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Northeast Utilities 10-Q 2012
Converted by EDGARwiz


________________________________________________________________________________

[march2012form10qedgar002.gif]


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q


[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the Quarterly Period Ended March 31, 2012 

 

OR     

[  ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE     
SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the transition period from ____________ to ____________


Commission
File Number

Registrant; State of Incorporation;
Address; and Telephone Number

I.R.S. Employer
Identification No.

 

 

 

1-5324

NORTHEAST UTILITIES
(a Massachusetts voluntary association)
One Federal Street
Building 111-4
Springfield, Massachusetts 01105
Telephone:  (413) 785-5871

04-2147929

 

 

 

0-00404

THE CONNECTICUT LIGHT AND POWER COMPANY
(a Connecticut corporation)
107 Selden Street
Berlin, Connecticut 06037-1616
Telephone:  (860) 665-5000

06-0303850

 

 

 

1-6392

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
(a New Hampshire corporation)
Energy Park
780 North Commercial Street
Manchester, New Hampshire 03101-1134
Telephone:  (603) 669-4000

02-0181050

 

 

 

0-7624

WESTERN MASSACHUSETTS ELECTRIC COMPANY
(a Massachusetts corporation)
One Federal Street
Building 111-4
Springfield, Massachusetts 01105
Telephone:  (413) 785-5871

04-1961130

______________________________________________________________________




























Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.


 

Yes

No

 

 

 

 

ü

 


Indicate by check mark whether the registrants have submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).


 

Yes

No

 

 

 

 

ü

 


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.  (Check one):


 

Large
Accelerated Filer

 

Accelerated
Filer

 

Non-accelerated
Filer

 

 

 

 

 

 

Northeast Utilities

ü

 

 

 

 

The Connecticut Light and Power Company

 

 

 

 

ü

Public Service Company of New Hampshire

 

 

 

 

ü

Western Massachusetts Electric Company

 

 

 

 

ü


Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):


 

Yes

No

 

 

 

Northeast Utilities

 

ü

The Connecticut Light and Power Company

 

ü

Public Service Company of New Hampshire

 

ü

Western Massachusetts Electric Company

 

ü


Indicate the number of shares outstanding of each of the issuers' classes of common stock, as of the latest practicable date:


Company - Class of Stock

Outstanding as of April 30, 2012

Northeast Utilities
Common shares, $5.00 par value

313,604,078 shares

 

 

The Connecticut Light and Power Company
Common stock, $10.00 par value

6,035,205 shares

 

 

Public Service Company of New Hampshire
Common stock, $1.00 par value

301 shares

 

 

Western Massachusetts Electric Company
Common stock, $25.00 par value

434,653 shares

 

 


Northeast Utilities holds all of the 6,035,205 shares, 301 shares, and 434,653 shares of the outstanding common stock of The Connecticut Light and Power Company, Public Service Company of New Hampshire and Western Massachusetts Electric Company, respectively.  


Public Service Company of New Hampshire and Western Massachusetts Electric Company each meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q, and each is therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) of Form 10-Q.



GLOSSARY OF TERMS

 

The following is a glossary of abbreviations or acronyms that are found in this report.  

 

 

CURRENT OR FORMER NU COMPANIES, SEGMENTS OR INVESTMENTS:

CL&P

The Connecticut Light and Power Company

HWP

HWP Company, formerly the Holyoke Water Power Company

NGS

Northeast Generation Services Company and subsidiaries

NSTAR LLC

NSTAR (Holding company)

NSTAR Electric

NSTAR Electric Company

NSTAR Gas

NSTAR Gas Company

NPT

Northern Pass Transmission LLC

NUTV

NU Transmission Ventures, Inc., the parent company of NPT and Renewable Properties, Inc.

NU or the Company

Northeast Utilities and subsidiaries

NU Enterprises

NU Enterprises, Inc., the parent company of Select Energy, NGS, NGS Mechanical, Select Energy Contracting, Inc. and E.S. Boulos Company

NUSCO

Northeast Utilities Service Company

NU parent and other companies

NU parent and other companies is comprised of NU parent, NUSCO and other subsidiaries, including HWP, RRR (a real estate subsidiary), and the non-energy-related subsidiaries of Yankee (Yankee Energy Services Company, and Yankee Energy Financial Services Company)

PSNH

Public Service Company of New Hampshire

Regulated companies

NU's Regulated companies, comprised of the electric distribution and transmission segments of CL&P, PSNH and WMECO, the generation activities of PSNH and WMECO, Yankee Gas, a natural gas local distribution company, and NPT

RRR

The Rocky River Realty Company

Select Energy

Select Energy, Inc.

WMECO

Western Massachusetts Electric Company

Yankee

Yankee Energy System, Inc.

Yankee Gas

Yankee Gas Services Company

 

 

REGULATORS:

 

DEEP

Connecticut Department of Energy and Environmental Protection

DOE

U.S. Department of Energy

DPU

Massachusetts Department of Public Utilities

EPA

U.S. Environmental Protection Agency

FERC

Federal Energy Regulatory Commission

MA DEP 

Massachusetts Department of Environmental Protection 

NHPUC

New Hampshire Public Utilities Commission

PURA

Connecticut Public Utilities Regulatory Authority

SEC

Securities and Exchange Commission

 

 

OTHER: 

 

2011 Form 10-K

The Northeast Utilities and Subsidiaries 2011 combined Annual Report on Form 10-K as filed with the SEC

AOCI

Accumulated Other Comprehensive Income/(Loss)

AFUDC 

Allowance For Funds Used During Construction 

C&LM 

Conservation and Load Management 

CfD

Contract for Differences

Clean Air Project

The construction of a wet flue gas desulphurization system, known as “scrubber technology,” to reduce mercury emissions of the Merrimack coal-fired generation station in Bow, New Hampshire

CTA 

Competitive Transition Assessment 

CWIP

Construction work in progress

DOER

Massachusetts Department of Energy Resources

EPS 

Earnings Per Share 

ERISA

Employee Retirement Income Security Act of 1974

ES 

Default Energy Service 

Fitch

Fitch Ratings

FMCC 

Federally Mandated Congestion Charge 

FTR 

Financial Transmission Rights 

GAAP 

Accounting principles generally accepted in the United States of America 

GSC 

Generation Service Charge 

GSRP

Greater Springfield Reliability Project

GWh 

Giga-watt Hours 

HG&E 

Holyoke Gas and Electric, a municipal department of the town of Holyoke, MA



i






HQ

Hydro-Québec, a corporation wholly owned by the Québec government, including its divisions that produce, transmit and distribute electricity in Québec, Canada

HVDC

High voltage direct current

Hydro Renewable Energy

Hydro Renewable Energy, Inc., a wholly owned subsidiary of Hydro-Québec

ISO-NE 

ISO New England, Inc., the New England Independent System Operator  

ISO-NE Tariff

ISO-NE FERC Transmission, Markets and Services Tariff

KV 

Kilovolt 

LOC 

Letter of Credit 

LRS

Supplier of last resort service

MGP 

Manufactured Gas Plant 

Moody's

Moody's Investors Services, Inc.

MW 

Megawatt 

MWh 

Megawatt-Hours 

NEEWS 

New England East-West Solution

Northern Pass

The high voltage direct current transmission line project from Canada into New Hampshire

NPDES

National Pollutant Discharge Elimination System

NU Money Pool

Northeast Utilities Money Pool

NU supplemental benefit trust 

The NU Trust Under Supplemental Executive Retirement Plan 

PBOP 

Postretirement Benefits Other Than Pension 

PBOP Plan

Postretirement Benefits Other Than Pension Plan that provides certain retiree health care benefits, primarily medical and dental, and life insurance benefits

PCRBs 

Pollution Control Revenue Bonds 

Pension Plan

Single uniform noncontributory defined benefit retirement plan

PPA

Pension Protection Act

RECs

Renewable Energy Certificates

Regulatory ROE 

The average cost of capital method for calculating the return on equity related to the distribution and generation business segment excluding the wholesale transmission segment

ROE 

Return on Equity 

RRB 

Rate Reduction Bond or Rate Reduction Certificate

RSUs 

Restricted share units 

S&P

Standard & Poor's Financial Services LLC

SBC 

Systems Benefits Charge 

SCRC

Stranded Cost Recovery Charge

SERP 

Supplemental Executive Retirement Plan 

SS

Standard service

TCAM 

Transmission Cost Adjustment Mechanism 

TSA

Transmission Service Agreement

UI 

The United Illuminating Company 

Yankee Companies

Connecticut Yankee Atomic Power Company, Yankee Atomic Electric Company and Maine Yankee Atomic Power Company




ii



`NORTHEAST UTILITIES AND SUBSIDIARIES
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY

TABLE OF CONTENTS



 

Page

 

 

PART I - FINANCIAL INFORMATION

 

 

ITEM 1 - Unaudited Condensed Consolidated Financial Statements for the Following Companies:

 

 

 

Northeast Utilities and Subsidiaries (Unaudited)

 

 

Condensed Consolidated Balance Sheets – March 31, 2012 and December 31, 2011

1

 

Condensed Consolidated Statements of Income – Three Months Ended March 31, 2012 and 2011

3

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2012 and 2011

4

 

Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2012 and 2011

5

 

The Connecticut Light and Power Company and Subsidiary (Unaudited)

 

 

Condensed Consolidated Balance Sheets – March 31, 2012 and December 31, 2011

7

 

Condensed Consolidated Statements of Income – Three Months Ended March 31, 2012 and 2011

9

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2012 and 2011

10

 

 

Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2012 and 2011

11

 

Public Service Company of New Hampshire and Subsidiaries (Unaudited)

 

 

Condensed Consolidated Balance Sheets – March 31, 2012 and December 31, 2011

13

 

Condensed Consolidated Statements of Income – Three Months Ended March 31, 2012 and 2011

15

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2012 and 2011

16

 

 

Condensed Consolidated Statements of Cash Flows  – Three Months Ended March 31, 2012 and 2011

17

 

Western Massachusetts Electric Company and Subsidiary (Unaudited)

 

 

Condensed Consolidated Balance Sheets – March 31, 2012 and December 31, 2011

19

 

Condensed Consolidated Statements of Income – Three Months Ended March 31, 2012 and 2011

21

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2012 and 2011

22

 

 

Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2012 and 2011

23

 

Combined Notes to Condensed Consolidated Financial Statements

24

 



iii




ITEM 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations for the following companies:

 

 

Northeast Utilities and Subsidiaries

44

 

 

The Connecticut Light and Power Company and Subsidiary

56

 

 

Public Service Company of New Hampshire and Subsidiaries

58

 

 

Western Massachusetts Electric Company and Subsidiary

60

 

 

ITEM 3 – Quantitative and Qualitative Disclosures About Market Risk

62

 

 

ITEM 4 – Controls and Procedures

62

 

 

PART II – OTHER INFORMATION

 

 

 

ITEM 1 – Legal Proceedings

63

 

 

ITEM 1A – Risk Factors

63

 

 

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds

63

 

 

ITEM 6 - Exhibits

64

 

 

SIGNATURES

67

 

 



iv



This Page Intentionally Left Blank




v




NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 283,379 

 

$

 6,559 

 

Receivables, Net

 

 485,770 

 

 

 488,002 

 

Unbilled Revenues

 

 135,887 

 

 

 175,207 

 

Fuel, Materials and Supplies

 

 219,091 

 

 

 248,958 

 

Regulatory Assets

 

 241,902 

 

 

 255,144 

 

Marketable Securities

 

 62,700 

 

 

 70,970 

 

Prepayments and Other Current Assets

 

 94,737 

 

 

 112,632 

Total Current Assets

 

 1,523,466 

 

 

 1,357,472 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 10,613,199 

 

 

 10,403,065 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 3,214,208 

 

 

 3,267,710 

 

Goodwill

 

 287,591 

 

 

 287,591 

 

Marketable Securities

 

 74,050 

 

 

 60,311 

 

Derivative Assets

 

 94,258 

 

 

 98,357 

 

Other Long-Term Assets

 

 171,582 

 

 

 172,560 

Total Deferred Debits and Other Assets

 

 3,841,689 

 

 

 3,886,529 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 15,978,354 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



























1




NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

  Notes Payable to Banks

$

 660,000 

 

$

 317,000 

  Long-Term Debt - Current Portion

 

 267,286 

 

 

 331,582 

  Accounts Payable

 

 412,884 

 

 

 633,282 

  Regulatory Liabilities

 

 149,755 

 

 

 167,844 

  Derivative Liabilities

 

 108,253 

 

 

 107,558 

  Other Current Liabilities

 

 369,503 

 

 

 390,416 

Total Current Liabilities

 

 1,967,681 

 

 

 1,947,682 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 94,357 

 

 

 112,260 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

 1,923,266 

 

 

 1,868,316 

  Regulatory Liabilities

 

 248,314 

 

 

 266,145 

  Derivative Liabilities

 

 924,308 

 

 

 959,876 

  Accrued Pension, SERP and PBOP

 

 1,241,433 

 

 

 1,326,037 

  Other Long-Term Liabilities

 

 414,004 

 

 

 420,011 

Total Deferred Credits and Other Liabilities

 

 4,751,325 

 

 

 4,840,385 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

 4,977,131 

 

 

 4,614,913 

 

 

 

 

 

 

 

 

   Noncontrolling Interest in Consolidated Subsidiary:

 

 

 

 

 

 

Preferred Stock Not Subject to Mandatory Redemption

 

 116,200 

 

 

 116,200 

 

 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

 981,592 

 

 

 980,264 

 

  Capital Surplus, Paid In

 

 1,801,752 

 

 

 1,797,884 

 

  Retained Earnings

 

 1,698,553 

 

 

 1,651,875 

 

  Accumulated Other Comprehensive Loss

 

 (68,822)

 

 

 (70,686)

 

  Treasury Stock

 

 (344,774)

 

 

 (346,667)

   Common Shareholders' Equity

 

 4,068,301 

 

 

 4,012,670 

   Noncontrolling Interests

 

 3,359 

 

 

 2,956 

  Total Equity

 

 4,071,660 

 

 

 4,015,626 

Total Capitalization

 

 9,164,991 

 

 

 8,746,739 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 15,978,354 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.




























2




NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars, Except Share Information)

2012 

 

2011 

 

 

 

 

Operating Revenues

$

 1,099,623 

 

$

 1,235,251 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

 398,013 

 

 

 474,109 

 

Other Operating Expenses

 

 225,958 

 

 

 251,978 

 

Maintenance

 

 69,826 

 

 

 67,764 

 

Depreciation

 

 80,839 

 

 

 73,951 

 

Amortization of Regulatory Assets, Net

 

 6,209 

 

 

 34,407 

 

Amortization of Rate Reduction Bonds

 

 18,347 

 

 

 17,282 

 

Taxes Other Than Income Taxes

 

 86,038 

 

 

 88,403 

 

 

Total Operating Expenses

 

 885,230 

 

 

 1,007,894 

Operating Income

 

 214,393 

 

 

 227,357 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest on Long-Term Debt

 

 59,968 

 

 

 57,399 

 

Interest on Rate Reduction Bonds

 

 1,431 

 

 

 2,578 

 

Other Interest

 

 5,048 

 

 

 (1,428)

 

 

Interest Expense

 

 66,447 

 

 

 58,549 

Other Income, Net

 

 8,773 

 

 

 10,313 

Income Before Income Tax Expense

 

 156,719 

 

 

 179,121 

Income Tax Expense

 

 55,964 

 

 

 63,537 

Net Income

 

 100,755 

 

 

 115,584 

Net Income Attributable to Noncontrolling Interests

 

 1,493 

 

 

 1,429 

Net Income Attributable to Controlling Interests

$

 99,262 

 

$

 114,155 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

 0.56 

 

$

 0.64 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.29 

 

$

 0.28 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

Basic

 

 178,055,716 

 

 

 177,188,207 

 

Diluted

 

 178,437,453 

 

 

 177,480,996 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.  



























3




NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011

 

 

 

 

 

 

 

 

 

Net Income

$

 100,755 

 

$

 115,584 

Other Comprehensive Income, Net of Tax:

 

 

 

 

 

 

Qualified Cash Flow Hedging Instruments

 

 423 

 

 

 1,173 

 

Changes in Unrealized Gains/(Losses) on Other Securities

 

 34 

 

 

 (5)

 

Change in Funded Status of Pension, SERP and PBOP Benefit Plans

 

 1,407 

 

 

 935 

Other Comprehensive Income, Net of Tax

 

 1,864 

 

 

 2,103 

Comprehensive Income Attributable to Noncontrolling Interests

 

 (1,493)

 

 

 (1,429)

Comprehensive Income Attributable to Controlling Interests

$

 101,126 

 

$

 116,258 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 



























4




NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 100,755 

 

$

 115,584 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 3,657 

 

 

 4,947 

 

 

 Depreciation

 

 80,839 

 

 

 73,951 

 

 

 Deferred Income Taxes

 

 52,474 

 

 

 52,429 

 

 

 Pension, SERP and PBOP Expense

 

 42,268 

 

 

 34,163 

 

 

 Pension and PBOP Contributions

 

 (98,910)

 

 

 (5,932)

 

 

 Regulatory (Under)/Over Recoveries, Net

 

 (28,352)

 

 

 44,420 

 

 

 Amortization of Regulatory Assets, Net

 

 6,209 

 

 

 34,407 

 

 

 Amortization of Rate Reduction Bonds

 

 18,347 

 

 

 17,282 

 

 

 Derivative Assets and Liabilities

 

 (1,770)

 

 

 (3,651)

 

 

 Other

 

 (7,371)

 

 

 (1,776)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 29,276 

 

 

 8,199 

 

 

 Fuel, Materials and Supplies

 

 30,108 

 

 

 42,990 

 

 

 Taxes Receivable/Accrued, Net

 

 11,758 

 

 

 18,312 

 

 

 Accounts Payable

 

 (190,232)

 

 

 (29,278)

 

 

 Other Current Assets and Liabilities, Net

 

 (40,240)

 

 

 (33,281)

Net Cash Flows Provided by Operating Activities

 

 8,816 

 

 

 372,766 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (304,294)

 

 

 (236,689)

 

Proceeds from Sales of Marketable Securities

 

 40,947 

 

 

 38,646 

 

Purchases of Marketable Securities

 

 (41,570)

 

 

 (39,230)

 

Other Investing Activities

 

 2,448 

 

 

 328 

Net Cash Flows Used in Investing Activities

 

 (302,469)

 

 

 (236,945)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (52,104)

 

 

 (48,588)

 

Cash Dividends on Preferred Stock

 

 (1,390)

 

 

 (1,390)

 

Increase/(Decrease) in Short-Term Debt

 

 343,000 

 

 

 (78,000)

 

Issuance of Long-Term Debt

 

 300,000 

 

 

 - 

 

Retirements of Rate Reduction Bonds

 

 (17,903)

 

 

 (16,868)

 

Other Financing Activities

 

 (1,130)

 

 

 989 

Net Cash Flows Provided by/(Used in) Financing Activities

 

 570,473 

 

 

 (143,857)

Net Increase/(Decrease) in Cash and Cash Equivalents

 

 276,820 

 

 

 (8,036)

Cash and Cash Equivalents - Beginning of Period

 

 6,559 

 

 

 23,395 

Cash and Cash Equivalents - End of Period

$

 283,379 

 

$

 15,359 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




5



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6




THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash

$

 3,837 

 

$

 1 

 

Receivables, Net

 

 279,541 

 

 

 295,028 

 

Accounts Receivable from Affiliated Companies

 

 3,146 

 

 

 1,548 

 

Unbilled Revenues

 

 72,601 

 

 

 94,995 

 

Regulatory Assets

 

 172,277 

 

 

 170,197 

 

Materials and Supplies

 

 59,048 

 

 

 61,102 

 

Prepayments and Other Current Assets

 

 51,917 

 

 

 53,920 

Total Current Assets

 

 642,367 

 

 

 676,791 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 5,908,385 

 

 

 5,827,384 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 2,070,122 

 

 

 2,103,830 

 

Derivative Assets

 

 90,614 

 

 

 93,755 

 

Other Long-Term Assets

 

 89,165 

 

 

 89,636 

Total Deferred Debits and Other Assets

 

 2,249,901 

 

 

 2,287,221 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 8,800,653 

 

$

 8,791,396 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



























7




THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Notes Payable to Banks

$

 275,000 

 

$

 31,000 

 

Notes Payable to Affiliated Companies

 

 9,275 

 

 

 58,525 

 

Long-Term Debt - Current Portion

 

 - 

 

 

 62,000 

 

Accounts Payable

 

 201,373 

 

 

 340,321 

 

Accounts Payable to Affiliated Companies

 

 50,681 

 

 

 53,439 

 

Obligations to Third Party Suppliers

 

 65,434 

 

 

 67,967 

 

Accrued Taxes

 

 71,182 

 

 

 59,046 

 

Regulatory Liabilities

 

 82,423 

 

 

 108,291 

 

Derivative Liabilities

 

 97,483 

 

 

 95,881 

 

Other Current Liabilities

 

 76,789 

 

 

 102,065 

Total Current Liabilities

 

 929,640 

 

 

 978,535 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

 

Accumulated Deferred Income Taxes

 

 1,244,748 

 

 

 1,215,989 

 

Regulatory Liabilities

 

 133,844 

 

 

 139,307 

 

Derivative Liabilities

 

 898,850 

 

 

 935,849 

 

Accrued Pension, SERP and PBOP

 

 259,814 

 

 

 260,571 

 

Other Long-Term Liabilities

 

 206,550 

 

 

 215,640 

Total Deferred Credits and Other Liabilities

 

 2,743,806 

 

 

 2,767,356 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

Long-Term Debt

 

 2,583,881 

 

 

 2,521,753 

 

 

 

 

 

 

 

 

   Preferred Stock Not Subject to Mandatory Redemption

 

 116,200 

 

 

 116,200 

 

 

 

 

 

 

 

 

 

Common Stockholder's Equity:

 

 

 

 

 

 

 

Common Stock

 

 60,352 

 

 

 60,352 

 

 

Capital Surplus, Paid In

 

 1,613,865 

 

 

 1,613,503 

 

 

Retained Earnings

 

 755,048 

 

 

 735,948 

 

 

Accumulated Other Comprehensive Loss

 

 (2,139)

 

 

 (2,251)

 

Common Stockholder's Equity

 

 2,427,126 

 

 

 2,407,552 

Total Capitalization

 

 5,127,207 

 

 

 5,045,505 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 8,800,653 

 

$

 8,791,396 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



























8




THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Revenues

$

 591,965 

 

$

 673,682 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

 223,835 

 

 

 255,369 

 

Other Operating Expenses

 

 108,824 

 

 

 134,262 

 

Maintenance

 

 42,788 

 

 

 40,782 

 

Depreciation

 

 41,070 

 

 

 39,475 

 

Amortization of Regulatory Assets, Net

 

 8,313 

 

 

 19,343 

 

Taxes Other Than Income Taxes

 

 55,270 

 

 

 58,468 

 

 

Total Operating Expenses

 

 480,100 

 

 

 547,699 

Operating Income

 

 111,865 

 

 

 125,983 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest on Long-Term Debt

 

 31,521 

 

 

 33,328 

 

Other Interest

 

 1,987 

 

 

 (3,575)

 

 

Interest Expense

 

 33,508 

 

 

 29,753 

Other Income, Net

 

 5,300 

 

 

 4,606 

Income Before Income Tax Expense

 

 83,657 

 

 

 100,836 

Income Tax Expense

 

 29,672 

 

 

 36,499 

Net Income

$

 53,985 

 

$

 64,337 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 



























9




THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

 

Net Income

$

 53,985 

 

$

 64,337 

Other Comprehensive Income, Net of Tax:

 

 

 

 

 

 

Qualified Cash Flow Hedging Instruments

 

 111 

 

 

 111 

 

Changes in Unrealized Gains on Other Securities

 

 1 

 

 

 - 

Other Comprehensive Income, Net of Tax

 

 112 

 

 

 111 

Comprehensive Income

$

 54,097 

 

$

 64,448 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



























10




THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 53,985 

 

$

 64,337 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

(Used in)/Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 347 

 

 

 679 

 

 

 Depreciation

 

 41,070 

 

 

 39,475 

 

 

 Deferred Income Taxes

 

 32,460 

 

 

 28,592 

 

 

 Pension, SERP and PBOP Expense, Net of PBOP Contributions

 

 9,095 

 

 

 6,075 

 

 

 Regulatory (Under)/Over Recoveries, Net

 

 (39,726)

 

 

 22,972 

 

 

 Amortization of Regulatory Assets, Net

 

 8,313 

 

 

 19,343 

 

 

 Other

 

 (6,746)

 

 

 (20,129)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 28,685 

 

 

 16,187 

 

 

 Taxes Receivable/Accrued, Net

 

 16,551 

 

 

 57,078 

 

 

 Accounts Payable

 

 (146,676)

 

 

 (14,135)

 

 

 Other Current Assets and Liabilities, Net

 

 (44,484)

 

 

 (15,511)

Net Cash Flows (Used in)/Provided by Operating Activities

 

 (47,126)

 

 

 204,963 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (108,842)

 

 

 (106,829)

 

Other Investing Activities

 

 1,139 

 

 

 (45)

Net Cash Flows Used in Investing Activities

 

 (107,703)

 

 

 (106,874)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Stock

 

 (33,495)

 

 

 (131,507)

 

Cash Dividends on Preferred Stock

 

 (1,390)

 

 

 (1,390)

 

Increase in Short-Term Debt

 

 244,000 

 

 

 10,000 

 

(Decrease)/Increase in NU Money Pool Borrowings

 

 (49,250)

 

 

 18,950 

 

Other Financing Activities

 

 (1,200)

 

 

 (92)

Net Cash Flows Provided by/(Used in) Financing Activities

 

 158,665 

 

 

 (104,039)

Net Increase/(Decrease) in Cash

 

 3,836 

 

 

 (5,950)

Cash - Beginning of Period

 

 1 

 

 

 9,762 

Cash - End of Period

$

 3,837 

 

$

 3,812 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.




11



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12




PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash

$

 2,251 

 

$

 56 

 

Receivables, Net

 

 89,551 

 

 

 87,545 

 

Accounts Receivable from Affiliated Companies

 

 1,176 

 

 

 1,294 

 

Notes Receivable from Affiliated Companies

 

 - 

 

 

 55,900 

 

Unbilled Revenues

 

 39,304 

 

 

 45,403 

 

Fuel, Materials and Supplies

 

 115,383 

 

 

 124,744 

 

Regulatory Assets

 

 33,362 

 

 

 34,178 

 

Prepayments and Other Current Assets

 

 15,066 

 

 

 35,261 

Total Current Assets

 

 296,093 

 

 

 384,381 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 2,287,951 

 

 

 2,256,688 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 375,122 

 

 

 393,941 

 

Other Long-Term Assets

 

 79,954 

 

 

 81,531 

Total Deferred Debits and Other Assets

 

 455,076 

 

 

 475,472 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 $

 3,039,120 

 

 $

 3,116,541 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.




13






PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES  

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Notes Payable to Banks

$

 45,000 

 

$

 - 

 

Notes Payable to Affiliated Companies

 

 7,900 

 

 

 - 

 

Accounts Payable

 

 74,374 

 

 

 106,377 

 

Accounts Payable to Affiliated Companies

 

 16,489 

 

 

 18,895 

 

Accrued Interest

 

 14,454 

 

 

 9,670 

 

Regulatory Liabilities

 

 23,108 

 

 

 24,500 

 

Other Current Liabilities

 

 42,139 

 

 

 36,497 

Total Current Liabilities

 

 223,464 

 

 

 195,939 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 71,905 

 

 

 85,368 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

 

Accumulated Deferred Income Taxes

 

 405,834 

 

 

 392,712 

 

Regulatory Liabilities

 

 54,212 

 

 

 54,415 

 

Accrued Pension, SERP and PBOP

 

 172,802 

 

 

 258,718 

 

Other Long-Term Liabilities

 

 55,935 

 

 

 53,304 

Total Deferred Credits and Other Liabilities

 

 688,783 

 

 

 759,149 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

Long-Term Debt

 

 997,775 

 

 

 997,722 

 

 

 

 

 

 

 

 

 

Common Stockholder's Equity:

 

 

 

 

 

 

 

Common Stock

 

 - 

 

 

 - 

 

 

Capital Surplus, Paid In

 

 700,452 

 

 

 700,285 

 

 

Retained Earnings

 

 367,281 

 

 

 388,910 

 

 

Accumulated Other Comprehensive Loss

 

 (10,540)

 

 

 (10,832)

 

Common Stockholder's Equity

 

 1,057,193 

 

 

 1,078,363 

Total Capitalization

 

 2,054,968 

 

 

 2,076,085 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 3,039,120 

 

$

 3,116,541 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

 

 

 

 

 



























14




PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Revenues

$

 242,997 

 

$

 269,470 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

 73,197 

 

 

 87,132 

 

Other Operating Expenses

 

 56,999 

 

 

 56,422 

 

Maintenance

 

 19,413 

 

 

 18,704 

 

Depreciation

 

 21,208 

 

 

 17,907 

 

Amortization of Regulatory (Liabilities)/Assets, Net

 

 (2,622)

 

 

 15,567 

 

Amortization of Rate Reduction Bonds

 

 13,930 

 

 

 13,135 

 

Taxes Other Than Income Taxes

 

 15,486 

 

 

 13,667 

 

 

Total Operating Expenses

 

 197,611 

 

 

 222,534 

Operating Income

 

 45,386 

 

 

 46,936 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest on Long-Term Debt

 

 11,563 

 

 

 8,624 

 

Interest on Rate Reduction Bonds

 

 1,016 

 

 

 1,893 

 

Other Interest

 

 234 

 

 

 (60)

 

 

Interest Expense

 

 12,813 

 

 

 10,457 

Other Income, Net

 

 2,042 

 

 

 4,459 

Income Before Income Tax Expense

 

 34,615 

 

 

 40,938 

Income Tax Expense

 

 13,353 

 

 

 13,474 

Net Income

$

 21,262 

 

$

 27,464 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



























15




PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011

 

 

 

 

 

 

 

 

 

Net Income

$

 21,262 

 

$

 27,464 

Other Comprehensive Income, Net of Tax:

 

 

 

 

 

 

Qualified Cash Flow Hedging Instruments

 

 290 

 

 

 926 

 

Changes in Unrealized Gains on Other Securities

 

 2 

 

 

 - 

Other Comprehensive Income, Net of Tax

 

 292 

 

 

 926 

Comprehensive Income

$

 21,554 

 

$

 28,390 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



























16




PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 21,262 

 

$

 27,464 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 1,732 

 

 

 1,850 

 

 

 Depreciation

 

 21,208 

 

 

 17,907 

 

 

 Deferred Income Taxes

 

 8,908 

 

 

 3,672 

 

 

 Pension, SERP and PBOP Expense

 

 7,032 

 

 

 6,930 

 

 

 Pension and PBOP Contributions

 

 (89,012)

 

 

 (1,076)

 

 

 Regulatory Over/(Under) Recoveries, Net

 

 911 

 

 

 (1,271)

 

 

 Amortization of Regulatory (Liabilities)/Assets, Net

 

 (2,622)

 

 

 15,567 

 

 

 Amortization of Rate Reduction Bonds

 

 13,930 

 

 

 13,135 

 

 

 Other

 

 7,837 

 

 

 4,140 

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 2,480 

 

 

 10,077 

 

 

 Fuel, Materials and Supplies

 

 9,361 

 

 

 16,043 

 

 

 Taxes Receivable/Accrued, Net

 

 10,138 

 

 

 18,971 

 

 

 Accounts Payable

 

 (16,073)

 

 

 (2,160)

 

 

 Other Current Assets and Liabilities, Net

 

 18,869 

 

 

 8,361 

Net Cash Flows Provided by Operating Activities

 

 15,961 

 

 

 139,610 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (67,059)

 

 

 (57,718)

 

Decrease/(Increase) in NU Money Pool Lending

 

 55,900 

 

 

 (16,100)

 

Other Investing Activities

 

 963 

 

 

 369 

Net Cash Flows Used in Investing Activities

 

 (10,196)

 

 

 (73,449)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Stock

 

 (42,891)

 

 

 (14,707)

 

Increase/(Decrease) in Short-Term Debt

 

 45,000 

 

 

 (10,000)

 

Increase/(Decrease) in NU Money Pool Borrowings

 

 7,900 

 

 

 (47,900)

 

Capital Contributions from NU Parent

 

 - 

 

 

 20,000 

 

Retirements of Rate Reduction Bonds

 

 (13,463)

 

 

 (12,697)

 

Other Financing Activities

 

 (116)

 

 

 (68)

Net Cash Flows Used in Financing Activities

 

 (3,570)

 

 

 (65,372)

Net Increase in Cash

 

 2,195 

 

 

 789 

Cash - Beginning of Period

 

 56 

 

 

 2,559 

Cash - End of Period

$

 2,251 

 

$

 3,348 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.




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18




WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash

$

 126 

 

$

 1 

 

Receivables, Net

 

 46,083 

 

 

 42,757 

 

Accounts Receivable from Affiliated Companies

 

 1,975 

 

 

 633 

 

Notes Receivable from Affiliated Companies

 

 - 

 

 

 11,000 

 

Unbilled Revenues

 

 13,666 

 

 

 16,277 

 

Regulatory Assets

 

 33,525 

 

 

 35,520 

 

Marketable Securities

 

 13,953 

 

 

 26,335 

 

Prepayments and Other Current Assets

 

 6,117 

 

 

 8,719 

Total Current Assets

 

 115,445 

 

 

 141,242 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 1,152,976 

 

 

 1,077,833 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 242,181 

 

 

 233,247 

 

Marketable Securities

 

 43,443 

 

 

 30,794 

 

Other Long-Term Assets

 

 21,155 

 

 

 19,777 

Total Deferred Debits and Other Assets

 

 306,779 

 

 

 283,818 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 1,575,200 

 

$

 1,502,893 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.   

 

 

 

 

 

 

 



























19




WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012

 

2011

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Notes Payable to Banks

$

 65,000 

 

$

 

Notes Payable to Affiliated Companies

 

 18,200 

 

 

 

Accounts Payable

 

 86,599 

 

 

 111,566 

 

Accounts Payable to Affiliated Companies

 

 9,314 

 

 

 10,626 

 

Regulatory Liabilities

 

 30,389 

 

 

 33,056 

 

Other Current Liabilities

 

 16,889 

 

 

 20,755 

Total Current Liabilities

 

 226,391 

 

 

 176,003 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 22,452 

 

 

 26,892 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

 

Accumulated Deferred Income Taxes

 

 264,178 

 

 

 244,511 

 

Regulatory Liabilities

 

 15,731 

 

 

 16,597 

 

Accrued Pension, SERP and PBOP

 

 28,893 

 

 

 29,546 

 

Other Long-Term Liabilities

 

 50,757 

 

 

 47,498 

Total Deferred Credits and Other Liabilities

 

 359,559 

 

 

 338,152 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

Long-Term Debt

 

 499,594 

 

 

 499,545 

 

 

 

 

 

 

 

 

 

Common Stockholder's Equity:

 

 

 

 

 

 

 

Common Stock

 

 10,866 

 

 

 10,866 

 

 

Capital Surplus, Paid In

 

 340,179 

 

 

 340,115 

 

 

Retained Earnings

 

 120,260 

 

 

 115,506 

 

 

Accumulated Other Comprehensive Loss

 

(4,101)

 

 

 (4,186)

 

Common Stockholder's Equity

 

 467,204 

 

 

 462,301 

Total Capitalization

 

 966,798 

 

 

 961,846 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 1,575,200 

 

$

 1,502,893 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

 

 

 

 

 



























20




WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Revenues

$

 114,025 

 

$

 106,684 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

 39,504 

 

 

 40,204 

 

Other Operating Expenses

 

 24,019 

 

 

 26,230 

 

Maintenance

 

 4,724 

 

 

 4,771 

 

Depreciation

 

 7,697 

 

 

 6,338 

 

Amortization of Regulatory Assets/(Liabilities), Net

 

 121 

 

 

 (600)

 

Amortization of Rate Reduction Bonds

 

 4,418 

 

 

 4,146 

 

Taxes Other Than Income Taxes

 

 4,882 

 

 

 4,543 

 

 

Total Operating Expenses

 

 85,365 

 

 

 85,632 

Operating Income

 

 28,660 

 

 

 21,052 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest on Long-Term Debt

 

 5,766