N-12025 Annual Financial Statements - Redacted
41 passages
NSPI recognizes deferred income tax assets and liabilities for the future tax consequences of events that have been included in the consolidated financial statements or income tax returns, in accordance with NSPI's rate-regulated accountin...
AI summary NSPI accounts for deferred income tax assets and liabilities based on future tax consequences, following its rate-regulated accounting policy approved by the NSEB. These are recognized as regulatory assets or liabilities if expected to be recovered from or returned to customers.
The change in the FAM regulatory (liability) asset balances consisted of the following: millions of dollars 2025 2024 FAM regulatory (liability) asset – Balance January 1 $ (56) $ 395 Total under (over) recovery of current period fuel cost...
AI summary The change in the FAM regulatory (liability) asset balances from 2024 to 2025 shows a significant shift, with the balance increasing from -56 million to 102 million dollars, driven by over-recovery of fuel costs in Q4 2024.
The following table provides details of the changes in unrecognized tax benefits for the years ended December 31 as follows: millions of dollars 2025 2024 Deferred income tax assets: Balance, January 1 $ 25 $ 22 Increases due to tax positi...
AI summary The text provides a table showing changes in deferred income tax assets for the years ended December 31, 2025 and 2024. It includes balances at the start and end of each year, as well as increases and decreases due to tax positions related to current and prior years.
Unrecognized tax benefits relate to the timing of certain tax deductions. The total amount of unrecognized tax benefits as at December 31, 2025 was $27 million (2024 – $25 million), which would decrease the effective tax rate if recognized...
AI summary The document discusses NSPI's dispute with the CRA over the timing of tax deductions for certain years, resulting in an unresolved tax benefit of $126 million as of December 31, 2025. NSPI has prepaid $55 million, and the outcome of the appeal could lead to refunds or additional payments.
9. RECEIVABLES, NET As at December 31 December 31 millions of dollars 2025 2024 Customer accounts receivable – billed $ 195 $ 142 Customer accounts receivable – unbilled 260 202 Total customer accounts receivable 455 344 Allowance for cred...
AI summary The document presents financial data related to receivables and inventory for the years 2025 and 2024. It includes figures for customer accounts receivable, allowances for credit losses, cash collateral positions on derivative instruments, sales tax receivable, and inventory levels.
The following tables set out the classification of the methodology used by the Company to fair value its derivatives: As at December 31, 2025 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and...
AI summary The document outlines the classification of the methodology used by the Company to fair value its derivatives as of December 31, 2025 and 2024. It includes tables showing the fair value of assets and liabilities, categorized by Level 1, Level 2, and Level 3. The fair value of long-term debt is also detailed, with values estimated based on quoted market prices or current rates.
As a result of NSEB approved accounting policies and depreciation rates, NSPI recognizes or defers certain costs within "PP&E" that would not otherwise be recognized or deferred in the absence of rate regulation. Cumulative differences bet...
AI summary NSPI's accounting policies and depreciation rates, approved by NSEB, lead to the recognition or deferral of certain PP&E costs under rate regulation. Differences between rate-regulated and USGAAP accounting include depreciation rates, AFUDC, and overhead costs. The cumulative increase to accretion expense in accumulated depreciation was $1 million as of December 31, 2025.
The ABO for the defined benefit pension plans was $1,240 million as at December 31, 2025 (2024 – $1,270 million). The aggregate financial position for those plans with an ABO in excess of the plan assets for the years ended December 31 is...
AI summary The ABO for defined benefit pension plans was reported as $1,240 million as of December 31, 2025, a decrease from $1,270 million in 2024. The financial position of these plans, particularly those with an ABO exceeding plan assets, is outlined.
Defined benefit pension plans millions of dollars 2025 2024 ABO $ 47 $ 49 Fair value of Plan Assets 5 5 Funded Status $ (42) $ (44) 2025 Annual Financial Statements Attachment 2 Page 32 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED)
AI summary The table presents financial data related to defined benefit pension plans for 2025 and 2024, including the accumulated benefit obligation (ABO), fair value of plan assets, and funded status. The data shows a slight increase in ABO and a consistent fair value of plan assets, resulting in a funded status deficit.
The amounts recognized in the Consolidated Balance Sheets as at December 31 consisted of the following: millions of dollars 2024 Defined benefit Non-pension Defined benefit Non-pension pension plan benefit plans pension plan benefit plans...
AI summary The text provides details on the amounts recognized in the Consolidated Balance Sheets as of December 31, including current liabilities, long-term liabilities, other assets, and AOCI/AOCL. It also outlines changes in AOCI related to actuarial gains and losses for defined benefit pension plans and non-pension benefit plans.
The following table shows the assumptions that have been used in accounting for the defined benefit pension and other post-retirement benefit plans as at December 31 included in the following: millions of dollars 2025 2024 (weighted averag...
AI summary The text provides a table outlining the assumptions used in accounting for defined benefit pension and other post-retirement benefit plans as of December 31, 2024 and 2025. It includes details such as discount rates, compensation increase rates, and health care trends for both pension and non-pension benefit plans.
Lessee NSPI has operating leases for office space, land, telecommunications services and rail cars. NSPI's leases have remaining lease terms of 1 year to 60 years, some of which include options to extend the leases for up to 51 years. Thes...
AI summary NSPI has various operating leases with remaining terms ranging from 1 to 60 years, some including options to extend for up to 51 years, which are considered reasonably certain to be exercised.
A. Commitments As at December 31, 2025, contractual commitments (excluding pensions and other post-retirement obligations, long-term debt, interest payment obligations, long-term payables and ARO) for each of the next five years and in agg...
AI summary The text outlines contractual commitments as of December 31, 2025, excluding pensions, long-term debt, and other obligations. It provides a breakdown of these commitments for the next five years and in aggregate thereafter.
2025 Annual Financial Statements Attachment 2 Page 45 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) When short-term incentive awards are determined, the amount elected is converted to DSUs, which have a value equal to the market price...
AI summary The document outlines the process for determining short-term incentive awards, which are converted to DSUs valued at the market price of Emera common shares. Dividends on Emera's shares result in additional DSUs for participants. Payments are typically made in cash following termination or retirement, based on the average stock price over fifty trading days.
Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...
AI summary The Consolidated Balance Sheets show significant changes between December 31, 2025, and December 31, 2024, including increases in receivables, income taxes receivable, and pension assets, as well as changes in debt levels and regulatory assets and liabilities. These changes are attributed to factors like capital investment, timing of payments, and tax credits.
Rate-Regulated Subsidiary or Equity Investment Accounting Policies Approved/Examined By Subsidiary Tampa Electric Company ("TEC") Florida Public Service Commission ("FPSC") and the Federal Energy Regulatory Commission ("FERC") Nova Scotia...
AI summary The document lists various rate-regulated subsidiaries and equity investments along with the regulatory bodies that approved or examined their accounting policies. The text also mentions the currency used for financial reporting, primarily Canadian dollars, with some sections in USD.
Significant changes in the Consolidated Balance Sheets between December 31, 2024 and December 31, 2025 include: millions of dollars Total Increase (Decrease) Explanation of Other Increase (Decrease) Deferred income tax liabilities, net of...
AI summary The Consolidated Balance Sheets show significant changes between December 31, 2024, and December 31, 2025. Key changes include an increase in deferred income tax liabilities, a decrease in regulatory liabilities, an increase in other liabilities, an increase in common stock, and a decrease in accumulated other comprehensive income. These changes are attributed to factors such as tax deductions, FX translation effects, finance leases, and pension-related costs.
The Company recognized income related to guaranteed debt under the following categories: For the Year ended December 31 millions of dollars 2025 2024 Loss from operations $ (145) $ (279) Net gains (1) $ 168 $ 442 (1) Includes $1,143 millio...
AI summary The Company recognized income related to guaranteed debt, with a loss from operations of $145 million in 2025 and $279 million in 2024, alongside net gains of $168 million and $442 million respectively. The net gains include interest and dividend income from non-guarantor subsidiaries.
The Company has the following categories on the balance sheet related to guaranteed debt: As at December 31 millions of dollars 2025 2024 Current assets (1) $ 373 $ 391 Goodwill 5,580 5,858 Other assets (2) 5,259 6,474 Total assets (3) $ 1...
AI summary The balance sheet shows the Company's financial position as of December 31, 2025, and 2024, highlighting current and long-term liabilities, as well as assets. Key figures include current assets, goodwill, and total liabilities, with notes on amounts due from non-guarantor subsidiaries.
Defined Benefit Pension Plan Summary in millions of dollars Plans by region TECO Holdings NSPI Caribbean Total Assets as at December 31, 2025 $ 1,025 $ 1,637 $ 13 $ 2,675 Accounting obligation at December 31, 2025 $ 926 $ 1,349 $ 19 $ 2,29...
AI summary The Defined Benefit Pension Plan Summary presents financial data for pension plans managed by TECO Holdings, NSPI, and the Caribbean region as of December 31, 2025, including assets, accounting obligations, and accounting expenses. The section also mentions Off-Balance Sheet Arrangements, though no details are provided.
Consolidated Balance Sheets (continued) As at millions of dollars December 31 2025 December 31 2024 Liabilities and Equity Current liabilities Short-term debt (note 24) $ 1,807 $ 1,400 Current portion of long-term debt (note 26) 1,201 234...
AI summary The consolidated balance sheets show a significant increase in liabilities and equity from December 31, 2024, to December 31, 2025, with notable changes in short-term and long-term debt, regulatory liabilities, and equity components such as retained earnings and accumulated other comprehensive income.
8. Investments Subject to Significant Influence and Equity Income Carrying Value As at December 31 Equity Income For the year ended December 31 Percentage of Ownership millions of dollars 2025 2024 2025 2024 2025 NSPML $ 462 $ 475 $ 41 $ 4...
AI summary This section discusses investments by Nova Scotia Power Incorporated (NSPI) in various entities, including NSPML, M&NP, Lucelec, WTI, Bear Swamp, and LIL, with details on carrying value and equity income. Emera has significant influence over some of these companies and uses the equity method for accounting.
2025 Annual Financial Statements Attachment 6 Page 96 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...
AI summary The text discusses an equity investment in Lucelec, noting a $10 million difference between the cost and the fair value of the investees' assets at the acquisition date, which is attributed to goodwill.
Emera accounts for its variable interest investment in NSPML as an equity investment (note 33). NSPML's consolidated summarized balance sheets are illustrated as follows: As at millions of dollars December 31 2025 December 31 2024 Balance...
AI summary Emera accounts for its variable interest investment in NSPML as an equity investment. NSPML's balance sheets show changes in assets and liabilities from 2024 to 2025, with long-term debt guaranteed by the Government of Canada.
The Company has recorded the following changes with respect to derivatives receiving regulatory deferral: millions of dollars Commodity swaps and forwards FX forwards Commodity swaps and forwards FX forwards For the year ended December 31...
AI summary The Company has recorded changes in derivatives receiving regulatory deferral, including unrealized and realized gains and losses across various categories such as commodity swaps, forwards, and FX forwards for the years 2024 and 2025.
The Company has recognized the following realized and unrealized gains with respect to HFT derivatives: For the Year ended December 31 millions of dollars 2025 2024 Power swaps and physical contracts in non-regulated operating revenues $ 4...
AI summary The Company has recognized realized and unrealized gains from HFT derivatives in its non-regulated operating revenues, with significant gains in natural gas swaps and power contracts. The notional volumes of outstanding HFT derivatives are expected to settle over the next several years, with most natural gas purchases and sales expected to be settled by 2030.
17. FV Measurements The Company is required to determine the FV of all derivatives except those which qualify for the NPNS exemption (see note 1) and uses a market approach to do so. The three levels of the FV hierarchy are defined as foll...
AI summary The Company uses a market approach to determine the fair value (FV) of derivatives, following a three-level hierarchy. Level 1 uses quoted prices for identical assets, Level 2 uses similar prices with adjustments, and Level 3 relies on unobservable inputs when necessary. Derivatives are classified based on the lowest significant input level.
Notes to the Consolidated Financial Statements As at December 31, 2024 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and forwards $ 15 $ 3 $ — $ 18 FX forwards — 27 — 27 15 30 — 45 HFT deriva...
AI summary The Notes to the Consolidated Financial Statements provide details on regulatory deferral assets and liabilities related to commodity swaps, forwards, and derivatives. The financial data includes figures for Level 1, Level 2, and Level 3 assets and liabilities, with specific references to the sale of NMGC and its impact on financial classifications.
Long-term debt is a financial liability not measured at FV on the Consolidated Balance Sheets. The balance consisted of the following: As at millions of dollars Carrying Amount FV Level 1 Level 2 Level 3 Total December 31, 2025 $ 19,654 $...
AI summary The document outlines the long-term debt of the company, including its carrying amount, fair value, and classification. It mentions the Hybrid Notes designated as a hedge for foreign currency exposure, their contingent convertibility, and the after-tax foreign currency gain recorded in AOCI for 2025.
Lessee The Company has operating leases for buildings, land, telecommunication services, and rail cars and finance leases for land and buildings. Emera's leases have remaining lease terms of 2 years to 61 years, some of which include optio...
AI summary The Company has various operating and finance leases with remaining terms ranging from 2 to 61 years, including some with extension options that may be included in the lease term if reasonably certain to be exercised.
Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements
AI summary The text lists sections of a financial report, including Management's Discussion and Analysis, Consolidated Financial Statements, and notes to the financial statements. It also mentions leadership and shareholder information, suggesting a focus on financial transparency and corporate governance.
The total net investment in direct finance and sales-type leases consist of the following: As at millions of dollars December 31 2025 December 31 2024 Total minimum lease payment to be received $ 1,180 $ 1,310 Less: amounts representing es...
AI summary The text presents a table detailing the net investment in direct finance and sales-type leases as of December 31, 2025, and 2024, including lease payments, residual values, and credit loss reserves. It outlines the distribution of lease payments over the next five years and beyond.
The amounts recognized in the Consolidated Balance Sheets consisted of the following: As at millions of dollars December 31 2025 December 31 2024 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Other c...
AI summary The Consolidated Balance Sheets show the recognition of various financial items, including liabilities, assets, and equity components, as of December 31, 2025, and December 31, 2024. Notably, there is a classification of assets and liabilities held for sale following Emera's agreement to sell NMGC in August 2024.
Amounts Recognized in AOCI and Regulatory Assets Unamortized gains and losses and past service costs arising on post-retirement benefits are recorded in AOCI or regulatory assets. The following table summarizes the change in AOCI and regul...
AI summary The document discusses the recognition of unamortized gains, losses, and past service costs related to post-retirement benefits in AOCI and regulatory assets, with a summary table provided.
millions of dollars Regulatory assets Actuarial (gains) losses Past service gains DB Pension Plans: Balance, January 1, 2025 $ 363 $ (17) $ — Amortized in current period (9) 1 — Current year changes (51) (158) — Change in FX rate (16) — —...
AI summary This document presents financial data related to pension and non-pension benefit plans, including regulatory assets, actuarial gains and losses, and deferred income tax expenses for the years ending December 31, 2025 and 2024. It also mentions the classification of NMGC's assets and liabilities as held for sale following an agreement announced in August 2024.
Emera's net periodic benefit cost included the following: As at Year ended December 31 millions of dollars 2025 2024 DB pension Non-pension plans benefit plans DB pension plans Non-pension benefit plans Service cost $ 35 $ 3 $ 35 $ 3 Inter...
AI summary Emera's net periodic benefit cost is detailed in a table showing service cost, interest cost, and expected return on plan assets for 2025 and 2024. The expected return on plan assets is calculated based on the market-related value of plan assets, adjusted for interest and smoothed over multiple years.
The following tables set out the classification of the methodology used by the Company to FV its investments (for more information on the FV hierarchy and measurement, refer to note 17): millions of dollars NAV Level 1 Level 2 Total Percen...
AI summary The text presents tables detailing the classification of the Company's investments, measured at fair value (FV) and net asset value (NAV), as of December 31, 2025 and 2024. It outlines the distribution of investments across different categories such as cash, equity securities, fixed income, and mutual funds, along with their respective percentages of the total investment portfolio.
The following table shows the assumptions that have been used in accounting for DB pension and other post-retirement benefit plans: 2025 2024 (weighted average assumptions) DB pension plans Non-pension benefit plans DB pension plans Non-pe...
AI summary The text presents a table outlining the assumptions used in accounting for defined benefit (DB) pension and other post-retirement benefit plans for 2025 and 2024, including discount rates, compensation increases, and health care trends. Actual assumptions vary by plan.
The change in goodwill for the year ended December 31 was due to the following: millions of dollars 2025 2024 Balance, January 1 $ 5,858 $ 5,871 Change in FX rate (278) 504 Impairment charges — (214) Classified as assets held for sale (1)...
AI summary The change in goodwill for the year ended December 31 was influenced by factors such as changes in foreign exchange rates, impairment charges, and the classification of NMGC's assets as held for sale following an announced agreement to sell NMGC by Emera on August 5, 2024.
Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements
AI summary The text outlines the structure of financial and strategic documentation, including management's discussion and analysis, consolidated financial statements, and shareholder information, as well as notes to the financial statements.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 128400 ST DERIV ASSET HFT TREASURY 130050 ST REG ASSETS OTHER 130060 ST REG ASSET HYDRO GENERATION FACILITIES 130100 ST REG ASSET UNAMORT DEFEAS ISSUE COSTS 130200 ST REG AS...
AI summary The text provides a list of account segments with corresponding descriptions, including items related to assets, liabilities, and regulatory accounting. These segments include derivatives, prepaid items, long-term assets, and deferred costs associated with regulatory processes.
N-2Refiled Statements - NSPI - Redacted
40 passages
Nova Scotia Power Inc. Consolidated Statements of Cash Flows For the Year ended December 31 millions of dollars 2025 2024 Operating activities Net income $ 141 $ 160 Adjustments to reconcile net income to net cash provided by operating act...
AI summary This section presents the consolidated cash flow statements for Nova Scotia Power Inc. for the years 2025 and 2024, detailing cash flows from operating, investing, and financing activities, as well as changes in cash and supplemental disclosures.
Regulatory assets and liabilities as at December 31, excluding certain regulatory assets related to PP&E and AROs as discussed in notes 13 and 20, consisted of the following: As at December 31 December 31 millions of dollars 2025 2024 Regu...
AI summary The document provides a summary of regulatory assets and liabilities as of December 31, 2025, and 2024, highlighting changes in figures such as the deferred income tax regulatory asset, FAM, Hurricane Fiona, and other categories.
NSPI recognizes deferred income tax assets and liabilities for the future tax consequences of events that have been included in the consolidated financial statements or income tax returns, in accordance with NSPI's rate-regulated accountin...
AI summary NSPI accounts for deferred income tax assets and liabilities based on future tax consequences, following its rate-regulated accounting policy approved by the NSEB. Regulatory assets or liabilities are recognized if these taxes are expected to be recovered from or returned to customers in the future.
The change in the FAM regulatory (liability) asset balances consisted of the following: millions of dollars 2025 2024 FAM regulatory (liability) asset – Balance January 1 $ (56) $ 395 Total under (over) recovery of current period fuel cost...
AI summary The change in the Fuel Adjustment Mechanism (FAM) regulatory liability asset balances from 2024 to 2025 is detailed, showing a shift from a liability of $395 million to an asset of $102 million, driven by over-recovery of fuel costs and interest adjustments.
The following table provides details of the changes in unrecognized tax benefits for the years ended December 31 as follows: millions of dollars 2025 2024 Deferred income tax assets: Balance, January 1 $ 25 $ 22 Increases due to tax positi...
AI summary The text provides a table showing changes in deferred income tax assets for the years ended December 31, 2025, and 2024, including balances and adjustments related to tax positions.
9. RECEIVABLES, NET As at December 31 December 31 millions of dollars 2025 2024 Customer accounts receivable – billed $ 195 $ 142 Customer accounts receivable – unbilled 260 202 Total customer accounts receivable 455 344 Allowance for cred...
AI summary The document presents financial data on receivables and inventory for the periods ending December 31, 2025, and December 31, 2024. It includes figures for customer accounts receivable, allowance for credit losses, cash collateral positions, sales tax receivables, and inventory levels.
Regulatory Deferral NSPI received approval from the NSEB for regulatory deferral of gains and losses on certain derivatives documented as economic hedges and certain physical contracts that do not qualify for the NPNS exception. Refer to n...
AI summary NSPI received approval from the NSEB to defer gains and losses on certain derivatives and physical contracts. These deferrals are documented in note 5 of the report.
The following tables set out the classification of the methodology used by the Company to fair value its derivatives: As at December 31, 2025 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and...
AI summary The document presents tables outlining the fair value classification of derivatives and long-term debt as of December 31, 2025 and 2024. It details the breakdown of assets and liabilities under Level 1, Level 2, and Level 3 classifications, as well as the fair value of long-term debt based on market prices and current rates.
13. PROPERTY, PLANT AND EQUIPMENT As at December 31 December 31 millions of dollars 2025 2024 Generation $ 4,010 $ 3,873 Transmission 1,495 1,276 Distribution 2,329 2,186 General plant and other 928 863 Total cost 8,762 8,198 Less: Accumul...
AI summary The document provides a detailed breakdown of Property, Plant, and Equipment (PP&E) as of December 31, 2025, and 2024, including categories such as Generation, Transmission, Distribution, and General plant and other. It also notes the accumulated depreciation and construction work in progress, along with the AFUDC capitalized for the year ended December 31, 2025.
As a result of NSEB approved accounting policies and depreciation rates, NSPI recognizes or defers certain costs within "PP&E" that would not otherwise be recognized or deferred in the absence of rate regulation. Cumulative differences bet...
AI summary The text discusses how NSPI's accounting policies and depreciation rates, approved by the NSEB, affect the recognition and deferral of costs in PP&E. These policies lead to differences between rate-regulated accounting and USGAAP, with a cumulative increase in accretion expense of $1 million as of December 31, 2025. No asset impairments occurred in 2025 or 2024.
The amounts recognized in the Consolidated Balance Sheets as at December 31 consisted of the following: millions of dollars 2025 2024 Defined benefit Non-pension Defined benefit Non-pension pension plan benefit plans pension plan benefit p...
AI summary The text presents financial data from the Consolidated Balance Sheets, including liabilities, assets, and AOCI related to defined benefit pension and non-pension benefit plans. It outlines changes in AOCI for 2025 and 2024, showing significant actuarial gains and losses.
NSPI's net periodic benefit cost (recovery) as at December 31 included the following: millions of dollars 2025 2024 Defined benefit pension plan Non-pension benefit plans Defined benefit pension plan Non-pension benefit plans Service cost...
AI summary NSPI's net periodic benefit cost (recovery) for 2025 and 2024 includes service cost, interest cost, and expected return on plan assets. The expected return is calculated based on the market-related value of plan assets, adjusted for interest and smoothed over five years.
The following table shows the assumptions that have been used in accounting for the defined benefit pension and other post-retirement benefit plans as at December 31 included in the following: millions of dollars 2025 2024 (weighted averag...
AI summary The text provides a table detailing the assumptions used in accounting for defined benefit pension and other post-retirement benefit plans as of December 31, 2024 and 2025. Key assumptions include discount rates, compensation increase rates, and healthcare trends for both pension and non-pension benefit plans.
Lessee NSPI has operating leases for office space, land, telecommunications services and rail cars. NSPI's leases have remaining lease terms of 1 year to 60 years, some of which include options to extend the leases for up to 51 years. Thes...
AI summary NSPI has various operating leases with remaining terms ranging from 1 to 60 years, some including options to extend for up to 51 years, which are included in the lease term if it is reasonably certain they will be exercised.
As at December 31, 2025, future minimum lease payments to be received for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Minimum lease payments to be re...
AI summary The document presents future minimum lease payments to be received from December 31, 2025, over the next five years and in aggregate thereafter. It also references a section on related party transactions, indicating a focus on financial obligations and relationships.
2025 Annual Financial Statements Attachment 2 Page 45 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED) When short-term incentive awards are determined, the amount elected is converted to DSUs, which have a value equal to the market price...
AI summary The document outlines the structure and calculation of Deferred Share Units (DSUs) awarded to employees, including how their value is determined based on Emera's stock price and how special DSU awards may be issued for significant achievements or corporate objectives.
Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...
AI summary The Consolidated Balance Sheets show significant changes between December 31, 2025, and December 31, 2024, including increases in assets like receivables and property, plant and equipment, and changes in liabilities such as bank indebtedness and short-term debt. These changes are attributed to factors like timing of billing, capital investments, and regulatory deferrals.
Defined Benefit The following table shows years of credited service, estimated pension amounts and changes to accrued obligations from January 1, 2025 to December 31, 2025 for the NEOs who participated in the Pension Plan on a defined bene...
AI summary The text presents a table showing the estimated pension amounts and changes to accrued obligations for NEOs participating in the Pension Plan on a defined benefit basis from January 1, 2025, to December 31, 2025.
The following table shows the changes to accumulated value from January 1, 2025 to December 31, 2025 for the NEOs who participated in the Pension Plan on a defined contribution basis. Name Accumulated value at start of year ($) Compensator...
AI summary The table outlines the changes in accumulated value for named executive officers (NEOs) in the Pension Plan on a defined contribution basis from January 1, 2025, to December 31, 2025, showing contributions and accumulated values for each individual.
Significant changes in the Consolidated Balance Sheets between December 31, 2024 and December 31, 2025 include: millions of dollars Total Increase (Decrease) Explanation of Other Increase (Decrease) Deferred income tax liabilities, net of...
AI summary The Consolidated Balance Sheets show a significant increase in deferred income tax liabilities due to tax deductions exceeding accounting depreciation, while regulatory liabilities decreased due to lower FAM liability and cost recovery clause liabilities. Other liabilities increased due to finance leases and interest payments, and common stock increased due to share issuance.
- (2) Marketing and trading margin excludes a MTM loss, pre-tax of $144 million in Q4 2025 (2024 $159 million loss) and a MTM gain, pre-tax of $16 million for the year ended December 31, 2025 (2024 – $357 million loss). - (3) Net of income...
AI summary The text discusses financial figures including marketing and trading margins, net income tax recoveries, impairment charges, and transaction costs for the years ending December 31, 2025 and 2024. It also references the sale of equity interest in LIL by Emera on June 4, 2024.
Defined Benefit Pension Plan Summary in millions of dollars Plans by region TECO Holdings NSPI Caribbean Total Assets as at December 31, 2025 $ 1,025 $ 1,637 $ 13 $ 2,675 Accounting obligation at December 31, 2025 $ 926 $ 1,349 $ 19 $ 2,29...
AI summary The Defined Benefit Pension Plan Summary provides an overview of pension plan assets and obligations for various regions, including TECO Holdings, NSPI, and the Caribbean, as of December 31, 2025. It also includes accounting expense details for fiscal 2025.
Consolidated Statements of Cash Flows For the Year ended December 31 millions of dollars 2025 2024 Operating activities Net income $ 1,090 $ 568 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation...
AI summary This section presents the consolidated statements of cash flows for the years ended December 31, 2025 and 2024, detailing cash flows from operating, investing, and financing activities, as well as changes in cash and cash equivalents.
8. Investments Subject to Significant Influence and Equity Income Carrying Value As at December 31 Equity Income For the year ended December 31 Percentage of Ownership millions of dollars 2025 2024 2025 2024 2025 NSPML $ 462 $ 475 $ 41 $ 4...
AI summary The section discusses investments by Nova Scotia Power Inc. (NSPI) in various entities, including NSPML, M&NP, Lucelec, WTI, and Bear Swamp, with details on carrying value, equity income, and ownership percentages. These investments are recorded using the equity method due to significant influence.
Emera accounts for its variable interest investment in NSPML as an equity investment (note 33). NSPML's consolidated summarized balance sheets are illustrated as follows: As at millions of dollars December 31 2025 December 31 2024 Balance...
AI summary Emera accounts for its variable interest investment in NSPML as an equity investment. The balance sheets of NSPML show total assets of $2,229 million as of December 31, 2025, and $2,267 million as of December 31, 2024. Long-term debt is $1,495 million as of December 31, 2025, with a government guarantee from Canada.
Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements
AI summary The text outlines key sections of a financial report including strategic overview, management discussion, consolidated financial statements, leadership information, shareholder details, and notes to financial statements.
The deferred income tax assets and liabilities presented in the Consolidated Balance Sheets as at December 31 consisted of the following: millions of dollars 2025 2024 Deferred income tax assets: Tax loss carryforwards $ 1,028 $ 1,118 Tax...
AI summary The document presents deferred income tax assets and liabilities for the company as of December 31, 2025 and 2024. It outlines the composition of these assets and liabilities, including tax loss carryforwards, regulatory liabilities, and valuation allowances. A valuation allowance of $317 million was recorded in 2025, primarily related to loss carryforwards and other items. The company recognized a $28 million net tax benefit in 2025.
17. FV Measurements The Company is required to determine the FV of all derivatives except those which qualify for the NPNS exemption (see note 1) and uses a market approach to do so. The three levels of the FV hierarchy are defined as foll...
AI summary The Company uses a market approach to determine the fair value (FV) of its derivatives, excluding those under the NPNS exemption. The FV hierarchy includes three levels, with Level 3 being used when quoted prices are unavailable and internal models or assumptions are necessary for valuation.
Long-term debt is a financial liability not measured at FV on the Consolidated Balance Sheets. The balance consisted of the following: As at millions of dollars Carrying Amount FV Level 1 Level 2 Level 3 Total December 31, 2025 $ 19,654 $...
AI summary The document discusses the long-term debt of the company, including its carrying amount, fair value, and classification as Level 2 financial assets. It also highlights the use of Hybrid Notes as a hedge against foreign currency exposure and the after-tax foreign currency gain recorded in AOCI for 2025.
Lessee The Company has operating leases for buildings, land, telecommunication services, and rail cars and finance leases for land and buildings. Emera's leases have remaining lease terms of 2 years to 61 years, some of which include optio...
AI summary The company has various operating and finance leases with terms ranging from 2 to 61 years, some including extension options that may be included in the lease term if reasonably certain to be exercised.
As at millions of dollars Classification December 31 2025 December 31 2024 Operating leases: Right-of-use asset Other long-term assets $ 48 $ 52 Operating lease liabilities Current Other current liabilities 1 3 Long-term Other long-term li...
AI summary The document presents financial data related to operating and finance leases, including right-of-use assets, lease liabilities, and future minimum lease payments. The data is presented for the years 2024 and 2025, with details on expenses, liabilities, and lease payments.
Changes in the benefit obligation and plan assets, and the funded status for plans were as follows: For the Year ended December 31 millions of dollars 2025 2024 DB pension Non-pension DB pension Non-pension plans benefit plans plans benefi...
AI summary The text provides a detailed overview of changes in the benefit obligation and plan assets for defined benefit (DB) pension and non-pension benefit plans for the years 2024 and 2025, including service cost, interest cost, plan amendments, benefits paid, actuarial gains and losses, and funded status.
Amounts Recognized in AOCI and Regulatory Assets Unamortized gains and losses and past service costs arising on post-retirement benefits are recorded in AOCI or regulatory assets. The following table summarizes the change in AOCI and regul...
AI summary The document discusses the recognition of unamortized gains and losses and past service costs related to post-retirement benefits in AOCI and regulatory assets, with a summary table provided.
millions of dollars Regulatory assets Actuarial (gains) losses Past service gains DB Pension Plans: Balance, January 1, 2025 $ 363 $ (17) $ — Amortized in current period (9) 1 — Current year changes (51) (158) — Change in FX rate (16) — —...
AI summary The document provides a summary of financial changes in pension and non-pension benefit plans for Nova Scotia Power, including balances, amortizations, and changes in foreign exchange rates for the years ending December 31, 2025, and December 31, 2024. It also notes the classification of NMGC's assets and liabilities as held for sale following an announced agreement in August 2024.
Emera's net periodic benefit cost included the following: As at Year ended December 31 millions of dollars 2025 DB pension Non-pension plans benefit plans DB pension plans Non-pension benefit plans Service cost $ 35 $ 3 $ 35 $ 3 Interest c...
AI summary Emera's net periodic benefit cost for 2025 is detailed in a table, showing service cost, interest cost, expected return on plan assets, and other factors. The expected return on plan assets is based on the market-related value of plan assets, adjusted for interest and smoothed over multiple years.
The following table shows the assumptions that have been used in accounting for DB pension and other post-retirement benefit plans: 2025 2024 (weighted average assumptions) DB pension plans Non-pension benefit plans DB pension plans Non-pe...
AI summary The text presents a table outlining the assumptions used in accounting for defined benefit (DB) pension and other post-retirement benefit plans for the years 2024 and 2025. It includes details such as discount rates, compensation increases, and healthcare trends for both DB pension plans and non-pension benefit plans.
The following Account numbers were added in 2025: Account Number Account Description 175700 WASOQONATL TRANSMISSION 210200 SHORT TERM NOTES 211250 AP LTSA 213300 AP COMMON SHARE DEDUCTION 213350 AP PARKING PAYROLL DEDUCTION 213360 AP TRANS...
AI summary The document lists new account numbers and a line of business added in 2025, including accounts related to transmission, notes, taxes, and DSM (Demand Side Management) costs, as well as the addition of an EV Charging line of business.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 111050 PETTY CASH FUNDS 111600 CASH SCOTIABANK 111650 CASH ROYAL BANK IMPREST ACCOUNT 111700 CASH BNS US FUNDS 111800 CASH CIBC 111850 CASH ROYAL BANK 111900 CASH CIBC US BA...
AI summary The text presents a list of account segments and their descriptions, including petty cash funds, cash accounts with various banks, accounts receivable for different services and products, inventory items such as coal, biomass, and fuel, and other financial assets. These entries are part of an accounting system used for tracking financial activities.
85 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1985 1...
AI summary The text appears to be a table or list containing repeated years (1985) and terms related to accounting, such as 'Allowance for materials and supplies' and 'Depreciation Rate.' The content is highly repetitive and lacks substantive discussion or argument.
2025 Annual Financial Statements Attachment 16.2 Page 1 of 1 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Application of Amounts Year Regulated Net Earnings Above Section 21 FAM Fixed Cost Income Approved ROE Amortization1 Deferral Range ($...
AI summary The table presents financial data related to the application of amounts under Section 21, including regulated net income, earnings above approved ROE, and amortization. It explains how the Section 21 mechanism allowed NS Power to accelerate amortization of a deferred tax liability, affecting earnings above the approved ROE range for certain years.
N-3Additional Submissions Financial Statements - Redacted
15 passages
11931 4938 RC0001 pecified corporate income and assignment under subsecti on 125(3.2) income and assigned amount the corporation receiving the clause 125(1)(a)(i)(B) to the corporation identified in corporation identified in column L 4
AI summary The text outlines a table related to corporate income and assigned amounts under subsection 125(3.2), specifying the corporation receiving the income and the applicable clause. It references the corporation identified in column L 4.
- If you need more space, attach additional schedules. Add: Provision for income taxes – current -6,018,010 Provision for income taxes – deferred -38,950,935 Amortization of tangible assets 292,127,239 Amortization of intangible assets 5,8...
AI summary The text presents various financial line items, including provisions for income taxes, amortization of assets, reserves, and non-deductible expenses. It also includes details on preferred share dividends, share compensation, and other accounting-related entries, with some amounts highlighted in bold.
va Scotia Power Incorporated 11931 4938 RC0001 Subtotal of other additions 199 130,579,059 130,579,059 Total additions 500 407,427,049 407,427,049 Amour nt A plus line 500 548,347,703 Dedu ıct: al cost allowance from Schedule 8 403 342,919...
AI summary The document presents a detailed financial table showing additions and deductions for Nova Scotia Power Incorporated, including various accounting entries, tax-related items, and deferrals such as the Storm Cost Recovery Rider Deferral and Renewable to Retail (RTR) Deferral, along with a total of deductions and additions.
Nova Scotia Power Incorporated 11931 4938 RC0001 − Part 1D – Information on Ioans and o ther financings a nd related deriv atives ——— Complet te the following table if the corporation has a loan or other financing 1 2 3 4 5 Relationship wi...
AI summary The document contains financial and accounting information related to Nova Scotia Power Incorporated, including details on loans, financings, and derivatives. It also includes sections related to partnership income and tax allocations.
uispositions 0.11.01 046 047 048 049 050 051 052 1 Note 2: positive amount in co n the class at the end o lumn 4, you have a teri om column 4 in columr minal loss. If applicable e, enter al of column 5 (enter o A Dowt OC IEE include d in r...
AI summary The text discusses resource expenses and their classification, particularly focusing on cumulative Canadian and foreign exploration expenses, as well as successor expenses. It outlines the structure of columns used to track these expenses and the calculation of available amounts for claims.
2025-12-31 Part 2K − Proportion determined under subsection 18.2(2) The corporation's IFE for the year (line 045 from Part 2A) 185,144,013 If a group ratio election under subsection 18.21(2) has been made, the amount determined and allocat...
AI summary The document outlines calculations related to the corporation's IFE, ATI, and RIFE, including ratios and adjustments for received capacity and absorbed capacity. It includes a percentage calculation (45.637%) and a final total of 84,494,173 for amounts determined under subsection 18.2(2).
ova Scotia Power Incorporated 11931 4938 RC0001 1 2 3 4 5 6 Row Name of CFA Amounts determined for variable A in the definition of IFE for the affiliate Proportion determined under subsection 18.2(2) Amount G in Part 2K % Denied amount und...
AI summary The text provides a table with various financial and tax-related calculations, including amounts determined for variable A in the definition of IFE, proportions under subsection 18.2(2), denied amounts, and the corporation's share of denied amounts. The table includes references to tax years, percentages, and specific tax-related clauses.
2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 NSPI - 2025 - T2.225 • N REMOVED)\nubmissions Attachment 1 Page 60 of 1 32 UCC adjustment for AllP and property acquired before 2025 that is included in classes 54 to 56 (colu...
AI summary The document contains a table related to the UCC adjustment for property acquired before 2025, included in classes 54 to 56, with calculations involving column 12 multiplied by a relevant factor. The context is a regulatory proceeding involving Nova Scotia Power Inc.
Page 4 OCI Class Description UCC adjustment for RIIP and property acquired after 2024 that is included in Classes 54 to 56 (column 14 multiplied by the relevant factor) UCC adjustment for property acquired during the year other than Alle,...
AI summary The text contains a table with various columns related to UCC adjustments, CCA rates, and other financial calculations. It includes entries for different classes and items, along with numerical values and notes. The table appears to be part of an accounting or financial report, likely related to capital cost allowances and asset depreciation.
- 12 Canadian oil and gas property expenses transferred on amalgamation or windup to which subsections 87(1.2) and 88(1.5) apply should be entered in the "Regular expenses" column if the expenses were regular expenses in the hands of the a...
AI summary The text outlines specific accounting procedures for Canadian oil and gas property expenses, detailing how they should be entered in different expense columns based on various conditions and timeframes. It also describes the calculation of deductions, including proration for tax years under 51 weeks.
Claim for the year under subsection 66.21(4) (amount S from Part 9) 7E
AI summary The text presents a claim for the year under subsection 66.21(4), referencing an amount labeled as 'S from Part 9' and marked with the identifier '7E'. This appears to be a financial or accounting-related entry within a regulatory or tax context.
2 3 4 5 Balance at Amount transferred on Other additions Other deductions the previous tax year of subsidiary 20 or transfers 600 610 611 615 6 7 8 9 Amount available Current-year Closing balance Foreign resource plus column 4 minus column...
AI summary The text presents a table related to financial accounting, specifically focusing on the transfer of amounts between tax years, including expenses and balances. It outlines columns for balance at the previous tax year, amounts transferred, additions, and deductions, along with notes on specific subsections of tax regulations.
¬ Part 8 – Specified foreign exploration and development expenses (continued) - 1 2 3 4 5 Country in which Balance at Amount transferred on Amount transferred Other successor expenses the end of amalgamation or windup other than on deducti...
AI summary This section of the document outlines the accounting treatment for specified foreign exploration and development expenses, including the transfer of balances, current-year claims, and adjustments to closing balances. It provides instructions on handling negative amounts in specific columns and their reporting on Schedule 1.
Resource Properties Net Book Value (NBV) Reconciliation Tax return — Tangible oil and gas asset additions – Schedule 8 Canadian oil and gas property expenses – Schedule 12 (Part 5) F Canadian development expenses – Schedule 12 (Part 4) + C...
AI summary This document presents a reconciliation of the Net Book Value (NBV) of resource properties, including tangible oil and gas asset additions, Canadian oil and gas property expenses, and other related financial items. The reconciliation includes various adjustments and subtotals, with a final net change of 807,808.
Deferred Income Plans Corporation's name Business number Tax year end Year Month Day Nova Scotia Power Incorporated 11931 4938 RC0001 2025-12-31 - Complete the information below if the corporation deducted payments from its income made to...
AI summary The document provides a table with information related to Nova Scotia Power Incorporated's tax year end and prompts the completion of information regarding payments deducted from its income made to various registered pension and profit sharing plans.