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Midas Edge

CONNECTICUT LIGHT & POWER CO

For the period ended Jun 30, 2025. Filed Aug 4, 2025.

View on SEC.gov

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.

Jun 30, 2025 · Filed Aug 4, 2025

ES$69.49-0.5%Stored close · as of Nov 9, 2026

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

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Contents

Condensed Statements of Cash Flows

For the Six Months Ended June 30,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$294,877$269,954
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation214,396198,856
Deferred Income Taxes(34,392)146,839
Uncollectible Expense10,1186,326
Pension, SERP, and PBOP Income, Net(7,079)(6,379)
Regulatory Under Recoveries, Net(101,300)(117,569)
Amortization of Regulatory Assets/(Liabilities), Net418,033(246,744)
Cost of Removal Expenditures(33,705)(32,317)
Other8,996(42,305)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net(626)(53,861)
Taxes Receivable/Accrued, Net56,58283,731
Accounts Payable(97,388)(54,887)
Other Current Assets and Liabilities, Net25,100(41,887)
Net Cash Flows Provided by Operating Activities753,612109,757
Investing Activities:
Investments in Property, Plant and Equipment(438,153)(532,235)
Net Cash Flows Used in Investing Activities(438,153)(532,235)
Financing Activities:
Cash Dividends on Common Stock(330,000)(82,500)
Cash Dividends on Preferred Stock(2,779)(2,779)
Capital Contributions from Eversource Parent—200,000
Issuance of Long-Term Debt400,000350,000
Decrease in Notes Payable to Eversource Parent(280,000)(49,200)
Other Financing Activities(4,520)(4,218)
Net Cash Flows (Used in)/Provided by Financing Activities(217,299)411,303
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash98,160(11,175)
Cash and Restricted Cash - Beginning of Period2,10912,243
Cash, Cash Equivalents and Restricted Cash - End of Period$100,269$1,068
(Thousands of Dollars)As of June 30, 2025As of December 31, 2024
ASSETS
Current Assets:
Cash$4,376$911
Receivables, Net (net of allowance for uncollectible accounts of $120,238 and $114,910 as of June 30, 2025 and December 31, 2024, respectively)622,537614,563
Accounts Receivable from Affiliated Companies179,86582,921
Unbilled Revenues55,37959,079
Materials, Supplies and REC Inventory195,791220,621
Regulatory Assets900,764902,770
Prepayments and Other Current Assets69,89772,986
Total Current Assets2,028,6091,953,851
Property, Plant and Equipment, Net14,638,82314,037,828
Deferred Debits and Other Assets:
Regulatory Assets1,155,7581,204,337
Prepaid Pension and PBOP746,880724,661
Other Long-Term Assets158,923154,571
Total Deferred Debits and Other Assets2,061,5612,083,569
Total Assets$18,728,993$18,075,248
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable$430,000$504,782
Long-Term Debt – Current Portion550,000250,000
Accounts Payable460,411534,868
Accounts Payable to Affiliated Companies156,153153,672
Obligations to Third Party Suppliers140,350163,711
Regulatory Liabilities480,158436,312
Other Current Liabilities122,638202,197
Total Current Liabilities2,339,7102,245,542
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes2,046,5702,005,439
Regulatory Liabilities1,650,3901,643,079
Other Long-Term Liabilities396,338377,462
Total Deferred Credits and Other Liabilities4,093,2984,025,980
Long-Term Debt5,338,0574,844,920
Preferred Stock Not Subject to Mandatory Redemption43,00043,000
Common Stockholder's Equity:
Common Stock——
Capital Surplus, Paid In3,888,8423,788,842
Retained Earnings3,026,2293,127,105
Accumulated Other Comprehensive Loss(143)(141)
Common Stockholder's Equity6,914,9286,915,806
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization$18,728,993$18,075,248
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Thousands of Dollars)2025202420252024
Operating Revenues$868,925$845,068$1,883,152$1,792,683
Operating Expenses:
Purchased Power and Transmission225,716209,348534,662482,653
Operations and Maintenance168,365163,580342,503337,252
Depreciation109,331100,286217,346197,208
Amortization of Regulatory Assets, Net15,43521,23667,71969,627
Energy Efficiency Programs44,25866,662107,697148,962
Taxes Other Than Income Taxes76,18771,049152,024131,061
Total Operating Expenses639,292632,1611,421,9511,366,763
Operating Income229,633212,907461,201425,920
Interest Expense55,40754,689114,627104,113
Other Income, Net47,71548,42194,00995,536
Income Before Income Tax Expense221,941206,639440,583417,343
Income Tax Expense53,01249,036104,47999,763
Net Income$168,929$157,603$336,104$317,580

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended June 30,For the Six Months Ended June 30,
(Thousands of Dollars)2025202420252024
Net Income$168,929$157,603$336,104$317,580
Other Comprehensive Loss, Net of Tax:
Changes in Funded Status of SERP Benefit Plan(5)(23)(12)(44)
Qualified Cash Flow Hedging Instruments551010
Other Comprehensive Loss, Net of Tax—(18)(2)(34)
Comprehensive Income$168,929$157,585$336,102$317,546

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

For the Six Months Ended June 30, 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)$6,915,806
Net Income167,175167,175
Dividends on Preferred Stock(490)(490)
Dividends on Common Stock(436,000)(436,000)
Capital Contributions from Eversource Parent100,000100,000
Other Comprehensive Loss(2)(2)
Balance as of March 31, 2025200—3,888,8422,857,790(143)6,746,489
Net Income168,929168,929
Dividends on Preferred Stock(490)(490)
Balance as of June 30, 2025200$—$3,888,842$3,026,229$(143)$6,914,928
For the Six Months Ended June 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · AccumulatedOtherComprehensiveIncome · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024200$—$3,013,842$3,136,612$44$6,150,498
Net Income159,977159,977
Dividends on Preferred Stock(490)(490)
Dividends on Common Stock(96,700)(96,700)
Capital Contributions from Eversource Parent300,000300,000
Other Comprehensive Loss(16)(16)
Balance as of March 31, 2024200—3,313,8423,199,399286,513,269
Net Income157,603157,603
Dividends on Preferred Stock(490)(490)
Dividends on Common Stock(297,200)(297,200)
Other Comprehensive Loss(18)(18)
Balance as of June 30, 2024200$—$3,313,842$3,059,312$10$6,373,164
For the Six Months Ended June 30,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$336,104$317,580
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation217,346197,208
Deferred Income Taxes21,44654,640
Uncollectible Expense14,00212,007
Pension, SERP and PBOP Income, Net(19,942)(18,003)
Regulatory Over/(Under) Recoveries, Net52,121(157,521)
Amortization of Regulatory Assets, Net67,71969,627
Cost of Removal Expenditures(49,103)(22,832)
Other(3,324)(27,840)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net(107,269)(41,197)
Taxes Receivable/Accrued, Net1,038(5,328)
Accounts Payable(55,534)(77,371)
Other Current Assets and Liabilities, Net(80,994)40,403
Net Cash Flows Provided by Operating Activities393,610341,373
Investing Activities:
Investments in Property, Plant and Equipment(775,162)(729,758)
Net Cash Flows Used in Investing Activities(775,162)(729,758)
Financing Activities:
Cash Dividends on Common Stock(436,000)(393,900)
Cash Dividends on Preferred Stock(980)(980)
Issuance of Long-Term Debt800,000600,000
Capital Contributions from Eversource Parent100,000300,000
Decrease in Notes Payable(74,782)(129,347)
Other Financing Activities(9,110)(6,081)
Net Cash Flows Provided by Financing Activities379,128369,692
Net Decrease in Cash and Restricted Cash(2,424)(18,693)
Cash and Restricted Cash - Beginning of Period9,02322,785
Cash and Restricted Cash - End of Period$6,599$4,092
(Thousands of Dollars)As of June 30, 2025As of December 31, 2024
ASSETS
Current Assets:
Cash$88$1,431
Receivables, Net (net of allowance for uncollectible accounts of $15,043 and $14,090 as of June 30, 2025 and December 31, 2024, respectively)188,430163,063
Accounts Receivable from Affiliated Companies19,24327,285
Unbilled Revenues51,84757,226
Materials, Supplies and REC Inventory67,17675,778
Regulatory Assets125,497173,267
Special Deposits31,37232,668
Prepayments and Other Current Assets24,91715,916
Total Current Assets508,570546,634
Property, Plant and Equipment, Net5,307,0125,089,943
Deferred Debits and Other Assets:
Regulatory Assets888,626892,411
Prepaid Pension and PBOP98,99891,005
Other Long-Term Assets29,81921,948
Total Deferred Debits and Other Assets1,017,4431,005,364
Total Assets$6,833,025$6,641,941
LIABILITIES AND CAPITALIZATION
Current Liabilities:
Notes Payable to Eversource Parent$35,300$131,100
Rate Reduction Bonds – Current Portion43,21043,210
Accounts Payable215,925226,074
Accounts Payable to Affiliated Companies28,90645,141
Regulatory Liabilities103,868121,058
Accrued Interest28,71329,062
Other Current Liabilities61,11362,956
Total Current Liabilities517,035658,601
Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes798,787781,559
Regulatory Liabilities402,644394,982
Other Long-Term Liabilities44,01343,859
Total Deferred Credits and Other Liabilities1,245,4441,220,400
Long-Term Debt2,031,0831,732,066
Rate Reduction Bonds302,467324,072
Common Stockholder's Equity:
Common Stock——
Capital Surplus, Paid In1,973,1341,898,134
Retained Earnings763,862808,668
Common Stockholder's Equity2,736,9962,706,802
Commitments and Contingencies (Note 9)
Total Liabilities and Capitalization$6,833,025$6,641,941
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Thousands of Dollars)2025202420252024
Operating Revenues$303,133$287,311$651,114$613,427
Operating Expenses:
Purchased Power and Transmission39,26936,995119,276124,933
Operations and Maintenance66,99569,643138,005138,355
Depreciation41,26938,12781,77175,536
Amortization of Regulatory Assets, Net26,82928,72947,66549,993
Energy Efficiency Programs10,5429,69522,74520,871
Taxes Other Than Income Taxes27,21324,46552,99847,780
Total Operating Expenses212,117207,654462,460457,468
Operating Income91,01679,657188,654155,959
Interest Expense20,50320,25941,07339,453
Other Income, Net13,7257,77224,48414,822
Income Before Income Tax Expense84,23867,170172,065131,328
Income Tax Expense20,32315,72641,87131,528
Net Income$63,915$51,444$130,194$99,800

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY

For the Six Months Ended June 30, 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$2,706,802
Net Income66,27966,279
Capital Contributions from Eversource Parent75,00075,000
Balance as of March 31, 2025301—1,973,134874,9472,848,081
Net Income63,91563,915
Dividends on Common Stock(175,000)(175,000)
Balance as of June 30, 2025301$—$1,973,134$763,862$2,736,996
For the Six Months Ended June 30, 2024
Common Stock · CapitalSurplus,Paid In · RetainedEarnings · TotalCommonStockholder'sEquity
(Thousands of Dollars, Except Stock Information) · Stock · Amount
Balance as of January 1, 2024301$—$1,698,134$655,785$2,353,919
Net Income48,35648,356
Capital Contributions from Eversource Parent100,000100,000
Balance as of March 31, 2024301—1,798,134704,1412,502,275
Net Income51,44451,444
Dividends on Common Stock(62,000)(62,000)
Balance as of June 30, 2024301$—$1,798,134$693,585$2,491,719
For the Six Months Ended June 30,
(Thousands of Dollars)20252024
Operating Activities:
Net Income$130,194$99,800
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
Depreciation81,77175,536
Deferred Income Taxes13,94364,545
Uncollectible Expense2,4472,178
Pension, SERP and PBOP Income, Net(4,444)(4,469)
Regulatory Under Recoveries, Net(36,271)(167,077)
Amortization of Regulatory Assets, Net47,66549,993
Cost of Removal Expenditures(16,545)(20,358)
Other(13,837)(2,691)
Changes in Current Assets and Liabilities:
Receivables and Unbilled Revenues, Net(16,547)1,916
Taxes Receivable/Accrued, Net(3,076)(11,045)
Accounts Payable6,151(3,697)
Other Current Assets and Liabilities, Net483(8,142)
Net Cash Flows Provided by Operating Activities191,93476,489
Investing Activities:
Investments in Property, Plant and Equipment(275,508)(289,667)
Net Cash Flows Used in Investing Activities(275,508)(289,667)
Financing Activities:
Cash Dividends on Common Stock(175,000)(62,000)
Capital Contributions from Eversource Parent75,000100,000
Issuance of Long-Term Debt300,000300,000
Repayment of Rate Reduction Bonds(21,605)(21,605)
Decrease in Notes Payable to Eversource Parent(95,800)(101,000)
Other Financing Activities(1,627)(3,140)
Net Cash Flows Provided by Financing Activities80,968212,255
Net Decrease in Cash and Restricted Cash(2,606)(923)
Cash and Restricted Cash - Beginning of Period37,24335,004
Cash and Restricted Cash - End of Period$34,637$34,081
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.