EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30,

December 31,

(Thousands of Dollars)

2015 

2014 

ASSETS

Current Assets:

Cash and Cash Equivalents

$

 36,469 

$

 38,703 

Receivables, Net

 903,578 

 856,346 

Unbilled Revenues

 205,155 

 211,758 

Taxes Receivable

 117,792 

 337,307 

Fuel, Materials and Supplies

 289,561 

 349,664 

Regulatory Assets

709,660 

 672,493 

Marketable Securities

 124,830 

 124,173 

Prepayments and Other Current Assets

 62,884 

 102,021 

Total Current Assets

 2,449,929 

 2,692,465 

Property, Plant and Equipment, Net

 19,079,189 

 18,647,041 

Deferred Debits and Other Assets:

Regulatory Assets

 4,016,684 

 4,054,086 

Goodwill

 3,519,401 

 3,519,401 

Marketable Securities

 497,919 

 515,025 

Other Long-Term Assets

 316,817 

 349,957 

Total Deferred Debits and Other Assets

 8,350,821 

 8,438,469 

Total Assets

$

 29,879,939 

$

 29,777,975 

LIABILITIES AND CAPITALIZATION

Current Liabilities:

Notes Payable

$

 953,700 

$

 956,825 

Long-Term Debt - Current Portion

 278,883 

 245,583 

Accounts Payable

 598,716 

 868,231 

Regulatory Liabilities

 208,510 

 235,022 

Accumulated Deferred Income Taxes

 203,375 

 160,288 

Other Current Liabilities

 595,801 

 668,432 

Total Current Liabilities

 2,838,985 

 3,134,381 

Deferred Credits and Other Liabilities:

Accumulated Deferred Income Taxes

 4,606,159 

 4,467,473 

Regulatory Liabilities

 510,807 

 515,144 

Derivative Liabilities

 380,966 

 409,632 

Accrued Pension, SERP and PBOP

 1,636,769 

 1,638,558 

Other Long-Term Liabilities

 875,985 

 874,387 

Total Deferred Credits and Other Liabilities

 8,010,686 

 7,905,194 

Capitalization:

Long-Term Debt

 8,689,647 

 8,606,017 

Noncontrolling Interest - Preferred Stock of Subsidiaries

 155,568 

 155,568 

Equity:

  Common Shareholders' Equity:

Common Shares

 1,669,167 

 1,666,796 

Capital Surplus, Paid In

 6,253,411 

 6,235,834 

Retained Earnings

 2,644,485 

 2,448,661 

Accumulated Other Comprehensive Loss

 (72,033)

 (74,009)

Treasury Stock

 (309,977)

 (300,467)

Common Shareholders' Equity

 10,185,053 

 9,976,815 

Total Capitalization

 19,030,268 

 18,738,400 

Total Liabilities and Capitalization

$

 29,879,939 

$

 29,777,975 

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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.  

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

(Thousands of Dollars, Except Share Information)

2015 

2014 

2015 

2014 

Operating Revenues

$

 1,817,061 

$

 1,677,614 

$

 4,330,491 

$

 3,968,204 

Operating Expenses:

Purchased Power, Fuel and Transmission

 685,118 

 624,211 

 1,847,167 

 1,602,362 

Operations and Maintenance

 316,641 

 373,234 

 650,024 

 724,922 

Depreciation

 163,668 

 152,207 

 327,505 

 303,014 

Amortization of Regulatory (Liabilities)/Assets, Net

 (1,166)

 (3,542)

 59,438 

 54,356 

Energy Efficiency Programs

 101,850 

 102,711 

 248,452 

 241,536 

Taxes Other Than Income Taxes

 138,935 

 134,803 

 288,415 

 280,335 

Total Operating Expenses

 1,405,046 

 1,383,624 

 3,421,001 

 3,206,525 

Operating Income

 412,015 

 293,990 

 909,490 

 761,679 

Interest Expense:

Interest on Long-Term Debt

 88,021 

 87,491 

 175,735 

 174,868 

Other Interest

 4,238 

 5,004 

 11,367 

 7,603 

Interest Expense

 92,259 

 92,495 

 187,102 

 182,471 

Other Income, Net

 12,899 

 5,526 

 18,626 

 7,194 

Income Before Income Tax Expense

 332,655 

 207,021 

 741,014 

 586,402 

Income Tax Expense

 123,268 

 77,774 

 276,494 

 219,319 

Net Income

 209,387 

 129,247 

 464,520 

 367,083 

Net Income Attributable to Noncontrolling Interests

 1,880 

 1,880 

 3,759 

 3,759 

Net Income Attributable to Controlling Interest

$

 207,507 

$

 127,367 

$

 460,761 

$

 363,324 

Basic and Diluted Earnings Per Common Share

$

 0.65 

$

 0.40 

$

 1.45 

$

 1.15 

Dividends Declared Per Common Share

$

 0.42 

$

 0.39 

$

 0.84 

$

 0.79 

Weighted Average Common Shares Outstanding:

Basic

 317,613,166 

 315,950,510 

 317,352,004 

 315,742,511 

Diluted

 318,559,568 

 317,112,801 

 318,525,378 

 317,002,461 

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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.   

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

For the Six Months Ended June 30,

(Thousands of Dollars)

2015 

2014 

Operating Activities:

Net Income

$

 464,520 

$

 367,083 

Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:

 Depreciation

 327,505 

 303,014 

 Deferred Income Taxes

 176,800 

 133,149 

 Pension, SERP and PBOP Expense

 48,432 

 47,558 

 Pension and PBOP Contributions

 (31,032)

 (40,640)

 Regulatory (Under)/Over Recoveries, Net

 (73,547)

 164,388 

 Amortization of Regulatory Assets, Net

 59,438 

 54,356 

 Proceeds from DOE Damages Claim, Net

 - 

 125,658 

 Other

 (48,247)

 (9,359)

Changes in Current Assets and Liabilities:

 Receivables and Unbilled Revenues, Net

 (123,984)

 (57,570)

 Fuel, Materials and Supplies

 60,044 

 26,633 

 Taxes Receivable/Accrued, Net

 214,577 

 (62,900)

 Accounts Payable

 (228,176)

 (112,954)

 Other Current Assets and Liabilities, Net

 9,226 

 (41,753)

Net Cash Flows Provided by Operating Activities

 855,556 

 896,663 

Investing Activities:

Investments in Property, Plant and Equipment

 (740,379)

 (724,043)

Proceeds from Sales of Marketable Securities

 427,990 

 256,309 

Purchases of Marketable Securities

 (408,242)

 (257,168)

Other Investing Activities

 4,821 

 3,473 

Net Cash Flows Used in Investing Activities

 (715,810)

 (721,429)

Financing Activities:

Cash Dividends on Common Shares

 (264,936)

 (237,161)

Cash Dividends on Preferred Stock

 (3,759)

 (3,759)

Decrease in Notes Payable

 (449,375)

 (213,000)

Issuance of Long-Term Debt

 750,000 

 650,000 

Retirements of Long-Term Debt

 (166,577)

 (376,650)

Other Financing Activities

 (7,333)

 (3,932)

Net Cash Flows Used in Financing Activities

 (141,980)

 (184,502)

Net Decrease in Cash and Cash Equivalents

 (2,234)

 (9,268)

Cash and Cash Equivalents - Beginning of Period

 38,703 

 43,364 

Cash and Cash Equivalents - End of Period

$

 36,469 

$

 34,096 

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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.