|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: NORTHEAST UTILITIES SYSTEM, U-1/A, EX-27, 2000-06-23 |
Next: NORTHEAST UTILITIES SYSTEM, POS AMC, 2000-06-23 |
NORTHEAST UTILITIES AND SUBSIDIARIES
1.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 9,237,679 $ $ 9,237,679
Other 826,495 826,495
----------- ---------- -----------
10,064,174 0 10,064,174
Less: Accumulated provision
for depreciation 6,373,365 6,373,365
----------- ---------- -----------
3,690,809 0 3,690,809
Unamortized PSNH acquisition costs 317,332 317,332
Construction work in progress 179,516 179,516
Nuclear fuel, net 113,378 113,378
----------- ---------- -----------
Total net utility plant 4,301,035 0 4,301,035
----------- ---------- -----------
Other Property and Investments:
Investment in subsidiary companies 0 0 [1] 0
Nuclear decommissioning
trusts, at market 717,246 717,246
Investments in regional nuclear
generating companies, at equity 82,456 82,456
Other 108,753 108,753
----------- ---------- -----------
908,455 0 908,455
----------- ---------- -----------
Current Assets:
Cash and cash equivalents 369,738 447,642 [2] 817,380
Investment in securitizable assets 80,742 80,742
Receivables, net 448,356 135,045 [3] 583,401
Unbilled revenues 88,918 88,918
Fuel, materials and supplies,
at average cost 174,442 174,442
Recoverable energy costs,
net -- current portion 85,052 85,052
Prepayments and other 130,591 130,591
----------- ---------- -----------
1,377,839 582,687 1,960,526
----------- ---------- -----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 2,165,777 2,165,777
Income taxes, net 626,973 626,973
Deferred costs -- nuclear plants 91,572 91,572
Unrecovered contractual obligations 341,988 341,988
Recoverable energy costs, net 201,246 201,246
Other 169,272 1,243,295 [3] 1,412,567
Unamortized debt expense 43,839 7,773 [3] 51,612
Goodwill and other
purchased intangible assets 345,372 345,372
Other 167,640 167,640
----------- ---------- -----------
4,153,679 1,251,068 5,404,747
----------- ---------- -----------
Total Assets $ 10,741,008 $ 1,833,755 $ 12,574,763
=========== ========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 742,731 $ 0 [1] $ 742,731
Capital surplus, paid in 1,102,278 0 [1] 1,102,278
Deferred contribution plan --
employee stock ownership plan (124,626) (124,626)
Retained earnings 642,092 642,092
Accumulated other
comprehensive income 1,524 1,524
----------- ---------- -----------
Total common stockholders' equity 2,363,999 0 2,363,999
Preferred stock not subject to
mandatory redemption 136,200 (20,000) [3] 116,200
Preferred stock subject to
mandatory redemption 119,789 (40,000) [3] 79,789
Long-term debt 2,443,989 (463,125) [3] 1,980,864
----------- ---------- -----------
Total capitalization 5,063,977 (523,125) 4,540,852
----------- ---------- -----------
Minority Interest in Consolidated Subsidiaries 100,000 (100,000) [3] 0
----------- ---------- -----------
Obligations Under Capital Leases 53,126 0 [2] 53,126
----------- ---------- -----------
Rate Reduction Bond Obligation 0 2,419,731 [3] 2,419,731
----------- ---------- -----------
Current Liabilities:
Notes payable to banks 984,000 (96,396) [3] 887,604
Long-term debt and preferred
stock -- current portion 346,123 (1,500) [3] 344,623
Obligations under capital
leases -- current portion 115,285 0 [2] 115,285
Accounts payable 437,492 437,492
Accrued taxes 130,252 (13,276) [3] 116,976
Accrued interest 56,088 135,045 [3] 191,133
Other 127,338 127,338
----------- ---------- -----------
2,196,578 23,873 2,220,451
----------- ---------- -----------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 1,721,263 13,276 [3] 1,734,539
Accumulated deferred investment
tax credits 144,882 144,882
Decommissioning obligation -- Millstone 1 686,609 686,609
Deferred contractual obligations 341,983 341,983
Other 432,590 432,590
----------- ---------- -----------
3,327,327 13,276 3,340,603
----------- ---------- -----------
Total Capitalization and Liabilities $ 10,741,008 $ 1,833,755 $ 12,574,763
=========== ========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenue $ 4,810,165 $ 135,045 [3] $ 4,945,210
---------- ---------- ----------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 2,243,670 0 [3] 2,243,670
Other 867,124 0 [3] 867,124
Maintenance 294,036 294,036
Depreciation 278,349 278,349
Amortization of regulatory assets, net 575,623 575,623
Federal and state income taxes 220,868 0 [3] 220,868
Taxes other than income taxes 249,101 249,101
Gain on sale of utility plant (308,914) (308,914)
---------- ---------- ----------
Total operating expenses 4,419,857 0 4,419,857
---------- ---------- ----------
Operating Income 390,308 135,045 525,353
---------- ---------- ----------
Other Income (Loss):
Equity in earnings of regional nuclear
generating and transmission companies 5,367 5,367
Nuclear unrecoverable costs (72,496) (72,496)
Other, net (24,835) (24,835)
Minority interest in loss of subsidiary (9,300) (9,300)
Income taxes 83,714 0 [3] 83,714
---------- ---------- ----------
Other loss, net (17,550) 0 (17,550)
---------- ---------- ----------
Income before interest charges 372,758 135,045 507,803
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 246,517 135,045 [3] 381,562
Other interest 21,586 21,586
Deferred interest -- nuclear plants (7,277) (7,277)
---------- ---------- ----------
Interest charges, net 260,826 135,045 395,871
---------- ---------- ----------
Net Income $ 111,932 $ 0 $ 111,932
========== =========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 579,213 $ $ 579,213
Net income 111,932 111,932
Cash dividends on common stock (27,480) (27,480)
Cash dividends on preferred stock (21,573) (21,573)
---------- ---------- ----------
Balance at end of period $ 642,092 $ 0 $ 642,092
========== ========== ==========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2c PRO FORMA CAPITAL STRUCTURE
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
----------- ----------- -------------
<S> <C> <C> <C>
Long-term debt* $ 2,443,989 $ (463,125) [3] $ 1,980,864
Preferred stock not subject
to mandatory redemption* 136,200 (20,000) [3] 116,200
Preferred stock subject
to mandatory redemption* 119,789 (40,000) [3] 79,789
Common stock equity 2,363,999 2,363,999
----------- ------------ ------------
Total Capitalization $ 5,063,977 $ (523,125) $ 4,540,852
=========== ============ ============
*Does not include current portion.
</TABLE>
[1] See adjustments a and b.
[2] See adjustments a and c.
[3] See adjustment a.
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
<TABLE>
<CAPTION>
Debit Credit
<S> <C> <C>
a) Cash and cash equivalents 90,089
Receivables, net 135,045
Operating expenses -- operation -- other 0
Accrued taxes 13,276
Federal and state income taxes 0
Regulatory assets -- other 1,243,295
Long-term debt and preferred stock -- current portion 1,500
Long-term debt 463,125
Obligations under Seabrook Power
Contracts and other capital
leases -- current portion 102,659
Obligations under Seabrook Power
Contracts and other capital leases 254,894
Minority interest in consolidated subsidiary 100,000
Preferred stock subject to mandatory redemption 40,000
Unamortized debt expense 7,773
Operating expenses -- operation -- fuel, purchased
and net interchange power 0
Interest on long-term debt 135,045
Common stock 2,039
Capital surplus, paid in 288,050
Notes payable to bank 96,396
Preferred stock not subject to mandatory redemption 20,000
Operating revenues 135,045
Rate reduction bond obligation 2,419,731
Accumulated deferred income taxes 13,276
Accrued interest 135,045
Income taxes 0
Investment in subsidiary companies 290,089
To record summary entry for NU consolidated.
b) Investment in subsidiary companies 290,089
Common stock 2,039
Capital surplus, paid in 288,050
To record elimination of investment in subsidiary companies.
c) Cash and cash equivalents 357,553
Obligations under Seabrook Power
Contracts and other capital
leases -- current portion 102,659
Obligations under Seabrook Power
Contracts and other capital leases 254,894
To record elimination of obligations under Seabrook Power Contracts.
</TABLE>
NORTHEAST UTILITIES PARENT
2.1 PRO FORMA BALANCE SHEET
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Other Property and Investments:
Investments in subsidiary
companies, at equity $ 2,858,586 $ (290,089) [1] $ 2,568,497
Investments in transmission
companies, at equity 16,357 16,357
Other, at cost 54 54
----------- ----------- -----------
2,874,997 (290,089) 2,584,908
Current Assets:
Cash 1,090 290,089 [1] 291,179
Notes receivable from
affiliated companies 46,100 46,100
Notes and accounts receivable 701 701
Accounts receivable from
affiliated companies 2,915 2,915
Taxes receivable 1,463 1,463
Prepayments 872 872
----------- ----------- -----------
53,141 290,089 343,230
Deferred Charges:
Unamortized debt expense 6 6
Other 5,159 5,159
----------- ----------- -----------
5,165 0 5,165
----------- ----------- -----------
Total Assets $ 2,933,303 $ 0 $ 2,933,303
=========== =========== ===========
Capitalization:
Common stock $ 742,731 $ $ 742,731
Capital surplus, paid in 1,102,278 1,102,278
Deferred benefit plan --
Employee Stock Ownership Plan (124,626) (124,626)
Retained earnings 642,092 642,092
Accumulated other comprehensive income 1,524 1,524
---------- ---------- -----------
Total common stockholder's equity 2,363,999 0 2,363,999
Long-term debt 132,000 132,000
---------- ---------- -----------
Total capitalization 2,495,999 0 2,495,999
---------- ---------- -----------
Current Liabilities:
Notes payable to banks 396,000 396,000
Accounts payable 1,737 1,737
Accounts payable to
affiliated companies 2,059 2,059
Long-term debt -- current portion 20,000 20,000
Accrued interest 5,921 5,921
Accrued Con Edison/Northeast
Utilities merger fees 6,143 6,143
Other 3 3
---------- ---------- -----------
431,863 0 431,863
---------- ---------- -----------
Accumulated deferred income taxes 5,334 5,334
Other deferred credits 107 107
---------- ---------- -----------
Total Capitalization and Liabilities $ 2,933,303 $ 0 $ 2,933,303
========== ========== ===========
[1] See adjustments a and b.
</TABLE>
NORTHEAST UTILITIES PARENT
2.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 0 $ $ 0
---------- ---------- ----------
Operating Expenses:
Operation expense 22,562 22,562
Federal and state income taxes (4,590) (4,590)
Taxes other than income taxes 65 65
---------- ---------- ----------
Total operating expenses 18,037 0 18,037
---------- ---------- ----------
Operating Loss (18,037) 0 (18,037)
---------- ---------- ----------
Other Income:
Equity in earnings of subsidiaries 118,316 118,316
Equity in earnings of
transmission companies 2,472 2,472
Other, net 3,294 3,294
Income taxes 2,417 2,417
---------- ---------- ----------
Other income, net 126,499 0 126,499
---------- ---------- ----------
Income before interest charges 108,462 0 108,462
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 14,263 14,263
Other interest 3,840 3,840
---------- ---------- ----------
Interest Charges, net 18,103 0 18,103
---------- ---------- ----------
Net Income $ 90,359 $ 0 $ 90,359
========== ========== ==========
</TABLE>
NORTHEAST UTILITIES PARENT
2.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 579,213 $ $ 579,213
Net income 90,359 90,359
Cash dividends on common shares (27,480) (27,480)
---------- ---------- ----------
Balance at end of period $ 642,092 $ 0 $ 642,092
========== =========== ===========
</TABLE>
NORTHEAST UTILITIES PARENT
2.2c PRO FORMA CAPITAL STRUCTURE
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 132,000 $ $ 132,000
Common stock equity 2,363,999 2,363,999
----------- ----------- -----------
Total Capitalization $ 2,495,999 $ 0 $ 2,495,999
=========== =========== ===========
*Does not include current portion.
</TABLE>
NORTHEAST UTILITIES PARENT
2.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 275,089
Investment in Subsidiary Companies 275,089
To record the stock repurchase by PSNH.
b) Cash 15,000
Investment in Subsidiary Companies 15,000
To record the stock repurchase by WMECO.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 5,666,637 $ $ 5,666,637
Less: Accumulated provision
for depreciation 4,149,201 4,149,201
---------- ---------- ----------
1,517,436 0 1,517,436
Construction work in progress 97,668 97,668
Nuclear fuel, net 72,493 72,493
---------- ---------- ----------
Total net utility plant 1,687,597 0 1,687,597
---------- ---------- ----------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 521,127 521,127
Investments in regional nuclear
generating companies, at equity 55,080 55,080
Other, at cost 32,677 32,677
---------- ---------- ----------
608,884 0 608,884
---------- ---------- ----------
Current Assets:
Cash 6,527 0 [1] 6,527
Investment in securitizable assets 81,125 81,125
Notes receivable from
affiliated companies 93,400 93,400
Receivables, net 25,031 77,856 [2] 102,887
Accounts receivable from
affiliated companies 112,779 112,779
Fuel, materials and supplies,
at average cost 36,628 36,628
Prepayments and other 179,810 179,810
---------- ---------- ----------
535,300 77,856 613,156
---------- ---------- ----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 1,169,339 1,169,339
Income taxes, net 391,260 391,260
Unrecovered contractual obligations 227,157 227,157
Recoverable energy costs, net 87,160 87,160
Other 70,693 979,559 [3] 1,050,252
Unamortized debt expense 15,417 6,899 [4] 22,316
Other 21,476 21,476
---------- ---------- ----------
1,982,502 986,458 2,968,960
---------- ---------- ----------
Total Assets $ 4,814,283 $ 1,064,314 $ 5,878,597
========== ========== ==========
</TABLE>
[1] See adjustments a, b, d, e, g, and m.
[2] See adjustments j and l.
[3] See adjustments c and h.
[4] See adjustment f.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 75,849 $ $ 75,849
Capital surplus, paid in 412,339 412,339
Retained earnings 200,058 200,058
Accumulated other
comprehensive income 416 416
---------- ---------- ----------
Total common stockholder's equity 688,662 0 688,662
Preferred stock not subject to
mandatory redemption 116,200 116,200
Preferred stock subject to
mandatory redemption 79,789 79,789
Long-term debt 1,223,899 (353,925) [5] 869,974
---------- ---------- ----------
Total capitalization 2,108,550 (353,925) 1,754,625
---------- ---------- ----------
Minority Interest in Consolidated Subsidiary 100,000 (100,000) [5] 0
---------- ---------- ----------
Obligations Under Capital Leases 43,878 43,878
---------- ---------- ----------
Rate Reduction Bond Obligation 0 1,440,383 [6] 1,440,383
---------- ---------- ----------
Current Liabilities:
Long-term debt and preferred
stock -- current portion 19,750 19,750
Obligations under capital
leases -- current portion 91,346 91,346
Accounts payable 170,211 170,211
Accounts payable to
affiliated companies 127,393 127,393
Accrued taxes 29,360 (7,432) [7] 21,928
Accrued interest 21,267 77,856 [8] 99,123
Other 42,873 42,873
---------- ---------- ----------
502,200 70,424 572,624
---------- ---------- ----------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 1,005,145 7,432 [9] 1,012,577
Accumulated deferred investment
tax credits 105,241 105,241
Decommissioning obligation -- Millstone 1 576,181 576,181
Deferred contractual obligations 227,152 227,152
Other 145,936 145,936
---------- ---------- ----------
2,059,655 7,432 2,067,087
---------- ---------- ----------
Total Capitalization and Liabilities $ 4,814,283 $ 1,064,314 $ 5,878,597
========== ========== ==========
</TABLE>
[5] See adjustment d.
[6] See adjustments a and m.
[7] See adjustments b, e, i, j, k, and l.
[8] See adjustments i and k.
[9] See adjustments c, f, g, and h.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 2,593,833 $ 77,856 [2] $ 2,671,689
---------- ---------- ----------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 1,097,584 0 [10] 1,097,584
Other 468,702 0 [11] 468,702
Maintenance 180,740 180,740
Depreciation 170,954 170,954
Amortization of regulatory assets, net 420,048 420,048
Federal and state income taxes 150,667 0 [12] 150,667
Taxes other than income taxes 161,257 161,257
Gain on sale of utility plant (286,477) (286,477)
---------- ---------- ----------
Total operating expenses 2,363,475 0 2,363,475
---------- ---------- ----------
Operating Income 230,358 77,856 308,214
---------- ---------- ----------
Other Income (Loss):
Equity in earnings of regional
nuclear generating companies 1,764 1,764
Nuclear unrecoverable costs (54,004) (54,004)
Other, net (25,326) (25,326)
Minority interest in loss of subsidiary (9,300) (9,300)
Income taxes 33,950 0 [13] 33,950
---------- ---------- ----------
Other loss, net (52,916) 0 (52,916)
---------- ---------- ----------
Income before interest charges 177,442 77,856 255,298
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 118,595 77,856 [14] 196,451
Other interest 13,797 13,797
Deferred interest -- nuclear plants (4,730) (4,730)
---------- ---------- ----------
Interest charges, net 127,662 77,856 205,518
---------- ---------- ----------
Net Income $ 49,780 $ 0 $ 49,780
========== ========== ==========
</TABLE>
[10] See adjustments g and h.
[11] See adjustments b, c, e, and f.
[12] See adjustments b, c, e, f, g, and h.
[13] See adjustments i, j, k and l.
[14] See adjustments i and k.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 193,178 $ $ 193,178
Net income 49,780 49,780
Cash dividends on preferred stock (12,341) (12,341)
ESOP contribution (30,559) (30,559)
---------- ---------- ----------
Balance at end of period $ 200,058 $ 0 $ 200,058
========== ========== ==========
</TABLE>
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2c PRO FORMA CAPITAL STRUCTURE
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 1,223,899 $ (353,925) [5] $ 869,974
Preferred stock not subject
to mandatory redemption* 116,200 116,200
Preferred stock subject
to mandatory redemption* 79,789 79,789
Common stock equity 688,662 688,662
---------- ---------- ----------
Total Capitalization $ 2,108,550 $ (353,925) $ 1,754,625
========== ========== ==========
</TABLE>
*Does not include current portion.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARY
3.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 1,489,000
Rate reduction bond obligation 1,489,000
To record the issuance of
rate reduction bonds.
b) Operating expenses --
operation -- other 11,679
Accrued taxes 4,672
Cash 11,679
Federal and state income taxes 4,672
To record issuance expenses
associated with securitization and
related tax effect.
c) Regulatory assets -- other 11,679
Federal and state income taxes 4,672
Operating expenses --
operation -- other 11,679
Accumulated deferred income taxes 4,672
To record deferral of issuance
expenses associated with securitization
and related tax effect.
d) Minority interest in
consolidated subsidiary 100,000
Long-term debt 353,925
Cash 453,925
To record the use of
securitization proceeds to retire
long-term debt.
e) Operating expenses --
operation -- other 6,899
Accrued taxes 2,760
Cash 6,899
Federal and state income taxes 2,760
To record the associated costs and
premiums of retiring debt.
f) Unamortized debt expense 6,899
Federal and state income taxes 2,760
Operating expenses --
operation -- other 6,899
Accumulated deferred income taxes 2,760
To record deferral of debt
retirement costs and related
tax effect.
g) Fuel, purchased and
net interchange power 967,880
Accumulated deferred income taxes 387,152
Cash 967,880
Federal and state income taxes 387,152
To record the buyout of IPP
contracts and related tax effect.
h) Regulatory assets -- other 967,880
Federal and state income taxes 387,152
Fuel, purchased and
net interchange power 967,880
Accumulated deferred income taxes 387,152
To record the deferral of IPP
buyout costs and related
tax effect.
i) Interest on long-term debt 115,231
Accrued taxes 46,092
Accrued interest 115,231
Income taxes 46,092
To record interest expense on rate
reduction bonds and related tax effect.
j) Receivables, net 115,231
Income taxes 46,092
Operating revenues 115,231
Accrued taxes 46,092
To record deferral of interest
expense on rate reduction bonds
and related tax effect.
k) Accrued interest 37,375
Income taxes 14,950
Interest on long-term debt 37,375
Accrued taxes 14,950
To record decrease in interest
costs associated with debt repurchase
and the related tax effect.
l) Operating revenues 37,375
Accrued taxes 14,950
Receivables, net 37,375
Income taxes 14,950
To record deferral of decrease in
interest costs on debt repurchased
and related tax effect.
m) Rate reduction bond obligation 48,617
Cash 48,617
To record repayment of excess
rate reduction bond obligation.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 1,946,796 $ $ 1,946,796
Less: Accumulated provision
for depreciation 685,840 685,840
------------ ------------ ------------
1,260,956 0 1,260,956
Unamortized acquisition costs 317,332 317,332
Construction work in progress 17,090 17,090
Nuclear fuel, net 1,500 1,500
------------ ------------ ------------
Total net utility plant 1,596,878 0 1,596,878
------------ ------------ ------------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 6,906 6,906
Investments in regional nuclear
generating companies and
subsidiary company, at equity 18,547 18,547
Other, at cost 2,931 2,931
------------ ------------ ------------
28,384 0 28,384
------------ ------------ ------------
Current Assets:
Cash and cash equivalents 248,365 (200,000) [1] 48,365
Receivables, net 69,884 45,396 [2] 115,280
Accounts receivable from
affiliated companies 7,330 7,330
Taxes receivable from
affiliated companies 4,014 4,014
Accrued utility revenues 48,303 48,303
Fuel, materials and supplies,
at average cost 36,321 36,321
Recoverable energy costs --
current portion 85,196 85,196
Prepayments and other 9,865 9,865
------------ ------------ ------------
509,278 (154,604) 354,674
------------ ------------ ------------
Deferred Charges:
Regulatory assets:
Recoverable energy costs 111,565 111,565
Income taxes, net 160,231 160,231
Deferred costs -- nuclear plant 118,244 118,244
Unrecovered contractual obligations 54,152 54,152
Other 3,047 138,158 [3] 141,205
Deferred receivable from
affiliated company 10,548 10,548
Unamortized debt expense 11,687 11,687
Other 8,251 8,251
------------ ------------ ------------
477,725 138,158 615,883
------------ ------------ ------------
Total Assets $ 2,612,265 $ (16,446) $ 2,595,819
============ ============ ============
</TABLE>
[1] See adjustments a, b, d, e, g, m, and n.
[2] See adjustments j and l.
[3] See adjustments c, f and h.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 1 $ (1) [4] $ 0
Capital surplus, paid in 424,740 (275,088) [4] 149,652
Retained earnings 336,006 336,006
Accumulated other comprehensive income 1,074 1,074
------------ ------------ ------------
Total common stockholder's equity 761,821 (275,089) 486,732
Preferred stock subject to
mandatory redemption 25,000 (25,000) [5] 0
Long-term debt 516,485 (109,200) [5] 407,285
------------ ------------ ------------
Total capitalization 1,303,306 (409,289) 894,017
------------ ------------ ------------
Obligations Under Seabrook Power
Contracts and Other Capital Leases 597,662 (254,894) [6] 342,768
------------ ------------ ------------
Rate Reduction Bond Obligation 0 705,000 [7] 705,000
------------ ------------ ------------
Current Liabilities:
Long-term debt and preferred stock --
current portion 25,000 25,000
Obligations under Seabrook Power
Contracts and other capital
leases -- current portion 102,659 (102,659) [6] 0
Accounts payable 34,185 34,185
Accounts payable to
affiliated companies 37,638 37,638
Accrued taxes 50,958 (3,263) [8] 47,695
Accrued interest 12,668 45,396 [9] 58,064
Accrued pension benefits 44,779 44,779
Other 8,125 8,125
------------ ------------ ------------
316,012 (60,526) 255,486
------------ ------------ ------------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 256,215 3,263 [10] 259,478
Accumulated deferred investment
tax credits 12,260 12,260
Deferred contractual obligations 54,152 54,152
Deferred revenue from
affiliated company 10,548 10,548
Other 62,110 62,110
------------ ------------ ------------
395,285 3,263 398,548
------------ ------------ ------------
Total Capitalization and Liabilities $ 2,612,265 $ (16,446) $ 2,595,819
============ ============ ============
</TABLE>
[4] See adjustment m.
[5] See adjustment d.
[6] See adjustment g.
[7] See adjustments a and n.
[8] See adjustments b, e, i, j, k, and l.
[9] See adjustments i and k.
[10] See adjustments c, f, g, and h.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 1,202,467 $ 45,396 [2] $ 1,247,863
------------ ------------ ------------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 734,301 0 [11] 734,301
Other 133,900 0 [12] 133,900
Maintenance 51,176 51,176
Depreciation 48,254 48,254
Amortization of regulatory assets, net 43,171 43,171
Federal and state income taxes 34,496 0 [13] 34,496
Taxes other than income taxes 42,771 42,771
------------ ------------ ------------
Total operating expenses 1,088,069 0 1,088,069
------------ ------------ ------------
Operating Income 114,398 45,396 159,794
------------ ------------ ------------
Other Income (Loss):
Equity in earnings of regional nuclear
generating companies and
subsidiary company 1,118 1,118
Other, net 9,313 9,313
Income taxes (5,349) 0 [14] (5,349)
------------ ------------ ------------
Other income, net 5,082 0 5,082
------------ ------------ ------------
Income before interest charges 119,480 45,396 164,876
------------ ------------ ------------
Interest Charges:
Interest on long-term debt 42,537 45,396 [15] 87,933
Other interest 584 584
------------ ------------ ------------
Interest charges, net 43,121 45,396 88,517
------------ ------------ ------------
Net Income $ 76,359 $ 0 $ 76,359
=========== =========== ===========
</TABLE>
[11] See adjustments g and h.
[12] See adjustments b, c, e, and f.
[13] See adjustments b, c, e, f, g, and h.
[14] See adjustments i, j, k, and l.
[15] See adjustments i and k.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 276,206 $ $ 276,206
Net income 76,359 76,359
Cash dividends on preferred stock (5,963) (5,963)
ESOP contribution (10,596) (10,596)
----------- ----------- -----------
Balance at end of period $ 336,006 $ 0 $ 336,006
========== =========== ===========
</TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2c PRO FORMA CAPITAL STRUCTURE
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 516,485 $ (109,200) [5] $ 407,285
Preferred stock subject
to mandatory redemption* 25,000 (25,000) [5] 0
Common stock equity 761,821 (275,089) 486,732
------------ ------------ ------------
Total Capitalization $ 1,303,306 $ (409,289) $ 894,017
=========== ============ ============
</TABLE>
*Does not include current portion.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash and cash equivalents 725,000
Rate reduction bond obligation 725,000
To record the issuance of
rate reduction bonds.
b) Operating expenses --
operation -- other 6,933
Accrued taxes 2,773
Cash and cash equivalents 6,933
Federal and state income taxes 2,773
To record issuance expenses
associated with securitization and
related tax effect.
c) Regulatory assets -- other 6,933
Federal and state income taxes 2,773
Operating expenses --
operation -- other 6,933
Accumulated deferred income taxes 2,773
To record deferral of issuance
expenses associated with securitization
and related tax effect.
d) Long-term debt 109,200
Preferred stock subject to
mandatory redemption 25,000
Cash and cash equivalents 134,200
To record use of
securitization proceeds to
retire long-term debt
and preferred stock.
e) Operating expenses --
operation -- other 1,225
Accrued taxes 490
Cash and cash equivalents 1,225
Federal and state income taxes 490
To record the associated costs and
premiums on retiring debt.
f) Regulatory assets -- other 1,225
Federal and state income taxes 490
Operating expenses --
operation -- other 1,225
Accumulated deferred income taxes 490
To record deferral of debt
retirement costs and related
tax effect.
g) Obligations under Seabrook Power
Contracts and other capital
leases -- current portion 102,659
Obligations under Seabrook Power
Contracts and other capital leases 254,894
Fuel, purchased and
net interchange power 130,000
Accumulated deferred income taxes 52,000
Cash and cash equivalents 487,553
Federal and state income taxes 52,000
To record the buyout of IPP
contracts and related tax effect.
h) Regulatory assets -- other 130,000
Federal and state income taxes 52,000
Fuel, purchased and
net interchange power 130,000
Accumulated deferred income taxes 52,000
To record the deferral of IPP
costs and related
tax effect.
i) Interest on long-term debt 56,400
Accrued taxes 22,560
Accrued interest 56,400
Income taxes 22,560
To record interest expense on rate
reduction bonds and related tax effect.
j) Receivables, net 56,400
Income taxes 22,560
Operating revenues 56,400
Accrued taxes 22,560
To record deferral of interest
expense on rate reduction bonds
and related tax effect.
k) Accrued interest 11,004
Income taxes 4,402
Interest on long-term debt 11,004
Accrued taxes 4,402
To record decrease in interest
costs associated with debt repurchase
and the tax effect.
l) Operating revenues 11,004
Accrued taxes 4,402
Receivables, net 11,004
Income taxes 4,402
To record deferral of decrease in
interest costs on debt repurchased
and related tax effect.
m) Common stock 1
Capital surplus, paid in 275,088
Cash and cash equivalents 275,089
To record repurchase of 648
shares of common stock at the
March 31, 2000, share price
of $424,741 share, $1 par.
n) Rate reduction bond obligation 20,000
Cash and cash equivalents 20,000
To record repayment of excess
rate reduction bond obligation.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 1,103,310 $ $ 1,103,310
Less: Accumulated provision
for depreciation 782,316 782,316
---------- ---------- ----------
320,994 0 320,994
Construction work in progress 17,611 17,611
Nuclear fuel, net 16,803 16,803
---------- ---------- ----------
Total net utility plant 355,408 0 355,408
---------- ---------- ----------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 144,067 144,067
Investments in regional nuclear
generating companies, at equity 14,915 14,915
Other, at cost 6,252 6,252
---------- ---------- ----------
165,234 0 165,234
---------- ---------- ----------
Current Assets:
Cash 167 0 [1] 167
Receivables, net 33,137 11,793 [2] 44,930
Accounts receivable from
affiliated companies 18,515 18,515
Accrued utility revenues 11,876 11,876
Fuel, materials and supplies,
at average cost 1,421 1,421
Prepayments and other 38,391 38,391
---------- ---------- ----------
103,507 11,793 115,300
---------- ---------- ----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 265,185 265,185
Income taxes, net 53,360 53,360
Unrecovered contractual obligations 60,679 60,679
Recoverable energy costs 11,812 11,812
Other 53,763 125,578 [3] 179,341
Unamortized debt expense 1,591 874 [4] 2,465
Other 4,513 4,513
---------- ---------- ----------
450,903 126,452 577,355
---------- ---------- ----------
Total Assets $ 1,075,052 $ 138,245 $ 1,213,297
========== ========== ==========
</TABLE>
[1] See adjustments a, b, d, e, g, m, and n.
[2] See adjustments j and l.
[3] See adjustments c and h.
[4] See adjustment f.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 14,752 $ (2,038) [5] $ 12,714
Capital surplus, paid in 93,816 (12,962) [5] 80,854
Retained earnings 49,041 49,041
Accumulated other
comprehensive income 160 160
---------- ---------- ----------
Total common stockholder's equity 157,769 (15,000) 142,769
Preferred stock not subject to
mandatory redemption 20,000 (20,000) [6] 0
Preferred stock subject to mandatory redemption 15,000 (15,000) [6] 0
Long-term debt 197,349 197,349
---------- ---------- ----------
Total capitalization 390,118 (50,000) 340,118
---------- ---------- ----------
Obligations Under Capital Leases 6,767 6,767
---------- ---------- ----------
Rate Reduction Bond Obligation 0 274,348 [7] 274,348
---------- ---------- ----------
Current Liabilities:
Notes payable to banks 98,000 (96,396) [6] 1,604
Notes payable to affiliated company 25,400 25,400
Long-term debt and preferred
stock -- current portion 1,500 (1,500) [6] 0
Obligations under capital
leases -- current portion 21,077 21,077
Accounts payable 20,282 20,282
Accounts payable to affiliated companies 7,503 7,503
Accrued taxes 14,032 (2,581) [8] 11,451
Accrued interest 3,500 11,793 [9] 15,293
Other 14,992 14,992
---------- ---------- ----------
206,286 (88,684) 117,602
---------- ---------- ----------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 228,214 2,581 [10] 230,795
Accumulated deferred investment
tax credits 18,593 18,593
Decommissioning obligation -- Millstone 1 135,159 135,159
Deferred contractual obligations 60,679 60,679
Other 29,236 29,236
---------- ---------- ----------
471,881 2,581 474,462
---------- ---------- ----------
Total Capitalization and Liabilities $ 1,075,052 $ 138,245 $ 1,213,297
========== ========== ==========
</TABLE>
[5] See adjustment m.
[6] See adjustment d.
[7] See adjustments a and n.
[8] See adjustments b, e, i, j, k, and l.
[9] See adjustments i and k.
[10] See adjustments c, f, g, and h.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 445,955 $ 11,793 [2] $ 457,748
---------- ---------- ----------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 193,634 0[11] 193,634
Other 102,026 0[12] 102,026
Maintenance 41,646 41,646
Depreciation 22,700 22,700
Amortization of regulatory assets, net 24,472 24,472
Federal and state income taxes 19,877 0[13] 19,877
Taxes other than income taxes 19,720 19,720
Gain on sale of utility plant (22,437) (22,437)
---------- ---------- ----------
Total operating expenses 401,638 0 401,638
---------- ---------- ----------
Operating Income 44,317 11,793 56,110
---------- ---------- ----------
Other Income (Loss):
Equity in earnings of regional
nuclear generating companies 469 469
Nuclear unrecoverable costs (18,492) (18,492)
Other, net (2,895) (2,895)
Income taxes 13,174 0 [14] 13,174
---------- ---------- ----------
Other loss, net (7,744) 0 (7,744)
---------- ---------- ----------
Income before interest charges 36,573 11,793 48,366
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 22,598 11,793 [15] 34,391
Other interest 4,888 4,888
---------- ---------- ----------
Interest charges, net 27,486 11,793 39,279
---------- ---------- ----------
Net Income $ 9,087 $ 0 $ 9,087
========== ========== ==========
</TABLE>
[11] See adjustments g and h.
[12] See adjustments b, c, e, and f.
[13] See adjustments b, c, e, f, g, and h.
[14] See adjustments i, j, k, and l.
[15] See adjustments i and k.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 50,127 $ $ 50,127
Net income 9,087 9,087
Cash dividends on preferred stock (3,270) (3,270)
ESOP contribution (6,903) (6,903)
---------- ---------- ----------
Balance at end of period $ 49,041 $ 0 $ 49,041
========== ========== ==========
</TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2c PRO FORMA CAPITAL STRUCTURE
AS OF MARCH 31, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 197,349 $ $ 197,349
Preferred stock not subject
to mandatory redemption* 20,000 (20,000) [6] 0
Preferred stock subject
to mandatory redemption* 15,000 (15,000) [6] 0
Common stock equity 157,769 (15,000) 142,769
---------- ---------- ----------
Total Capitalization $ 390,118 $ (50,000) $ 340,118
========== ========== ==========
</TABLE>
*Does not include current portion.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 303,000
Rate reduction bond obligation 303,000
To record the issuance of
rate reduction bonds.
b) Operating expenses --
operation -- other 5,578
Accrued taxes 2,231
Cash 5,578
Federal and state income taxes 2,231
To record issuance expenses
associated with securitization and
related tax effect.
c) Regulatory assets -- other 5,578
Federal and state income taxes 2,231
Operating expenses --
operation -- other 5,578
Accumulated deferred income taxes 2,231
To record the deferral of issuance
expenses associated with securitization
and related tax effect.
d) Notes payable to bank 96,396
Preferred stock subject to
mandatory redemption 15,000
Preferred stock not subject to
mandatory redemption 20,000
Long-term debt and preferred
stock -- current portion 1,500
Cash 132,896
To record the use of
securitization proceeds to retire
short-term debt, long-term debt
and preferred stock.
e) Operating expenses --
operation -- other 874
Accrued taxes 350
Cash 874
Federal and state income taxes 350
To record the associated costs and
premiums of retiring debt.
f) Unamortized debt expense 874
Federal and state income taxes 350
Operating expenses --
operation -- other 874
Accumulated deferred income taxes 350
To record deferral of debt
retirement costs and related
tax effect.
g) Fuel, purchased and
net interchange power 120,000
Accumulated deferred income taxes 48,000
Cash 120,000
Federal and state income taxes 48,000
To record the buyout of IPP
contracts and related tax effect.
h) Regulatory assets -- other 120,000
Federal and state income taxes 48,000
Fuel, purchased and
net interchange power 120,000
Accumulated deferred income taxes 48,000
To record the deferral of IPP
buyout costs and related
tax effect.
i) Interest on long-term debt 21,948
Accrued taxes 8,779
Accrued interest 21,948
Income taxes 8,779
To record interest expense on rate
reduction bonds and related taxes.
j) Receivables, net 21,948
Income taxes 8,779
Operating revenues 21,948
Accrued taxes 8,779
To record deferral of interest
expense on rate reduction bonds
and related tax effect.
k) Accrued interest 10,155
Income taxes 4,062
Interest on long-term debt 10,155
Accrued taxes 4,062
To record decrease in interest
costs associated with debt repurchase
and the related increase in taxes.
l) Operating revenues 10,155
Accrued taxes 4,062
Receivables, net 10,155
Income taxes 4,062
To record deferral of decrease in
interest costs on debt repurchased
and related tax effect.
m) Common stock 2,038
Capital surplus, paid in 12,962
Cash 15,000
To record repurchase of 81,531
shares of common stock at the
March 31, 2000, share price
of $183.98, $25 par.
n) Rate reduction bond obligation 28,652
Cash 28,652
To record repayment of excess
rate reduction bond obligation.
|
|