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Midas Edge

EVERSOURCE ENERGY

For the period ended Mar 31, 2025. Filed May 5, 2025.

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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.

Mar 31, 2025 · Filed May 5, 2025

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 Statements of Cash Flows

For the Three Months Ended March 31,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$156,236$138,353
Adjustments to Reconcile Net Income to Net Cash Flows Provided by/(Used in) Operating Activities:
Depreciation106,68098,445
Deferred Income Taxes(35,411)91,630
Uncollectible Expense4,6713,507
Pension, SERP, and PBOP Income, Net(3,614)(3,557)
Regulatory Under Recoveries, Net(103,101)(139,979)
Amortization of Regulatory Assets/(Liabilities), Net343,213(91,713)
Cost of Removal Expenditures(16,072)(17,675)
Other826(32,174)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net4,910(80,396)
Taxes Receivable/Accrued, Net57,65366,015
Accounts Payable(51,626)(20,613)
Other Current Assets and Liabilities, Net(41,659)(38,466)
Net Cash Flows Provided by/(Used in) Operating Activities422,706(26,623)
Investing Activities:
Investments in Property, Plant and Equipment(223,555)(285,888)
Net Cash Flows Used in Investing Activities(223,555)(285,888)
Financing Activities:
Cash Dividends on Common Stock(247,000)(82,500)
Cash Dividends on Preferred Stock(1,390)(1,390)
Capital Contributions from Eversource Parent—100,000
Issuance of Long-Term Debt400,000350,000
Decrease in Notes Payable to Eversource Parent(280,000)(30,900)
Other Financing Activities(4,153)(3,887)
Net Cash Flows (Used in)/Provided by Financing Activities(132,543)331,323
Net Increase in Cash, Cash Equivalents and Restricted Cash66,60818,812
Cash and Restricted Cash - Beginning of Period2,10912,243
Cash, Cash Equivalents and Restricted Cash - End of Period$68,717$31,055
(Thousands of Dollars)As of March 31, 2025As of December 31, 2024
ASSETS
Current Assets:
Cash$2,907$911
Receivables, Net (net of allowance for uncollectible accounts of $115,971 and $114,910 as of March 31, 2025 and December 31, 2024, respectively)589,719614,563
Accounts Receivable from Affiliated Companies148,41382,921
Unbilled Revenues53,74359,079
Materials, Supplies and REC Inventory256,888220,621
Regulatory Assets874,087902,770
Prepayments and Other Current Assets21,04172,986
Total Current Assets1,946,7981,953,851
Property, Plant and Equipment, Net14,352,19814,037,828
Deferred Debits and Other Assets:
Regulatory Assets1,168,7541,204,337
Prepaid Pension and PBOP744,983724,661
Other Long-Term Assets157,582154,571
Total Deferred Debits and Other Assets2,071,3192,083,569
Total Assets$18,370,315$18,075,248
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable$108,500$504,782
Long-Term Debt – Current Portion250,000250,000
Accounts Payable444,793534,868
Accounts Payable to Affiliated Companies197,249153,672
Obligations to Third Party Suppliers153,910163,711
Renewable Portfolio Standards Compliance Obligations129,172106,399
Regulatory Liabilities497,405436,312
Other Current Liabilities120,90695,798
Total Current Liabilities1,901,9352,245,542
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes2,004,8762,005,439
Regulatory Liabilities1,654,3521,643,079
Other Long-Term Liabilities382,461377,462
Total Deferred Credits and Other Liabilities4,041,6894,025,980
Long-Term Debt5,637,2024,844,920
Preferred Stock Not Subject to Mandatory Redemption43,00043,000
Common Stockholder's Equity:
Common Stock——
Capital Surplus, Paid In3,888,8423,788,842
Retained Earnings2,857,7903,127,105
Accumulated Other Comprehensive Loss(143)(141)
Common Stockholder's Equity6,746,4896,915,806
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization$18,370,315$18,075,248
For the Three Months Ended March 31,
(Thousands of Dollars)20252024
Operating Revenues$1,014,227$947,615
Operating Expenses:
Purchased Power and Transmission308,946273,305
Operations and Maintenance174,137173,672
Depreciation108,01496,922
Amortization of Regulatory Assets, Net52,28448,392
Energy Efficiency Programs63,43882,301
Taxes Other Than Income Taxes75,83960,010
Total Operating Expenses782,658734,602
Operating Income231,569213,013
Interest Expense59,22049,423
Other Income, Net46,29247,114
Income Before Income Tax Expense218,641210,704
Income Tax Expense51,46650,727
Net Income$167,175$159,977

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31,
(Thousands of Dollars)20252024
Net Income$167,175$159,977
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan(7)(21)
Qualified Cash Flow Hedging Instruments55
Other Comprehensive Loss, Net of Tax(2)(16)
Comprehensive Income$167,173$159,961

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

For the Three Months Ended March 31, 2025
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveLoss · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2025200$—$3,788,842$3,127,105$(141)$6,915,806
Net Income167,175167,175
Dividends on Preferred Stock(490)(490)
Dividends on Common Stock(436,000)(436,000)
Capital Contributions from Eversource Parent100,000100,000
Other Comprehensive Loss(2)(2)
Balance as of March 31, 2025200$—$3,888,842$2,857,790$(143)$6,746,489
For the Three Months Ended March 31, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024200$—$3,013,842$3,136,612$44$6,150,498
Net Income159,977159,977
Dividends on Preferred Stock(490)(490)
Dividends on Common Stock(96,700)(96,700)
Capital Contributions from Eversource Parent300,000300,000
Other Comprehensive Loss(16)(16)
Balance as of March 31, 2024200$—$3,313,842$3,199,399$28$6,513,269
For the Three Months Ended March 31,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$167,175$159,977
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation108,01496,922
Deferred Income Taxes(10,197)31,812
Uncollectible Expense7,4856,109
Pension, SERP and PBOP Income, Net(10,161)(8,954)
Regulatory Over/(Under) Recoveries, Net78,429(85,422)
Amortization of Regulatory Assets, Net52,28448,392
Cost of Removal Expenditures(16,903)(11,715)
Other(7,333)(12,395)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net(114,975)(74,262)
Taxes Receivable/Accrued, Net78,295(18,223)
Accounts Payable3,77113,088
Other Current Assets and Liabilities, Net(24,456)7,316
Net Cash Flows Provided by Operating Activities311,428152,645
Investing Activities:
Investments in Property, Plant and Equipment(367,462)(394,895)
Net Cash Flows Used in Investing Activities(367,462)(394,895)
Financing Activities:
Cash Dividends on Common Stock(436,000)(96,700)
Cash Dividends on Preferred Stock(490)(490)
Issuance of Long-Term Debt800,000—
Capital Contributions from Eversource Parent100,000300,000
(Decrease)/Increase in Notes Payable(396,282)53,153
Other Financing Activities(9,114)5
Net Cash Flows Provided by Financing Activities58,114255,968
Net Increase in Cash and Restricted Cash2,08013,718
Cash and Restricted Cash - Beginning of Period9,02322,785
Cash and Restricted Cash - End of Period$11,103$36,503
(Thousands of Dollars)As of March 31, 2025As of December 31, 2024
ASSETS
Current Assets:
Cash$4,397$1,431
Receivables, Net (net of allowance for uncollectible accounts of $14,299 and $14,090 as of March 31, 2025 and December 31, 2024, respectively)172,444163,063
Accounts Receivable from Affiliated Companies29,78327,285
Unbilled Revenues47,93357,226
Materials, Supplies and REC Inventory71,39575,778
Regulatory Assets153,635173,267
Special Deposits22,56632,668
Prepayments and Other Current Assets7,04215,916
Total Current Assets509,195546,634
Property, Plant and Equipment, Net5,188,3575,089,943
Deferred Debits and Other Assets:
Regulatory Assets894,369892,411
Prepaid Pension and PBOP95,07791,005
Other Long-Term Assets22,17021,948
Total Deferred Debits and Other Assets1,011,6161,005,364
Total Assets$6,709,168$6,641,941
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent$114,500$131,100
Rate Reduction Bonds – Current Portion43,21043,210
Accounts Payable184,814226,074
Accounts Payable to Affiliated Companies58,99845,141
Regulatory Liabilities103,097121,058
Other Current Liabilities84,60192,018
Total Current Liabilities589,220658,601
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes794,481781,559
Regulatory Liabilities400,903394,982
Other Long-Term Liabilities41,63043,859
Total Deferred Credits and Other Liabilities1,237,0141,220,400
Long-Term Debt1,732,3861,732,066
Rate Reduction Bonds302,467324,072
Common Stockholder's Equity:
Common Stock——
Capital Surplus, Paid In1,973,1341,898,134
Retained Earnings874,947808,668
Common Stockholder's Equity2,848,0812,706,802
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization$6,709,168$6,641,941
For the Three Months Ended March 31,
(Thousands of Dollars)20252024
Operating Revenues$347,981$326,116
Operating Expenses:
Purchased Power and Transmission80,00787,938
Operations and Maintenance71,00968,712
Depreciation40,50237,409
Amortization of Regulatory Assets, Net20,83521,264
Energy Efficiency Programs12,20211,176
Taxes Other Than Income Taxes25,78923,316
Total Operating Expenses250,344249,815
Operating Income97,63776,301
Interest Expense20,56919,194
Other Income, Net10,7587,050
Income Before Income Tax Expense87,82664,157
Income Tax Expense21,54715,801
Net Income$66,279$48,356

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

For the Three Months Ended March 31, 2025
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2025301$—$1,898,134$808,668$2,706,802
Net Income66,27966,279
Capital Contributions from Eversource Parent75,00075,000
Balance as of March 31, 2025301$—$1,973,134$874,947$2,848,081
For the Three Months Ended March 31, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024301$—$1,698,134$655,785$2,353,919
Net Income48,35648,356
Capital Contributions from Eversource Parent100,000100,000
Balance as of March 31, 2024301$—$1,798,134$704,141$2,502,275
For the Three Months Ended March 31,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$66,279$48,356
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation40,50237,409
Deferred Income Taxes11,12731,763
Uncollectible Expense1,3151,163
Pension, SERP and PBOP Income, Net(2,211)(2,322)
Regulatory Under Recoveries, Net(35,625)(78,464)
Amortization of Regulatory Assets, Net20,83521,264
Cost of Removal Expenditures(5,894)(12,518)
Other(4,195)761
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net(6,051)11,194
Taxes Receivable/Accrued, Net(3,018)(6,387)
Accounts Payable7,498(1,559)
Other Current Assets and Liabilities, Net8,8561,186
Net Cash Flows Provided by Operating Activities99,41851,846
Investing Activities:
Investments in Property, Plant and Equipment(143,315)(148,934)
Net Cash Flows Used in Investing Activities(143,315)(148,934)
Financing Activities:
Capital Contributions from Eversource Parent75,000100,000
Repayment of Rate Reduction Bonds(21,605)(21,605)
(Decrease)/Increase in Notes Payable to Eversource Parent(16,600)18,000
Net Cash Flows Provided by Financing Activities36,79596,395
Net Decrease in Cash and Restricted Cash(7,102)(693)
Cash and Restricted Cash - Beginning of Period37,24335,004
Cash and Restricted Cash - End of Period$30,141$34,311
ContentsView on SEC.gov

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