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Supplemental Financial Information | 12 Months Ended
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Dec. 31, 2020
35. Supplemental Financial Information |
Supplemental Financial Information | 35. SUPPLEMENTAL FINANCIAL INFORMATION On June 16, 2016, Emera US Finance LP, (in such capacity, the “Issuer”), issued $3.25 billion USD senior unsecured notes (“U.S. Notes”). The U.S. Notes are fully and unconditionally guaranteed, on a joint and several basis, by Emera (in such capacity, the “Parent Company”) and Emera US Holdings Inc. (in such capacity, the “Guarantor Subsidiaries”). Emera owns, directly or indirectly, all of the limited and general partnership interests in Emera US Finance LP. The following condensed consolidated financial statements present the results of operations, financial position and cash flows of the Parent Company, Subsidiary Issuer, Guarantor Subsidiaries and all other Non-guarantor Subsidiaries independently and on a consolidated basis. Our guarantors were not d etermined using geographic, service line or other similar criteria, and as a result, the “Parent”, “Subsidiary Issuer”, “Guarantor Subsidiaries” and “Non-guarantor Subsidiaries” columns each include portions of our domestic and international operations. Ac cordingly, this basis of presentation is not intended to present our financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for guarantor reporting. Emera Incorporated C ondensed C o nsolidated 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. |  |  |  |  |  |  |  |  |  |  |  |
Emera Incorporated 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
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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