Eversource 2010 Annual Report Download - page 137

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WMECO - For the Years Ended December 31,
2010 2009 2008
(Millions of Dollars) Distribution Transmission Totals Distribution Transmission Totals Distribution Transmission Totals
Operating Revenues $ 350.9 $ 44.3 $ 395.2 $ 368.2 $ 34.2 $ 402.4 $ 415.6 $ 25.9 $ 441.5
Depreciation and
Amortization (32.9) (8.6) (41.5) (30.8) (3.2) (34.0) (44.4) (2.7) (47.1)
Other Operating Expenses (281.3) (13.8) (295.1) (297.3) (12.5) (309.8) (335.5) (12.4) (347.9)
Operating Income 36.7 21.9 58.6 40.1 18.5 58.6 35.7 10.8 46.5
Interest Expense (17.1) (4.7) (21.8) (16.1) (3.2) (19.3) (17.5) (2.1) (19.6)
Interest Income 0.4 0.2 0.6 (0.3) - (0.3) 1.9 0.1 2.0
Other Income, Net (1.8) 3.8 2.0 1.8 0.3 2.1 (0.7) 0.6 (0.1)
Income Tax Expense (8.1) (8.2) (16.3) (8.8) (6.1) (14.9) (7.1) (3.4) (10.5)
Net Income $ 10.1 $ 13.0 $ 23.1 $ 16.7 $ 9.5 $ 26.2 $ 12.3 $ 6.0 $ 18.3
Total Assets (as of) $ 884.2 $ 315.4 $ 1,199.6 $ 863.2 $ 238.6 $ 1,101.8 $ - $ - $ -
Cash Flows for Total
Investments in Plant $ 37.6 $ 77.6 $ 115.2 $ 42.9 $ 62.5 $ 105.4 $ 34.9 $ 43.4 $ 78.3
22. SUBSEQUENT EVENT (WMECO)
On January 31, 2011, the DPU issued a final decision on WMECO's distribution rate case approving an annualized rate increase of
$16.8 million effective February 1, 2011, an authorized distribution segment regulatory ROE of 9.6 percent, a decoupling plan with no
inflation adjustment, and recovery of certain 2008 and 2010 major storm costs over five years and recovery of certain hardship costs.
The DPU did not approve WMECO’s request for rate recovery of increased reliability infrastructure investment averaging approximately
$20 million per year.
The decision clarified which customer hardship balances should be recovered through rates, which resulted in an increase to
WMECO’s uncollectible accounts receivable reserves and bad debt expense, both of which have been reflected on the accompanying
consolidated financial statements. The decision also disallowed recovery of certain previously deferred rate case filing costs and
allowed recovery of an additional amount not previously deferred for 2010 tax benefits lost as a result of the 2010 Health Care Act;
these amounts were recorded in Net Income, with offsets to Regulatory Assets, both of which have also been reflected on the
accompanying consolidated financial statements. For the year ended December 31, 2010, the net effect of these impacts was a pre-tax
charge of approximately $1.8 million.
23. QUARTERLY FINANCIAL DATA (UNAUDITED)
NU Consolidated Statements of Quarterly Financial Data Quarter Ended (a)
(Millions of Dollars, except per share information) March 31, June 30, September 30, December 31,
2010
Operating Revenues $ 1,339.4 $ 1,111.4 $ 1,243.3 $ 1,204.1
Operating Income 226.7 178.3 199.6 195.3
Net Income 87.6 73.3 101.9 131.3
Net Income Attributable to Controlling Interests 86.2 71.9 100.5 129.3
Basic and Diluted Earnings Per Common Share $ 0.49 $ 0.41 $ 0.57 $ 0.73
2009
Operating Revenues $ 1,593.5 $ 1,224.4 $ 1,306.2 $ 1,315.3
Operating Income 217.3 179.2 162.5 192.4
Net Income 99.1 84.2 66.2 86.1
Net Income Attributable to Controlling Interests 97.7 82.9 64.8 84.7
Basic and Diluted Earnings Per Common Share $ 0.60 $ 0.47 $ 0.37 $ 0.48
(a) The summation of quarterly EPS data may not equal annual data due to rounding.
CL&P Consolidated Statements of Quarterly Financial Data Quarter Ended
(Millions of Dollars) March 31, June 30, September 30, December 31,
2010
Operating Revenues $ 795.0 $ 707.9 $ 789.2 $ 707.0
Operating Income 125.5 106.2 131.4 124.6
Net Income 48.4 44.1 69.0 82.6
2009
Operating Revenues $ 954.5 $ 784.9 $ 859.3 $ 825.8
Operating Income 115.4 118.1 110.1 121.6
Net Income 53.1 58.4 46.5 58.2