EVERSOURCE ENERGY - FORM 8-K - EX-99 - FINANCIAL REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2018. - July 31, 2018

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EX-99 - SLIDE PRESENTATION - EVERSOURCE ENERGYf2018q2results.htm
EX-99 - NEWS RELEASE - EVERSOURCE ENERGYeversourcesecondquarter2018e.htm
8-K - CURRENT REPORT ON FORM 8-K - EVERSOURCE ENERGYform8kq22018earningsrelease.htm
Exhibit 99.2

EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Thousands of Dollars)
As of June 30, 2018
As of December 31, 2017



ASSETS
 

 
Current Assets:
 

 
Cash and Cash Equivalents
$
64,154

$
38,165

Receivables, Net
967,590

925,083

Unbilled Revenues
160,301

201,361

Taxes Receivable
156,236

18,682

Fuel, Materials, Supplies and Inventory
171,601

223,063

Regulatory Assets
590,898

741,868

Prepayments and Other Current Assets
107,379

119,327

Assets Held for Sale
59,431

219,550

Total Current Assets
2,277,590

2,487,099






Property, Plant and Equipment, Net
24,476,890

23,617,463






Deferred Debits and Other Assets:
 

 

Regulatory Assets
4,805,440

4,497,447

Goodwill
4,427,266

4,427,266

Marketable Securities
576,440

585,419

Other Long-Term Assets
680,718

605,692

Total Deferred Debits and Other Assets
10,489,864

10,115,824






Total Assets
$
37,244,344

$
36,220,386




LIABILITIES AND CAPITALIZATION
 
 
Current Liabilities:
 
 
Notes Payable
$
1,190,810

$
1,088,087

Long-Term Debt – Current Portion
387,296

549,631

Rate Reduction Bonds – Current Portion
30,727

—

Accounts Payable
1,010,389

1,085,034

Regulatory Liabilities
247,369

128,071

Other Current Liabilities
662,964

738,222

Total Current Liabilities
3,529,555

3,589,045




Deferred Credits and Other Liabilities:
 
 
Accumulated Deferred Income Taxes
3,473,870

3,297,518

Regulatory Liabilities
3,689,679

3,637,273

Derivative Liabilities
394,459

377,257

Accrued Pension, SERP and PBOP
1,044,397

1,228,091

Other Long-Term Liabilities
1,069,391

1,073,501

Total Deferred Credits and Other Liabilities
9,671,796

9,613,640






Long-Term Debt
12,009,264

11,775,889

Rate Reduction Bonds
604,936

—

Noncontrolling Interest – Preferred Stock of Subsidiaries
155,570

155,570






Common Shareholders' Equity:
 
 
Common Shares
1,669,392

1,669,392

Capital Surplus, Paid In
6,229,247

6,239,940

Retained Earnings
3,753,343

3,561,084

Accumulated Other Comprehensive Loss
(60,988
)
(66,403
)
Treasury Stock
(317,771
)
(317,771
)
Common Shareholders' Equity
11,273,223

11,086,242






Total Liabilities and Capitalization
$
37,244,344

$
36,220,386


The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to 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)
2018
2017
2018
2017
Operating Revenues
$
1,853,856

$
1,762,811

$
4,141,818

$
3,867,946

Operating Expenses:
 
 
 
 
Purchased Power, Fuel and Transmission
653,915

549,704

1,600,662

1,303,353

Operations and Maintenance
293,858

310,193

626,406

648,500

Depreciation
199,140

189,881

403,406

376,686

Amortization
36,203

(7,807
)
81,397

16,210

Energy Efficiency Programs
101,955

116,398

236,196

262,556

Taxes Other Than Income Taxes
177,431

156,234

359,865

311,455

Total Operating Expenses
1,462,502

1,314,603

3,307,932

2,918,760

Operating Income
391,354

448,208

833,886

949,186

Interest Expense
126,404

107,329

247,533

210,758

Other Income, Net
50,149

29,022

83,938

50,641

Income Before Income Tax Expense
315,099

369,901

670,291

789,069

Income Tax Expense
70,452

137,272

154,219

295,103

Net Income
244,647

232,629

516,072

493,966

Net Income Attributable to Noncontrolling Interests
1,880

1,880

3,759

3,759

Net Income Attributable to Common Shareholders
$
242,767

$
230,749

$
512,313

$
490,207

Basic and Diluted Earnings Per Common Share
$
0.76

$
0.72

$
1.61

$
1.54

Dividends Declared Per Common Share
$
0.51

$
0.48

$
1.01

$
0.95

Weighted Average Common Shares Outstanding:
 
 
 
 
Basic
317,344,596

317,391,365

317,370,825

317,427,258

Diluted
317,885,187

317,947,194

317,939,094

318,035,864


The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to 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)
2018
2017


Operating Activities:
 
 
Net Income
$
516,072

$
493,966

Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
 
 
Depreciation
403,406

376,686

Deferred Income Taxes
161,883

269,505

Pension, SERP and PBOP (Income)/Expense, Net
(13,436
)
11,242

Pension and PBOP Contributions
(179,002
)
(91,400
)
Regulatory Overrecoveries, Net
36,669

85,792

Amortization
81,397

16,210

Other
(57,253
)
(110,355
)
Changes in Current Assets and Liabilities:
 
 
Receivables and Unbilled Revenues, Net
(52,923
)
(7,660
)
Fuel, Materials, Supplies and Inventory
65,609

42,425

Taxes Receivable/Accrued, Net
(132,999
)
23,980

Accounts Payable
(80,059
)
(168,221
)
Other Current Assets and Liabilities, Net
(51,229
)
(47,220
)
Net Cash Flows Provided by Operating Activities
698,135

894,950




Investing Activities:
 
 
Investments in Property, Plant and Equipment
(1,251,678
)
(1,146,952
)
Proceeds from Sales of Marketable Securities
316,252

373,853

Purchases of Marketable Securities
(314,406
)
(394,379
)
Proceeds from the Sale of PSNH Generation Assets
116,809

—

Other Investing Activities
(14,122
)
(20,439
)
Net Cash Flows Used in Investing Activities
(1,147,145
)
(1,187,917
)


Financing Activities:
 
 
Cash Dividends on Common Shares
(320,055
)
(301,042
)
Cash Dividends on Preferred Stock
(3,759
)
(3,759
)
Decrease in Notes Payable
(98,500
)
(211,000
)
Issuance of Rate Reduction Bonds
635,663

—

Issuance of Long-Term Debt
1,150,000

950,000

Retirements of Long-Term Debt
(860,421
)
(150,000
)
Other Financing Activities
(17,958
)
(19,254
)
Net Cash Flows Provided by Financing Activities
484,970

264,945

Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash
35,960

(28,022
)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period
85,890

106,750

Cash, Cash Equivalents and Restricted Cash - End of Period
$
121,850

$
78,728


The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to 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.
 



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