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Supplemental Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2020
35. 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, 2020
Operating revenues | $ | (1) | $ | - | $ | 3,456 | $ | 2,070 | $ | (19) | $ | 5,506
Operating expenses |  | 51 |  | - |  | 2,640 |  | 1,688 |  | (20) |  | 4,359
Income (loss) from equity investments and subsidiaries |  | 1,049 |  | - |  | 1 |  | 147 |  | (1,048) |  | 149
Other income (expenses), net |  | 20 |  | - |  | 687 |  | 1 |  | - |  | 708
Interest expense, net (1) |  | 48 |  | (37) |  | 448 |  | 220 |  | - |  | 679
Income (loss) before provision for income taxes |  | 969 |  | 37 |  | 1,056 |  | 310 |  | (1,047) |  | 1,325
Income tax expense (recovery) |  | (14) |  | (1) |  | 348 |  | 7 |  | 1 |  | 341
Net income (loss) |  | 983 |  | 38 |  | 708 |  | 303 |  | (1,048) |  | 984
Non-controlling interest in subsidiaries |  | - |  | - |  | - |  | - |  | 1 |  | 1
Preferred stock dividends |  | 45 |  | - |  | - |  | 1 |  | (1) |  | 45
Net income (loss) attributable to common shareholders | $ | 938 | $ | 38 | $ | 708 | $ | 302 | $ | (1,048) | $ | 938
Comprehensive income (loss) of Emera Incorporated | $ | 809 | $ | 35 | $ | 575 | $ | 257 | $ | (867) | $ | 809
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
(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, 2020
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 121 | $ | 10 |  | 1,216 | $ | 1,010 | $ | (179) | $ | 2,178
Property, plant and equipment |  | 21 |  | - |  | 14,356 |  | 5,164 |  | (6) |  | 19,535
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | - |  | - |  | 520 |  | 899 |  | - |  | 1,419
Goodwill |  | 3 |  | - |  | 5,648 |  | 69 |  | - |  | 5,720
Other long-term assets |  | 12,522 |  | 4,591 |  | 130 |  | 3,254 |  | (18,115) |  | 2,382
Total other assets |  | 12,525 |  | 4,591 |  | 6,298 |  | 4,222 |  | (18,115) |  | 9,521
Total assets | $ | 12,667 | $ | 4,601 | $ | 21,870 | $ | 10,396 | $ | (18,300) | $ | 31,234
Liabilities and Equity
Current liabilities | $ | 554 | $ | 2,024 | $ | 4,121 | $ | 723 | $ | (2,547) | $ | 4,875
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 2,210 |  | 2,513 |  | 4,026 |  | 3,590 |  | - |  | 12,339
Deferred income taxes |  | - |  | 2 |  | 852 |  | 761 |  | 14 |  | 1,629
Regulatory liabilities |  | - |  | - |  | 1,747 |  | 85 |  | - |  | 1,832
Other long-term liabilities |  | 700 |  | - |  | 4,510 |  | 1,666 |  | (5,555) |  | 1,321
Total long-term liabilities |  | 2,910 |  | 2,515 |  | 11,135 |  | 6,102 |  | (5,541) |  | 17,121
Total Emera Incorporated equity |  | 9,203 |  | 62 |  | 6,614 |  | 3,550 |  | (10,225) |  | 9,204
Non-controlling interest in subsidiaries |  | - |  | - |  | - |  | 21 |  | 13 |  | 34
Total equity |  | 9,203 |  | 62 |  | 6,614 |  | 3,571 |  | (10,212) |  | 9,238
Total liabilities and equity | $ | 12,667 | $ | 4,601 | $ | 21,870 | $ | 10,396 | $ | (18,300) | $ | 31,234
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
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, 2020
Net cash provided by (used in) by operating activities | $ | 365 | $ | 36 | $ | 1,277 | $ | 486 | $ | (527) | $ | 1,637
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment |  | (1) |  | - |  | (2,150) |  | (472) |  | - |  | (2,623)
Proceeds on disposal of assets |  | - |  | - |  | 1,401 |  | - |  | - |  | 1,401
Other investing activities |  | (118) |  | 265 |  | 546 |  | 100 |  | (795) |  | (2)
Net cash provided by (used in) investing activities |  | (119) |  | 265 |  | (203) |  | (372) |  | (795) |  | (1,224)
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
Change in short-term debt, net |  | (6) |  | - |  | 107 |  | (5) |  | - |  | 96
Proceeds from long-term debt |  | - |  | - |  | 173 |  | 429 |  | (174) |  | 428
Retirement of long-term debt |  | - |  | - |  | (705) |  | (87) |  | 279 |  | (513)
Net borrowings (repayments) under committed credit facilities |  | (82) |  | - |  | 8 |  | (157) |  | 28 |  | (203)
Issuance of common and preferred stock |  | 285 |  | (241) |  | (3) |  | 53 |  | 191 |  | 285
Dividends paid |  | (454) |  | (66) |  | (80) |  | (379) |  | 525 |  | (454)
Other financing activities |  | (18) |  | (4) |  | (494) |  | 32 |  | 473 |  | (11)
Net cash provided by (used in) financing activities |  | (275) |  | (311) |  | (994) |  | (114) |  | 1,322 |  | (372)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and assets held for sale |  | 18 |  | (8) |  | (70) |  | (1) |  | - |  | (61)
Net increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale |  | (11) |  | (18) |  | 10 |  | (1) |  | - |  | (20)
Cash, cash equivalents, and restricted cash, beginning of year |  | 1 |  | 19 |  | 87 |  | 167 |  | - |  | 274
Cash, cash equivalents, restricted cash and assets held for sale,end of year | $ | (10) | $ | 1 | $ | 97 | $ | 166 | $ | - | $ | 254
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, 2019
Net cash provided by (used in) 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 significant influence and held-for-trading common shares |  | - |  | - |  | 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 and restricted cash |  | 147 |  | (3) |  | (141) |  | (23) |  | - |  | (20)
Net increase (decrease) in cash, cash equivalents, and restricted cash |  | (25) |  | (39) |  | (17) |  | (17) |  | - |  | (98)
Cash, cash equivalents and restricted cash, beginning of year |  | 20 |  | 58 |  | 104 |  | 190 |  | - |  | 372
Cash, cash equivalents and restricted cash, end of year | $ | (5) | $ | 19 | $ | 87 | $ | 173 | $ | - | $ | 274

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