EX-99.2 3 tm2018742d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(Thousands of Dollars)  As of March
31, 2020		   As of December
31, 2019		 
ASSETS          
Current Assets:          
Cash  $47,425   $15,432 
Receivables, Net (net of allowance for uncollectible accounts of $262,078 and $224,821 as of March 31, 2020 and December 31, 2019, respectively)   1,018,941    989,383 
Unbilled Revenues   155,224    181,006 
Fuel, Materials, Supplies and REC Inventory   286,498    235,471 
Regulatory Assets   785,125    651,112 
Prepayments and Other Current Assets   269,457    342,135 
Total Current Assets   2,562,670    2,414,539 
Property, Plant and Equipment, Net   28,041,356    27,585,470 
Deferred Debits and Other Assets:          
Regulatory Assets   4,778,321    4,863,639 
Goodwill   4,427,266    4,427,266 
Investments in Unconsolidated Affiliates   876,328    871,633 
Marketable Securities   418,715    449,130 
Other Long-Term Assets   544,330    512,238 
Total Deferred Debits and Other Assets   11,044,960    11,123,906 
Total Assets  $41,648,986   $41,123,915 
           
LIABILITIES AND CAPITALIZATION          
Current Liabilities:          
Notes Payable  $661,420   $889,084 
Long-Term Debt – Current Portion   532,440    327,411 
Rate Reduction Bonds – Current Portion   43,210    43,210 
Accounts Payable   914,333    1,147,872 
Renewable Portfolio Standards Compliance Obligations   192,660    160,149 
Regulatory Liabilities   439,859    361,152 
Other Current Liabilities   611,706    676,685 
Total Current Liabilities   3,395,628    3,605,563 
Deferred Credits and Other Liabilities:          
Accumulated Deferred Income Taxes   3,816,988    3,755,777 
Regulatory Liabilities   3,668,158    3,658,042 
Derivative Liabilities   342,990    338,710 
Asset Retirement Obligations   489,519    488,511 
Accrued Pension, SERP and PBOP   1,331,884    1,370,245 
Other Long-Term Liabilities   821,195    810,553 
Total Deferred Credits and Other Liabilities   10,470,734    10,421,838 
Long-Term Debt   13,898,581    13,770,828 
Rate Reduction Bonds   518,517    540,122 
Noncontrolling Interest – Preferred Stock of Subsidiaries   155,570    155,570 
Common Shareholders' Equity:          
Common Shares   1,759,092    1,729,292 
Capital Surplus, Paid In   7,479,689    7,087,768 
Retained Earnings   4,322,825    4,177,048 
Accumulated Other Comprehensive Loss   (63,111)   (65,059)
Treasury Stock   (288,539)   (299,055)
Common Shareholders' Equity   13,209,956    12,629,994 
Total Liabilities and Capitalization  $41,648,986   $41,123,915 

 

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 March 31, 
(Thousands of Dollars, Except Share Information)  2020   2019 
Operating Revenues  $2,373,726   $2,415,792 
           
Operating Expenses:          
Purchased Power, Fuel and Transmission   876,570    974,882 
Operations and Maintenance   342,062    335,597 
Depreciation   236,211    214,948 
Amortization   49,776    70,961 
Energy Efficiency Programs   148,393    140,116 
Taxes Other Than Income Taxes   181,594    184,588 
Total Operating Expenses   1,834,606    1,921,092 
Operating Income   539,120    494,700 
Interest Expense   134,715    131,734 
Other Income, Net   24,104    30,985 
Income Before Income Tax Expense   428,509    393,951 
Income Tax Expense   91,876    83,393 
Net Income   336,633    310,558 
Net Income Attributable to Noncontrolling Interests   1,880    1,880 
Net Income Attributable to Common Shareholders  $334,753   $308,678 
           
Basic and Diluted Earnings Per Common Share  $1.01   $0.97 
           
Weighted Average Common Shares Outstanding:          
Basic   331,102,237    317,624,593 
Diluted   332,937,153    318,316,082 

 

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.