Eversource 2009 Annual Report Download - page 106

Download and view the complete annual report

Please find page 106 of the 2009 Eversource annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 190

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190

FS-22
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2009 2008 2007
Operating activities:
Net income $ 65,570 $ 58,067 $ 54,434
Adjustments to reconcile net income to net cash
flows provided by operating activities:
Bad debt expense 10,084 5,661 3,433
Depreciation 61,961 56,321 53,315
Deferred income taxes 35,270 25,001 (4,726)
Pension and PBOP expense, net of capitalized portion
and PBOP contributions 15,519 12,350 7,258
Regulatory underrecoveries, net (4,392) (23,848) (6,167)
Amortization of regulatory (liabilities)/assets, net (29,619) 9,254 7,470
Amortization of rate reduction bonds 47,482 45,644 52,344
Deferred contractual obligations (4,275) (4,978) (6,365)
Proceeds from insurance settlement 10,066 - -
Other (3,251) (28,919) (11,854)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net 1,505 (12,058) (15,799)
Taxes receivable/accrued (13,791) (2,117) 4,144
Fuel, materials and supplies 59 (26,209) 15,882
Accounts payable (77,738) 41,959 (8,178)
Other current assets and liabilities (9,192) 7,148 2,102
Net cash flows provided by operating activities 105,258 163,276 147,293
Investing Activities:
Investments in property and plant (266,440) (238,912) (167,712)
Decrease/(increase) in NU Money Pool lending 53,800 (53,800) -
Other investing activities (1,278) 4,607 5,683
Net cash flows used in investing activities (213,918) (288,105) (162,029)
Financing Activities:
Cash dividends on common stock (40,844) (36,376) (30,720)
(Decrease)/increase in short-term debt (45,227) 35,227 10,000
Issuance of long-term debt 150,000 110,000 70,000
Increase/(decrease) in NU Money Pool borrowings 26,700 (11,300) (25,200)
Capital contributions from NU parent 68,946 75,583 44,194
Retirements of rate reduction bonds (47,026) (46,879) (51,813)
Other financing activities (2,110) (1,681) (1,306)
Net cash flows provided by financing activities 110,439 124,574 15,155
Net increase/(decrease) in cash 1,779 (255) 419
Cash - beginning of year 195 450 31
Cash - end of year $ 1,974 $ 195 $ 450
The accompanying notes are an integral part of these consolidated financial statements.