EVERSOURCE ENERGY

For the period ended Mar 31, 2024. Filed May 3, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 3, 2024

ES$69.62+0.2%Stored close · as of Nov 10, 2026

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Contents

Condensed Statements of Cash Flows

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$138,353	$148,416
Adjustments to Reconcile Net Income to Net Cash Flows Used In Operating Activities:
Depreciation	98,445	92,237
Deferred Income Taxes	91,630	94,267
Uncollectible Expense	3,507	3,876
Pension, SERP, and PBOP Income, Net	(3,557)	(4,461)
Regulatory Under Recoveries, Net	(139,979)	(110,114)
Amortization of Regulatory Liabilities, Net	(91,713)	(122,315)
Cost of Removal Expenditures	(17,675)	(13,011)
Other	(32,174)	(13,964)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(80,396)	(76,482)
Taxes Receivable/Accrued, Net	66,015	52,261
Accounts Payable	(20,613)	(110,926)
Other Current Assets and Liabilities, Net	(38,466)	(13,412)
Net Cash Flows Used In Operating Activities	(26,623)	(73,628)
Investing Activities:
Investments in Property, Plant and Equipment	(285,888)	(255,905)
Other Investing Activities	—	126
Net Cash Flows Used in Investing Activities	(285,888)	(255,779)
Financing Activities:
Cash Dividends on Common Stock	(82,500)	(82,600)
Cash Dividends on Preferred Stock	(1,390)	(1,390)
Capital Contributions from Eversource Parent	100,000	—
Issuance of Long-Term Debt	350,000	500,000
Retirement of Long-Term Debt	—	(400,000)
(Decrease)/Increase in Notes Payable to Eversource Parent	(30,900)	318,000
Other Financing Activities	(3,887)	(6,521)
Net Cash Flows Provided by Financing Activities	331,323	327,489
Net Increase/(Decrease) in Cash and Restricted Cash	18,812	(1,918)
Cash and Restricted Cash - Beginning of Period	12,243	20,327
Cash and Restricted Cash - End of Period	$31,055	$18,409

(Thousands of Dollars)	As of March 31, 2024	As of December 31, 2023
ASSETS
Current Assets:
Cash	$20,226	$6,740
Receivables, Net (net of allowance for uncollectible accounts of $97,653 and $97,026 as of March 31, 2024 and December 31, 2023, respectively)	545,961	487,707
Accounts Receivable from Affiliated Companies	74,263	74,634
Unbilled Revenues	47,999	49,897
Materials, Supplies and REC Inventory	210,993	173,770
Regulatory Assets	718,726	676,083
Prepayments and Other Current Assets	65,926	41,464
Total Current Assets	1,684,094	1,510,295
Property, Plant and Equipment, Net	13,040,321	12,753,787
Deferred Debits and Other Assets:
Regulatory Assets	1,322,249	1,281,836
Prepaid Pension and PBOP	629,131	608,617
Other Long-Term Assets	125,196	116,978
Total Deferred Debits and Other Assets	2,076,576	2,007,431
Total Assets	$16,800,991	$16,271,513
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable	$419,000	$365,847
Accounts Payable	486,110	599,696
Accounts Payable to Affiliated Companies	215,751	144,622
Obligations to Third Party Suppliers	162,414	139,823
Renewable Portfolio Standards Compliance Obligations	142,193	116,010
Regulatory Liabilities	405,190	368,070
Other Current Liabilities	86,460	84,688
Total Current Liabilities	1,917,118	1,818,756
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	1,892,041	1,849,613
Regulatory Liabilities	1,603,079	1,585,311
Other Long-Term Liabilities	334,530	327,388
Total Deferred Credits and Other Liabilities	3,829,650	3,762,312
Long-Term Debt	4,497,954	4,496,947
Preferred Stock Not Subject to Mandatory Redemption	43,000	43,000
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	3,313,842	3,013,842
Retained Earnings	3,199,399	3,136,612
Accumulated Other Comprehensive Income	28	44
Common Stockholder's Equity	6,513,269	6,150,498
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$16,800,991	$16,271,513

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Operating Revenues	$947,615	$956,283
Operating Expenses:
Purchased Power and Transmission	273,305	360,925
Operations and Maintenance	173,672	166,083
Depreciation	96,922	90,430
Amortization of Regulatory Assets, Net	48,392	22,785
Energy Efficiency Programs	82,301	86,217
Taxes Other Than Income Taxes	60,010	53,510
Total Operating Expenses	734,602	779,950
Operating Income	213,013	176,333
Interest Expense	49,423	44,865
Other Income, Net	47,114	39,873
Income Before Income Tax Expense	210,704	171,341
Income Tax Expense	50,727	37,528
Net Income	$159,977	$133,813

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Net Income	$159,977	$133,813
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan	(21)	(33)
Qualified Cash Flow Hedging Instruments	5	5
Changes in Unrealized Gains on Marketable Securities	—	12
Other Comprehensive Loss, Net of Tax	(16)	(16)
Comprehensive Income	$159,961	$133,797

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Three Months Ended March 31, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024	200	$—		$3,013,842		$3,136,612	$44	$6,150,498
Net Income			159,977		159,977
Dividends on Preferred Stock			(490)		(490)
Dividends on Common Stock			(96,700)		(96,700)
Capital Contributions from Eversource Parent		300,000			300,000
Other Comprehensive Loss				(16)	(16)
Balance as of March 31, 2024	200	$—		$3,313,842		$3,199,399	$28	$6,513,269

	For the Three Months Ended March 31, 2023
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2023	200	$—		$2,778,942		$2,921,444	$284	$5,700,670
Net Income			133,813		133,813
Dividends on Preferred Stock			(490)		(490)
Dividends on Common Stock			(327,400)		(327,400)
Capital Contributions from Eversource Parent		31,300			31,300
Other Comprehensive Loss				(16)	(16)
Balance as of March 31, 2023	200	$—		$2,810,242		$2,727,367	$268	$5,537,877

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$159,977	$133,813
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	96,922	90,430
Deferred Income Taxes	31,812	44,403
Uncollectible Expense	6,109	4,697
Pension, SERP and PBOP Income, Net	(8,954)	(9,886)
Regulatory Under Recoveries, Net	(85,422)	(58,000)
Amortization of Regulatory Assets, Net	48,392	22,785
Cost of Removal Expenditures	(11,715)	(12,893)
Other	(12,395)	(9,921)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(74,262)	(90,684)
Taxes Receivable/Accrued, Net	(18,223)	11,977
Accounts Payable	13,088	20,249
Other Current Assets and Liabilities, Net	7,316	(6,185)
Net Cash Flows Provided by Operating Activities	152,645	140,785
Investing Activities:
Investments in Property, Plant and Equipment	(394,895)	(318,673)
Other Investing Activities	—	35
Net Cash Flows Used in Investing Activities	(394,895)	(318,638)
Financing Activities:
Cash Dividends on Common Stock	(96,700)	(327,400)
Cash Dividends on Preferred Stock	(490)	(490)
Capital Contributions from Eversource Parent	300,000	31,300
Increase in Notes Payable	53,153	147,500
Other Financing Activities	5	5
Net Cash Flows Provided by/(Used In) Financing Activities	255,968	(149,085)
Net Increase/(Decrease) in Cash and Restricted Cash	13,718	(326,938)
Cash and Restricted Cash - Beginning of Period	22,785	345,293
Cash and Restricted Cash - End of Period	$36,503	$18,355

(Thousands of Dollars)	As of March 31, 2024	As of December 31, 2023
ASSETS
Current Assets:
Cash	$14,067	$240
Receivables, Net (net of allowance for uncollectible accounts of $13,812 and $14,322 as of March 31, 2024 and December 31, 2023, respectively)	146,327	152,276
Accounts Receivable from Affiliated Companies	21,732	18,214
Unbilled Revenues	45,108	55,012
Taxes Receivable	33,534	27,146
Materials, Supplies and REC Inventory	79,846	77,066
Regulatory Assets	188,057	189,450
Special Deposits	17,065	31,586
Prepayments	5,291	18,489
Total Current Assets	551,027	569,479
Property, Plant and Equipment, Net	4,707,625	4,574,652
Deferred Debits and Other Assets:
Regulatory Assets	811,457	773,783
Prepaid Pension and PBOP	64,019	58,979
Other Long-Term Assets	16,062	16,558
Total Deferred Debits and Other Assets	891,538	849,320
Total Assets	$6,150,190	$5,993,451
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$—	$233,000
Rate Reduction Bonds – Current Portion	43,210	43,210
Accounts Payable	212,844	205,744
Accounts Payable to Affiliated Companies	57,836	41,272
Regulatory Liabilities	86,141	117,515
Other Current Liabilities	63,096	72,328
Total Current Liabilities	463,127	713,069
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	724,212	691,532
Regulatory Liabilities	389,427	393,574
Other Long-Term Liabilities	42,793	42,484
Total Deferred Credits and Other Liabilities	1,156,432	1,127,590
Long-Term Debt	1,682,679	1,431,591
Rate Reduction Bonds	345,677	367,282
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	1,798,134	1,698,134
Retained Earnings	704,141	655,785
Common Stockholder's Equity	2,502,275	2,353,919
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$6,150,190	$5,993,451

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Operating Revenues	$326,116	$420,155
Operating Expenses:
Purchased Power and Transmission	87,938	226,685
Operations and Maintenance	68,712	67,796
Depreciation	37,409	34,088
Amortization of Regulatory Assets/(Liabilities), Net	21,264	(5,317)
Energy Efficiency Programs	11,176	10,226
Taxes Other Than Income Taxes	23,316	22,105
Total Operating Expenses	249,815	355,583
Operating Income	76,301	64,572
Interest Expense	19,194	17,542
Other Income, Net	7,050	5,717
Income Before Income Tax Expense	64,157	52,747
Income Tax Expense	15,801	12,451
Net Income	$48,356	$40,296

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Net Income	$48,356	$40,296
Other Comprehensive Income, Net of Tax:
Changes in Unrealized Gains on Marketable Securities	—	73
Other Comprehensive Income, Net of Tax	—	73
Comprehensive Income	$48,356	$40,369

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Three Months Ended March 31, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveLoss · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024	301	$—		$1,698,134		$655,785	$—	$2,353,919
Net Income			48,356		48,356
Capital Contributions from Eversource Parent		100,000			100,000
Balance as of March 31, 2024	301	$—		$1,798,134		$704,141	$—	$2,502,275

	For the Three Months Ended March 31, 2023
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensive Loss · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2023	301	$—		$1,298,134		$572,126	$(73)	$1,870,187
Net Income			40,296		40,296
Dividends on Common Stock			(28,000)		(28,000)
Other Comprehensive Income				73	73
Balance as of March 31, 2023	301	$—		$1,298,134		$584,422	$—	$1,882,556

	For the Three Months Ended March 31,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$48,356	$40,296
Adjustments to Reconcile Net Income to Net Cash Flows Provided by/(Used In) Operating Activities:
Depreciation	37,409	34,088
Deferred Income Taxes	31,763	62,924
Uncollectible Expense	1,163	5,060
Pension, SERP and PBOP Income, Net	(2,322)	(2,552)
Regulatory Under Recoveries, Net	(78,464)	(175,865)
Amortization of Regulatory Assets/(Liabilities), Net	21,264	(5,317)
Cost of Removal Expenditures	(12,518)	(4,508)
Other	761	1,711
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	11,194	(21,230)
Taxes Receivable/Accrued, Net	(6,387)	(20,195)
Accounts Payable	(1,559)	10,265
Other Current Assets and Liabilities, Net	1,186	2,462
Net Cash Flows Provided by/(Used In) Operating Activities	51,846	(72,861)
Investing Activities:
Investments in Property, Plant and Equipment	(148,934)	(133,890)
Other Investing Activities	—	216
Net Cash Flows Used in Investing Activities	(148,934)	(133,674)
Financing Activities:
Cash Dividends on Common Stock	—	(28,000)
Capital Contributions from Eversource Parent	100,000	—
Issuance of Long-Term Debt	—	300,000
Repayment of Rate Reduction Bonds	(21,605)	(21,605)
Increase/(Decrease) in Notes Payable to Eversource Parent	18,000	(52,200)
Other Financing Activities	—	(5,460)
Net Cash Flows Provided by Financing Activities	96,395	192,735
Net Decrease in Cash and Restricted Cash	(693)	(13,800)
Cash and Restricted Cash - Beginning of Period	35,004	36,812
Cash and Restricted Cash - End of Period	$34,311	$23,012

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