CONNECTICUT LIGHT & POWER CO

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 6, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Income

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Thousands of Dollars)	2024	2023	2024	2023
Operating Revenues	$1,077,523	$953,531	$2,870,206	$2,728,782
Operating Expenses:
Purchased Power and Transmission	335,335	308,999	817,988	936,484
Operations and Maintenance	189,012	174,091	526,263	487,026
Depreciation	104,623	94,103	301,831	277,396
Amortization of Regulatory Assets/(Liabilities), Net	51,187	(6,462)	120,814	14,923
Energy Efficiency Programs	73,255	95,351	222,218	252,255
Taxes Other Than Income Taxes	74,758	68,449	205,818	188,191
Total Operating Expenses	828,170	734,531	2,194,932	2,156,275
Operating Income	249,353	219,000	675,274	572,507
Interest Expense	60,783	48,178	164,896	139,804
Other Income, Net	47,489	39,908	143,024	120,690
Income Before Income Tax Expense	236,059	210,730	653,402	553,393
Income Tax Expense	51,510	46,019	151,273	120,126
Net Income	$184,549	$164,711	$502,129	$433,267

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
(Thousands of Dollars)	2024	2023	2024	2023
Net Income	$184,549	$164,711	$502,129	$433,267
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan	(23)	(35)	(67)	(100)
Qualified Cash Flow Hedging Instruments	5	5	15	15
Changes in Unrealized Gains on Marketable Securities	—	—	—	12
Other Comprehensive Loss, Net of Tax	(18)	(30)	(52)	(73)
Comprehensive Income	$184,531	$164,681	$502,077	$433,194

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

	For the Nine Months Ended September 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome/(Loss) · 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
Net Income				157,603			157,603
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(297,200)			(297,200)
Other Comprehensive Loss					(18)		(18)
Balance as of June 30, 2024	200	—		3,313,842		3,059,312		10	6,373,164
Net Income				184,549			184,549
Dividends on Preferred Stock				(490)			(490)
Dividends on Common Stock				(250,000)			(250,000)
Capital Contributions from Eversource Parent			75,000				75,000
Other Comprehensive Loss					(18)		(18)
Balance as of September 30, 2024	200	$—		$3,388,842		$2,993,371		$(8)	$6,382,205

	For the Nine Months Ended September 30, 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
Net Income				134,743			134,743
Dividends on Preferred Stock				(490)			(490)
Capital Contributions from Eversource Parent			81,000				81,000
Other Comprehensive Loss					(27)		(27)
Balance as of June 30, 2023	200	—		2,891,242		2,861,620		241	5,753,103
Net Income				164,711			164,711
Dividends on Preferred Stock				(490)			(490)
Capital Contributions from Eversource Parent			11,300				11,300
Other Comprehensive Loss					(30)		(30)
Balance as of September 30, 2023	200	$—		$2,902,542		$3,025,841		$211	$5,928,594

	For the Nine Months Ended September 30,
(Thousands of Dollars)	2024	2023
Operating Activities:
Net Income	$502,129	$433,267
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation	301,831	277,396
Deferred Income Taxes	55,795	72,220
Uncollectible Expense	27,746	12,988
Pension, SERP and PBOP Income, Net	(27,053)	(31,007)
Regulatory Under Recoveries, Net	(155,869)	(103,903)
Amortization of Regulatory Assets, Net	120,814	14,923
Cost of Removal Expenditures	(39,590)	(49,379)
Other	(25,224)	(11,174)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net	(152,656)	(76,989)
Taxes Receivable/Accrued, Net	33,883	61,773
Accounts Payable	(83,599)	(60,363)
Other Current Assets and Liabilities, Net	14,030	(10,752)
Net Cash Flows Provided by Operating Activities	572,237	529,000
Investing Activities:
Investments in Property, Plant and Equipment	(1,074,260)	(1,012,357)
Other Investing Activities	—	48
Net Cash Flows Used in Investing Activities	(1,074,260)	(1,012,309)
Financing Activities:
Cash Dividends on Common Stock	(643,900)	(327,400)
Cash Dividends on Preferred Stock	(1,470)	(1,470)
Issuance of Long-Term Debt	600,000	150,000
Capital Contributions from Eversource Parent	375,000	123,600
Increase in Notes Payable	171,653	209,500
Other Financing Activities	(6,077)	(1,368)
Net Cash Flows Provided by Financing Activities	495,206	152,862
Net Decrease in Cash and Restricted Cash	(6,817)	(330,447)
Cash and Restricted Cash - Beginning of Period	22,785	345,293
Cash and Restricted Cash - End of Period	$15,968	$14,846

(Thousands of Dollars)	As of September 30, 2024	As of December 31, 2023
ASSETS
Current Assets:
Cash	$4,673	$240
Receivables, Net (net of allowance for uncollectible accounts of $13,748 and $14,322 as of September 30, 2024 and December 31, 2023, respectively)	171,969	152,276
Accounts Receivable from Affiliated Companies	40,945	18,214
Unbilled Revenues	43,421	55,012
Materials, Supplies and REC Inventory	82,223	77,066
Regulatory Assets	170,501	189,450
Special Deposits	18,876	31,586
Prepayments and Other Current Assets	5,466	45,635
Total Current Assets	538,074	569,479
Property, Plant and Equipment, Net	4,958,890	4,574,652
Deferred Debits and Other Assets:
Regulatory Assets	904,717	773,783
Prepaid Pension and PBOP	69,420	58,979
Other Long-Term Assets	18,959	16,558
Total Deferred Debits and Other Assets	993,096	849,320
Total Assets	$6,490,060	$5,993,451
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent	$89,300	$233,000
Rate Reduction Bonds – Current Portion	43,210	43,210
Accounts Payable	210,478	205,744
Accounts Payable to Affiliated Companies	42,270	41,272
Regulatory Liabilities	106,761	117,515
Accrued Interest	28,681	25,783
Other Current Liabilities	50,269	46,545
Total Current Liabilities	570,969	713,069
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes	772,838	691,532
Regulatory Liabilities	393,847	393,574
Other Long-Term Liabilities	41,054	42,484
Total Deferred Credits and Other Liabilities	1,207,739	1,127,590
Long-Term Debt	1,731,764	1,431,591
Rate Reduction Bonds	324,072	367,282
Common Stockholder's Equity:
Common Stock	—	—
Capital Surplus, Paid In	1,898,134	1,698,134
Retained Earnings	757,382	655,785
Common Stockholder's Equity	2,655,516	2,353,919
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization	$6,490,060	$5,993,451

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.