2015 Q1 Form 10-Q Financial Statement

#000007274115000027 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $2.513B $2.291B
YoY Change 9.73% 14.82%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $163.8M $150.8M
YoY Change 8.62% -38.07%
% of Gross Profit
Operating Expenses $2.016B $1.823B
YoY Change 10.59% 15.66%
Operating Profit $497.5M $467.7M
YoY Change 6.37% 11.65%
Interest Expense -$94.80M $89.98M
YoY Change -205.36% 17.99%
% of Operating Profit -19.06% 19.24%
Other Income/Expense, Net $5.727M $1.667M
YoY Change 243.55% -78.53%
Pretax Income $408.4M $379.4M
YoY Change 7.64% 8.25%
Income Tax $153.2M $141.5M
% Of Pretax Income 37.52% 37.31%
Net Earnings $255.1M $237.8M
YoY Change 7.28% 3.39%
Net Earnings / Revenue 10.15% 10.38%
Basic Earnings Per Share $0.80 $0.75
Diluted Earnings Per Share $0.80 $0.74
COMMON SHARES
Basic Shares Outstanding 317.1M shares 315.5M shares
Diluted Shares Outstanding 318.5M shares 316.9M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.00M $89.00M
YoY Change -20.22% -44.38%
Cash & Equivalents $71.00M $89.00M
Short-Term Investments
Other Short-Term Assets $1.209B $1.069B
YoY Change 13.1% 15.57%
Inventory $281.0M $228.0M
Prepaid Expenses
Receivables $1.131B $980.0M
Other Receivables $100.0M $0.00
Total Short-Term Assets $2.793B $2.366B
YoY Change 18.05% 9.64%
LONG-TERM ASSETS
Property, Plant & Equipment $18.81B $17.71B
YoY Change 6.2% 5.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $518.0M $508.0M
YoY Change 1.97% 3.25%
Other Assets $4.311B $3.991B
YoY Change 8.02% -26.39%
Total Long-Term Assets $27.16B $25.73B
YoY Change 5.55% -1.68%
TOTAL ASSETS
Total Short-Term Assets $2.793B $2.366B
Total Long-Term Assets $27.16B $25.73B
Total Assets $29.95B $28.10B
YoY Change 6.6% -0.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $896.0M $712.0M
YoY Change 25.84% 12.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.004B $571.0M
YoY Change 75.83% -55.63%
Long-Term Debt Due $246.0M $531.0M
YoY Change -53.67% -43.93%
Total Short-Term Liabilities $3.112B $2.790B
YoY Change 11.54% -27.34%
LONG-TERM LIABILITIES
Long-Term Debt $8.602B $8.318B
YoY Change 3.41% 18.3%
Other Long-Term Liabilities $3.397B $2.899B
YoY Change 17.18% -33.25%
Total Long-Term Liabilities $12.00B $11.22B
YoY Change 6.97% -1.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.112B $2.790B
Total Long-Term Liabilities $12.00B $11.22B
Total Liabilities $19.69B $18.22B
YoY Change 8.06% -3.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 16.14M shares 17.50M shares
Shareholders Equity $10.27B $9.880B
YoY Change
Total Liabilities & Shareholders Equity $29.95B $28.10B
YoY Change 6.6% -0.82%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $255.1M $237.8M
YoY Change 7.28% 3.39%
Depreciation, Depletion And Amortization $163.8M $150.8M
YoY Change 8.62% -38.07%
Cash From Operating Activities $491.5M $493.8M
YoY Change -0.46% 4.37%
INVESTING ACTIVITIES
Capital Expenditures $362.6M $348.7M
YoY Change 3.98% -10.35%
Acquisitions
YoY Change
Other Investing Activities -$66.00K -$1.637M
YoY Change -95.97% -94.15%
Cash From Investing Activities -$364.5M -$351.2M
YoY Change 3.81% -21.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $75.00M
YoY Change -100.0%
Cash From Financing Activities -$94.69M -$96.86M
YoY Change -2.23% 767.81%
NET CHANGE
Cash From Operating Activities $491.5M $493.8M
Cash From Investing Activities -$364.5M -$351.2M
Cash From Financing Activities -$94.69M -$96.86M
Net Change In Cash $32.32M $45.79M
YoY Change -29.4% 203.84%
FREE CASH FLOW
Cash From Operating Activities $491.5M $493.8M
Capital Expenditures $362.6M $348.7M
Free Cash Flow $129.0M $145.1M
YoY Change -11.13% 72.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of each contract allocated to CL&P and 20 percent allocated to UI. The combined capacity of these contracts is 787 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. NSTAR Electric has a renewable energy contract to purchase 0.1 million MWh of energy per year through 2018 and a capacity-related contract to purchase up to 35 MW per year through 2019. As of March 31, 2015 and December 31, 2014, Eversource had NYMEX financial contracts for natural gas futures in order to reduce variability associated with the purchase price of approximately 5.3 million and 8.8 million MMBtu of natural gas, respectively.
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CY2015Q1 es Description Of Consolidation Of Yankee Companies
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2015 Regulatory Developments: As a result of the March 3, 2015 FERC order in the pending ROE complaint proceedings described in Note 8C, "Commitments and Contingencies – FERC ROE Complaints," in the first quarter of 2015, Eversource recognized a pre-tax charge to earnings (excluding interest) of $20 million, of which $12.5 million was recorded at CL&P, $2.4 million at NSTAR Electric, $1 million at PSNH, and $4.1 million at WMECO. The pre-tax charge was recorded as a regulatory liability and as a reduction of Operating Revenues. On March 2, 2015, the DPU approved the comprehensive settlement agreement between NSTAR Electric, NSTAR Gas and the Massachusetts Attorney General (the "Settlement") as filed with the DPU on December 31, 2014. The Settlement resolved the outstanding NSTAR Electric CPSL program filings for 2006 through 2011, the NSTAR Electric and NSTAR Gas PAM and energy efficiency-related customer billing adjustments reported in 2012, and the recovery of LBR related to NSTAR Electric's energy efficiency programs for 2008 through 2011 (11 dockets in total). As a result, NSTAR Electric and NSTAR Gas will refund a combined $44.7 million to customers. The refund was recorded as a regulatory liability as of March 31, 2015 and NSTAR Electric recognized a $21.7 million pre-tax benefit in the first quarter of 2015. For further information, see Note 8D, "Commitments and Contingencies – 2014 Comprehensive Settlement Agreement." On January 7, 2015, the DPU issued an order concluding that NSTAR Electric had appropriately accounted for the removal of supply-related bad debt costs from base distribution rates effective January 1, 2006. The DPU ordered NSTAR Electric and the Massachusetts Attorney General to collaborate on the reconciliation of energy-related bad debt costs through 2014. During the second quarter of 2015, NSTAR Electric expects to file with the DPU to recover from customers approximately $43 million of supply-related bad debt costs. In the first quarter of 2015, as a result of the DPU order, NSTAR Electric increased its regulatory assets and reduced Operations and Maintenance expense by $24.2 million, resulting in an increase in after-tax earnings of $14.5 million. For further information, see Note 8E, "Commitments and Contingencies – Basic Service Bad Debt Adder."
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CY2015Q1 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
Credit Agreements and Commercial Paper Programs: ES parent, CL&P, PSNH, WMECO, NSTAR Gas and Yankee Gas are parties to a five-year $1.45 billion revolving credit facility that expires September 6, 2019. The revolving credit facility is used primarily to backstop ES parent's $1.45 billion commercial paper program. The commercial paper program allows ES parent to issue commercial paper as a form of short-term debt. As of March 31, 2015 and December 31, 2014, ES parent had $788 million and approximately $1.1 billion, respectively, in short-term borrowings outstanding under the ES parent commercial paper program, leaving $662 million and $348.9 million of available borrowing capacity as of March 31, 2015 and December 31, 2014, respectively. The weighted-average interest rate on these borrowings as of March 31, 2015 and December 31, 2014 was 0.53 percent and 0.43 percent, respectively, which is generally based on A2/P2 rated commercial paper. As of March 31, 2015, there were intercompany loans from ES parent of $190.1 million to CL&P, $82 million to PSNH and $70.5 million to WMECO. As of December 31, 2014, there were intercompany loans from ES parent of $133.4 million to CL&P, $90.5 million to PSNH and $21.4 million to WMECO. NSTAR Electric has a five-year $450 million revolving credit facility that expires September 6, 2019. This facility serves to backstop NSTAR Electric's existing $450 million commercial paper program. As of March 31, 2015 and December 31, 2014, NSTAR Electric had $215.5 million and $302 million, respectively, in short-term borrowings outstanding under its commercial paper program, leaving $234.5 million and $148 million of available borrowing capacity as of March 31, 2015 and December 31, 2014, respectively. The weighted-average interest rate on these borrowings as of March 31, 2015 and December 31, 2014 was 0.35 percent and 0.27 percent, respectively, which is generally based on A2/P1 rated commercial paper.
CY2015Q1 us-gaap Long Term Debt Description
LongTermDebtDescription
Long-Term Debt: On January 15, 2015, ES parent issued $150 million of 1.60 percent Series G Senior Notes, due to mature in 2018 and $300 million of 3.15 percent Series H Senior Notes, due to mature in 2025. The proceeds, net of issuance costs, were used to repay short-term borrowings outstanding under the ES parent commercial paper program. As the debt issuances refinanced short-term debt, the short-term debt was classified as Long-Term Debt as of December 31, 2014. On April 1, 2015, CL&P repaid at maturity the $100 million 5.00 percent 2005 Series A First and Refunding Mortgage Bonds using short-term borrowings. On April 1, 2015, CL&P also redeemed the $62 million 1996A Series 1.55 percent PCRBs that were subject to mandatory tender, using short term borrowings. Long-Term Debt Issuance Authorization: On April 3, 2015, the DPU authorized NSTAR Gas to issue up to $100 million in long-term debt for the period through December 31, 2015.
CY2015Q1 es Amount That Represents Deferred Regulatory Assets
AmountThatRepresentsDeferredRegulatoryAssets
1000000 USD
CY2014Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
43300000 USD
CY2015Q1 es Environmental Site Quantity
EnvironmentalSiteQuantity
65 pure
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
200000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
100000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1500000 USD
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1500000 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-46000000 USD
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-44300000 USD
CY2015Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
5
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
333359172 shares
CY2015Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
333607844 shares
CY2015Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
380000000 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
16138845 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
16375835 shares
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
5
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
380000000 shares
CY2015Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
317468999 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
316983337 shares
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1400347 shares
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1357607 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317090841 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
318491188 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
315534512 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
316892119 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
Eversource Energy
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000072741
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
317647540 shares
CY2015Q1 dei Entity Public Float
EntityPublicFloat
14947688864 USD
CY2015Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1

Files In Submission

Name View Source Status
0000072741-15-000027-index-headers.html Edgar Link pending
0000072741-15-000027-index.html Edgar Link pending
0000072741-15-000027.txt Edgar Link pending
0000072741-15-000027-xbrl.zip Edgar Link pending
es-20150331.xml Edgar Link completed
es-20150331.xsd Edgar Link pending
es-20150331_cal.xml Edgar Link unprocessable
es-20150331_def.xml Edgar Link unprocessable
es-20150331_lab.xml Edgar Link unprocessable
es-20150331_pre.xml Edgar Link unprocessable
exhibit12clp.htm Edgar Link pending
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