Eversource 2001 Annual Report Download - page 50

Accumulated other comprehensive income mark-to-market
adjustments of NU’s qualified cash flow hedging instruments are
as follows:
(Millions of Dollars, Net of Tax) December 31, 2001
Balance at January 1, 2001 (inception date) $12.3
Hedged transactions recognized into earnings 4.5
Change in fair value (29.6)
Cash flow transactions entered into
for the period (24.1)
Net change associated with the current period
hedging transactions (49.2)
Total mark-to-market adjustments included in
accumulated other comprehensive loss $(36.9)
14. Segment Information
The NU system is organized between regulated utilities (electric
and gas since March 1, 2000) and competitive energy subsidiaries.
The regulated utilities segment represents approximately 68 per-
cent and 85 percent of the NU system’s total revenues for the
years ended December 31, 2001 and 2000, respectively, and is
comprised of several business units.
Regulated utilities revenues primarily are derived from residen-
tial, commercial and industrial customers and are not dependent
on any single customer. In 2001, the competitive energy sub-
sidiaries segment had one customer with revenues in excess of 10
percent of its total revenues, CL&P. The purchases by CL&P rep-
resented approximately 22 percent, of total competitive energy
subsidiaries’ revenues for the year ended December 31, 2001. In
2000, the purchases by two customers, one unaffiliated company
and CL&P, represented approximately 15 percent and 34 percent,
respectively, of total competitive energy subsidiaries’ revenues for
the year ended December 31, 2000.
The competitive energy subsidiaries segment in the following
table includes SES, a provider of energy management, demand-
side management and related consulting services for commercial,
industrial and institutional electric companies and electric utility
companies; HWP, a company engaged in the production of elec-
tric power; NGC, a corporation that acquires and manages gener-
ation facilities; NGS, a corporation that maintains and services
any fossil or hydroelectric facility that is acquired or contracted
with for fossil or hydroelectric generation services, and; Select
Energy, a corporation engaged in the marketing, transportation,
storage, and sale of energy commodities, at wholesale, in designat-
ed geographical areas and in the marketing of electricity to retail
customers.
13. Earnings Per Share
EPS is computed based upon the weighted average number of
common shares outstanding during each year. Diluted EPS is
computed on the basis of the weighted average number of com-
mon shares outstanding plus the potential dilutive effect if certain
securities are converted into common stock.
The following table sets forth the components of basic and
diluted EPS:
(Millions of Dollars,
except share information) 2001 2000 1999
Income before preferred dividends of subsidiaries $273.2 $ 219.5 $ 57.0
Preferred dividends of subsidiaries 7.3 14.2 22.8
Income before extraordinary loss and cumulative effect of accounting change 265.9 205.3 34.2
Extraordinary loss, net of tax benefit —(233.9) —
Cumulative effect of accounting change, net of tax benefit (22.4) ——
Net income/(loss) $243.5 $ (28.6) $ 34.2
Basic EPS common shares outstanding (average) 135,632,126 141,549,860 131,415,126
Dilutive effect of employee stock options 285,297 417,356 616,447
Fully diluted EPS common shares outstanding (average) 135,917,423 141,967,216 132,031,573
Basic earnings/(loss) per common share:
Income before extraordinary loss and cumulative effect of accounting change $ 1.97 $ 1.45 $ 0.26
Extraordinary loss, net of tax benefit —(1.65) —
Cumulative effect of accounting change, net of tax benefit (0.17) ——
Net income/(loss) $ 1.80 $ (0.20) $ 0.26
Fully diluted earnings/(loss) per common share:
Income before extraordinary loss and cumulative effect of accounting change $ 1.96 $ 1.45 $ 0.26
Extraordinary loss, net of tax benefit —(1.65) —
Cumulative effect of accounting change, net of tax benefit (0.17) ——
Net income/(loss) $ 1.79 $ (0.20) $ 0.26
48
Return to First pageReturn to First pageReturn to HighlightsReturn to HighlightsReturn to Highlights