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Supplemental Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2019
34. Supplemental Financial Information |
Condensed Consolidated Statements of Income |
|  | Parent |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-guarantor Subsidiaries | Eliminations | Consolidated
millions of Canadian dollars |  |  |  |
For the year ended December 31, 2019
Operating revenues | $ | - | $ | - | $ | 4,125 | $ | 2,029 | $ | (43) | $ | 6,111
Operating expenses |  | 31 |  | - |  | 3,084 |  | 1,695 |  | (42) |  | 4,768
Income (loss) from equity investments and subsidiaries |  | 753 |  | - |  | 2 |  | 151 |  | (752) |  | 154
Other income (expenses), net |  | 21 |  | - |  | 22 |  | (11) |  | (20) |  | 12
Interest expense, net (1) |  | 75 |  | (40) |  | 481 |  | 222 |  | - |  | 738
Income (loss) before provision for income taxes |  | 668 |  | 40 |  | 584 |  | 252 |  | (773) |  | 771
Income tax expense (recovery) |  | (40) |  | 11 |  | 60 |  | 30 |  | - |  | 61
Net income (loss) |  | 708 |  | 29 |  | 524 |  | 222 |  | (773) |  | 710
Non-controlling interest in subsidiaries |  | - |  | - |  | - |  | - |  | 2 |  | 2
Preferred stock dividends |  | 45 |  | - |  | 19 |  | 3 |  | (22) |  | 45
Net income (loss) attributable to common shareholders | $ | 663 | $ | 29 | $ | 505 | $ | 219 | $ | (753) | $ | 663
Comprehensive income (loss) of Emera Incorporated | $ | 465 | $ | 14 | $ | 102 | $ | 205 | $ | (321) | $ | 465
For the year ended December 31, 2018
Operating revenues | $ | - | $ | - | $ | 4,432 | $ | 2,146 | $ | (54) | $ | 6,524
Operating expenses |  | 45 |  | - |  | 3,468 |  | 1,665 |  | (52) |  | 5,126
Income (loss) from equity investments and subsidiaries |  | 801 |  | - |  | 3 |  | 150 |  | (800) |  | 154
Other income (expenses), net |  | 22 |  | - |  | 20 |  | (27) |  | (38) |  | (23)
Interest expense, net (1) |  | 79 |  | (40) |  | 456 |  | 218 |  | - |  | 713
Income (loss) before provision for income taxes |  | 699 |  | 40 |  | 531 |  | 386 |  | (840) |  | 816
Income tax expense (recovery) |  | (47) |  | 9 |  | 64 |  | 43 |  | - |  | 69
Net income (loss) |  | 746 |  | 31 |  | 467 |  | 343 |  | (840) |  | 747
Non-controlling interest in subsidiaries |  | - |  | - |  | - |  | (1) |  | 2 |  | 1
Preferred stock dividends |  | 36 |  | - |  | 38 |  | 4 |  | (42) |  | 36
Net income (loss) attributable to common shareholders | $ | 710 | $ | 31 | $ | 429 | $ | 340 | $ | (800) | $ | 710
Comprehensive income (loss) of Emera Incorporated | $ | 1,249 | $ | 56 | $ | 973 | $ | 439 | $ | (1,468) | $ | 1,249
(1) Interest expense is net of interest revenue. |  |  |  |  |  |  |  |  |  |  |  |
Condensed Consolidated Balance Sheets |
|  | Parent | Subsidiary Issuer |  | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated
millions of Canadian dollars |  |
As at December 31, 2019
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 96 | $ | 27 |  | 1,486 | $ | 1,171 | $ | (294) | $ | 2,486
Property, plant and equipment |  | 23 |  | - |  | 13,099 |  | 5,040 |  | 5 |  | 18,167
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | - |  | - |  | 519 |  | 912 |  | - |  | 1,431
Goodwill |  | 3 |  | - |  | 5,762 |  | 70 |  | - |  | 5,835
Other long-term assets |  | 11,994 |  | 3,856 |  | 1,739 |  | 3,289 |  | (16,955) |  | 3,923
Total other assets |  | 11,997 |  | 3,856 |  | 8,020 |  | 4,271 |  | (16,955) |  | 11,189
Total assets | $ | 12,116 | $ | 3,883 | $ | 22,605 | $ | 10,482 | $ | (17,244) | $ | 31,842
Liabilities and Equity
Current liabilities | $ | 542 | $ | 12 | $ | 3,699 | $ | 992 | $ | (1,079) | $ | 4,166
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 2,978 |  | 3,534 |  | 8,829 |  | 4,547 |  | (6,209) |  | 13,679
Deferred income taxes |  | - |  | 3 |  | 515 |  | 767 |  | - |  | 1,285
Regulatory liabilities |  | - |  | - |  | 1,793 |  | 93 |  | - |  | 1,886
Other long-term liabilities |  | 38 |  | - |  | 1,697 |  | 511 |  | (21) |  | 2,225
Total long-term liabilities |  | 3,016 |  | 3,537 |  | 12,834 |  | 5,918 |  | (6,230) |  | 19,075
Total Emera Incorporated equity |  | 8,558 |  | 334 |  | 6,072 |  | 3,551 |  | (9,949) |  | 8,566
Non-controlling interest in subsidiaries |  | - |  | - |  | - |  | 21 |  | 14 |  | 35
Total equity |  | 8,558 |  | 334 |  | 6,072 |  | 3,572 |  | (9,935) |  | 8,601
Total liabilities and equity | $ | 12,116 | $ | 3,883 | $ | 22,605 | $ | 10,482 | $ | (17,244) | $ | 31,842
As at December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 146 | $ | 67 |  | 1,767 | $ | 1,096 | $ | (244) | $ | 2,832
Property, plant and equipment |  | 24 |  | - |  | 13,745 |  | 4,946 |  | (3) |  | 18,712
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | - |  | - |  | 645 |  | 759 |  | - |  | 1,404
Goodwill |  | - |  | - |  | 6,208 |  | 105 |  | - |  | 6,313
Other long-term assets |  | 11,457 |  | 4,660 |  | 971 |  | 3,200 |  | (17,235) |  | 3,053
Total other assets |  | 11,457 |  | 4,660 |  | 7,824 |  | 4,064 |  | (17,235) |  | 10,770
Total assets | $ | 11,627 | $ | 4,727 | $ | 23,336 | $ | 10,106 | $ | (17,482) | $ | 32,314
Liabilities and Equity
Current liabilities | $ | 368 | $ | 695 | $ | 2,829 | $ | 926 | $ | (265) | $ | 4,553
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 2,906 |  | 3,709 |  | 10,243 |  | 4,428 |  | (6,994) |  | 14,292
Deferred income taxes |  | - |  | 3 |  | 668 |  | 643 |  | 6 |  | 1,320
Regulatory liabilities |  | - |  | - |  | 2,118 |  | 241 |  | - |  | 2,359
Other long-term liabilities |  | 36 |  | - |  | 874 |  | 543 |  | (21) |  | 1,432
Total long-term liabilities |  | 2,942 |  | 3,712 |  | 13,903 |  | 5,855 |  | (7,009) |  | 19,403
Total Emera Incorporated equity |  | 8,317 |  | 320 |  | 6,604 |  | 3,303 |  | (10,227) |  | 8,317
Non-controlling interest in subsidiaries |  | - |  | - |  | - |  | 22 |  | 19 |  | 41
Total equity |  | 8,317 |  | 320 |  | 6,604 |  | 3,325 |  | (10,208) |  | 8,358
Total liabilities and equity | $ | 11,627 | $ | 4,727 | $ | 23,336 | $ | 10,106 | $ | (17,482) | $ | 32,314
Condensed Consolidated Statements of Cash Flows |
Emera Incorporated |  |  |  |  |  |  |  |  |  |  |  |
Condensed Consolidated Statements of Cash Flows
|  | Parent | Subsidiary Issuer |  | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated
millions of Canadian dollars |  |
As at December 31, 2019
Net cash provided by (used in) by operating activities | $ | 133 | $ | 33 | $ | 1,100 | $ | 279 | $ | (20) | $ | 1,525
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment |  | (2) |  | - |  | (1,973) |  | (520) |  | - |  | (2,495)
Net purchase of investments subject to significant influence |  | - |  | - |  | (3) |  | - |  | - |  | (3)
Proceeds on disposal of assets |  | - |  | - |  | 818 |  | 57 |  | - |  | 875
Other investing activities |  | (402) |  | 595 |  | 774 |  | (1) |  | (960) |  | 6
Net cash provided by (used in) investing activities |  | (404) |  | 595 |  | (384) |  | (464) |  | (960) |  | (1,617)
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Change in short-term debt, net |  | 399 |  | - |  | (9) |  | 23 |  | - |  | 413
Proceeds from long-term debt |  | - |  | - |  | (6) |  | 552 |  | 520 |  | 1,066
Retirement of long-term debt |  | (225) |  | (664) |  | (65) |  | (166) |  | 17 |  | (1,103)
Net borrowings (repayments) under committed credit facilities |  | 146 |  | - |  | (11) |  | (225) |  | (28) |  | (118)
Issuance of common and preferred stock |  | 203 |  | - |  | (620) |  | 58 |  | 562 |  | 203
Dividends paid |  | (423) |  | - |  | (19) |  | (138) |  | 157 |  | (423)
Other financing activities |  | (1) |  | - |  | 138 |  | 87 |  | (248) |  | (24)
Net cash provided by (used in) financing activities |  | 99 |  | (664) |  | (592) |  | 191 |  | 980 |  | 14
Effect of exchange rate changes on cash, cash equivalents, restricted cash and assets held for sale |  | 147 |  | (3) |  | (141) |  | (23) |  | - |  | (20)
Net increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale |  | (25) |  | (39) |  | (17) |  | (17) |  | - |  | (98)
Cash, cash equivalents, and restricted cash, beginning of year |  | 20 |  | 58 |  | 104 |  | 190 |  | - |  | 372
Cash, cash equivalents, restricted cash and assets held for sale end of year | $ | (5) | $ | 19 | $ | 87 | $ | 173 | $ | - | $ | 274
Emera Incorporated |  |  |  |  |  |  |  |  |  |  |  |
Condensed Consolidated Statements of Cash Flows (Continued)
|  | Parent | Subsidiary Issuer |  | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated
millions of Canadian dollars |  |
As at December 31, 2018
Net cash provided by (used in) operating activities | $ | 191 | $ | 35 | $ | 1,266 | $ | 465 | $ | (267) | $ | 1,690
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment |  | (9) |  | - |  | (1,687) |  | (466) |  | - |  | (2,162)
Net purchase of investments subject to significant influence |  | - |  | - |  | (16) |  | (33) |  | - |  | (49)
Other investing activities |  | (489) |  | - |  | 3 |  | (65) |  | 572 |  | 21
Net cash provided by (used in) investing activities |  | (498) |  | - |  | (1,700) |  | (564) |  | 572 |  | (2,190)
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Change in short-term debt, net |  | - |  | - |  | (162) |  | - |  | - |  | (162)
Proceeds from long-term debt |  | - |  | - |  | 1,174 |  | 75 |  | (194) |  | 1,055
Retirement of long-term debt |  | - |  | - |  | (716) |  | (41) |  | - |  | (757)
Net borrowings (repayments) under committed credit facilities |  | 136 |  | - |  | (103) |  | 178 |  | 110 |  | 321
Issuance of common and preferred stock |  | 301 |  | - |  | 319 |  | 127 |  | (446) |  | 301
Dividends paid |  | (382) |  | - |  | (37) |  | (311) |  | 348 |  | (382)
Other financing activities |  | - |  | - |  | - |  | 91 |  | (123) |  | (32)
Net cash provided by (used in) financing activities |  | 55 |  | - |  | 475 |  | 119 |  | (305) |  | 344
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | (4) |  | 2 |  | 9 |  | 18 |  | - |  | 25
Net increase (decrease) in cash, cash equivalents, and restricted cash |  | (256) |  | 37 |  | 50 |  | 38 |  | - |  | (131)
Cash, cash equivalents and restricted cash, beginning of year |  | 276 |  | 21 |  | 54 |  | 152 |  | - |  | 503
Cash, cash equivalents and restricted cash, end of year | $ | 20 | $ | 58 | $ | 104 | $ | 190 | $ | - | $ | 372

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