Eversource 2010 Annual Report Download - page 66

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49
Interest Expense
For the Years Ended December 31,
(Millions of Dollars) 2010
2009
Increase/
(Decrease) Percent
Interest on Long-Term Debt $ 231.1 $ 224.7 $ 6.4 2.8 %
Interest on RRBs 20.6 36.5 (15.9) (43.6)
Other Interest (14.4) 12.4 (26.8) (a)
$ 237.3 $ 273.6 $ (36.3) (13.3) %
(a) Percent greater than 100 percent not shown as it is not meaningful.
Interest Expense decreased in 2010, as compared to 2009, due primarily to the settlement of various state tax matters in the fourth
quarter of 2010, which resulted in a reduction in Other Interest and lower Interest on RRBs resulting from lower principal balances
outstanding, offset by higher Interest on Long-Term Debt as a result of $145 million in new long-term debt issuances in the first half of
2010 and $400 million in 2009, $150 million of which was issued by PSNH in December 2009.
Other Income, Net
For the Years Ended December 31,
(Millions of Dollars) 2010
2009
Increase/
(Decrease) Percent
Other Income, Net $ 41.9 $ 37.8 $ 4.1 10.8 %
Other Income, Net increased in 2010, as compared to 2009, due primarily to higher AFUDC related to equity funds ($7 million), higher
C&LM and EIA incentives ($3 million and $2 million, respectively), offset with lower investment and interest income ($4 million and $2
million, respectively).
Income Tax Expense
For the Years Ended December 31,
(Millions of Dollars) 2010
2009
Increase/
(Decrease) Percent
Income Tax Expense $ 210.4 $ 179.9 $ 30.5 17.0 %
Income Tax Expense increased in 2010, as compared to 2009, due primarily to the impacts of the 2010 Healthcare Act ($30 million)
and higher pre-tax earnings ($10 million), partially offset by lower impacts related to items that directly impact our tax return as a result
of a regulatory activity ("flow-through") and other impacts ($5 million) and adjustments for prior years' taxes including adjustments to
reconcile estimated taxes accrued to actual amounts reflected in our filed tax returns ($5 million).
Comparison of 2009 to 2008:
Revenues and Expenses
For the Years Ended December 31,
(Millions of Dollars) 2009 2008
Increase/
(Decrease) Percent
Operating Revenues $ 5,439.4 $ 5,800.1 $ (360.7) (6.2) %
Operating Expenses:
Fuel, Purchased and Net Interchange Power 2,629.6 2,996.2 (366.6) (12.2)
Other Operating Expenses 1,001.2 1,021.7 (20.5) (2.0)
Maintenance 234.2 254.0 (19.8) (7.8)
Depreciation 309.6 278.6 31.0 11.1
Amortization of Regulatory Assets, Net 13.3 186.4 (173.1) (92.9)
Amortization of Rate Reduction Bonds 217.9 204.9 13.0 6.3
Taxes Other Than Income Taxes 282.2 267.5 14.7 5.5
Total Operating Expenses 4,688.0 5,209.3 (521.3) (10.0)
Operating Income $ 751.4 $ 590.8 $ 160.6 27.2 %