EX-99.2 3 a19-16379_1ex99d2.htm EX-99.2

Exhibit 99.2

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(Thousands of Dollars)

 

As of June 30, 2019

 

As of December 31,
2018

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash

 

$

20,578

 

$

108,068

 

Receivables, Net

 

964,314

 

994,055

 

Unbilled Revenues

 

154,920

 

176,285

 

Fuel, Materials, Supplies and Inventory

 

174,124

 

238,042

 

Regulatory Assets

 

515,265

 

514,779

 

Prepayments and Other Current Assets

 

302,496

 

260,995

 

Total Current Assets

 

2,131,697

 

2,292,224

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

26,304,446

 

25,610,428

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

Regulatory Assets

 

4,404,176

 

4,631,137

 

Goodwill

 

4,427,266

 

4,427,266

 

Investments in Unconsolidated Affiliates

 

748,705

 

464,286

 

Marketable Securities

 

401,231

 

417,508

 

Other Long-Term Assets

 

578,385

 

398,407

 

Total Deferred Debits and Other Assets

 

10,559,763

 

10,338,604

 

 

 

 

 

 

 

Total Assets

 

$

38,995,906

 

$

38,241,256

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Notes Payable

 

$

729,000

 

$

910,000

 

Long-Term Debt — Current Portion

 

779,289

 

837,319

 

Rate Reduction Bonds — Current Portion

 

43,210

 

52,332

 

Accounts Payable

 

903,431

 

1,119,995

 

Regulatory Liabilities

 

379,850

 

370,230

 

Other Current Liabilities

 

677,341

 

823,006

 

Total Current Liabilities

 

3,512,121

 

4,112,882

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

Accumulated Deferred Income Taxes

 

3,549,922

 

3,506,030

 

Regulatory Liabilities

 

3,639,792

 

3,609,475

 

Derivative Liabilities

 

363,848

 

379,562

 

Accrued Pension, SERP and PBOP

 

955,092

 

962,510

 

Other Long-Term Liabilities

 

1,264,061

 

1,196,336

 

Total Deferred Credits and Other Liabilities

 

9,772,715

 

9,653,913

 

 

 

 

 

 

 

Long-Term Debt

 

13,039,180

 

12,248,743

 

 

 

 

 

 

 

Rate Reduction Bonds

 

561,727

 

583,331

 

 

 

 

 

 

 

Noncontrolling Interest — Preferred Stock of Subsidiaries

 

155,570

 

155,570

 

 

 

 

 

 

 

Common Shareholders’ Equity:

 

 

 

 

 

Common Shares

 

1,699,292

 

1,669,392

 

Capital Surplus, Paid In

 

6,659,009

 

6,241,222

 

Retained Earnings

 

3,954,492

 

3,953,974

 

Accumulated Other Comprehensive Loss

 

(53,641

)

(60,000

)

Treasury Stock

 

(304,559

)

(317,771

)

Common Shareholders’ Equity

 

11,954,593

 

11,486,817

 

 

 

 

 

 

 

Total Liabilities and Capitalization

 

$

38,995,906

 

$

38,241,256

 

 

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)

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

1,884,495

 

$

1,853,856

 

$

4,300,287

 

$

4,141,818

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

620,904

 

653,915

 

1,595,786

 

1,600,662

 

Operations and Maintenance

 

328,010

 

293,858

 

663,606

 

626,406

 

Depreciation

 

219,084

 

199,140

 

434,032

 

403,406

 

Amortization

 

38,945

 

36,203

 

109,906

 

81,397

 

Energy Efficiency Programs

 

105,837

 

101,955

 

245,953

 

236,196

 

Taxes Other Than Income Taxes

 

181,083

 

177,431

 

365,672

 

359,865

 

Impairment of Northern Pass Transmission

 

239,644

 

 

239,644

 

 

Total Operating Expenses

 

1,733,507

 

1,462,502

 

3,654,599

 

3,307,932

 

Operating Income

 

150,988

 

391,354

 

645,688

 

833,886

 

Interest Expense

 

132,705

 

126,404

 

264,438

 

247,533

 

Other Income, Net

 

45,866

 

50,149

 

76,850

 

83,938

 

Income Before Income Tax Expense

 

64,149

 

315,099

 

458,100

 

670,291

 

Income Tax Expense

 

30,815

 

70,452

 

114,209

 

154,219

 

Net Income

 

33,334

 

244,647

 

343,891

 

516,072

 

Net Income Attributable to Noncontrolling Interests

 

1,880

 

1,880

 

3,759

 

3,759

 

Net Income Attributable to Common Shareholders

 

$

31,454

 

$

242,767

 

$

340,132

 

$

512,313

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

 

$

0.10

 

$

0.76

 

$

1.07

 

$

1.61

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

319,664,998

 

317,344,596

 

318,644,796

 

317,370,825

 

Diluted

 

320,388,490

 

317,885,187

 

319,352,287

 

317,939,094

 

 

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.