Attached files
| file | filename |
|---|---|
| 8-K - FOURTH QUARTER EARNINGS RELEASE - CONNECTICUT LIGHT & POWER CO | f8k4qearnings2011e.htm |
| EX-99 - PRESS RELEASE - CONNECTICUT LIGHT & POWER CO | revisedfinalfourthquarter201.htm |
NORTHEAST UTILITIES AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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| As of December 31, | |||
(Thousands of Dollars) |
| 2010 |
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| 2009 |
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ASSETS |
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Current Assets: |
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Cash and Cash Equivalents | $ | 23,395 |
| $ | 26,952 |
Receivables, Net |
| 523,644 |
|
| 512,770 |
Unbilled Revenues |
| 208,834 |
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| 229,326 |
Taxes Receivable |
| 89,638 |
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| 27,600 |
Fuel, Materials and Supplies |
| 244,043 |
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| 277,085 |
Marketable Securities |
| 78,306 |
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| 66,236 |
Derivative Assets |
| 17,287 |
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| 31,785 |
Prepayments and Other Current Assets |
| 132,595 |
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| 96,100 |
Total Current Assets |
| 1,317,742 |
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| 1,267,854 |
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Property, Plant and Equipment, Net |
| 9,567,726 |
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| 8,839,965 |
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Deferred Debits and Other Assets: |
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Regulatory Assets |
| 2,995,279 |
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| 3,244,931 |
Goodwill |
| 287,591 |
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| 287,591 |
Marketable Securities |
| 51,201 |
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| 54,905 |
Derivative Assets |
| 123,242 |
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| 189,751 |
Other Long-Term Assets |
| 179,261 |
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| 172,682 |
Total Deferred Debits and Other Assets |
| 3,636,574 |
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| 3,949,860 |
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Total Assets | $ | 14,522,042 |
| $ | 14,057,679 |
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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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CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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| As of December 31, | |||
(Thousands of Dollars) |
| 2010 |
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| 2009 |
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LIABILITIES AND CAPITALIZATION |
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Current Liabilities: |
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Notes Payable to Banks | $ | 267,000 |
| $ | 100,313 |
Long-Term Debt - Current Portion |
| 66,286 |
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| 66,286 |
Accounts Payable |
| 417,285 |
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| 457,582 |
Obligations to Third Party Suppliers |
| 74,659 |
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| 44,978 |
Accrued Taxes |
| 107,067 |
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| 50,246 |
Accrued Interest |
| 74,740 |
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| 83,763 |
Derivative Liabilities |
| 71,501 |
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| 37,617 |
Other Current Liabilities |
| 159,537 |
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| 138,627 |
Total Current Liabilities |
| 1,238,075 |
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| 979,412 |
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Rate Reduction Bonds |
| 181,572 |
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| 442,436 |
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Deferred Credits and Other Liabilities: |
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Accumulated Deferred Income Taxes |
| 1,693,860 |
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| 1,380,143 |
Regulatory Liabilities |
| 439,058 |
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| 485,706 |
Derivative Liabilities |
| 909,668 |
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| 955,646 |
Accrued Pension |
| 802,195 |
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| 781,431 |
Other Long-Term Liabilities |
| 695,915 |
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| 845,868 |
Total Deferred Credits and Other Liabilities |
| 4,540,696 |
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| 4,448,794 |
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Capitalization: |
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Long-Term Debt |
| 4,632,866 |
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| 4,492,935 |
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Noncontrolling Interest in Consolidated Subsidiary: |
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Preferred Stock Not Subject to Mandatory Redemption |
| 116,200 |
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| 116,200 |
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Equity: |
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Common Shareholders' Equity: |
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Common Shares |
| 978,909 |
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| 977,276 |
Capital Surplus, Paid In |
| 1,777,592 |
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| 1,762,097 |
Deferred Contribution Plan |
| - |
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| (2,944) |
Retained Earnings |
| 1,452,777 |
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| 1,246,543 |
Accumulated Other Comprehensive Loss |
| (43,370) |
|
| (43,467) |
Treasury Stock |
| (354,732) |
|
| (361,603) |
Common Shareholders' Equity |
| 3,811,176 |
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| 3,577,902 |
Noncontrolling Interest |
| 1,457 |
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| - |
Total Equity |
| 3,812,633 |
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| 3,577,902 |
Total Capitalization |
| 8,561,699 |
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| 8,187,037 |
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Total Liabilities and Capitalization | $ | 14,522,042 |
| $ | 14,057,679 |
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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CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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| For the Three Months Ended December 31, | ||||
(Thousands of Dollars, Except Share Information) |
| 2010 |
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| 2009 |
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Operating Revenues | $ | 1,203,985 |
| $ | 1,315,343 |
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Operating Expenses: |
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Fuel, Purchased and Net Interchange Power |
| 445,931 |
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| 595,468 |
Other Operating Expenses |
| 270,008 |
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| 268,628 |
Maintenance |
| 47,878 |
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| 67,361 |
Depreciation |
| 72,052 |
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| 77,793 |
Amortization of Regulatory Assets/(Liabilities), Net |
| 44,685 |
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| (5,879) |
Amortization of Rate Reduction Bonds |
| 57,870 |
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| 54,070 |
Taxes Other Than Income Taxes |
| 70,311 |
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| 65,548 |
Total Operating Expenses |
| 1,008,735 |
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| 1,122,989 |
Operating Income |
| 195,250 |
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| 192,354 |
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Interest Expense: |
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Interest on Long-Term Debt |
| 57,496 |
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| 56,521 |
Interest on Rate Reduction Bonds |
| 3,589 |
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| 7,635 |
Other Interest |
| (24,151) |
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| 3,911 |
Interest Expense |
| 36,934 |
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| 68,067 |
Other Income, Net |
| 22,190 |
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| 11,720 |
Income Before Income Tax Expense |
| 180,506 |
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| 136,007 |
Income Tax Expense |
| 49,282 |
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| 49,900 |
Net Income |
| 131,224 |
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| 86,107 |
Net Income Attributable to Noncontrolling Interests |
| 1,955 |
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| 1,390 |
Net Income Attributable to Controlling Interests | $ | 129,269 |
| $ | 84,717 |
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Basic Earnings Per Common Share | $ | 0.73 |
| $ | 0.48 |
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Diluted Earnings Per Common Share | $ | 0.73 |
| $ | 0.48 |
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Dividends Declared Per Common Share | $ | 0.26 |
| $ | 0.24 |
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Weighted Average Common Shares Outstanding: |
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Basic |
| 176,870,678 |
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| 175,979,567 |
Diluted |
| 177,255,261 |
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| 176,270,244 |
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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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CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited) |
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| For the Years Ended December 31, | ||||||
(Thousands of Dollars, Except Share Information) |
| 2010 |
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| 2009 |
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| 2008 |
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Operating Revenues | $ | 4,898,167 |
| $ | 5,439,430 |
| $ | 5,800,095 |
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Operating Expenses: |
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Fuel, Purchased and Net Interchange Power |
| 1,985,634 |
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| 2,629,619 |
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| 2,996,180 |
Other Operating Expenses |
| 958,417 |
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| 1,001,190 |
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| 1,021,704 |
Maintenance |
| 210,283 |
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| 234,173 |
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| 254,038 |
Depreciation |
| 300,737 |
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| 309,618 |
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| 278,588 |
Amortization of Regulatory Assets, Net |
| 95,593 |
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| 13,315 |
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| 186,396 |
Amortization of Rate Reduction Bonds |
| 232,871 |
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| 217,941 |
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| 204,859 |
Taxes Other Than Income Taxes |
| 314,741 |
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| 282,199 |
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| 267,565 |
Total Operating Expenses |
| 4,098,276 |
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| 4,688,055 |
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| 5,209,330 |
Operating Income |
| 799,891 |
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| 751,375 |
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| 590,765 |
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Interest Expense: |
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Interest on Long-Term Debt |
| 231,089 |
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| 224,712 |
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| 193,883 |
Interest on Rate Reduction Bonds |
| 20,573 |
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| 36,524 |
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| 50,231 |
Other Interest |
| (14,371) |
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| 12,401 |
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| 25,031 |
Interest Expense |
| 237,291 |
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| 273,637 |
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| 269,145 |
Other Income, Net |
| 41,916 |
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| 37,801 |
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| 50,428 |
Income Before Income Tax Expense |
| 604,516 |
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| 515,539 |
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| 372,048 |
Income Tax Expense |
| 210,409 |
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| 179,947 |
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| 105,661 |
Net Income |
| 394,107 |
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| 335,592 |
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| 266,387 |
Net Income Attributable to Noncontrolling Interests |
| 6,158 |
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| 5,559 |
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| 5,559 |
Net Income Attributable to Controlling Interests | $ | 387,949 |
| $ | 330,033 |
| $ | 260,828 |
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Basic Earnings Per Common Share | $ | 2.20 |
| $ | 1.91 |
| $ | 1.68 |
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Diluted Earnings Per Common Share | $ | 2.19 |
| $ | 1.91 |
| $ | 1.67 |
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Weighted Average Common Shares Outstanding: |
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Basic |
| 176,636,086 |
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| 172,567,928 |
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| 155,531,846 |
Diluted |
| 176,885,387 |
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| 172,717,246 |
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| 155,999,240 |
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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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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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| For the Years Ended December 31, | ||||||
(Thousands of Dollars) |
| 2010 |
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| 2009 |
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| 2008 |
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Operating Activities: |
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Net Income | $ | 394,107 |
| $ | 335,592 |
| $ | 266,387 |
Adjustments to Reconcile Net Income to Net Cash Flows |
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Provided by Operating Activities: |
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Bad Debt Expense |
| 31,352 |
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| 53,947 |
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| 28,573 |
Depreciation |
| 300,737 |
|
| 309,618 |
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| 278,588 |
Deferred Income Taxes |
| 210,939 |
|
| 125,890 |
|
| 86,810 |
Pension and PBOP Expense, Net of PBOP Contributions |
| 58,228 |
|
| 21,572 |
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| (3,839) |
Pension Contribution |
| (45,000) |
|
| - |
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| - |
Regulatory Overrecoveries/(Underrecoveries), Net |
| 20,750 |
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| 37,868 |
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| (185,252) |
Amortization of Regulatory Assets, Net |
| 95,593 |
|
| 13,315 |
|
| 186,396 |
Amortization of Rate Reduction Bonds |
| 232,871 |
|
| 217,941 |
|
| 204,859 |
Derivative Assets and Liabilities |
| (11,812) |
|
| (18,798) |
|
| (37,052) |
Other |
| (72,151) |
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| (26,003) |
|
| (51,787) |
Changes in Current Assets and Liabilities: |
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Receivables and Unbilled Revenues, Net |
| (51,285) |
|
| 91,081 |
|
| (141,879) |
Investments in Securitizable Assets |
| - |
|
| - |
|
| (25,787) |
Fuel, Materials and Supplies |
| 38,126 |
|
| 25,957 |
|
| (74,531) |
Taxes Receivable/Accrued |
| (82,103) |
|
| 16,194 |
|
| 63,251 |
Accounts Payable |
| (44,355) |
|
| (208,180) |
|
| 72,791 |
Other Current Assets and Liabilities |
| 17,466 |
|
| (6,876) |
|
| (12,551) |
Net Cash Flows Provided by Operating Activities |
| 1,093,463 |
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| 989,118 |
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| 654,977 |
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Investing Activities: |
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Investments in Property, Plant and Equipment |
| (954,472) |
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| (908,146) |
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| (1,255,407) |
Proceeds from Sales of Marketable Securities |
| 174,865 |
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| 208,947 |
|
| 259,361 |
Purchases of Marketable Securities |
| (177,204) |
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| (211,243) |
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| (262,357) |
Other Investing Activities |
| (1,157) |
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| 7,963 |
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| 5,046 |
Net Cash Flows Used in Investing Activities |
| (957,968) |
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| (902,479) |
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| (1,253,357) |
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Financing Activities: |
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Issuance of Common Shares |
| - |
|
| 383,295 |
|
| - |
Cash Dividends on Common Shares |
| (180,542) |
|
| (162,381) |
|
| (129,077) |
Cash Dividends on Preferred Stock |
| (5,559) |
|
| (5,559) |
|
| (5,559) |
Increase/(Decrease) in Short-Term Debt |
| 166,687 |
|
| (518,584) |
|
| 539,897 |
Issuance of Long-Term Debt |
| 145,000 |
|
| 462,000 |
|
| 760,000 |
Retirements of Long-Term Debt |
| (4,286) |
|
| (54,286) |
|
| (261,286) |
Retirements of Rate Reduction Bonds |
| (260,864) |
|
| (244,075) |
|
| (230,925) |
Other Financing Activities |
| 512 |
|
| (9,913) |
|
| 42 |
Net Cash Flows (Used In)/Provided by Financing Activities |
| (139,052) |
|
| (149,503) |
|
| 673,092 |
Net (Decrease)/Increase in Cash and Cash Equivalents |
| (3,557) |
|
| (62,864) |
|
| 74,712 |
Cash and Cash Equivalents - Beginning of Year |
| 26,952 |
|
| 89,816 |
|
| 15,104 |
Cash and Cash Equivalents - End of Year | $ | 23,395 |
| $ | 26,952 |
| $ | 89,816 |
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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. | ||||||||