Eversource 2009 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 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-7
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars) 2009 2008 2007
Operating Activities:
Net income $ 335,592 $ 266,387 $ 252,042
Adjustments to reconcile net income to net cash
flows provided by operating activities:
Bad debt expense 53,947 28,573 29,140
Depreciation 309,618 278,588 265,297
Deferred income taxes 125,890 86,810 6,933
Pension and PBOP expense/(income), net of capitalized
portion and PBOP contributions 21,572 (3,839) 10,865
Allowance for equity funds used during construction (9,397) (29,028) (17,417)
Regulatory overrecoveries/(refunds and underrecoveries), net 37,868 (185,252) 48,725
Amortization of regulatory assets, net 13,315 186,396 40,674
Amortization of rate reduction bonds 217,941 204,859 201,039
Deferred contractual obligations (29,155) (32,326) (41,950)
Derivative assets and liabilities (18,798) (37,052) (43,808)
Other 12,549 9,567 (7,517)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net 91,081 (141,879) (65,381)
Investments in securitizable assets - (25,787) 33,531
Fuel, materials and supplies 25,957 (74,531) (33,727)
Taxes receivable/accrued 16,194 63,251 (392,611)
Accounts payable (208,180) 72,791 (49,554)
Other current assets and liabilities (6,876) (12,551) 17,713
Net cash flows provided by operating activities 989,118 654,977 253,994
Investing Activities:
Investments in property and plant (908,146) (1,255,407) (1,114,824)
Proceeds from sales of marketable securities 208,947 259,361 254,832
Purchases of marketable securities (211,243) (262,357) (261,777)
Rate reduction bond escrow and other deposits 594 1,686 63,722
Other investing activities 7,369 3,360 (9,419)
Net cash flows used in investing activities (902,479) (1,253,357) (1,067,466)
Financing Activities:
Issuance of common shares 389,717 5,524 9,056
Cash dividends on common shares (162,381) (129,077) (120,988)
Cash dividends on preferred stock of subsidiary (5,559) (5,559) (5,559)
(Decrease)/increase in short-term debt (518,584) 539,897 79,000
Issuance of long-term debt 462,000 760,000 655,000
Retirements of long-term debt (54,286) (261,286) (4,877)
Retirements of rate reduction bonds (244,075) (230,925) (259,722)
Financing fees (17,262) (7,003) (8,620)
Other financing activities 927 1,521 3,375
Net cash flows (used in)/provided by financing activities (149,503) 673,092 346,665
Net (decrease)/increase in cash and cash equivalents (62,864) 74,712 (466,807)
Cash and cash equivalents - beginning of year 89,816 15,104 481,911
Cash and cash equivalents - end of year $ 26,952 $ 89,816 $ 15,104
The accompanying notes are an integral part of these consolidated financial statements.