As of December 31,

(Thousands of Dollars)

2017

2016

ASSETS

Current Assets:

    Cash and Cash Equivalents

$

38,165 

$

30,251

    Receivables, Net

925,083 

847,301

    Unbilled Revenues

201,361 

168,490

    Fuel, Materials, Supplies and Inventory

223,063 

328,721

    Regulatory Assets

741,868 

887,625

    Prepayments and Other Current Assets

138,009 

215,284

    Assets Held for Sale

219,550 

—

Total Current Assets

2,487,099 

2,477,672

Property, Plant and Equipment, Net

23,617,463 

21,350,510

Deferred Debits and Other Assets:

    Regulatory Assets

4,497,447 

3,638,688 

    Goodwill

4,427,266 

3,519,401 

    Marketable Securities

585,419 

544,642 

    Other Long-Term Assets

605,692 

522,260 

Total Deferred Debits and Other Assets

10,115,824 

8,224,991 

Total Assets

$

36,220,386 

$

32,053,173 

LIABILITIES AND CAPITALIZATION

Current Liabilities:

     Notes Payable

$

1,088,087 

$

1,148,500 

    Long-Term Debt – Current Portion

549,631 

773,883 

    Accounts Payable

1,085,034 

884,521 

    Regulatory Liabilities

128,071 

146,787 

    Other Current Liabilities

738,222 

684,914 

Total Current Liabilities

3,589,045 

3,638,605 

Deferred Credits and Other Liabilities:

    Accumulated Deferred Income Taxes

3,297,518 

5,607,207 

    Regulatory Liabilities

3,637,273 

702,255 

    Derivative Liabilities

377,257 

413,676 

    Accrued Pension, SERP and PBOP

1,228,091 

1,141,514 

    Other Long-Term Liabilities

1,073,501 

853,260 

Total Deferred Credits and Other Liabilities

9,613,640 

8,717,912 

Capitalization:

    Long-Term Debt

11,775,889 

8,829,354 

    Noncontrolling Interest – Preferred Stock of Subsidiaries

155,570 

155,568 

Equity:

    Common Shareholders’ Equity:

      Common Shares

1,669,392 

1,669,392 

      Capital Surplus, Paid In

6,239,940 

6,250,224 

      Retained Earnings

3,561,084 

3,175,171 

      Accumulated Other Comprehensive Loss

(66,403)

(65,282)

      Treasury Stock

(317,771)

(317,771)

    Common Shareholders’ Equity

11,086,242 

10,711,734 

Total Capitalization

23,017,701 

19,696,656 

Total Liabilities and Capitalization

$

36,220,386 

$

32,053,173 

For the Three Months Ended December 31,

(Thousands of Dollars, Except Share Information)

2017

2016

Operating Revenues

$

1,895,494

$

1,776,604

Operating Expenses:

    Purchased Power, Fuel and Transmission

580,142

498,899

    Operations and Maintenance

343,747

357,965

    Depreciation

202,651

183,685

    Amortization of Regulatory Assets, Net

31,927

15,473

    Energy Efficiency Programs

89,074

127,697

    Taxes Other Than Income Taxes

197,109

154,853

       Total Operating Expenses

1,444,650

1,338,572

Operating Income

450,844

438,032

Interest Expense

102,278

102,393

Other Income, Net

21,704

22,231

Net Income Before Income Tax Expense

370,270

357,870

Income Tax Expense

130,971

126,811

Net Income

239,299

231,059

Net Income Attributable to Noncontrolling Interests

1,880

1,880

Net Income Attributable to Common Shareholders

$

237,419

$

229,179

Basic and Diluted Earnings Per Common Share

$

0.75

$

0.72

Weighted Average Common Shares Outstanding:

    Basic

317,396,842

317,510,251

    Diluted

318,105,193

318,282,127

For the Years Ended December 31,

(Thousands of Dollars, Except Share Information)

2017

2016

2015

Operating Revenues

$

7,751,952

$

7,639,129

$

7,954,827

Operating Expenses:

      Purchased Power, Fuel and Transmission

2,535,271

2,500,828

3,086,905

      Operations and Maintenance

1,277,147

1,323,549

1,329,289

      Depreciation

773,802

715,466

665,856

      Amortization of Regulatory Assets, Net

89,986

71,696

22,339

      Energy Efficiency Programs

480,835

533,659

495,701

      Taxes Other Than Income Taxes

676,757

634,072

590,573

         Total Operating Expenses

5,833,798

5,779,270

6,190,663

Operating Income

1,918,154

1,859,859

1,764,164

Interest Expense

421,755

400,961

372,420

Other Income, Net

78,008

45,920

34,227

Income Before Income Tax Expense

1,574,407

1,504,818

1,425,971

Income Tax Expense

578,892

554,997

539,967

Net Income

995,515

949,821

886,004

Net Income Attributable to Noncontrolling Interests

7,519

7,519

7,519

Net Income Attributable to Common Shareholders

$

987,996

$

942,302

$

878,485

Basic Earnings per Common Share

$

3.11

$

2.97

$

2.77

Diluted Earnings Per Common Share

$

3.11

$

2.96

$

2.76

Weighted Average Common Shares Outstanding:

     Basic

317,411,097

317,650,180

317,336,881

     Diluted

318,031,580

318,454,239

318,432,687

For the Years Ended December 31,

(Thousands of Dollars)

2017

2016

2015

Operating Activities:

    Net Income

$

995,515 

$

949,821 

$

886,004 

    Adjustments to Reconcile Net Income to Net Cash Flows

       Provided by Operating Activities:

          Depreciation

773,802 

715,466 

665,856 

          Deferred Income Taxes

491,630 

466,463 

491,736 

          Pension, SERP and PBOP Expense

22,454 

39,912 

96,017 

          Pension and PBOP Contributions

(242,800)

(158,741)

(162,452)

          Regulatory (Under)/Over Recoveries, Net

(47,935)

13,340 

(163,287)

          Amortization of Regulatory Assets, Net

89,986 

71,696 

22,339 

          Refunds/(Payments) Related to Spent Nuclear Fuel, Net

—

59,804 

(297,253)

          Other

(148,429)

(77,294)

(82,219)

    Changes in Current Assets and Liabilities:

          Receivables and Unbilled Revenues, Net

(117,155)

(142,699)

(39,797)

          Fuel, Materials, Supplies and Inventory

(9,223)

7,755 

34,112 

          Taxes Receivable/Accrued, Net

52,284 

234,543 

30,282 

          Accounts Payable

56,067 

(14,126)

(91,618)

          Other Current Assets and Liabilities, Net

88,738 

9,112 

44,031 

Net Cash Flows Provided by Operating Activities

2,004,934 

2,175,052 

1,433,751 

Investing Activities:

    Investments in Property, Plant and Equipment

(2,348,105)

(1,976,867)

(1,724,139)

    Proceeds from Sales of Marketable Securities

832,903 

659,338 

799,165 

    Purchases of Marketable Securities

(810,507)

(681,272)

(717,114)

    Acquisition of Aquarion

(877,652)

—

—

    Payments to Acquire Investments

(32,634)

(188,958)

(23,353)

    Other Investing Activities

25,521 

36,951 

6,291 

Net Cash Flows Used in Investing Activities

(3,210,474)

(2,150,808)

(1,659,150)

Financing Activities:

    Cash Dividends on Common Shares

(602,083)

(564,486)

(529,791)

    Cash Dividends on Preferred Stock

(7,519)

(7,519)

(7,519)

    Increase/(Decrease) in Notes Payable

72,810 

(12,453)

(242,122)

    Issuance of Long-Term Debt

2,500,000 

800,000 

1,225,000 

    Retirements of Long-Term Debt

(745,000)

(200,000)

(216,700)

    Other Financing Activities

(4,754)

(33,482)

(18,225)

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

1,213,454 

(17,940)

210,643 

Net Increase/(Decrease) in Cash and Cash Equivalents

7,914 

6,304 

(14,756)

Cash and Cash Equivalents – Beginning of Year

30,251 

23,947 

38,703 

Cash and Cash Equivalents – End of Year

$

38,165 

$

30,251 

$

23,947