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67
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(Thousands of Dollars)
2012
2011
2010
Operating Activities:
Net Income
$
533,077
$
400,513
$
394,107
Adjustments to Reconcile Net Income to Net Cash Flows
Provided by Operating Activities:
Bad Debt Expense
36,275
16,420
31,352
Depreciation
519,010
302,192
300,737
Deferred Income Taxes
292,000
196,761
210,939
Pension, SERP and PBOP Expense
218,540
133,000
103,861
Pension and PBOP Contributions (295,028)
(191,101)
(90,633)
Regulatory (Under)/Over Recoveries, Net
(259,853)
(70,863)
26,289
Amortization of Regulatory Assets, Net
79,762
91,080
90,054
Amortization of Rate Reduction Bonds
142,019
69,912
232,871
Derivative Assets and Liabilities (10,455)
(35,441)
(11,812)
Other
17,032
(29,751)
(72,151)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net
(20,214)
17,570
(51,285)
Fuel, Materials and Supplies
34,321
(11,033)
38,126
Taxes Receivable/Accrued, Net
(5,450)
49,642
(82,103)
Accounts Payable (128,339)
18,916
(44,355)
Other Current Assets and Liabilities, Net
8,532
12,569
17,466
Net Cash Flows Provided by Operating Activities
1,161,229
970,386
1,093,463
Investing Activities:
Investments in Property, Plant and Equipment
(1,472,272)
(1,076,730)
(954,472)
Proceeds from Sales of Marketable Securities
317,294
149,441
174,865
Purchases of Marketable Securities
(348,629)
(151,972)
(177,204)
Proceeds from Sale of Assets
-
46,841
-
Other Investing Activities 35,683
13,833
(1,157)
Net Cash Flows Used in Investing Activities
(1,467,924)
(1,018,587)
(957,968)
Financing Activities:
Cash Dividends on Common Shares
(375,047)
(194,555)
(180,542)
Cash Dividends on Preferred Stock
(7,029)
(5,559)
(5,559)
Increase in Short-Term Debt 825,000
50,000
166,687
Issuance of Long-Term Debt
850,000
627,500
145,000
Retirements of Long-Term Debt
(839,136)
(369,586)
(4,286)
Retirements of Rate Reduction Bonds
(114,433)
(69,312)
(260,864)
Other Financing Activities 6,529
(7,123)
512
Net Cash Flows Provided by/(Used in) Financing Activities
345,884
31,365
(139,052)
Net Increase/(Decrease) in Cash and Cash Equivalents
39,189
(16,836)
(3,557)
Cash and Cash Equivalents - Beginning of Year 6,559
23,395
26,952
Cash and Cash Equivalents - End of Year $ 45,748
$ 6,559
$ 23,395
The accompanying notes are an integral part of these consolidated financial statements.
The 2012 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 2012 filed with the SEC on a combined basis with NU on February 28, 2013. Such
report is also available at the Investors section at www.nu.com.