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65
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars)
2013
2012
2011
Operating Activities:
Net Income
$
793,689
$
533,077
$
400,513
Adjustments to Reconcile Net Income to Net Cash Flows
Provided by Operating Activities:
Depreciation
610,777
519,010
302,192
Deferred Income Taxes
431,413
292,000
196,761
Pension, SERP and PBOP Expense
195,698
218,540
133,000
Pension and PBOP Contributions
(342,184)
(295,028)
(191,101)
Regulatory Underrecoveries, Net
(24,276)
(259,853)
(70,863)
Amortization of Regulatory Assets, Net
206,322
79,762
91,080
Amortization of Rate Reduction Bonds
42,581
142,019
69,912
Other
56,071
42,852
(48,772)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net
(163,549)
(20,214)
17,570
Fuel, Materials and Supplies
(14,811)
34,321
(11,033)
Taxes Receivable/Accrued, Net
(50,950)
(5,450)
49,642
Accounts Payable
(54,619)
(128,339)
18,916
Other Current Assets and Liabilities, Net
(22,623)
8,532
12,569
Net Cash Flows Provided by Operating Activities
1,663,539
1,161,229
970,386
Investing Activities:
Investments in Property, Plant and Equipment
(1,456,787)
(1,472,272)
(1,076,730)
Proceeds from Sales of Marketable Securities
627,532
317,294
149,441
Purchases of Marketable Securities
(679,784)
(348,629)
(151,972)
Other Investing Activities
67,816
35,683
60,674
Net Cash Flows Used in Investing Activities
(1,441,223)
(1,467,924)
(1,018,587)
Financing Activities:
Cash Dividends on Common Shares
(462,741)
(375,047)
(194,555)
Cash Dividends on Preferred Stock
(7,682)
(7,029)
(5,559)
(Decrease)/Increase in Short-Term Debt
(397,000)
825,000
50,000
Issuance of Long-Term Debt
1,680,000
850,000
627,500
Retirements of Long-Term Debt
(929,885)
(839,136)
(369,586)
Retirements of Rate Reduction Bonds
(82,139)
(114,433)
(69,312)
Other Financing Activities
(25,253)
6,529
(7,123)
Net Cash Flows (Used in)/Provided by Financing Activities
(224,700)
345,884
31,365
Net (Decrease)/Increase in Cash and Cash Equivalents
(2,384)
39,189
(16,836)
Cash and Cash Equivalents - Beginning of Year
45,748
6,559
23,395
Cash and Cash Equivalents - End of Year
$
43,364
$
45,748
$
6,559
The accompanying notes are an integral part of these consolidated financial statements.
The 2013 financial statements for CL&P, NSTAR Electric, PSNH and WMECO have been omitted from this report but are set
forth in the Annual Report on Form 10-K for 2013 filed with the SEC on a combined basis with NU on February 25, 2014. Such
report is also available at the Investors section at www.nu.com.