| | | | | |
NORTHEAST UTILITIES AND SUBSIDIARIES | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | |
(Unaudited) | | | | | |
| | Nine Months Ended September 30, |
(Thousands of Dollars) | | 2010 | | | 2009 |
| | | | | |
Operating Activities: | | | | | |
Net Income | $ | 262,884 | | $ | 249,485 |
Adjustments to Reconcile Net Income to Net Cash Flows | | | | | |
Provided by Operating Activities: | | | | | |
Bad Debt Expense | | 24,632 | | | 31,519 |
Depreciation | | 228,685 | | | 231,825 |
Deferred Income Taxes | | 105,070 | | | 77,617 |
Pension and PBOP Expense, Net of PBOP Contributions | | 41,709 | | | 10,197 |
Pension Contribution | | (45,000) | | | - |
Regulatory Overrecoveries, Net | | 44,479 | | | 44,519 |
Amortization of Regulatory Assets, Net | | 50,908 | | | 19,194 |
Amortization of Rate Reduction Bonds | | 175,000 | | | 163,871 |
Derivative Assets and Liabilities | | (9,228) | | | (18,519) |
Other | | (46,190) | | | (13,485) |
Changes in Current Assets and Liabilities: | | | | | |
Receivables and Unbilled Revenues, Net | | 20,905 | | | 122,700 |
Fuel, Materials a nd Supplies | | 33,337 | | | 18,900 |
; Taxes Receivable/(Accrued) | | (12,904) | | | 59,641 |
; Other Current Assets | | (6,379) | | | (7,490) |
; Accounts Payable | | (59,601) | | | (242,179) |
Other Current Liabilities | | 35,340 | | | 13,335 |
Net Cash Flows Provided by Operating Activities | | 843,647 | | | 761,130 |
| | | | | |
Investing Activities: | | | | | |
Investments in Property and Plant | | (677,579) | | | (634,446) |
Proceeds from Sales of Marketable Securities | | 146,305 | | | 182,131 |
Purchases of Marketable Securities | | (148,075) | | | (183,814) |
Other Investing Activities | | (10,412) | | | 4,298 |
Net Cash Flows Used in Investing Activities | | (689,761) | ; | | (631,831) |
| | | | | |
Financing Activities: | | | | | |
Issuance of Common Shares | | - | | | 388,529 |
Cash Dividends on Common Shares | | (135,349) | | | (120,647) |
Cash Dividends on Preferred Stock | | (4,169) | | | (4,169) |
Increase/(Decrease) in Short-Term Debt | | 55,687 | | | (293,663) |
Issuance of Long-Term Debt | | 145,000 | | | 312,000 |
Retirements of Long-Term Debt | | (4,286) | | | (54,286) |
Retirements of Rate Reduction Bonds | | (195,724) | | | (183,208) |
Other Financing Activities | | (818) | | | (14,694) |
Net Cash Flows (Used in)/Provided by Financing Activities | | (139,659) | | | 29,862 |
Net Increase in Cash and Cash Equivalents | | 14,227 | | | 159,161 |
Cash and Cash Equivalents - Beginning of Period | | 26,952 | | | 89,816 |
Cash and Cash Equivalents - End of Period | $ | 41,179 | | $ | 248,977 |