N-12025 Annual Financial Statements - Redacted
10 passages
REDACTED 2025 Annual Financial Statements Attachment 1 Page 5 of 6 As at December 31 millions of Canadian dollars 2025 Unregulated Retained Earnings Unregulated retained earnings - December 31, 2024 $200.8 Unregulated compensation (includi...
AI summary The text presents a table from the 2025 Annual Financial Statements, focusing on unregulated retained earnings, property, plant, and equipment, as well as income taxes and related party transactions. It includes details on unregulated compensation, interest and depreciation expenses, and various adjustments affecting financial figures.
Nova Scotia Power Inc. Consolidated Statements of Changes in Equity millions of dollars Common Stock AOCI (AOCL) (1) Retained Earnings Total Equity Balance, December 31, 2024 $ 1,598 $ (8) $ 541 $ 2,131 Net income - - 141 141 Other compreh...
AI summary The document presents Nova Scotia Power Inc.'s consolidated statements of changes in equity for the years ending December 31, 2025 and 2024. It shows changes in common stock, accumulated other comprehensive income, retained earnings, and total equity, including net income, other comprehensive income, and return of capital.
Accounting for Government Grants Received by Business Entities In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities. The ASU adds guidance to ASC 832...
AI summary In December 2025, the FASB issued ASU 2025-10, which updates accounting standards for government grants. The guidance, effective from 2028, requires changes in recognition, measurement, and presentation. The Company is currently assessing the impact of this update on its financial statements.
- (2) The compensatory and non-compensatory changes are described in more detail below. - (3) The accrued pension obligation is calculated following the method prescribed under USGAAP (section 715 of the standards of the Financial Accounti...
AI summary The text discusses the calculation of the accrued pension obligation under USGAAP and Canadian accounting standards, including the factors influencing compensatory changes such as new service accruals, salary increases, and plan changes. Mr. Blunden has frozen service under the defined benefit component of the Pension Plan.
Goodwill Goodwill is calculated as the excess of the purchase price of an acquired entity over the estimated FV of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is carried at initial cost less any w...
AI summary Goodwill is calculated as the excess of the purchase price over the fair value of identifiable assets and liabilities. It is subject to annual impairment testing, with management using either a qualitative or quantitative approach to estimate the fair value of reporting units, considering factors like cash flow projections, discount rates, and peer company valuations.
3. Future Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the Financial Accounting Standards Board ("FASB"). The following updates have been issued by the FASB but, as allowed, have not ye...
AI summary Emera evaluates all Accounting Standard Updates (ASUs) from the FASB but has not yet adopted certain updates. Other ASUs were assessed as non-applicable or having minimal impact on financial statements.
Accounting for Government Grants Received by Business Entities In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities. The ASU adds guidance to ASC 832...
AI summary In December 2025, the FASB issued ASU 2025-10, which updates ASC 832 to address accounting for government grants. The standard becomes effective in 2028, with early adoption allowed. The Company is assessing the impact of these changes on its financial statements.
Authorized: Unlimited number of non-par value common shares. 2025 2024 Issued and outstanding: millions of shares millions of dollars millions of shares millions of dollars Balance, December 31, 2024 295.94 $ 9,042 284.12 $ 8,462 Conversio...
AI summary The document outlines the issued and outstanding shares of common stock for the years 2024 and 2025, including details on conversions, issuances under the ATM program, and other share-related activities. The data shows an increase in both the number of shares and their value over the period.
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 text presents financial data related to operating and finance leases for a company, including right-of-use assets, lease liabilities, and future minimum lease payments. It details the amounts recognized in the Consolidated Statements of Income, such as operating lease expenses, variable costs for power generation, amortization, and interest expenses.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 180810 LT REG ASSET DERIV INSTR TREASURY 180850 LT REG ASSET FCR DEFERRAL 181550 LT REG ASSET UARB TAX DEFERRAL 181700 LT REG ASSET STORM RIDER 181800 LT REG ASSET STORM RES...
AI summary The text presents a list of account segments and their descriptions, including long-term and short-term financial assets, liabilities, and accrued expenses related to various operations and obligations.
N-2Refiled Statements - NSPI - Redacted
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REDACTED 2025 Annual Financial Statements Attachment 1 Page 5 of 6 December 31 millions of Canadian dollars 2025 Unregulated Retained Earnings Unregulated retained earnings - December 31, 2024 $200.8 Unregulated compensation (including dir...
AI summary This document presents the unregulated retained earnings and related financial details for the 2025 Annual Financial Statements. It includes figures for compensation, interest, depreciation, and various adjustments, as well as property, plant, and equipment values for unregulated assets. The data also reflects income tax adjustments, related party liabilities, and equity issuance related to an investment.
Accounting for Government Grants Received by Business Entities In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities. The ASU adds guidance to ASC 832...
AI summary The FASB issued ASU 2025-10 in December 2025, providing guidance on accounting for government grants. Effective from 2028, the update requires companies to evaluate its impact on financial statements using various adoption approaches.
The aggregate fees billed by Ernst & Young LLP for the fiscal years ended December 31, 2025 and 2024, were as follows: Service Fee 2025 2024 Audit Fees $1,406,500 $565,400 Audit-related Fees $69,500 $56,500 Tax Fees $NIL $NIL All Other Fee...
AI summary The aggregate fees billed by Ernst & Young LLP for the fiscal years ended December 31, 2025 and 2024, were as follows: Audit Fees were $1,406,500 and $565,400 respectively, with Audit-related Fees, Tax Fees, and All Other Fees also reported.
- (2) The compensatory and non-compensatory changes are described in more detail below. - (3) The accrued pension obligation is calculated following the method prescribed under USGAAP (section 715 of the standards of the Financial Accounti...
AI summary The document discusses the calculation of the accrued pension obligation under USGAAP, including factors such as new accrued service, salary increases, and plan changes. It notes that no significant Pension Plan changes affected the figures in 2025.
Critical Accounting Estimates The preparation of consolidated financial statements in accordance with USGAAP requires management to make estimates and assumptions. These may affect reported amounts of assets and liabilities at the date of...
AI summary The preparation of consolidated financial statements under USGAAP involves management estimates and assumptions that affect asset and liability valuations, as well as revenue and expense reporting. Key areas include rate-regulated assets, pension benefits, unbilled revenue, asset useful lives, and financial instrument valuations.
Improvements to Income Tax Disclosures The Company adopted Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, effective December 31, 2025. The standard enhances the transparency, d...
AI summary The Company adopted ASU 2023-09, which enhances income tax disclosures by requiring more detailed and consistent information in financial statements, effective December 31, 2025. This includes greater disaggregation of income tax provisions and payments by jurisdiction.
Future Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the Financial Accounting Standards Board ("FASB"). The following updates have been issued by the FASB but, as allowed, have not yet b...
AI summary The Company evaluates the applicability and impact of all ASUs issued by the FASB. Some updates have been issued but not yet adopted by Emera, while others were assessed as not applicable or having insignificant impact on financial statements.
Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting – Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense...
AI summary In November 2024, the FASB issued ASU 2024-03, which requires more detailed disclosures about income statement expenses, including purchases of inventory, employee compensation, and depreciation and amortization. The guidance becomes effective in 2026 for annual reports and 2027 for interim reports, with early adoption allowed. The company is assessing the impact of this update on its financial disclosures.
Management's Responsibility for Financial Reporting The accompanying consolidated financial statements of Emera Incorporated and the information in this annual report are the responsibility of management and have been approved by the Board...
AI summary This section outlines the responsibilities of management and the Board of Directors of Emera Incorporated for financial reporting. It emphasizes the role of the Audit Committee in ensuring the accuracy and reliability of financial statements, which are audited by Ernst & Young LLP. The financial statements are prepared in accordance with US GAAP and are approved by the Board for issuance to shareholders.
Consolidated Statements of Changes in Equity millions of dollars Common Stock Preferred Stock Contributed Surplus AOCI Retained Earnings NCI Total Equity Balance, December 31, 2024 $ 9,042 $ 1,422 $ 84 $ 1,261 $ 1,468 $ 14 $ 13,291 Net inc...
AI summary The document presents consolidated statements of changes in equity for the years ending December 31, 2025 and 2024. It outlines changes in equity components such as common stock, preferred stock, retained earnings, and other comprehensive income or loss. Key items include net income, dividends, and share issuance activities.
Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Inter...
AI summary In September 2025, the FASB issued ASU 2025-06, which updates the accounting for internal-use software by removing project stages and clarifying capitalization thresholds. The changes will affect financial reporting starting after December 15, 2027, and the company is evaluating the impact of these changes.
ACCOUNT SEGMENT Account Segment Value Account Segment Description 212650 AP UNION DUES RELOCATION ALLOW 212700 AP LONG TERM DISABILITY 212750 AP GOOD NEIGHBOUR ENERGY FUND 212800 AP CIS REFUND CLEARING 212850 AP CONSUMER DEPOSITS 212900 AP...
AI summary The document presents a list of account segments with their corresponding descriptions, including categories such as union dues, long-term disability, energy funds, consumer deposits, and various accrued liabilities and taxes.
N-3Additional Submissions Financial Statements - Redacted
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Nova Scotia Power Incorporated 11931 4938 RC0001 ┌ Attachments (continued) ───── Yes Schedule Is the corporation claiming a return of fuel charge proceeds to farmers tax credit? 63 Are you an employer reporting a non-qualified security agr...
AI summary The document contains a series of questions and responses related to Nova Scotia Power Incorporated's tax and financial reporting obligations, including fuel charge proceeds, tax credits, financial standards, and business activities.
540,542,229 Corporation's name Nova Scotia Power Incorporated Bus siness number Tax year end Year Month Day 1193 1 4938 RC0001 2025-12-31 Balance sheet information Account Description GI FI Current year Prior year Assets — Total current as...
AI summary The document presents a balance sheet for Nova Scotia Power Incorporated as of December 31, 2025, detailing assets, liabilities, and shareholder equity. It includes figures for current and long-term assets, liabilities, and retained earnings, reflecting the company's financial position.
REDACTED 2025 Annual Financial Statements Additional Submissions Attachment 1 Page 29 of 182 2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 11931 4938 RC0001 Part 2A – Interest and financing expenses (IFE) -Variable A: Tot...
AI summary The text provides details on interest and financing expenses for 2026, including amounts related to interest paid or payable, capital cost allowance, resource expenses, and terminal losses. These figures are part of the financial statements submission and relate to tax deductions and accounting treatments.
REDACTED 2025 Annual Financial Statements Additional Submissions Attachment 1 Page 30 of 182 NSPI - 2025 - T2.225 2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 11931 4938 RC0001 ¬ Part 2B – Capitalized IFE in the cost of...
AI summary The document provides a section from the 2025 Annual Financial Statements of NSPI, focusing on capitalized IFE in the cost of depreciable assets. It includes a table for reporting IFE in the cost of depreciable assets, with instructions for completing the table based on specific accounting guidelines.
cost in subsection 13(21) An amount described in clause 12(1)(x)(i)(C) or subparagraph 12(1)(x)(ii) that the corporation received, to the extent it reduces the cost or capital cost of property and is not included when calculating the corpo...
AI summary The text discusses financial statements related to Nova Scotia Power Incorporated, including specific cost calculations and regulatory requirements such as the filing of a specified pre-regime loss election form (T2228) under paragraph (i) of variable B of ATI in subsection 18.2(1).
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.
ed based on a factor equal to the prescribed amount as a proportion of the actual cost of the vehicle. The actual cost of the vehicle will be adjusted for payment or repayment of government assistance If the amount in column 6 (as shown in...
AI summary The text outlines the method for adjusting the Uniform Capitalization (UCC) based on government assistance and provides specific factors for calculating Capital Cost Allowance (CCA) deductions for different classes of property, depending on when the property became available for use.
Notes (continued) □ 2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 NSPI - 2025 - T2 225 Note 11: The adjustment from column 16 is added to the UCC in column 10 to calculate the CCA deduction in column 21 The relevant facto...
AI summary This note explains the calculation of the CCA deduction for specific property classes, including the relevant factors for different classes of property and conditions based on availability dates and tax year alignment with the calendar year.
Continuity of financial statement reserves (not deductible) Financial statement reserves (not deductible) Description Balance at the Transfer on an Add Deduct Balance at the beginning of amalgamation or end of the year the wind-up of the y...
AI summary The document discusses the continuity of financial statement reserves that are not deductible, including balances for various reserves such as General Reserve for Inventory, General Reserve for Doubtful De, Equipment Lease Reserve, and Contingent Liabilities, along with instructions for reporting these reserves on Schedule 1.