CONNECTICUT LIGHT & POWER CO
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout 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.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of (Loss)/Income
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (Thousands of Dollars, Except Share Information) | 2024 | 2023 | 2024 | 2023 |
| Operating Revenues | $3,063,224 | $2,791,482 | $8,929,321 | $9,216,467 |
| Operating Expenses: | ||||
| Purchased Power, Purchased Natural Gas and Transmission | 917,858 | 1,168,599 | 2,995,245 | 4,232,912 |
| Operations and Maintenance | 510,439 | 500,711 | 1,437,826 | 1,382,563 |
| Depreciation | 366,145 | 329,528 | 1,060,650 | 962,477 |
| Amortization | 243,957 | (143,979) | 127,495 | (438,460) |
| Energy Efficiency Programs | 148,054 | 162,425 | 506,821 | 531,199 |
| Taxes Other Than Income Taxes | 264,371 | 243,645 | 740,414 | 704,989 |
| Total Operating Expenses | 2,450,824 | 2,260,929 | 6,868,451 | 7,375,680 |
| Operating Income | 612,400 | 530,553 | 2,060,870 | 1,840,787 |
| Interest Expense | 300,576 | 222,283 | 822,640 | 624,140 |
| Losses on Offshore Wind Investments | 464,019 | — | 464,019 | 401,000 |
| Other Income, Net | 112,555 | 79,123 | 318,870 | 262,980 |
| (Loss)/Income Before Income Tax Expense | (39,640) | 387,393 | 1,093,081 | 1,078,627 |
| Income Tax Expense | 76,537 | 45,850 | 348,309 | 226,743 |
| Net (Loss)/Income | (116,177) | 341,543 | 744,772 | 851,884 |
| Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 |
| Net (Loss)/Income Attributable to Common Shareholders | $(118,057) | $339,663 | $739,133 | $846,245 |
| Basic (Loss)/Earnings Per Common Share | $(0.33) | $0.97 | $2.09 | $2.42 |
| Diluted (Loss)/Earnings Per Common Share | $(0.33) | $0.97 | $2.08 | $2.42 |
| Weighted Average Common Shares Outstanding: | ||||
| Basic | 359,520,518 | 349,704,155 | 354,483,338 | 349,461,219 |
| Diluted | 359,817,657 | 349,851,969 | 354,744,846 | 349,731,320 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (Thousands of Dollars) | 2024 | 2023 | 2024 | 2023 |
| Net (Loss)/Income | $(116,177) | $341,543 | $744,772 | $851,884 |
| Other Comprehensive Income, Net of Tax: | ||||
| Qualified Cash Flow Hedging Instruments | 5 | 5 | 15 | 15 |
| Changes in Unrealized Gains on Marketable Securities | — | — | — | 1,254 |
| Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 1,371 | 8,076 | 5,517 | 14,130 |
| Other Comprehensive Income, Net of Tax | 1,376 | 8,081 | 5,532 | 15,399 |
| Comprehensive Income Attributable to Noncontrolling Interests | (1,880) | (1,880) | (5,639) | (5,639) |
| Comprehensive (Loss)/Income Attributable to Common Shareholders | $(116,681) | $347,744 | $744,665 | $861,644 |
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY
| For the Nine Months Ended September 30, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common Shares · CapitalSurplus,Paid In · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock · Total Common Shareholders' Equity | ||||||||||
| (Thousands of Dollars, Except Share Information) · Shares · Amount | ||||||||||
| Balance as of January 1, 2024 | 349,540,266 | $1,799,920 | $8,460,876 | $4,142,515 | $(33,737) | $(195,682) | $14,173,892 | |||
| Net Income | 523,728 | 523,728 | ||||||||
| Dividends on Common Shares - $0.715 Per Share | (250,770) | (250,770) | ||||||||
| Dividends on Preferred Stock | (1,880) | (1,880) | ||||||||
| Issuance of Common Shares - $5 par value | 1,292,892 | 6,465 | 69,972 | 76,437 | ||||||
| Long-Term Incentive Plan Activity | (22,405) | (22,405) | ||||||||
| Issuance of Treasury Shares | 546,256 | 30,190 | 10,235 | 40,425 | ||||||
| Capital Stock Expense | (1,042) | (1,042) | ||||||||
| Other Comprehensive Income | 5,203 | 5,203 | ||||||||
| Balance as of March 31, 2024 | 351,379,414 | 1,806,385 | 8,537,591 | 4,413,593 | (28,534) | (185,447) | 14,543,588 | |||
| Net Income | 337,221 | 337,221 | ||||||||
| Dividends on Common Shares - $0.715 Per Share | (252,104) | (252,104) | ||||||||
| Dividends on Preferred Stock | (1,880) | (1,880) | ||||||||
| Issuance of Common Shares - $5 par value | 2,913,757 | 14,569 | 160,088 | 174,657 | ||||||
| Long-Term Incentive Plan Activity | 4,245 | 4,245 | ||||||||
| Issuance of Treasury Shares | 272,900 | 10,783 | 5,113 | 15,896 | ||||||
| Capital Stock Expense | (1,863) | (1,863) | ||||||||
| Other Comprehensive Loss | (1,047) | (1,047) | ||||||||
| Balance as of June 30, 2024 | 354,566,071 | 1,820,954 | 8,710,844 | 4,496,830 | (29,581) | (180,334) | 14,818,713 | |||
| Net Loss | (116,177) | (116,177) | ||||||||
| Dividends on Common Shares - $0.715 Per Share | (260,119) | (260,119) | ||||||||
| Dividends on Preferred Stock | (1,880) | (1,880) | ||||||||
| Issuance of Common Shares - $5 par value | 9,086,269 | 45,431 | 542,687 | 588,118 | ||||||
| Long-Term Incentive Plan Activity | 4,456 | 4,456 | ||||||||
| Issuance of Treasury Shares | 239,633 | 11,576 | 4,490 | 16,066 | ||||||
| Capital Stock Expense | (6,129) | (6,129) | ||||||||
| Other Comprehensive Income | 1,376 | 1,376 | ||||||||
| Balance as of September 30, 2024 | 363,891,973 | $1,866,385 | $9,263,434 | $4,118,654 | $(28,205) | $(175,844) | $15,044,424 | |||
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY
| For the Nine Months Ended September 30, 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common Shares · CapitalSurplus,Paid In · Retained Earnings · Accumulated Other Comprehensive Loss · Treasury Stock · Total Common Shareholders' Equity | ||||||||||
| (Thousands of Dollars, Except Share Information) · Shares · Amount | ||||||||||
| Balance as of January 1, 2023 | 348,443,855 | $1,799,920 | $8,401,731 | $5,527,153 | $(39,421) | $(216,225) | $15,473,158 | |||
| Net Income | 493,039 | 493,039 | ||||||||
| Dividends on Common Shares - $0.675 Per Share | (235,354) | (235,354) | ||||||||
| Dividends on Preferred Stock | (1,880) | (1,880) | ||||||||
| Long-Term Incentive Plan Activity | (13,141) | (13,141) | ||||||||
| Issuance of Treasury Shares | 364,227 | 23,495 | 6,824 | 30,319 | ||||||
| Other Comprehensive Income | 3,230 | 3,230 | ||||||||
| Balance as of March 31, 2023 | 348,808,082 | 1,799,920 | 8,412,085 | 5,782,958 | (36,191) | (209,401) | 15,749,371 | |||
| Net Income | 17,302 | 17,302 | ||||||||
| Dividends on Common Shares - $0.675 Per Share | (235,491) | (235,491) | ||||||||
| Dividends on Preferred Stock | (1,880) | (1,880) | ||||||||
| Long-Term Incentive Plan Activity | 5,155 | 5,155 | ||||||||
| Issuance of Treasury Shares | 213,854 | 11,546 | 4,007 | 15,553 | ||||||
| Other Comprehensive Income | 4,088 | 4,088 | ||||||||
| Balance as of June 30, 2023 | 349,021,936 | 1,799,920 | 8,428,786 | 5,562,889 | (32,103) | (205,394) | 15,554,098 | |||
| Net Income | 341,543 | 341,543 | ||||||||
| Dividends on Common Shares - $0.675 Per Share | (235,691) | (235,691) | ||||||||
| Dividends on Preferred Stock | (1,880) | (1,880) | ||||||||
| Long-Term Incentive Plan Activity | 3,075 | 3,075 | ||||||||
| Issuance of Treasury Shares | 253,839 | 11,959 | 4,756 | 16,715 | ||||||
| Other Comprehensive Income | 8,081 | 8,081 | ||||||||
| Balance as of September 30, 2023 | 349,275,775 | $1,799,920 | $8,443,820 | $5,666,861 | $(24,022) | $(200,638) | $15,685,941 | |||
| For the Nine Months Ended September 30, | ||
|---|---|---|
| (Thousands of Dollars) | 2024 | 2023 |
| Operating Activities: | ||
| Net Income | $744,772 | $851,884 |
| Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
| Depreciation | 1,060,650 | 962,477 |
| Deferred Income Taxes | 343,004 | 78,276 |
| Uncollectible Expense | 55,438 | 40,945 |
| Pension, SERP and PBOP Income, Net | (54,663) | (64,311) |
| Pension Contributions | (5,000) | (5,000) |
| Regulatory Under Recoveries, Net | (476,419) | (4,148) |
| Amortization | 127,495 | (438,460) |
| Cost of Removal Expenditures | (202,167) | (237,368) |
| Losses on Offshore Wind Investments | 464,019 | 401,000 |
| Other | (77,264) | (114,111) |
| Changes in Current Assets and Liabilities: | ||
| Receivables and Unbilled Revenues, Net | (177,806) | 6,738 |
| Taxes Receivable/Accrued, Net | 89,730 | 177,618 |
| Accounts Payable | (231,898) | (385,741) |
| Other Current Assets and Liabilities, Net | (142,285) | (100,646) |
| Net Cash Flows Provided by Operating Activities | 1,517,606 | 1,169,153 |
| Investing Activities: | ||
| Investments in Property, Plant and Equipment | (3,291,850) | (3,125,617) |
| Proceeds from Sales of Marketable Securities | 146,369 | 341,871 |
| Purchases of Marketable Securities | (133,544) | (287,814) |
| Investments in Unconsolidated Affiliates | (929,651) | (887,365) |
| Proceeds from Sales of Offshore Wind Investments | 862,713 | — |
| Other Investing Activities | 22,506 | (57) |
| Net Cash Flows Used in Investing Activities | (3,323,457) | (3,958,982) |
| Financing Activities: | ||
| Issuance of Common Shares, Net of Issuance Costs | 830,178 | — |
| Cash Dividends on Common Shares | (745,221) | (688,878) |
| Cash Dividends on Preferred Stock | (5,639) | (5,639) |
| (Decrease)/Increase in Notes Payable | (1,278,252) | 87,600 |
| Repayment of Rate Reduction Bonds | (43,210) | (43,210) |
| Issuance of Long-Term Debt | 4,400,000 | 4,340,300 |
| Retirement of Long-Term Debt | (1,260,148) | (1,203,000) |
| Other Financing Activities | (55,474) | (38,189) |
| Net Cash Flows Provided by Financing Activities | 1,842,234 | 2,448,984 |
| Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 36,383 | (340,845) |
| Cash and Restricted Cash - Beginning of Period | 166,418 | 521,752 |
| Cash, Cash Equivalents and Restricted Cash - End of Period | $202,801 | $180,907 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.