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Supplemental Financial Information (Tables)

12 Months Ended

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 saleend 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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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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