Eversource 2006 Annual Report Download - page 51

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NU 2006 ANNUAL REPORT 49
Income from Discontinued Operations
NU’s consolidated statements of income/(loss) from the years ended
December 31, 2006, 2005 and 2004 present the operations for NGC, Mt.
Tom, SESI, Woods Electrical – Services, SECI-NH, and Woods Network
as discontinued operations as a result of meeting the criteria requiring
this presentation. Under this presentation, revenues and expenses of
these businesses are classified net of tax in income from discontinued
operations on the consolidated statements of income/(loss). See Note 3,
“Assets Held for Sale and Discontinued Operations,” to the consolidated
financial statements for a further description and explanation of the
discontinued operations.
Cumulative Effect of Accounting Change,
Net of Tax Benefit
Acumulative effect of accounting change, net of tax benefit ($1 million)
was recorded in the fourth quarter of 2005 in connection with the
adoption of FIN 47, which required NU to recognize a liability for the
fair value of AROs.