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Supplemental Financial Information
 12 Months Ended
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 determined 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. Accordingly, 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

Condensed Consolidated Statements of Income

ParentSubsidiary IssuerGuarantor SubsidiariesNon-guarantor SubsidiariesEliminationsConsolidated
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

ParentSubsidiary IssuerGuarantor SubsidiariesNon-guarantor SubsidiariesEliminationsConsolidated
millions of Canadian dollars
As at December 31, 2020
Assets
Current assets$121$101,216$1,010$(179)$2,178
Property, plant and equipment21-14,3565,164(6)19,535
Other assets
Regulatory assets --520899-1,419
Goodwill 3-5,64869-5,720
Other long-term assets12,5224,5911303,254(18,115)2,382
Total other assets12,5254,5916,2984,222(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 2,2102,5134,0263,590-12,339
Deferred income taxes -2852761141,629
Regulatory liabilities --1,74785-1,832
Other long-term liabilities 700-4,5101,666(5,555)1,321
Total long-term liabilities2,9102,51511,1356,102(5,541)17,121
Total Emera Incorporated equity9,203626,6143,550(10,225)9,204
Non-controlling interest in subsidiaries ---211334
Total equity9,203626,6143,571(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$271,486$1,171$(294)$2,486
Property, plant and equipment23-13,0995,040518,167
Other assets
Regulatory assets --519912-1,431
Goodwill 3-5,76270-5,835
Other long-term assets11,9943,8561,7393,289(16,955)3,923
Total other assets11,9973,8568,0204,271(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 2,9783,5348,8294,547(6,209)13,679
Deferred income taxes -3515767-1,285
Regulatory liabilities --1,79393-1,886
Other long-term liabilities 38-1,697511(21)2,225
Total long-term liabilities3,0163,53712,8345,918(6,230)19,075
Total Emera Incorporated equity8,5583346,0723,551(9,949)8,566
Non-controlling interest in subsidiaries ---211435
Total equity8,5583346,0723,572(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
ParentSubsidiary IssuerGuarantor SubsidiariesNon-guarantor SubsidiariesEliminationsConsolidated
millions of Canadian dollars
As at December 31, 2020
Net cash provided by (used in) by operating activities$365$36$1,277$486$(527)$1,637
Investing activities
Additions to property, plant and equipment(1)-(2,150)(472)-(2,623)
Proceeds on disposal of assets--1,401--1,401
Other investing activities(118)265546100(795)(2)
Net cash provided by (used in) investing activities(119)265(203)(372)(795)(1,224)
Financing activities
Change in short-term debt, net(6)-107(5)-96
Proceeds from long-term debt--173429(174)428
Retirement of long-term debt--(705)(87)279(513)
Net borrowings (repayments) under committed credit facilities(82)-8(157)28(203)
Issuance of common and preferred stock285(241)(3)53191285
Dividends paid(454)(66)(80)(379)525(454)
Other financing activities (18)(4)(494)32473(11)
Net cash provided by (used in) financing activities(275)(311)(994)(114)1,322(372)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and assets held for sale18(8)(70)(1)-(61)
Net increase (decrease) in cash, cash equivalents, restricted cash and assets held for sale(11)(18)10(1)-(20)
Cash, cash equivalents, and restricted cash, beginning of year11987167-274
Cash, cash equivalents, restricted cash and assets held for sale,end of year$(10)$1$97$166$-$254
Emera Incorporated
Condensed Consolidated Statements of Cash Flows (Continued)
ParentSubsidiary IssuerGuarantor SubsidiariesNon-guarantor SubsidiariesEliminationsConsolidated
millions of Canadian dollars
As at December 31, 2019
Net cash provided by (used in) operating activities$133$33$1,100$279$(20)$1,525
Investing activities
Additions to property, plant and equipment(2)-(1,973)(520)-(2,495)
Net purchase of investments subject to significant influence--(3)--(3)
Proceeds on disposal of assets significant influence and held-for-trading common shares--81857-875
Other investing activities(402)595774(1)(960)6
Net cash provided by (used in) investing activities(404)595(384)(464)(960)(1,617)
Financing activities
Change in short-term debt, net399-(9)23-413
Proceeds from long-term debt--(6)5525201,066
Retirement of long-term debt(225)(664)(65)(166)17(1,103)
Net borrowings (repayments) under committed credit facilities146-(11)(225)(28)(118)
Issuance of common and preferred stock203-(620)58562203
Dividends paid(423)-(19)(138)157(423)
Other financing activities (1)-13887(248)(24)
Net cash provided by (used in) financing activities99(664)(592)19198014
Effect of exchange rate changes on cash, cash equivalents and restricted cash147(3)(141)(23)-(20)
Net increase (decrease) in cash, cash equivalents, and restricted cash(25)(39)(17)(17)-(98)
Cash, cash equivalents and restricted cash, beginning of year2058104190-372
Cash, cash equivalents and restricted cash, end of year$(5)$19$87$173$-$274