EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31,

December 31,

(Thousands of Dollars)

2016 

2015 

ASSETS

Current Assets:

Cash and Cash Equivalents

$

 50,966 

$

 23,947 

Receivables, Net

 890,977 

 775,480 

Unbilled Revenues

 192,084 

 202,647 

Taxes Receivable

 44,171 

 305,359 

Fuel, Materials, Supplies and Inventory

 359,225 

 336,476 

Regulatory Assets

 919,311 

 845,843 

Prepayments and Other Current Assets

 133,813 

 129,034 

Total Current Assets

 2,590,547 

 2,618,786 

Property, Plant and Equipment, Net

 20,096,693 

 19,892,441 

Deferred Debits and Other Assets:

Regulatory Assets

 3,703,486 

 3,737,960 

Goodwill

 3,519,401 

 3,519,401 

Marketable Securities

 502,948 

 516,478 

Other Long-Term Assets

 299,400 

 295,243 

Total Deferred Debits and Other Assets

 8,025,235 

 8,069,082 

Total Assets

$

 30,712,475 

$

 30,580,309 

LIABILITIES AND CAPITALIZATION

Current Liabilities:

Notes Payable

$

 769,500 

$

 1,160,953 

Long-Term Debt - Current Portion

 378,883 

 228,883 

Accounts Payable

 646,440 

 813,646 

Obligations to Third Party Suppliers

 135,978 

 128,564 

Renewable Portfolio Standards Compliance Obligations

 170,021 

 130,354 

Regulatory Liabilities

 111,414 

 107,759 

Other Current Liabilities

 381,678 

 419,631 

Total Current Liabilities

 2,593,914 

 2,989,790 

Deferred Credits and Other Liabilities:

Accumulated Deferred Income Taxes

 5,284,255 

 5,147,678 

Regulatory Liabilities

 526,452 

 513,595 

Derivative Liabilities

 344,458 

 337,102 

Accrued Pension, SERP and PBOP

 1,355,422 

 1,407,288 

Other Long-Term Liabilities

 869,220 

 871,499 

Total Deferred Credits and Other Liabilities

 8,379,807 

 8,277,162 

Capitalization:

Long-Term Debt

 9,144,687 

 8,805,574 

Noncontrolling Interest - Preferred Stock of Subsidiaries

 155,568 

 155,568 

Equity:

  Common Shareholders' Equity:

  Common Shares

 1,669,392 

 1,669,313 

  Capital Surplus, Paid In

 6,243,908 

 6,262,368 

  Retained Earnings

 2,900,351 

 2,797,355 

  Accumulated Other Comprehensive Loss

 (65,175)

 (66,844)

  Treasury Stock

 (309,977)

 (309,977)

  Common Shareholders' Equity

 10,438,499 

 10,352,215 

Total Capitalization

 19,738,754 

 19,313,357 

Total Liabilities and Capitalization

$

 30,712,475 

$

 30,580,309 

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 March 31,

(Thousands of Dollars, Except Share Information)

2016 

2015 

Operating Revenues

$

 2,055,635 

$

 2,513,431 

Operating Expenses:

Purchased Power, Fuel and Transmission

 754,859 

 1,162,049 

Operations and Maintenance

 320,136 

 333,382 

Depreciation

 173,986 

 163,837 

Amortization of Regulatory Assets, Net

 20,997 

 60,604 

Energy Efficiency Programs

 137,175 

 146,603 

Taxes Other Than Income Taxes

 159,946 

 149,481 

Total Operating Expenses

 1,567,099 

 2,015,956 

Operating Income

 488,536 

 497,475 

Interest Expense

 98,212 

 94,843 

Other Income, Net

 2,011 

 5,727 

Income Before Income Tax Expense

 392,335 

 408,359 

Income Tax Expense

 146,302 

 153,226 

Net Income

 246,033 

 255,133 

Net Income Attributable to Noncontrolling Interests

 1,880 

 1,879 

Net Income Attributable to Common Shareholders

$

 244,153 

$

 253,254 

Basic and Diluted Earnings Per Common Share

$

 0.77 

$

 0.80 

Dividends Declared Per Common Share

$

 0.45 

$

 0.42 

Weighted Average Common Shares Outstanding:

Basic

 317,517,141 

 317,090,841 

Diluted

 318,481,050 

 318,491,188 

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 Three Months Ended March 31,

(Thousands of Dollars)

2016 

2015 

Operating Activities:

Net Income

$

 246,033 

$

 255,133 

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

 Depreciation

 173,986 

 163,837 

 Deferred Income Taxes

 141,132 

 148,193 

 Pension, SERP and PBOP Expense

 11,583 

 26,495 

 Pension and PBOP Contributions

 (30,383)

 (26,659)

 Regulatory Underrecoveries, Net

 (82,772)

 (110,748)

 Amortization of Regulatory Assets, Net

 20,997 

 60,604 

 Other

 (16,532)

 (11,891)

Changes in Current Assets and Liabilities:

 Receivables and Unbilled Revenues, Net

 (133,965)

 (328,299)

 Fuel, Materials, Supplies and Inventory

 (22,748)

 68,172 

 Taxes Receivable/Accrued, Net

 279,106 

 272,021 

 Accounts Payable

 (76,317)

 (59,496)

 Other Current Assets and Liabilities, Net

 (10,156)

 34,179 

Net Cash Flows Provided by Operating Activities

 499,964 

 491,541 

Investing Activities:

Investments in Property, Plant and Equipment

 (431,472)

 (362,586)

Proceeds from Sales of Marketable Securities

 136,805 

 114,730 

Purchases of Marketable Securities

 (135,427)

 (116,735)

Other Investing Activities

 5,494 

 66 

Net Cash Flows Used in Investing Activities

 (424,600)

 (364,525)

Financing Activities:

Cash Dividends on Common Shares

 (141,157)

 (132,433)

Cash Dividends on Preferred Stock

 (1,880)

 (1,879)

Decrease in Notes Payable

 (391,453)

 (399,575)

Issuance of Long-Term Debt

 500,000 

 450,000 

Other Financing Activities

 (13,855)

 (10,805)

Net Cash Flows Used in Financing Activities

 (48,345)

 (94,692)

Net Increase in Cash and Cash Equivalents

 27,019 

 32,324 

Cash and Cash Equivalents - Beginning of Period

 23,947 

 38,703 

Cash and Cash Equivalents - End of Period

$

 50,966 

$

 71,027 

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.