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FS-29
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2009 2008 2007
Operating Activities:
Net income $ 26,196 $ 18,330 $ 23,604
Adjustments to reconcile net income to net cash
flows provided by operating activities:
Bad debt expense 7,590 8,185 6,922
Depreciation 22,454 21,025 20,868
Deferred income taxes 22,908 12,222 (15,332)
Pension income and PBOP expense, net of capitalized portion,
and PBOP contributions (2,630) (4,844) (3,050)
Regulatory overrecoveries/(underrecoveries), net 589 (17,093) 32,129
Amortization of regulatory (liabilities)/assets, net (2,980) 12,445 10,601
Amortization of rate reduction bonds 14,521 13,625 12,766
Deferred contractual obligations (5,320) (5,822) (7,568)
Other (227) (3,875) 195
Changes in current assets and liabilities:
Receivables and unbilled revenues, net 3,757 (14,210) (9,749)
Materials and supplies (4,489) (1,490) (478)
Accounts payable (19,397) 22,186 1,417
Taxes receivable/accrued 1,307 4,081 (35,014)
Other current assets and liabilities (2,150) 2,718 237
Net cash flows provided by operating activities 62,129 67,483 37,548
Investing Activities:
Investments in property and plant (105,440) (78,253) (47,315)
Proceeds from sales of marketable securities 106,308 169,056 196,865
Purchases of marketable securities (106,937) (169,902) (199,803)
Other investing activities 1,298 939 929
Net cash flows used in investing activities (104,771) (78,160) (49,324)
Financing Activities:
Cash dividends on common stock (18,203) (39,706) (12,779)
(Decrease)/increase in short-term debt (29,850) 29,850 -
Issuance of long-term debt - - 40,000
Retirements of rate reduction bonds (14,441) (13,555) (12,697)
Increase/(decrease) in NU Money Pool borrowings 104,500 16,700 (15,900)
Capital contributions from NU parent 863 16,281 13,607
Other financing activities (226) (3) (681)
Net cash flows provided by financing activities 42,643 9,567 11,550
Net increase/(decrease) in cash 1 (1,110) (226)
Cash - beginning of year - 1,110 1,336
Cash - end of year $ 1 $ - $ 1,110
The accompanying notes are an integral part of these consolidated financial statements.