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54
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31,
(Thousands of Dollars, Except Share Information) 2014 2013 2012
Operating Revenues $7,741,856 $7,301,204 $6,273,787
Operating Expenses:
Purchased Power, Fuel and Transmission 3,021,550 2,482,954 2,084,364
Operations and Maintenance 1,427,589 1,514,986 1,583,070
Depreciation 614,657 610,777 519,010
Amortization of Regulatory Assets, Net 10,704 206,322 79,762
Amortization of Rate Reduction Bonds -42,581 142,019
Energy Efficiency Programs 473,127 401,919 313,149
Taxes Other Than Income Taxes 561,380 512,230 434,207
Total Operating Expenses 6,109,007 5,771,769 5,155,581
Operating Income 1,632,849 1,529,435 1,118,206
Interest Expense:
Interest on Long-Term Debt 345,001 340,970 316,987
Interest on Rate Reduction Bonds - 422 6,168
Other Interest 17,105 (2,693) 6,790
Interest Expense 362,106 338,699 329,945
Other Income, Net 24,619 29,894 19,742
Income Before Income Tax Expense 1,295,362 1,220,630 808,003
Income Tax Expense 468,297 426,941 274,926
Net Income 827,065 793,689 533,077
Net Income Attributable to Noncontrolling Interests 7,519 7,682 7,132
Net Income Attributable to Controlling Interest $819,546 $ 786,007 $525,945
Basic Earnings Per Common Share $2.59 $2.49 $1.90
Diluted Earnings Per Common Share $2.58 $2.49 $1.89
Weighted Average Common Shares Outstanding:
Basic 316,136,748 315,311,387 277,209,819
Diluted 317,417,414 316,211,160 277,993,631
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income $827,065 $793,689 $533,077
Other Comprehensive Income/(Loss), Net of Tax:
Qualified Cash Flow Hedging Instruments 2,037 2,049 1,971
Changes in Unrealized Gains/(Losses) on Other Securities 315 (940) 217
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans (30,330) 25,714 (4,356)
Other Comprehensive Income/(Loss), Net of Tax (27,978) 26,823 (2,168)
Comprehensive Income Attributable to Noncontrolling Interests (7,519) (7,682) (7,132)
Comprehensive Income Attributable to Controlling Interest $791,568 $812,830 $523,777
The accompanying notes are an integral part of these consolidated financial statements.