other Income / (Loss): Deferred Seabrook return--other funds 5,588 5,588 Other, net (7,536) (7,536) Income taxes 14,723 11,745 [14] 26,468 --------- --------- --------- Other income, net 12,775 11,745 24,520 --------- --------- --------- Income / (loss) before interest charges 64,597 (19,021) 45,576 --------- --------- --------- Interest charges: Interest on long-term debt 48,759 (19,021)[14] 29,738 Other interest (777) (777) Deferred Seabrook return--borrowed funds (10,371) (10,371) --------- --------- --------- Interest charges, net 37,611 (19,021) 18,590 --------- --------- --------- Net Income $ 26,986 $ 0 $ 26,986 ========= ========= =========
[10] See adjustments a and d. [11] See adjustments d and e. [12] See adjustment b. [13] See adjustments a, b, d and e. [14] See adjustment d. NORTH ATLANTIC ENERGY CORPORATION 6.2b PRO FORMA STATEMENT OF RETAINED EARNINGS AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO PRO FORMA FORMA GIVING ADJ. EFFECT PER BOOK BUYDOWN TO ADJ. --------- --------- ---------- Balance at beginning of period $ 48,914 $ 0 $ 48,914 Net income 26,986 0 26,986 Cash dividends (50,000) 0 (50,000) ESOP Contribution 0 0 0 --------- --------- --------- Balance at end of period $ 25,900 $ 0 $ 25,900 ========= ========= =========
NORTH ATLANTIC ENERGY CORPORATION 6.2c PRO FORMA CAPITAL STRUCTURE AS OF JUNE 30, 1999 UNAUDITED (THOUSANDS OF DOLLARS)
PRO PRO FORMA FORMA GIVING ADJ. EFFECT PER BOOK BUYDOWN TO ADJ. -------- -------- --------- Long-term debt* $ 335,000 $ (262,000)[15]$ 73,000 Common stock equity 186,900 (160,839) 26,061 --------- --------- --------- $ 521,900 $ (422,839) $ 99,061 ========= ========= =========
[15] See adjustment c. *Does not include current portion North Atlantic Energy Corporation 6.2d Pro Forma Adjustments to Financial Statements (Thousands of Dollars)
Debit Credit a) Cash 416,125 Federal and state income taxes 277,416 Operating revenues 693,541 To record buydown of Seabrook Power Contract by PSNH and related tax effects. b) Depreciation 504,877 Amortization of regulatory assets, net 188,664 Accumulated deferred income taxes 277,416 Accumulated provision for depreciation 504,877 Investment in utility plant 45,158 Regulatory assets, deferred costs -- Seabrook 118,651 Regulatory assets, income taxes, net 24,855 Federal and state income taxes 277,416 To record depreciation and amortization related to entry A above, including deferred return in utility plant. Accumulated provision for depreciation includes $40,544 reserve for nuclear decommissioning costs. c) Long-term debt 262,000 Cash 262,000 To retire long-term debt with proceeds from Seabrook Contract Buydown. d) Operating revenues 19,021 Operating expenses -- operation -- other 10,343 Accrued taxes 4,137 Accrued interest 19,021 Federal and state income taxes 7,608 Cash 29,364 Income taxes 11,745 Interest on long-term debt 19,021 To record debt retirement cost, the decrease in interest cost and operating revenues as a result of retiring long-term debt and the related tax effects. e) Receivables from affiliated companies 10,343 Federal and state income taxes 4,137 Operating expenses -- operation -- other 10,343 Accrued taxes 4,137 To record deferral of debt retirement costs and related tax effects. f) Deferred obligation to affiliated company 17,856 Cash 17,856 To record repayment of affiliated company liability to PSNH. g) Common stock 1 Capital surplus, paid in 160,838 Cash 160,839 To record repurchase of 999 shares of common stock, $1 par at an average price of $161,000. h) Cash 78,254 Accounts payable 8,250 Accrued interest 16,540 Accumulated deferred income taxes 69,964 To record reclassification of cash overdraft.
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