DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity [Line Items] | ||
Entity Registrant Name | Eversource Energy | |
Entity Central Index Key | 72,741 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Trading Symbol | ES | |
Entity Common Stock, Shares Outstanding (in shares) | 316,885,808 | |
The Connecticut Light And Power Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | The Connecticut Light and Power Company | |
Entity Central Index Key | 23,426 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 6,035,205 | |
Public Service Company Of New Hampshire | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | Public Service Company of New Hampshire | |
Entity Central Index Key | 315,256 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 301 | |
Western Massachusetts Electric Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | Western Massachusetts Electric Company | |
Entity Central Index Key | 106,170 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 434,653 | |
NSTAR Electric Company | ||
Document And Entity [Line Items] | ||
Entity Registrant Name | NSTAR Electric Company | |
Entity Central Index Key | 13,372 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 100 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and Cash Equivalents | $ 125,761 | $ 30,251 |
Receivables, Net | 919,959 | 847,301 |
Unbilled Revenues | 146,634 | 168,490 |
Fuel, Materials, Supplies and Inventory | 305,035 | 328,721 |
Regulatory Assets | 746,142 | 887,625 |
Prepayments and Other Current Assets | 159,939 | 215,284 |
Total Current Assets | 2,403,470 | 2,477,672 |
Property, Plant and Equipment, Net | 22,537,304 | 21,350,510 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 3,505,901 | 3,638,688 |
Goodwill | 3,519,401 | 3,519,401 |
Marketable Securities | 570,255 | 544,642 |
Other Long-Term Assets | 627,289 | 522,260 |
Total Deferred Debits and Other Assets | 8,222,846 | 8,224,991 |
Total Assets | 33,163,620 | 32,053,173 |
Current Liabilities: | ||
Notes Payable | 18,238 | 1,148,500 |
Long-Term Debt – Current Portion | 957,697 | 773,883 |
Accounts Payable | 794,195 | 884,521 |
Obligations to Third Party Suppliers | 149,789 | 122,806 |
Regulatory Liabilities | 170,215 | 146,787 |
Other Current Liabilities | 530,297 | 562,108 |
Total Current Liabilities | 2,620,431 | 3,638,605 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 6,001,589 | 5,607,207 |
Regulatory Liabilities | 700,207 | 702,255 |
Derivative Liabilities | 391,910 | 413,676 |
Accrued Pension and SERP | 946,629 | 1,141,514 |
Other Long-Term Liabilities | 881,056 | 853,260 |
Total Deferred Credits and Other Liabilities | 8,921,391 | 8,717,912 |
Capitalization: | ||
Long-Term Debt | 10,468,193 | 8,829,354 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 155,568 | 155,568 |
Common Shareholders' Equity: | ||
Common Shares | 1,669,392 | 1,669,392 |
Capital Surplus, Paid In | 6,235,846 | 6,250,224 |
Retained Earnings | 3,474,185 | 3,175,171 |
Accumulated Other Comprehensive Loss | (63,615) | (65,282) |
Treasury Stock | (317,771) | (317,771) |
Common Stockholder's Equity | 10,998,037 | 10,711,734 |
Total Capitalization | 21,621,798 | 19,696,656 |
Total Liabilities and Capitalization | 33,163,620 | 32,053,173 |
The Connecticut Light And Power Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 9,364 | 6,579 |
Receivables, Net | 404,065 | 359,132 |
Accounts Receivable from Affiliated Companies | 29,287 | 16,851 |
Unbilled Revenues | 48,625 | 50,373 |
Materials, Supplies and Inventory | 44,516 | 52,050 |
Regulatory Assets | 274,982 | 335,526 |
Prepaid Property Taxes | 55,375 | 19,678 |
Prepayments and Other Current Assets | 13,832 | 32,992 |
Total Current Assets | 880,046 | 873,181 |
Property, Plant and Equipment, Net | 8,107,957 | 7,632,392 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,312,191 | 1,391,564 |
Other Long-Term Assets | 145,246 | 137,907 |
Total Deferred Debits and Other Assets | 1,457,437 | 1,529,471 |
Total Assets | 10,445,440 | 10,035,044 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 0 | 80,100 |
Long-Term Debt – Current Portion | 300,000 | 250,000 |
Accounts Payable | 292,234 | 289,532 |
Accounts Payable to Affiliated Companies | 80,899 | 88,075 |
Obligations to Third Party Suppliers | 52,865 | 55,520 |
Accrued Taxes | 64,332 | 16,090 |
Regulatory Liabilities | 69,296 | 47,055 |
Derivative Liabilities | 59,895 | 77,765 |
Other Current Liabilities | 99,467 | 104,309 |
Total Current Liabilities | 1,018,988 | 1,008,446 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 2,089,480 | 1,987,661 |
Regulatory Liabilities | 98,777 | 100,138 |
Derivative Liabilities | 391,758 | 412,750 |
Accrued Pension and SERP | 297,492 | 300,208 |
Other Long-Term Liabilities | 134,870 | 123,244 |
Total Deferred Credits and Other Liabilities | 3,012,377 | 2,924,001 |
Capitalization: | ||
Long-Term Debt | 2,758,851 | 2,516,010 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 2,110,752 | 2,110,714 |
Retained Earnings | 1,367,650 | 1,299,374 |
Accumulated Other Comprehensive Loss | 270 | (53) |
Common Stockholder's Equity | 3,539,024 | 3,470,387 |
Total Capitalization | 6,414,075 | 6,102,597 |
Total Liabilities and Capitalization | 10,445,440 | 10,035,044 |
NSTAR Electric Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 89,915 | 3,494 |
Receivables, Net | 322,193 | 257,557 |
Accounts Receivable from Affiliated Companies | 13,632 | 8,581 |
Unbilled Revenues | 39,160 | 31,632 |
Taxes Receivable | 0 | 39,738 |
Fuel, Materials, Supplies and Inventory | 53,203 | 62,288 |
Regulatory Assets | 230,620 | 289,400 |
Prepayments and Other Current Assets | 16,550 | 14,906 |
Total Current Assets | 765,273 | 707,596 |
Property, Plant and Equipment, Net | 6,268,689 | 6,051,835 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,049,324 | 1,057,746 |
Prepaid PBOP | 115,367 | 95,073 |
Other Long-Term Assets | 79,653 | 60,572 |
Total Deferred Debits and Other Assets | 1,244,344 | 1,213,391 |
Total Assets | 8,278,306 | 7,972,822 |
Current Liabilities: | ||
Notes Payable | 0 | 126,500 |
Long-Term Debt – Current Portion | 43,814 | 400,000 |
Accounts Payable | 198,251 | 232,599 |
Accounts Payable to Affiliated Companies | 81,953 | 91,532 |
Obligations to Third Party Suppliers | 86,346 | 55,863 |
Accrued Taxes | 32,021 | 3,922 |
Renewable Portfolio Standards Compliance Obligations | 69,527 | 75,571 |
Regulatory Liabilities | 65,520 | 63,653 |
Other Current Liabilities | 58,628 | 67,200 |
Total Current Liabilities | 636,060 | 1,116,840 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,910,328 | 1,836,292 |
Regulatory Liabilities | 392,851 | 391,823 |
Accrued Pension and SERP | 39,830 | 111,827 |
Other Long-Term Liabilities | 135,613 | 123,194 |
Total Deferred Credits and Other Liabilities | 2,478,622 | 2,463,136 |
Capitalization: | ||
Long-Term Debt | 2,382,392 | 1,678,116 |
Noncontrolling Interest – Preferred Stock of Subsidiaries | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,047,678 | 1,045,378 |
Retained Earnings | 1,690,198 | 1,625,984 |
Accumulated Other Comprehensive Loss | 356 | 368 |
Common Stockholder's Equity | 2,738,232 | 2,671,730 |
Total Capitalization | 5,163,624 | 4,392,846 |
Total Liabilities and Capitalization | 8,278,306 | 7,972,822 |
Public Service Company Of New Hampshire | ||
Current Assets: | ||
Cash and Cash Equivalents | 597 | 4,646 |
Receivables, Net | 93,299 | 84,450 |
Accounts Receivable from Affiliated Companies | 24,331 | 4,185 |
Unbilled Revenues | 37,133 | 41,004 |
Fuel, Materials, Supplies and Inventory | 158,091 | 162,354 |
Regulatory Assets | 112,465 | 117,240 |
Prepayments and Other Current Assets | 3,797 | 28,908 |
Total Current Assets | 429,713 | 442,787 |
Property, Plant and Equipment, Net | 3,167,905 | 3,039,313 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 244,561 | 245,525 |
Other Long-Term Assets | 51,740 | 37,720 |
Total Deferred Debits and Other Assets | 296,301 | 283,245 |
Total Assets | 3,893,919 | 3,765,345 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 202,300 | 160,900 |
Long-Term Debt – Current Portion | 110,000 | 70,000 |
Accounts Payable | 92,201 | 85,716 |
Accounts Payable to Affiliated Companies | 42,788 | 29,154 |
Regulatory Liabilities | 7,923 | 12,659 |
Other Current Liabilities | 61,210 | 43,253 |
Total Current Liabilities | 516,422 | 401,682 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 827,412 | 785,385 |
Regulatory Liabilities | 40,822 | 44,779 |
Accrued Pension and SERP | 98,553 | 94,652 |
Other Long-Term Liabilities | 54,131 | 49,442 |
Total Deferred Credits and Other Liabilities | 1,020,918 | 974,258 |
Capitalization: | ||
Long-Term Debt | 892,581 | 1,002,048 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 843,134 | 843,134 |
Retained Earnings | 625,012 | 549,286 |
Accumulated Other Comprehensive Loss | (4,148) | (5,063) |
Common Stockholder's Equity | 1,463,998 | 1,387,357 |
Total Capitalization | 2,356,579 | 2,389,405 |
Total Liabilities and Capitalization | 3,893,919 | 3,765,345 |
Western Massachusetts Electric Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Receivables, Net | 58,034 | 54,940 |
Accounts Receivable from Affiliated Companies | 23,440 | 14,425 |
Unbilled Revenues | 15,000 | 15,329 |
Fuel, Materials, Supplies and Inventory | 6,221 | 8,618 |
Regulatory Assets | 60,606 | 64,123 |
Prepayments and Other Current Assets | 1,297 | 2,595 |
Total Current Assets | 164,598 | 160,030 |
Property, Plant and Equipment, Net | 1,769,566 | 1,678,262 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 121,796 | 127,291 |
Other Long-Term Assets | 38,934 | 29,062 |
Total Deferred Debits and Other Assets | 160,730 | 156,353 |
Total Assets | 2,094,894 | 1,994,645 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 96,900 | 51,000 |
Accounts Payable | 58,518 | 56,036 |
Accounts Payable to Affiliated Companies | 22,181 | 19,478 |
Obligations to Third Party Suppliers | 9,736 | 10,508 |
Renewable Portfolio Standards Compliance Obligations | 16,144 | 20,383 |
Regulatory Liabilities | 10,236 | 14,888 |
Other Current Liabilities | 13,020 | 14,984 |
Total Current Liabilities | 226,735 | 187,277 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 519,998 | 490,793 |
Regulatory Liabilities | 22,726 | 17,227 |
Accrued Pension and SERP | 18,038 | 20,390 |
Other Long-Term Liabilities | 45,831 | 41,308 |
Total Deferred Credits and Other Liabilities | 606,593 | 569,718 |
Capitalization: | ||
Long-Term Debt | 566,172 | 566,536 |
Common Shareholders' Equity: | ||
Common Shares | 10,866 | 10,866 |
Capital Surplus, Paid In | 444,398 | 444,398 |
Retained Earnings | 242,157 | 218,212 |
Accumulated Other Comprehensive Loss | (2,027) | (2,362) |
Common Stockholder's Equity | 695,394 | 671,114 |
Total Capitalization | 1,261,566 | 1,237,650 |
Total Liabilities and Capitalization | $ 2,094,894 | $ 1,994,645 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Revenues | $ 1,988,512 | $ 2,039,706 | $ 5,856,458 | $ 5,862,525 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 651,776 | 665,810 | 1,955,129 | 2,001,929 |
Operations and Maintenance | 300,421 | 324,734 | 933,400 | 965,584 |
Depreciation | 194,466 | 181,288 | 571,152 | 531,781 |
Amortization of Regulatory Assets, Net | 41,848 | 43,942 | 58,058 | 56,223 |
Energy Efficiency Programs | 129,205 | 149,121 | 391,761 | 405,962 |
Taxes Other Than Income Taxes | 168,193 | 164,942 | 479,648 | 479,219 |
Total Operating Expenses | 1,485,909 | 1,529,837 | 4,389,148 | 4,440,698 |
Operating Income/(Loss) | 502,603 | 509,869 | 1,467,310 | 1,421,827 |
Interest Expense | 108,719 | 99,865 | 319,477 | 298,568 |
Other Income, Net | 21,184 | 13,641 | 56,304 | 23,689 |
Income Before Income Tax Expense | 415,068 | 423,645 | 1,204,137 | 1,146,948 |
Income Tax Expense | 152,818 | 156,446 | 447,921 | 428,186 |
Net Income | 262,250 | 267,199 | 756,216 | 718,762 |
Net Income Attributable to Noncontrolling Interests | 1,880 | 1,880 | 5,639 | 5,639 |
Net Income Attributable to Common Shareholders | $ 260,370 | $ 265,319 | $ 750,577 | $ 713,123 |
Basic and Diluted Earnings Per Common Share (in dollars per share) | $ 0.82 | $ 0.83 | $ 2.36 | $ 2.24 |
Dividends Declared Per Common Share (in dollars per share) | $ 0.48 | $ 0.45 | $ 1.43 | $ 1.34 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 |
Diluted (in shares) | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 |
The Connecticut Light And Power Company | ||||
Operating Revenues | $ 774,762 | $ 760,037 | $ 2,173,629 | $ 2,175,141 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 259,005 | 253,509 | 711,154 | 760,613 |
Operations and Maintenance | 123,107 | 123,034 | 359,834 | 356,409 |
Depreciation | 63,727 | 57,675 | 184,275 | 172,175 |
Amortization of Regulatory Assets, Net | 34,574 | 23,418 | 58,799 | 30,308 |
Energy Efficiency Programs | 37,739 | 44,381 | 106,483 | 117,969 |
Taxes Other Than Income Taxes | 79,067 | 81,948 | 223,482 | 227,981 |
Total Operating Expenses | 597,219 | 583,965 | 1,644,027 | 1,665,455 |
Operating Income/(Loss) | 177,543 | 176,072 | 529,602 | 509,686 |
Interest Expense | 36,313 | 36,083 | 106,577 | 108,561 |
Other Income, Net | 7,509 | 3,669 | 14,070 | 10,881 |
Income Before Income Tax Expense | 148,739 | 143,658 | 437,095 | 412,006 |
Income Tax Expense | 52,595 | 57,026 | 159,450 | 155,453 |
Net Income | 96,144 | 86,632 | 277,645 | 256,553 |
NSTAR Electric Company | ||||
Operating Revenues | 725,701 | 780,462 | 1,913,548 | 1,985,979 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 259,400 | 291,382 | 689,784 | 764,907 |
Operations and Maintenance | 92,571 | 96,282 | 266,203 | 279,932 |
Depreciation | 56,200 | 54,695 | 167,598 | 159,151 |
Amortization of Regulatory Assets, Net | 9,845 | 9,621 | 17,806 | 18,275 |
Energy Efficiency Programs | 71,615 | 84,717 | 198,803 | 212,882 |
Taxes Other Than Income Taxes | 37,052 | 35,050 | 99,090 | 101,800 |
Total Operating Expenses | 526,683 | 571,747 | 1,439,284 | 1,536,947 |
Operating Income/(Loss) | 199,018 | 208,715 | 474,264 | 449,032 |
Interest Expense | 24,488 | 21,101 | 69,962 | 62,206 |
Other Income, Net | 3,426 | 5,022 | 8,703 | 7,524 |
Income Before Income Tax Expense | 177,956 | 192,636 | 413,005 | 394,350 |
Income Tax Expense | 69,796 | 75,440 | 161,320 | 154,493 |
Net Income | 108,160 | 117,196 | 251,685 | 239,857 |
Public Service Company Of New Hampshire | ||||
Operating Revenues | 250,032 | 266,946 | 733,572 | 727,753 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 57,099 | 59,833 | 179,289 | 155,700 |
Operations and Maintenance | 63,669 | 64,183 | 191,153 | 187,184 |
Depreciation | 32,084 | 29,646 | 95,266 | 86,524 |
Amortization of Regulatory Assets/(Liabilities), Net | 2,835 | 14,158 | (10,658) | 14,490 |
Energy Efficiency Programs | 4,007 | 3,983 | 11,040 | 10,862 |
Taxes Other Than Income Taxes | 22,936 | 20,460 | 66,935 | 64,543 |
Total Operating Expenses | 182,630 | 192,263 | 533,025 | 519,303 |
Operating Income/(Loss) | 67,402 | 74,683 | 200,547 | 208,450 |
Interest Expense | 12,896 | 12,397 | 38,676 | 37,386 |
Other Income, Net | 1,229 | 574 | 2,883 | 1,007 |
Income Before Income Tax Expense | 55,735 | 62,860 | 164,754 | 172,071 |
Income Tax Expense | 22,012 | 24,345 | 65,128 | 66,242 |
Net Income | 33,723 | 38,515 | 99,626 | 105,829 |
Western Massachusetts Electric Company | ||||
Operating Revenues | 126,335 | 124,042 | 377,214 | 368,533 |
Operating Expenses: | ||||
Purchased Power, Fuel and Transmission | 34,828 | 32,178 | 109,553 | 104,406 |
Operations and Maintenance | 21,528 | 24,125 | 65,769 | 68,018 |
Depreciation | 12,546 | 11,567 | 36,844 | 34,414 |
Amortization of Regulatory Assets/(Liabilities), Net | 286 | 1,102 | (563) | 3,305 |
Energy Efficiency Programs | 10,996 | 12,389 | 29,739 | 33,593 |
Taxes Other Than Income Taxes | 10,779 | 10,609 | 31,403 | 30,440 |
Total Operating Expenses | 90,963 | 91,970 | 272,745 | 274,176 |
Operating Income/(Loss) | 35,372 | 32,072 | 104,469 | 94,357 |
Interest Expense | 6,321 | 6,222 | 18,752 | 18,298 |
Other Income, Net | 1,060 | 179 | 1,409 | 133 |
Income Before Income Tax Expense | 30,111 | 26,029 | 87,126 | 76,192 |
Income Tax Expense | 12,504 | 10,018 | 34,680 | 30,089 |
Net Income | $ 17,607 | $ 16,011 | $ 52,446 | $ 46,103 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Income | $ 262,250 | $ 267,199 | $ 756,216 | $ 718,762 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 519 | 534 | 1,567 | 1,602 |
Changes in Unrealized Gains/(Losses) on Marketable Securities | (1,872) | 946 | 733 | 2,271 |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | 673 | (1,733) | (633) | (2,646) |
Net OCI | (680) | (253) | 1,667 | 1,227 |
Comprehensive Income Attributable to Noncontrolling Interests | (1,880) | (1,880) | (5,639) | (5,639) |
Comprehensive Income Attributable to Common Shareholders | 259,690 | 265,066 | 752,244 | 714,350 |
The Connecticut Light And Power Company | ||||
Net Income | 96,144 | 86,632 | 277,645 | 256,553 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 96 | 111 | 298 | 333 |
Changes in Unrealized Gains/(Losses) on Marketable Securities | (64) | 33 | 25 | 78 |
Net OCI | 32 | 144 | 323 | 411 |
Comprehensive Income Attributable to Common Shareholders | 96,176 | 86,776 | 277,968 | 256,964 |
NSTAR Electric Company | ||||
Net Income | 108,160 | 117,196 | 251,685 | 239,857 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (4) | (10) | (12) | (31) |
Net OCI | (4) | (10) | (12) | (31) |
Comprehensive Income Attributable to Common Shareholders | 108,156 | 117,186 | 251,673 | 239,826 |
Public Service Company Of New Hampshire | ||||
Net Income | 33,723 | 38,515 | 99,626 | 105,829 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 291 | 290 | 872 | 871 |
Changes in Unrealized Gains/(Losses) on Marketable Securities | (112) | 56 | 43 | 135 |
Net OCI | 179 | 346 | 915 | 1,006 |
Comprehensive Income Attributable to Common Shareholders | 33,902 | 38,861 | 100,541 | 106,835 |
Western Massachusetts Electric Company | ||||
Net Income | 17,607 | 16,011 | 52,446 | 46,103 |
Other Comprehensive (Loss)/Income, Net of Tax: | ||||
Qualified Cash Flow Hedging Instruments | 109 | 109 | 328 | 328 |
Changes in Unrealized Gains/(Losses) on Marketable Securities | (18) | 9 | 7 | 22 |
Net OCI | 91 | 118 | 335 | 350 |
Comprehensive Income Attributable to Common Shareholders | $ 17,698 | $ 16,129 | $ 52,781 | $ 46,453 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net Income | $ 756,216 | $ 718,762 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 571,152 | 531,781 |
Deferred Income Taxes | 374,863 | 301,413 |
Pension, SERP and PBOP Expense, Net | 16,891 | 31,627 |
Pension and PBOP Contributions | (197,900) | (121,854) |
Regulatory Overrecoveries, Net | 185,952 | 152,808 |
Amortization of Regulatory Assets, Net | 58,058 | 56,223 |
Other | (148,741) | (27,671) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (107,473) | (191,454) |
Fuel, Materials, Supplies and Inventory | 23,686 | 25,425 |
Taxes Receivable/Accrued, Net | 88,856 | 347,898 |
Accounts Payable | (96,551) | (121,513) |
Other Current Assets and Liabilities, Net | (32,874) | (53,077) |
Net Cash Flows Provided by Operating Activities | 1,492,135 | 1,650,368 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (1,642,280) | (1,359,171) |
Proceeds from Sales of Marketable Securities | 520,664 | 444,209 |
Purchases of Marketable Securities | (506,302) | (437,197) |
Other Investing Activities | (10,177) | (9,463) |
Net Cash Flows Used in Investing Activities | (1,638,095) | (1,361,622) |
Financing Activities: | ||
Cash Dividends on Common Shares | (451,562) | (423,471) |
Cash Dividends on Preferred Stock | (5,639) | (5,639) |
Decrease in Notes Payable | (231,500) | (426,453) |
Issuance of Long-Term Debt | 1,250,000 | 800,000 |
Retirements of Long-Term Debt | (320,000) | (200,000) |
Other Financing Activities | 171 | (17,074) |
Net Cash Flows Provided by/(Used in) Financing Activities | 241,470 | (272,637) |
Net Increase (decrease) in Cash and Cash Equivalents | 95,510 | 16,109 |
Cash and Cash Equivalents - Beginning of Period | 30,251 | 23,947 |
Cash and Cash Equivalents - End of Period | 125,761 | 40,056 |
The Connecticut Light And Power Company | ||
Operating Activities: | ||
Net Income | 277,645 | 256,553 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 184,275 | 172,175 |
Deferred Income Taxes | 90,132 | 109,637 |
Pension, SERP and PBOP (Benefits)/Expense, Net | 4,546 | 4,825 |
Regulatory Overrecoveries, Net | 71,413 | 33,492 |
Amortization of Regulatory Assets, Net | 58,799 | 30,308 |
Other | (22,113) | (14,873) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (70,936) | (100,074) |
Taxes Receivable/Accrued, Net | 69,335 | 197,422 |
Accounts Payable | (1,649) | (30,168) |
Other Current Assets and Liabilities, Net | (38,111) | (44,908) |
Net Cash Flows Provided by Operating Activities | 623,336 | 614,389 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (621,882) | (438,518) |
Proceeds from the Sale of Property, Plant and Equipment | 0 | 9,047 |
Other Investing Activities | 185 | 310 |
Net Cash Flows Used in Investing Activities | (621,697) | (429,161) |
Financing Activities: | ||
Cash Dividends on Common Shares | (205,200) | (149,700) |
Capital Contributions from Eversource Parent | 0 | 145,700 |
Cash Dividends on Preferred Stock | (4,169) | (4,169) |
Increase/(Decrease) in Notes Payable to Eversource Parent | (80,100) | (168,900) |
Premium on Long-Term Debt Issuance | 21,937 | 0 |
Issuance of Long-Term Debt | 525,000 | 0 |
Retirements of Long-Term Debt | (250,000) | 0 |
Other Financing Activities | (6,322) | (609) |
Net Cash Flows Provided by/(Used in) Financing Activities | 1,146 | (177,678) |
Net Increase (decrease) in Cash and Cash Equivalents | 2,785 | 7,550 |
Cash and Cash Equivalents - Beginning of Period | 6,579 | 1,057 |
Cash and Cash Equivalents - End of Period | 9,364 | 8,607 |
NSTAR Electric Company | ||
Operating Activities: | ||
Net Income | 251,685 | 239,857 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 167,598 | 159,151 |
Deferred Income Taxes | 71,327 | 40,960 |
Pension and PBOP Contributions | (83,040) | (26,734) |
Pension, SERP and PBOP (Benefits)/Expense, Net | (7,305) | 1,370 |
Regulatory Overrecoveries, Net | 61,356 | 131,774 |
Amortization of Regulatory Assets, Net | 17,806 | 18,275 |
Other | (23,120) | (20,088) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (95,398) | (103,444) |
Fuel, Materials, Supplies and Inventory | 9,086 | 30,659 |
Taxes Receivable/Accrued, Net | 67,501 | 141,379 |
Accounts Payable | (38,486) | (22,913) |
Other Current Assets and Liabilities, Net | 13,961 | (25,942) |
Net Cash Flows Provided by Operating Activities | 412,971 | 564,304 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (358,041) | (327,731) |
Other Investing Activities | (3,617) | 0 |
Net Cash Flows Used in Investing Activities | (361,658) | (327,731) |
Financing Activities: | ||
Cash Dividends on Common Shares | (186,000) | (278,300) |
Capital Contributions from Eversource Parent | 2,300 | 25,000 |
Cash Dividends on Preferred Stock | (1,470) | (1,470) |
Decrease in Notes Payable | (126,500) | (26,500) |
Issuance of Long-Term Debt | 350,000 | 250,000 |
Retirements of Long-Term Debt | 0 | (200,000) |
Other Financing Activities | (3,222) | (2,495) |
Net Cash Flows Provided by/(Used in) Financing Activities | 35,108 | (233,765) |
Net Increase (decrease) in Cash and Cash Equivalents | 86,421 | 2,808 |
Cash and Cash Equivalents - Beginning of Period | 3,494 | 3,346 |
Cash and Cash Equivalents - End of Period | 89,915 | 6,154 |
Public Service Company Of New Hampshire | ||
Operating Activities: | ||
Net Income | 99,626 | 105,829 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 95,266 | 86,524 |
Deferred Income Taxes | 43,217 | 74,522 |
Regulatory Overrecoveries, Net | 8,910 | (4,289) |
Amortization of Regulatory (Liabilities)/Assets, Net | (10,658) | 14,490 |
Other | (7,792) | (12,660) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (30,276) | (28,754) |
Fuel, Materials, Supplies and Inventory | 4,263 | (4,014) |
Taxes Receivable/Accrued, Net | 10,749 | 33,589 |
Accounts Payable | 18,394 | 14,508 |
Other Current Assets and Liabilities, Net | 32,296 | 26,207 |
Net Cash Flows Provided by Operating Activities | 263,995 | 305,952 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (215,470) | (215,804) |
Other Investing Activities | 113 | 272 |
Net Cash Flows Used in Investing Activities | (215,357) | (215,532) |
Financing Activities: | ||
Cash Dividends on Common Shares | (23,900) | (58,200) |
Capital Contributions from Eversource Parent | 0 | 94,500 |
Increase/(Decrease) in Notes Payable to Eversource Parent | 41,400 | (123,800) |
Retirements of Long-Term Debt | (70,000) | 0 |
Other Financing Activities | (187) | (217) |
Net Cash Flows Provided by/(Used in) Financing Activities | (52,687) | (87,717) |
Net Increase (decrease) in Cash and Cash Equivalents | (4,049) | 2,703 |
Cash and Cash Equivalents - Beginning of Period | 4,646 | 1,733 |
Cash and Cash Equivalents - End of Period | 597 | 4,436 |
Western Massachusetts Electric Company | ||
Operating Activities: | ||
Net Income | 52,446 | 46,103 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: | ||
Depreciation | 36,844 | 34,414 |
Deferred Income Taxes | 29,008 | 15,587 |
Regulatory Overrecoveries, Net | 10,291 | 323 |
Amortization of Regulatory (Liabilities)/Assets, Net | (563) | 3,305 |
Other | (10,182) | (2,532) |
Changes in Current Assets and Liabilities: | ||
Receivables and Unbilled Revenues, Net | (16,818) | 1,933 |
Taxes Receivable/Accrued, Net | 4,203 | 36,658 |
Accounts Payable | (5,777) | (16,240) |
Other Current Assets and Liabilities, Net | (7,482) | 5,277 |
Net Cash Flows Provided by Operating Activities | 91,970 | 124,828 |
Investing Activities: | ||
Investments in Property, Plant and Equipment | (109,233) | (104,811) |
Proceeds from Sales of Marketable Securities | 1,641 | 1,934 |
Purchases of Marketable Securities | (1,590) | (1,894) |
Net Cash Flows Used in Investing Activities | (109,182) | (104,771) |
Financing Activities: | ||
Cash Dividends on Common Shares | (28,500) | (28,500) |
Capital Contributions from Eversource Parent | 0 | 53,000 |
Increase/(Decrease) in Notes Payable to Eversource Parent | 45,900 | (95,200) |
Issuance of Long-Term Debt | 0 | 50,000 |
Other Financing Activities | (188) | (191) |
Net Cash Flows Provided by/(Used in) Financing Activities | 17,212 | (20,891) |
Net Increase (decrease) in Cash and Cash Equivalents | 0 | (834) |
Cash and Cash Equivalents - Beginning of Period | 0 | 834 |
Cash and Cash Equivalents - End of Period | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric, PSNH, WMECO, Yankee Gas and NSTAR Gas. Eversource provides energy delivery service to approximately 3.7 million electric and natural gas customers through these six regulated utilities in Connecticut, Massachusetts and New Hampshire. On June 2, 2017, Eversource announced that it had entered into an agreement to acquire Aquarion from Macquarie Infrastructure Partners for $1.675 billion , consisting of approximately $880 million in cash and $795 million of assumed Aquarion debt. The transaction requires approval from PURA, the DPU, the NHPUC, the Maine PUC, and the Federal Communications Commission, and is also subject to a review under the Hart-Scott-Rodino Act. On June 29, 2017, Eversource and Aquarion filed joint applications with regulatory agencies in Connecticut, Massachusetts, New Hampshire and Maine requesting approval of the transaction. With the exception of Massachusetts, all state and federal regulatory agency approvals have been received and the related review period has expired. The transaction is expected to close by December 31, 2017. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P and WMECO are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2016 Form 10-K, which was filed with the SEC. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's, PSNH's and WMECO's financial position as of September 30, 2017 and December 31, 2016 , the results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 , and the cash flows for the nine months ended September 30, 2017 and 2016 . The results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 and the cash flows for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's, PSNH's and WMECO's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and WMECO and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' distribution (including generation assets) and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. B. Accounting Standards Accounting Standards Issued but Not Yet Effective: In May 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which amends existing revenue recognition guidance and is required to be applied retrospectively (either to each reporting period presented or cumulatively at the date of initial application). The Company will implement the standard in the first quarter of 2018 cumulatively at the date of initial application. Implementation of the ASU is not expected to have a material effect on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities , which is required to be implemented in the first quarter of 2018. The ASU will remove the available-for-sale designation for equity securities, whereby changes in fair value are recorded in accumulated other comprehensive income within shareholders' equity, and will require changes in fair value of all equity securities to be recorded in earnings beginning on January 1, 2018, with the unrealized gain or loss on available-for-sale equity securities as of that date reclassified to retained earnings as a cumulative effect of adoption. The fair value of available-for-sale equity securities subject to this guidance as of September 30, 2017 was approximately $51 million with an unrealized gain of $1.7 million . The remaining available-for-sale equity securities included in marketable securities on the balance sheet are held in nuclear decommissioning trusts and are subject to regulatory accounting treatment and will not be impacted by this guidance. Implementation of the ASU for other financial instruments is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In February 2016, the FASB issued ASU 2016-02, Leases , which changes existing lease accounting guidance and is required to be applied in the first quarter of 2019, with earlier application permitted. The ASU lease criteria are required to be applied to leases and lease renewals entered into effective January 1, 2019, and leases entered into before that date are required to be recognized and measured using a modified retrospective approach. The Company is reviewing the requirements of ASU 2016-02, including balance sheet recognition of leases previously deemed to be operating leases, and expects to implement the ASU in the first quarter of 2019. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , required to be implemented in the first quarter of 2018. The ASU requires separate presentation of service cost from other components of net pen sion and PBOP costs, with the other components presented as non-operating income and not subject to capitalization. The ASU is required to be applied retrospectively for the separate presentation in the income statement of service costs and other components and prospectively in the balance sheet for the capitalization of only the service cost component. The implementation of the ASU will not have an impact on the net income of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. C. Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric, PSNH and WMECO, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows WMECO and NSTAR Gas also to recover in rates amounts associated with certain uncollectible hardship accounts receivable. Certain of NSTAR Electric's uncollectible hardship accounts receivable are expected to be recovered in future rates, similar to WMECO and NSTAR Gas. These uncollectible customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. The total provision for uncollectible accounts and for uncollectible hardship accounts, which is included in the total provision, is included in Receivables, Net on the balance sheets, and was as follows: Total Provision for Uncollectible Accounts Uncollectible Hardship (Millions of Dollars) As of September 30, 2017 As of December 31, 2016 As of September 30, 2017 As of December 31, 2016 Eversource $ 196.8 $ 200.6 $ 126.3 $ 119.9 CL&P 77.6 86.4 64.6 67.7 NSTAR Electric 55.7 54.8 32.3 26.2 PSNH 10.6 9.9 — — WMECO 17.0 15.5 11.3 9.9 D. Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock and long-term debt. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. Determination of Fair Value: The valuation techniques and inputs used in Eversource's fair value measurements are described in Note 4, "Derivative Instruments," Note 5, "Marketable Securities," and Note 10, "Fair Value of Financial Instruments," to the financial statements. E. Other Income, Net Items included within Other Income, Net on the statements of income primarily consist of income/(loss) related to equity method investments, investment income/(loss), interest income and AFUDC related to equity funds. For the three and nine months ended September 30, 2017 , Eversource had equity in earnings of $5.1 million and $23.0 million , respectively, related to its equity method investments . For the three and nine months ended September 30, 2016 Eversource had equity in earnings of $0.9 million and losses of $2.0 million , respectively, related to its equity method investments. Investment income/(loss) primarily relates to debt and equity securities held in trust. For further information, see Note 5, "Marketable Securities," to the financial statements. F. Other Taxes Gross receipts taxes levied by the state of Connecticut are collected by CL&P and Yankee Gas from their respective customers. These gross receipts taxes are shown separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Eversource $ 40.3 $ 45.1 $ 118.2 $ 124.8 CL&P 37.8 42.6 103.5 112.2 As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. G. Supplemental Cash Flow Information Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of September 30, 2017 As of September 30, 2016 Eversource $ 307.7 $ 203.6 CL&P 113.4 64.5 NSTAR Electric 55.4 39.4 PSNH 39.6 31.0 WMECO 37.1 17.6 |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's Regulated companies are subject to rate regulation that is based on cost recovery and meets the criteria for application of accounting guidance for rate-regulated operations, which considers the effect of regulation on the timing of the recognition of certain revenues and expenses. The Regulated companies' financial statements reflect the effects of the rate-making process. The rates charged to the customers of Eversource's Regulated companies are designed to collect each company's costs to provide service, including a return on investment. Management believes it is probable that each of the Regulated companies will recover its respective investments in long-lived assets, including regulatory assets. If management were to determine that it could no longer apply the accounting guidance applicable to rate-regulated enterprises to any of the Regulated companies' operations, or if management could not conclude it is probable that costs would be recovered from customers in future rates, the costs would be charged to net income in the period in which the determination is made. Regulatory Assets: The components of regulatory assets were as follows: Eversource As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Benefit Costs $ 1,793.8 $ 1,817.8 Derivative Liabilities 385.1 423.3 Income Taxes, Net 652.7 644.5 Storm Restoration Costs 330.1 385.3 Goodwill-related 449.0 464.4 Regulatory Tracker Mechanisms 470.7 576.6 Asset Retirement Obligations 104.8 99.3 Other Regulatory Assets 65.8 115.1 Total Regulatory Assets 4,252.0 4,526.3 Less: Current Portion 746.1 887.6 Total Long-Term Regulatory Assets $ 3,505.9 $ 3,638.7 As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Benefit Costs $ 415.8 $ 436.7 $ 183.2 $ 84.8 $ 429.3 $ 438.6 $ 184.2 $ 86.7 Derivative Liabilities 381.6 2.4 — — 420.5 2.8 — — Income Taxes, Net 441.1 92.4 22.3 30.5 437.0 89.7 24.2 30.8 Storm Restoration Costs 195.7 112.4 9.2 12.8 239.8 112.5 17.1 15.9 Goodwill-related — 385.5 — — — 398.7 — — Regulatory Tracker Mechanisms 87.9 201.1 108.0 44.4 123.9 257.3 104.5 46.7 Asset Retirement Obligations 35.1 33.9 16.8 4.5 33.2 31.9 16.2 4.2 Other Regulatory Assets 30.0 15.5 17.6 5.4 43.4 15.6 16.5 7.1 Total Regulatory Assets 1,587.2 1,279.9 357.1 182.4 1,727.1 1,347.1 362.7 191.4 Less: Current Portion 275.0 230.6 112.5 60.6 335.5 289.4 117.2 64.1 Total Long-Term Regulatory Assets $ 1,312.2 $ 1,049.3 $ 244.6 $ 121.8 $ 1,391.6 $ 1,057.7 $ 245.5 $ 127.3 Regulatory Costs in Other Long-Term Assets: Eversource's Regulated companies had $108.7 million (including $3.9 million for CL&P, $42.3 million for NSTAR Electric, $18.5 million for PSNH, and $25.7 million for WMECO) and $86.3 million (including $5.9 million for CL&P, $35.0 million for NSTAR Electric, $8.2 million for PSNH, and $20.1 million for WMECO) of additional regulatory costs as of September 30, 2017 and December 31, 2016 , respectively, that were included in Other Long-Term Assets on the balance sheets. These amounts represent incurred costs for which recovery has not yet been specifically approved by the applicable regulatory agency. However, based on regulatory policies or past precedent on similar costs, management believes it is probable that these costs will ultimately be approved and recovered from customers in rates. Regulatory Liabilities: The components of regulatory liabilities were as follows: Eversource As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Cost of Removal $ 470.3 $ 459.7 Benefit Costs 125.5 136.2 Regulatory Tracker Mechanisms 175.8 145.3 AFUDC - Transmission 65.4 65.8 Other Regulatory Liabilities 33.4 42.1 Total Regulatory Liabilities 870.4 849.1 Less: Current Portion 170.2 146.8 Total Long-Term Regulatory Liabilities $ 700.2 $ 702.3 As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Cost of Removal $ 40.5 $ 278.8 $ 40.5 $ 11.7 $ 38.8 $ 271.6 $ 44.1 $ 8.6 Benefit Costs — 106.0 — — — 113.1 — — Regulatory Tracker Mechanisms 57.1 65.5 5.6 12.7 37.2 63.7 10.7 14.7 AFUDC - Transmission 49.2 7.7 — 8.5 50.2 6.9 — 8.7 Other Regulatory Liabilities 21.3 0.4 2.6 — 21.0 0.2 2.7 0.1 Total Regulatory Liabilities 168.1 458.4 48.7 32.9 147.2 455.5 57.5 32.1 Less: Current Portion 69.3 65.5 7.9 10.2 47.1 63.7 12.7 14.9 Total Long-Term Regulatory Liabilities $ 98.8 $ 392.9 $ 40.8 $ 22.7 $ 100.1 $ 391.8 $ 44.8 $ 17.2 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION The following tables summarize property, plant and equipment by asset category: Eversource As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Distribution - Electric $ 14,217.3 $ 13,716.9 Distribution - Natural Gas 3,158.1 3,010.4 Transmission - Electric 8,918.2 8,517.4 Generation 1,215.8 1,224.2 Electric and Natural Gas Utility 27,509.4 26,468.9 Other (1) 679.9 591.6 Property, Plant and Equipment, Gross 28,189.3 27,060.5 Less: Accumulated Depreciation Electric and Natural Gas Utility (6,838.5 ) (6,480.4 ) Other (274.4 ) (242.0 ) Total Accumulated Depreciation (7,112.9 ) (6,722.4 ) Property, Plant and Equipment, Net 21,076.4 20,338.1 Construction Work in Progress (2) 1,460.9 1,012.4 Total Property, Plant and Equipment, Net $ 22,537.3 $ 21,350.5 (1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. (2) As of September 30, 2017 , the total CWIP related to NPT was approximately $201 million . As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Distribution $ 5,797.6 $ 5,543.1 $ 2,048.8 $ 868.1 $ 5,562.9 $ 5,402.3 $ 1,949.8 $ 841.9 Transmission 4,061.2 2,545.0 1,115.7 1,147.9 3,912.9 2,435.8 1,059.3 1,061.1 Generation — — 1,179.8 36.0 — — 1,188.2 36.0 Property, Plant and Equipment, Gross 9,858.8 8,088.1 4,344.3 2,052.0 9,475.8 7,838.1 4,197.3 1,939.0 Less: Accumulated Depreciation (2,207.0 ) (2,143.8 ) (1,315.7 ) (356.5 ) (2,082.4 ) (2,025.4 ) (1,254.7 ) (338.8 ) Property, Plant and Equipment, Net 7,651.8 5,944.3 3,028.6 1,695.5 7,393.4 5,812.7 2,942.6 1,600.2 Construction Work in Progress 456.2 324.4 139.3 74.1 239.0 239.1 96.7 78.1 Total Property, Plant and Equipment, Net $ 8,108.0 $ 6,268.7 $ 3,167.9 $ 1,769.6 $ 7,632.4 $ 6,051.8 $ 3,039.3 $ 1,678.3 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Regulated companies purchase and procure energy and energy-related products, which are subject to price volatility, for their customers. The costs associated with supplying energy to customers are recoverable from customers in future rates. The Regulated companies manage the risks associated with the price volatility of energy and energy-related products through the use of derivative and non-derivative contracts. Many of the derivative contracts meet the definition of, and are designated as, normal and qualify for accrual accounting under the applicable accounting guidance. The costs and benefits of derivative contracts that meet the definition of normal are recognized in Operating Expenses or Operating Revenues on the statements of income, as applicable, as electricity or natural gas is delivered. Derivative contracts that are not designated as normal are recorded at fair value as current or long-term Derivative Assets or Derivative Liabilities on the balance sheets. For the Regulated companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivatives, as contract settlement amounts are recovered from, or refunded to, customers in their respective energy supply rates. The gross fair values of derivative assets and liabilities with the same counterparty are offset and reported as net Derivative Assets or Derivative Liabilities, with current and long-term portions, on the balance sheets. The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: Level 2: Eversource $ — $ — $ — $ 6.0 $ — $ 6.0 Level 3: CL&P 10.4 (7.7 ) 2.7 13.9 (9.4 ) 4.5 Long-Term Derivative Assets: Level 2: Eversource $ — $ — $ — $ 0.3 $ (0.1 ) $ 0.2 Level 3: CL&P 74.3 (6.9 ) 67.4 77.3 (11.7 ) 65.6 Current Derivative Liabilities: Level 2: Eversource $ (1.5 ) $ 0.4 $ (1.1 ) $ — $ — $ — Level 3: Eversource (62.2 ) — (62.2 ) (79.7 ) — (79.7 ) CL&P (59.9 ) — (59.9 ) (77.8 ) — (77.8 ) NSTAR Electric (2.3 ) — (2.3 ) (1.9 ) — (1.9 ) Long-Term Derivative Liabilities: Level 3: Eversource $ (391.9 ) $ — $ (391.9 ) $ (413.7 ) $ — $ (413.7 ) CL&P (391.8 ) — (391.8 ) (412.8 ) — (412.8 ) NSTAR Electric (0.1 ) — (0.1 ) (0.9 ) — (0.9 ) (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. For further information on the fair value of derivative contracts, see Note 1D, "Summary of Significant Accounting Policies - Fair Value Measurements," to the financial statements. Derivative Contracts at Fair Value with Offsetting Regulatory Amounts Commodity Supply and Price Risk Management : As required by regulation, CL&P, along with UI, has capacity-related contracts with generation facilities. CL&P has a sharing agreement with UI, with 80 percent of the costs or benefits of each contract borne by or allocated to CL&P and 20 percent borne by or allocated to UI. The combined capacity of these contracts is 787 MW. The capacity contracts extend through 2026 and obligate both CL&P and UI to make or receive payments on a monthly basis to or from the generation facilities based on the difference between a set capacity price and the capacity market price received in the ISO-NE capacity markets. In addition, CL&P has a contract to purchase 0.1 million MWh of energy per year through 2020. NSTAR Electric has a renewable energy contract to purchase 0.1 million MWh of energy per year through 2018 and a capacity-related contract to purchase up to 35 MW per year through 2019. As of September 30, 2017 and December 31, 2016 , Eversource had New York Mercantile Exchange ("NYMEX") financial contracts for natural gas futures in order to reduce variability associated with the purchase price of approximately 10.4 million and 9.2 million MMBtu of natural gas, respectively. For the three months ended September 30, 2017 and 2016 , there were gains of $0.6 million and losses of $53.4 million , respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. For the nine months ended September 30, 2017 and 2016 , these losses were $30.3 million and $127.8 million , respectively. Fair Value Measurements of Derivative Instruments Derivative contracts classified as Level 2 in the fair value hierarchy relate to the financial contracts for natural gas futures. Prices are obtained from broker quotes and are based on actual market activity. The contracts are valued using NYMEX natural gas prices. Valuations of these contracts also incorporate discount rates using the yield curve approach. The fair value of derivative contracts classified as Level 3 utilizes significant unobservable inputs. The fair value is modeled using income techniques, such as discounted cash flow valuations adjusted for assumptions relating to exit price. Significant observable inputs for valuations of these contracts include energy and energy-related product prices in future years for which quoted prices in an active market exist. Fair value measurements categorized in Level 3 of the fair value hierarchy are prepared by individuals with expertise in valuation techniques, pricing of energy and energy-related products, and accounting requirements. The future power and capacity prices for periods that are not quoted in an active market or established at auction are based on available market data and are escalated based on estimates of inflation in order to address the full term of the contract. Valuations of derivative contracts using a discounted cash flow methodology include assumptions regarding the timing and likelihood of scheduled payments and also reflect non-performance risk, including credit, using the default probability approach based on the counterparty's credit rating for assets and the Company's credit rating for liabilities. Valuations incorporate estimates of premiums or discounts that would be required by a market participant to arrive at an exit price, using historical market transactions adjusted for the terms of the contract. The following is a summary of Eversource's, including CL&P's and NSTAR Electric's, Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts: As of September 30, 2017 As of December 31, 2016 Range Period Covered Range Period Covered Capacity Prices: CL&P $ 5.00 — 8.70 per kW-Month 2021 - 2026 $ 5.50 — 8.70 per kW-Month 2020 - 2026 Forward Reserve: CL&P $ 1.00 — 2.00 per kW-Month 2017 - 2024 $ 1.40 — 2.00 per kW-Month 2017 - 2024 REC Prices: NSTAR Electric $ 15.75 — 22.00 per REC 2017 - 2018 $ 24.00 — 29.00 per REC 2017 - 2018 Exit price premiums of 1 percent through 18 percent are also applied on these contracts and reflect the uncertainty and illiquidity premiums that would be required based on the most recent market activity available for similar type contracts. Significant increases or decreases in future energy or capacity prices in isolation would decrease or increase, respectively, the fair value of the derivative liability. Any increases in risk premiums would increase the fair value of the derivative liability. Changes in these fair values are recorded as a regulatory asset or liability and do not impact net income. Valuations using significant unobservable inputs: The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. For the Three Months Ended September 30, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric Eversource CL&P NSTAR Derivatives, Net: Fair Value as of Beginning of Period $ (397.1 ) $ (394.8 ) $ (2.3 ) $ (412.6 ) $ (411.3 ) $ (1.3 ) Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities 0.5 (0.7 ) 1.2 (52.3 ) (49.8 ) (2.5 ) Settlements 12.6 13.9 (1.3 ) 21.2 20.1 1.1 Fair Value as of End of Period $ (384.0 ) $ (381.6 ) $ (2.4 ) $ (443.7 ) $ (441.0 ) $ (2.7 ) For the Nine Months Ended September 30, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Eversource CL&P NSTAR Derivatives, Net: Fair Value as of Beginning of Period $ (423.3 ) $ (420.5 ) $ (2.8 ) $ (380.9 ) $ (380.8 ) $ (0.1 ) Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (17.9 ) (15.9 ) (2.0 ) (128.9 ) (122.0 ) (6.9 ) Settlements 57.2 54.8 2.4 66.1 61.8 4.3 Fair Value as of End of Period $ (384.0 ) $ (381.6 ) $ (2.4 ) $ (443.7 ) $ (441.0 ) $ (2.7 ) |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Eversource maintains trusts that hold marketable securities to fund certain non-qualified executive benefits. These trusts are not subject to regulatory oversight by state or federal agencies. CYAPC and YAEC maintain legally restricted trusts, each of which holds marketable securities, to fund the spent nuclear fuel removal obligations of their nuclear fuel storage facilities. Trading Securities: Eversource has elected to record certain equity securities as trading securities, with the changes in fair values recorded in Other Income, Net on the statements of income. As of December 31, 2016 , these securities were classified as Level 1 in the fair value hierarchy and totaled $9.6 million . These securities were sold during the first quarter of 2017 and were no longer held as of September 30, 2017 . For the three and nine months ended September 30, 2016 , net gains on these securities of $0.1 million and $0.6 million , respectively, were recorded in Other Income, Net on the statements of income. Dividend income is recorded in Other Income, Net when dividends are declared. Available-for-Sale Securities: The following is a summary of available-for-sale securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets. As of September 30, 2017 As of December 31, 2016 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Debt Securities $ 286.5 $ 5.5 $ (0.5 ) $ 291.5 $ 296.2 $ 1.1 $ (2.1 ) $ 295.2 Equity Securities 210.7 81.5 — 292.2 203.3 62.3 (1.2 ) 264.4 Eversource's debt and equity securities include CYAPC's and YAEC's marketable securities held in nuclear decommissioning trusts in the amounts of $489.1 million and $466.7 million as of September 30, 2017 and December 31, 2016 , respectively. Unrealized gains and losses for these nuclear decommissioning trusts are recorded in Marketable Securities with the corresponding offset to Other Long-Term Liabilities on the balance sheets, with no impact on the statements of income. Unrealized Losses and Other-than-Temporary Impairment: There have been no significant unrealized losses, other-than-temporary impairments or credit losses for the three and nine months ended September 30, 2017 and 2016 . Factors considered in determining whether a credit loss exists include the duration and severity of the impairment, adverse conditions specifically affecting the issuer, and the payment history, ratings and rating changes of the security. For asset-backed debt securities, underlying collateral and expected future cash flows are also evaluated. Realized Gains and Losses: Realized gains and losses on available-for-sale securities are recorded in Other Income, Net for Eversource's non-qualified benefit trust and are offset in Other Long-Term Liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource non-qualified benefit trust, and the average cost basis method for the CYAPC and YAEC nuclear decommissioning trusts to compute the realized gains and losses on the sale of available-for-sale securities. Contractual Maturities : As of September 30, 2017 , the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Cost Fair Value Less than one year (1) $ 40.2 $ 40.2 One to five years 56.7 57.6 Six to ten years 52.6 54.1 Greater than ten years 137.0 139.6 Total Debt Securities $ 286.5 $ 291.5 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC nuclear decommissioning trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. Fair Value Measurements: The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of September 30, 2017 As of December 31, 2016 Level 1: Mutual Funds and Equities $ 292.2 $ 274.0 Money Market Funds 21.8 54.8 Total Level 1 $ 314.0 $ 328.8 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 69.0 $ 63.0 Corporate Debt Securities 56.1 41.1 Asset-Backed Debt Securities 20.4 18.5 Municipal Bonds 113.6 107.5 Other Fixed Income Securities 10.6 10.3 Total Level 2 $ 269.7 $ 240.4 Total Marketable Securities $ 583.7 $ 569.2 U.S. government issued debt securities are valued using market approaches that incorporate transactions for the same or similar bonds and adjustments for yields and maturity dates. Corporate debt securities are valued using a market approach, utilizing recent trades of the same or similar instrument and also incorporating yield curves, credit spreads and specific bond terms and conditions. Asset-backed debt securities include collateralized mortgage obligations, commercial mortgage backed securities, and securities collateralized by auto loans, credit card loans or receivables. Asset-backed debt securities are valued using recent trades of similar instruments, prepayment assumptions, yield curves, issuance and maturity dates, and tranche information. Municipal bonds are valued using a market approach that incorporates reported trades and benchmark yields. Other fixed income securities are valued using pricing models, quoted prices of securities with similar characteristics, and discounted cash flows. |
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Commercial Paper Programs and Credit Agreements : Eversource parent has a $1.45 billion commercial paper program allowing Eversource parent to issue commercial paper as a form of short-term debt. As of September 30, 2017 and December 31, 2016 , Eversource parent had $917.0 million and approximately $1.0 billion , respectively, in short-term borrowings outstanding under the Eversource parent commercial paper program, leaving $533.0 million and $428.0 million of available borrowing capacity as of September 30, 2017 and December 31, 2016 , respectively. The weighted-average interest rate on these borrowings as of September 30, 2017 and December 31, 2016 was 1.34 percent and 0.88 percent , respectively. As of September 30, 2017 , there were intercompany loans from Eversource parent of $202.3 million to PSNH and $96.9 million to WMECO. As of December 31, 2016 , there were intercompany loans from Eversource parent of $80.1 million to CL&P, $160.9 million to PSNH and $51.0 million to WMECO. Eversource parent, CL&P, PSNH, WMECO, NSTAR Gas and Yankee Gas are parties to a five -year $1.45 billion revolving credit facility. The revolving credit facility terminates on September 4, 2021. The revolving credit facility serves to backstop Eversource parent's $1.45 billion commercial paper program. There were no borrowings outstanding on the revolving credit facility as of September 30, 2017 and December 31, 2016 . Except as described below, amounts outstanding under the commercial paper programs are included in Notes Payable for Eversource and NSTAR Electric and are classified in current liabilities on the balance sheets as all borrowings are outstanding for no more than 364 days at one time. Intercompany loans from Eversource parent to CL&P, PSNH and WMECO are included in Notes Payable to Eversource Parent and are classified in current liabilities on their respective balance sheets. Intercompany loans from Eversource parent to CL&P, PSNH and WMECO are eliminated in consolidation on Eversource's balance sheets. As a result of the October 2017 Eversource parent long-term debt issuances, the net proceeds of which were used to repay short-term borrowings outstanding under the Eversource parent commercial paper program, $898.8 million of short-term debt was reclassified to Long-Term Debt as of September 30, 2017. NSTAR Electric has a $450 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. As of September 30, 2017 , NSTAR Electric had no short-term borrowings outstanding and as of December 31, 2016 , NSTAR Electric had $126.5 million in short-term borrowings outstanding under its commercial paper program, leaving $450.0 million and $323.5 million of available borrowing capacity as of September 30, 2017 and December 31, 2016 , respectively. The weighted-average interest rate on these borrowings as of December 31, 2016 was 0.71 percent . NSTAR Electric is a party to a five -year $450 million revolving credit facility. The revolving credit facility terminates on September 4, 2021. The revolving credit facility serves to backstop NSTAR Electric's $450 million commercial paper program. There were no borrowings outstanding on the revolving credit facility as of September 30, 2017 and December 31, 2016 . Long-Term Debt Issuances: In March 2017, Eversource parent issued $300 million of 2.75 percent Series K Senior Notes due to mature in 2022. The proceeds, net of issuance costs, were used to repay short-term borrowings under the Eversource parent commercial paper program. In March 2017, CL&P issued $300 million of 3.20 percent 2017 Series A First and Refunding Mortgage Bonds due to mature in 2027. The proceeds, net of issuance costs, were used to repay short-term borrowings. In May 2017, NSTAR Electric issued $350 million of 3.20 percent Debentures due to mature in 2027. The proceeds, net of issuance costs, were used to repay short-term borrowings and fund capital expenditures and working capital . In August 2017, CL&P issued $225 million of 4.30 percent 2014 Series A First and Refunding Mortgage Bonds due to mature in 2044. These bonds are part of the same series of CL&P’s existing 4.30 percent bonds that were initially issued in 2014. The aggregate outstanding principal amount for these bonds is now $475 million . The proceeds, net of issuance costs, were used to refinance short-term debt and fund capital expenditures and working capital. In September 2017, Yankee Gas issued $75 million of 3.02 percent Series N First Mortgage Bonds due to mature in 2027. The proceeds, net of issuance costs, were used to repay short-term borrowings. In October 2017, Eversource parent issued $450 million 2.75 percent Series K Senior Notes due to mature in 2022. These senior notes are part of the same series of Eversource parent’s existing 2.75 percent Series K Senior Notes that were initially issued in March 2017. The aggregate outstanding principal amount for the Series K Senior Notes is now $750 million . In addition, Eversource parent issued $450 million of 2.90 percent 2017 Series L Senior Notes due to mature in 2024. The proceeds, net of issuance costs, were used to repay short-term borrowings. In October 2017, NSTAR Electric issued $350 million of 3.20 percent Debentures due to mature in 2027. The debentures are part of the same series of NSTAR Electric’s existing 3.20 percent Debentures that were initially issued in May 2017. The aggregate outstanding principal amount for the 3.20 percent Debentures is now $700 million . The proceeds, net of issuance costs, will be used to redeem long-term debt due to mature on November 15, 2017. As the debt issuance refinanced short-term debt, the amount was reclassified to Long-Term Debt on Eversource's and NSTAR Electric's balance sheets. Long-Term Debt Repayments: In March 2017, CL&P repaid at maturity the $150 million 5.375 percent 2007 Series A First and Refunding Mortgage Bonds. In September 2017, CL&P repaid at maturity $100 million of 5.75 percent 2007 Series C First Mortgage Bonds and PSNH repaid at maturity $70 million of 6.15 percent 2007 Series N First Mortgage Bonds. In October 2017, NSTAR Gas repaid at maturity $25 million of 7.04 percent Series M First Mortgage Bonds. Long-Term Debt Issuance Authorizations: On January 4, 2017, PURA approved CL&P's request for authorization to issue up to $1.325 billion in long-term debt through December 31, 2020. On March 30, 2017, the DPU approved NSTAR Electric's request for authorization to issue up to $700 million in long-term debt through December 31, 2018. |
PENSION BENEFITS AND POSTRETIRE
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | 9 Months Ended |
Sep. 30, 2017 | |
Postemployment Benefits [Abstract] | |
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS | PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS Eversource Service sponsors a defined benefit retirement plan ("Pension Plan") that covers eligible participants. In addition to the Pension Plan, Eversource maintains non-qualified defined benefit retirement plans sponsored by Eversource Service ("SERP Plans"), which provide benefits in excess of Internal Revenue Code limitations to eligible participants. Eversource Service also sponsors a defined benefit postretirement plan that provides life insurance and a health reimbursement arrangement created for the purpose of reimbursing retirees and dependents for health insurance premiums and certain medical expenses, to eligible participants that meet certain age and service eligibility requirements ("PBOP Plan"). In August 2016, the Company amended its PBOP Plan, which standardized separate benefit structures that existed within the plan and made other benefit changes. The remeasurement resulted in a prior service credit of $5.3 million and $16.1 million for the three and nine months ended September 30, 2017 , respectively, which was reflected as a reduction to net periodic benefit expense for PBOP benefits. The majority of this amount will be deferred for future refund to customers. The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portions of pension, SERP and PBOP amounts, are included in Operations and Maintenance expense on the statements of income. Capitalized amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric, PSNH and WMECO does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis. Pension and SERP Eversource For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Service Cost $ 17.4 $ 18.6 $ 53.8 $ 56.6 Interest Cost 47.2 46.4 140.7 139.2 Expected Return on Pension Plan Assets (83.5 ) (79.4 ) (250.5 ) (238.5 ) Actuarial Loss 33.9 31.4 101.3 94.2 Prior Service Cost 1.2 0.9 3.4 2.6 Total Net Periodic Benefit Expense $ 16.2 $ 17.9 $ 48.7 $ 54.1 Capitalized Pension Expense $ 5.5 $ 5.4 $ 16.5 $ 16.8 PBOP Eversource For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Service Cost $ 2.4 $ 3.0 $ 7.1 $ 9.2 Interest Cost 6.8 7.5 20.3 26.5 Expected Return on Plan Assets (16.0 ) (15.9 ) (47.8 ) (47.3 ) Actuarial Loss 2.2 3.0 6.9 5.0 Prior Service Credit (5.3 ) (3.6 ) (16.1 ) (3.7 ) Total Net Periodic Benefit Income $ (9.9 ) $ (6.0 ) $ (29.6 ) $ (10.3 ) Capitalized PBOP Income $ (4.8 ) $ (2.6 ) $ (14.3 ) $ (4.6 ) Pension and SERP For the Three Months Ended September 30, 2017 For the Three Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 4.6 $ 3.1 $ 2.4 $ 0.7 $ 4.6 $ 3.3 $ 2.5 $ 0.8 Interest Cost 10.5 8.6 5.3 2.1 10.2 8.5 5.1 2.1 Expected Return on Pension Plan Assets (17.8 ) (17.5 ) (10.0 ) (4.4 ) (18.0 ) (16.9 ) (9.6 ) (4.4 ) Actuarial Loss 6.8 8.9 3.0 1.5 6.3 8.7 2.5 1.3 Prior Service Cost 0.4 0.1 0.1 0.1 0.4 — 0.1 0.1 Total Net Periodic Benefit Expense/(Income) $ 4.5 $ 3.2 $ 0.8 $ — $ 3.5 $ 3.6 $ 0.6 $ (0.1 ) Intercompany Allocations $ 2.4 $ 1.8 $ 0.8 $ 0.5 $ 3.5 $ 2.2 $ 1.0 $ 0.6 Capitalized Pension Expense $ 2.4 $ 1.9 $ 0.4 $ 0.1 $ 2.2 $ 2.0 $ 0.4 $ 0.1 Pension and SERP For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 13.9 $ 9.4 $ 7.3 $ 2.3 $ 14.3 $ 9.9 $ 7.5 $ 2.4 Interest Cost 31.3 25.6 15.9 6.3 31.2 25.3 15.4 6.3 Expected Return on Pension Plan Assets (53.9 ) (52.5 ) (29.9 ) (13.3 ) (54.2 ) (50.7 ) (28.9 ) (13.1 ) Actuarial Loss 20.7 26.4 8.7 4.5 19.2 25.8 7.5 4.1 Prior Service Cost 1.1 0.2 0.4 0.2 1.1 — 0.3 0.2 Total Net Periodic Benefit Expense/(Income) $ 13.1 $ 9.1 $ 2.4 $ — $ 11.6 $ 10.3 $ 1.8 $ (0.1 ) Intercompany Allocations $ 7.4 $ 5.5 $ 2.5 $ 1.4 $ 10.3 $ 6.7 $ 3.0 $ 1.9 Capitalized Pension Expense $ 7.3 $ 5.4 $ 1.1 $ 0.3 $ 7.1 $ 5.7 $ 1.0 $ 0.3 PBOP For the Three Months Ended September 30, 2017 For the Three Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 0.5 $ 0.3 $ 0.3 $ 0.1 $ 0.6 $ 0.6 $ 0.4 $ 0.1 Interest Cost 1.3 1.9 0.8 0.3 1.3 2.5 0.7 0.3 Expected Return on Plan Assets (2.4 ) (6.6 ) (1.4 ) (0.6 ) (2.5 ) (6.4 ) (1.4 ) (0.6 ) Actuarial Loss 0.2 0.9 0.1 — 0.5 1.2 0.2 — Prior Service Cost/(Credit) 0.3 (4.3 ) 0.2 — 0.2 (2.9 ) 0.1 — Total Net Periodic Benefit (Income)/Expense $ (0.1 ) $ (7.8 ) $ — $ (0.2 ) $ 0.1 $ (5.0 ) $ — $ (0.2 ) Intercompany Allocations $ (0.2 ) $ (0.2 ) $ (0.1 ) $ — $ — $ (0.1 ) $ — $ — Capitalized PBOP Income $ (0.1 ) $ (4.0 ) $ — $ (0.1 ) $ — $ (2.2 ) $ — $ (0.1 ) PBOP For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 1.5 $ 1.1 $ 1.0 $ 0.3 $ 1.4 $ 2.5 $ 0.9 $ 0.3 Interest Cost 4.0 5.7 2.3 0.8 4.0 10.3 2.2 0.8 Expected Return on Plan Assets (7.3 ) (19.9 ) (4.1 ) (1.7 ) (7.6 ) (19.2 ) (4.2 ) (1.7 ) Actuarial Loss 0.7 2.6 0.4 — 0.9 1.7 0.5 — Prior Service Cost/(Credit) 0.8 (12.9 ) 0.4 0.1 0.2 (2.9 ) 0.1 — Total Net Periodic Benefit Income $ (0.3 ) $ (23.4 ) $ — $ (0.5 ) $ (1.1 ) $ (7.6 ) $ (0.5 ) $ (0.6 ) Intercompany Allocations $ (0.5 ) $ (0.7 ) $ (0.3 ) $ (0.1 ) $ 0.3 $ — $ — $ — Capitalized PBOP Income $ (0.4 ) $ (11.9 ) $ — $ (0.2 ) $ (0.5 ) $ (3.3 ) $ — $ (0.3 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters Eversource, CL&P, NSTAR Electric, PSNH and WMECO are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or the remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current and former operating sites. Eversource, CL&P, NSTAR Electric, PSNH and WMECO have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of September 30, 2017 As of December 31, 2016 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 58 $ 57.7 61 $ 65.8 CL&P 14 4.9 14 4.9 NSTAR Electric 10 2.0 13 3.2 PSNH 11 5.7 11 5.3 WMECO 4 0.8 4 0.6 Included in the Eversource number of sites and reserve amounts above are former MGP sites that were operated several decades ago and manufactured gas from coal and other processes, which resulted in certain by-products remaining in the environment that may pose a potential risk to human health and the environment, for which Eversource may have potential liability. The reserve balances related to these former MGP sites were $51.9 million and $59.0 million as of September 30, 2017 and December 31, 2016 , respectively, and related primarily to the natural gas business segment. The reduction in the reserve balance at the MGP sites in the first quarter of 2017 was primarily due to a change in cost estimates at one site where actual contamination was less than originally estimated. These reserve estimates are subjective in nature as they take into consideration several different remediation options at each specific site. The reliability and precision of these estimates can be affected by several factors, including new information concerning either the level of contamination at the site, the extent of Eversource's, CL&P's, NSTAR Electric's, PSNH's, and WMECO's responsibility for remediation or the extent of remediation required, recently enacted laws and regulations, or changes in cost estimates due to certain economic factors. It is possible that new information or future developments could require a reassessment of the potential exposure to related environmental matters. As this information becomes available, management will continue to assess the potential exposure and adjust the reserves accordingly. B. Guarantees and Indemnifications In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric, PSNH and WMECO, in the form of guarantees. Eversource parent issued a guaranty on behalf of its subsidiary, NPT, under which, beginning at the time the Northern Pass Transmission line goes into commercial operation, Eversource parent will guarantee the financial obligations of NPT under the TSA with HQ in an amount not to exceed $25 million . Eversource parent's obligations under the guaranty expire upon the full, final and indefeasible payment of the guaranteed obligations. Eversource parent has also entered into a guaranty on behalf of NPT under which Eversource parent will guarantee NPT's obligations under a facility with a financial institution pursuant to which NPT may request letters of credit in an aggregate amount of up to approximately $14 million . Eversource parent has also guaranteed certain indemnification and other obligations as a result of the sales of former unregulated subsidiaries and the termination of an unregulated business, with maximum exposures either not specified or not material. Management does not anticipate a material impact to net income or cash flows as a result of these various guarantees and indemnifications. The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2017 : Company Description Maximum Exposure (in millions) Expiration Dates On behalf of subsidiaries: Eversource Gas Transmission LLC Access Northeast Project Capital Contributions Guaranty (1) $ 185.1 2021 Various Surety Bonds (2) 40.1 2017 - 2018 Eversource Service and Rocky River Realty Company Lease Payments for Vehicles and Real Estate 8.2 2019 - 2024 (1) Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's capital contributions for its investment in the Access Northeast project. The guaranty decreases as capital contributions are made. The guaranty will expire upon the earlier of the full performance of the guaranteed obligations or December 31, 2021. (2) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. C. Spent Nuclear Fuel Obligations - Yankee Companies CL&P, NSTAR Electric, PSNH and WMECO have plant closure and fuel storage cost obligations to the Yankee Companies, which have each completed the physical decommissioning of their respective nuclear facilities and are now engaged in the long-term storage of their spent fuel. The Yankee Companies collect these costs through wholesale, FERC-approved rates charged under power purchase agreements with several New England utilities, including CL&P, NSTAR Electric, PSNH and WMECO. These companies in turn recover these costs from their customers through state regulatory commission-approved retail rates. The Yankee Companies have collected or are currently collecting amounts that management believes are adequate to recover the remaining plant closure and fuel storage cost estimates for the respective plants. Management believes CL&P, NSTAR Electric and WMECO will recover their shares of these obligations from their customers. PSNH has recovered its total share of these costs from its customers. Spent Nuclear Fuel Litigation: The Yankee Companies have filed complaints against the DOE in the Court of Federal Claims seeking monetary damages resulting from the DOE's failure to provide for a permanent facility to store spent nuclear fuel pursuant to the terms of the 1983 spent fuel and high level waste disposal contracts between the Yankee Companies and the DOE. The court had previously awarded the Yankee Companies damages for Phase I, II, and III of litigation resulting from the DOE's failure to meet its contractual obligations. These Phases covered damages incurred in the years 1998 through 2012, and the awarded damages have been received by the Yankee Companies with certain amounts of the damages refunded to their customers. DOE Phase IV Damages - On May 22, 2017, each of the Yankee Companies filed subsequent lawsuits against the DOE in the Court of Federal Claims seeking damages totaling approximately $100 million for CYAPC, YAEC and MYAPC, covering the years from 2013 to 2016 (“DOE Phase IV”). The DOE Phase IV trial is expected to begin in 2018. For further discussion, see Part I, Item 3, “Legal Proceedings - Yankee Companies v. U.S. Department of Energy ” of our 2016 Form 10-K. D. FERC ROE Complaints Four separate complaints have been filed at the FERC by combinations of New England state attorneys general, state regulatory commissions, consumer advocates, consumer groups, municipal parties and other parties (collectively the "Complainants"). In each of the first three complaints, the Complainants challenged the NETOs' base ROE of 11.14 percent that had been utilized since 2005 and sought an order to reduce it prospectively from the date of the final FERC order and for the separate 15 -month complaint periods. In the fourth complaint, filed April 29, 2016, the Complainants challenged the NETOs' base ROE of 10.57 percent and the maximum ROE for transmission incentive ("incentive cap") of 11.74 percent , asserting that these ROEs were unjust and unreasonable. In response to appeals of the FERC decision in the first complaint filed by the NETOs and the Complainants, the U.S. Court of Appeals for the D.C. Circuit (the "Court") issued a decision on April 14, 2017 vacating and remanding the FERC's decision. The Court found that the FERC failed to make an explicit finding that the 11.14 percent base ROE was unjust and unreasonable, as required under Section 206 of the Federal Power Act, before it set a new base ROE. The Court also found that the FERC did not provide a rational connection between the record evidence and its decision to select the midpoint of the upper half of the zone of reasonableness for the new base ROE. On May 26, 2017, the Chief Administrative Law Judge ("ALJ") issued an order that the fourth complaint will continue to trial in December 2017 with an ALJ initial decision expected in March of 2018. A summary of the four separate complaints and the base ROEs pertinent to those complaints are as follows: Complaint 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) FERC ALJ Recommendation of Base ROE on Second and Third Complaints (Issued March 22, 2016) First 10/1/2011 - 12/31/2012 11.14% 10.57% $— (2) N/A Second 12/27/2012 - 3/26/2014 11.14% N/A 39.1 (3) 9.59% Third 7/31/2014 - 10/30/2015 11.14% 10.57% — 10.90% Fourth 4/29/2016 - 7/28/2017 10.57% 10.57% — N/A (1) The billed ROE (base plus incentives) between October 1, 2011 and October 15, 2014 was within a range of 11.14 percent to 13.1 percent . On October 16, 2014, the FERC set the incentive cap at 11.74 percent for the first complaint period and also effective from October 16, 2014 through April 14, 2017, the date on which the Court vacated this FERC order. (2) CL&P, NSTAR Electric, PSNH and WMECO have refunded all amounts associated with the first complaint period, totaling $38.9 million (pre-tax and excluding interest) at Eversource (consisting of $22.4 million at CL&P, $8.4 million at NSTAR Electric, $2.8 million at PSNH, and $5.3 million at WMECO), reflecting both the base ROE and incentive cap prescribed by the FERC order. (3) The reserve represents the difference between the ROEs billed during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $8.5 million for NSTAR Electric, $3.1 million for PSNH, and $6.1 million for WMECO as of September 30, 2017 . On June 5, 2017, the NETOs, including Eversource, submitted a filing to the FERC to reinstate the base ROE of 11.14 percent with an associated ROE incentive cap of 13.5 percent effective June 8, 2017, as these were the last ROEs lawfully in effect for transmission billing purposes prior to the FERC order vacated by the Court on April 14, 2017. On October 6, 2017, the FERC did not accept the NETOs filing, temporarily leaving in place the ROEs ( 10.57 percent base ROE with an 11.74 percent incentive cap ROE) set in the first complaint proceeding until the FERC addresses the Court’s decision. On October 5, 2017 the NETOs filed a series of motions, requesting that the FERC dismiss the four complaint proceedings. Alternatively, if the FERC does not dismiss the proceedings, the NETOs requested that the FERC consolidate all four complaint proceedings for expeditious resolution and/or stay the trial in the fourth complaint proceeding and resolve it based on the standards set in the April 14, 2017 Court decision. At this time, the Company cannot reasonably estimate a range of gain or loss for the complaint proceedings. The April 14, 2017 Court decision did not provide a reasonable basis for a change to the reserve balance of $39.1 million (pre-tax, excluding interest) for the second complaint period, and the Company has not changed its reserve or recognized ROEs for any of the complaint periods. Management cannot at this time predict the ultimate effect of the Court decision or future FERC action on any of the complaint periods or the estimated impacts on the financial position, results of operations or cash flows of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. The average impact of a 10 basis point change to the base ROE for each of the 15 -month complaint periods would affect Eversource's after-tax earnings by approximately $3 million . E. Eversource and NSTAR Electric Boston Harbor Civil Action On July 15, 2016, the United States Attorney on behalf of the United States Army Corps of Engineers filed a civil action in the United States District Court for the District of Massachusetts under provisions of the Rivers and Harbors Act of 1899 and the Clean Water Act against NSTAR Electric, Harbor Electric Energy Company, a wholly-owned subsidiary of NSTAR Electric ("HEEC"), and the Massachusetts Water Resources Authority (together with NSTAR Electric and HEEC, the "Defendants"). The action alleged that the Defendants failed to comply with certain permitting requirements related to the placement of the HEEC-owned electric distribution cable beneath Boston Harbor. The action sought an order to compel HEEC to comply with cable depth requirements in the United States Army Corps of Engineers' permit or alternatively to remove the electric distribution cable and cease unauthorized work in U.S. waterways. The action also sought civil penalties and other costs. After substantial negotiations, the parties reached a settlement whereby HEEC will install a new 115 kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and will remove portions of the existing cable. Upon the installation and completion of the new cable and the removal of the portions of the existing cable, all issues surrounding the current permit from the United States Army Corps of Engineers are expected to be resolved, and such litigation is expected to be dismissed with prejudice. In 2017, as a result of the settlement, NSTAR Electric expensed $4.9 million (pre-tax) of previously incurred capitalized costs associated with engineering work performed on the existing cable that will no longer be used. In addition, NSTAR Electric agreed to provide a rate base credit of $17.5 million to the Massachusetts Water Resources Authority for the new cable. This negotiated credit will result in the initial $17.5 million of construction costs on the new cable to be expensed as incurred. Construction of the new cable is expected to be completed in 2019. |
PSNH GENERATION ASSET SALE
PSNH GENERATION ASSET SALE | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
PSNH GENERATION ASSET SALE | PSNH GENERATION ASSET SALE On June 10, 2015, Eversource and PSNH entered into the 2015 Public Service Company of New Hampshire Restructuring and Rate Stabilization Agreement (the "Agreement") with the New Hampshire Office of Energy and Planning, certain members of the NHPUC staff, the Office of Consumer Advocate, two State Senators, and several other parties. Under the terms of the Agreement, PSNH agreed to divest its generation assets, subject to NHPUC approval. The Agreement provided for a resolution of issues pertaining to PSNH's generation assets in pending regulatory proceedings before the NHPUC. The Agreement provided for the Clean Air Project prudence proceeding to be resolved and all remaining Clean Air Project costs to be included in rates effective January 1, 2016. As part of the Agreement, PSNH agreed to forego recovery of $25 million of the equity return related to the Clean Air Project. On July 1, 2016, the NHPUC approved the Agreement in an order that, among other things, instructed PSNH to begin the process of divesting its generation assets. The NHPUC selected an auction adviser to assist with the divestiture, and the final plan and auction process were approved by the NHPUC in November 2016. As of September 30, 2017 , PSNH's generation assets were as follows: (Millions of Dollars) Gross Plant $ 1,184.1 Accumulated Depreciation (573.3 ) Net Plant 610.8 Fuel 92.9 Materials and Supplies 44.0 Emission Allowances 19.4 Total Generation Assets $ 767.1 On October 11, 2017, PSNH entered into two Purchase and Sale Agreements ("Agreements") to sell its thermal and hydroelectric generation assets to private investors at purchase prices of $175 million and $83 million , respectively, subject to adjustments as set forth in each Agreement. On October 12, 2017, PSNH filed an application with the NHPUC requesting approval of the Agreements. We ex pect to receive approvals from the NHPUC and other necessary regulatory agencies by late December 2017 or early 2018, with the transactions to be completed shortly therea fter. The Company will classify these assets as held for sale upon NHPUC approval of the sale. Upon completion, full recovery of PSNH's generation assets will occur through a combination of cash flows during the remaining operating period, sales proceeds, and recovery of stranded costs via bonds that will be secured by a non-bypassable charge or through recoveries in future rates billed to PSNH's customers. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each of the following financial instruments: Preferred Stock and Long-Term Debt: The fair value of CL&P's and NSTAR Electric's preferred stock is based upon pricing models that incorporate interest rates and other market factors, valuations or trades of similar securities and cash flow projections. The fair value of long-term debt securities is based upon pricing models that incorporate quoted market prices for those issues or similar issues adjusted for market conditions, credit ratings of the respective companies and treasury benchmark yields. The fair values provided in the tables below are classified as Level 2 within the fair value hierarchy. Carrying amounts and estimated fair values are as follows: As of September 30, 2017 As of December 31, 2016 Eversource (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 160.3 $ 155.6 $ 158.3 Long-Term Debt 11,425.9 11,968.1 9,603.2 9,980.5 CL&P NSTAR Electric PSNH WMECO (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value As of September 30, 2017: Preferred Stock Not Subject to Mandatory Redemption $ 116.2 $ 115.9 $ 43.0 $ 44.4 $ — $ — $ — $ — Long-Term Debt 3,058.9 3,388.8 2,426.2 2,598.1 1,002.6 1,047.0 566.2 603.7 As of December 31, 2016: Preferred Stock Not Subject to Mandatory Redemption $ 116.2 $ 114.7 $ 43.0 $ 43.6 $ — $ — $ — $ — Long-Term Debt 2,766.0 3,049.6 2,078.1 2,201.6 1,072.0 1,109.7 566.5 589.0 Derivative Instruments and Marketable Securities: Derivative instruments and investments in marketable securities are carried at fair value. For further information, see Note 4, "Derivative Instruments," and Note 5, "Marketable Securities," to the financial statements. See Note 1D, "Summary of Significant Accounting Policies - Fair Value Measurements," for the fair value measurement policy and the fair value hierarchy. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows: For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 Qualified Unrealized Qualified Unrealized Cash Flow Gains Cash Flow Gains/(Losses) Eversource (Millions of Dollars) Hedging on Marketable Defined Hedging on Marketable Defined Instruments Securities Benefit Plans Total Instruments Securities Benefit Plans Total Balance as of Beginning of Period $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) $ (10.3 ) $ (1.9 ) $ (54.6 ) $ (66.8 ) OCI Before Reclassifications — 0.7 (3.5 ) (2.8 ) — 2.3 (5.3 ) (3.0 ) Amounts Reclassified from AOCL 1.6 — 2.9 4.5 1.6 — 2.6 4.2 Net OCI 1.6 0.7 (0.6 ) 1.7 1.6 2.3 (2.7 ) 1.2 Balance as of End of Period $ (6.6 ) $ 1.1 $ (58.1 ) $ (63.6 ) $ (8.7 ) $ 0.4 $ (57.3 ) $ (65.6 ) Eversource's qualified cash flow hedging instruments represent interest rate swap agreements on debt issuances that were settled in prior years. The settlement amount was recorded in AOCL and is being amortized into Net Income over the term of the underlying debt instrument. CL&P, PSNH and WMECO continue to amortize interest rate swaps settled in prior years from AOCL into Interest Expense over the remaining life of the associated long-term debt. Such interest rate swaps are not material to their respective financial statements. Defined benefit plan OCI amounts before reclassifications relate to actuarial gains and losses and prior service costs that arose during the year and were recognized in AOCL. The unamortized actuarial gains and losses and prior service costs on the defined benefit plans are amortized from AOCL into Operations and Maintenance expense over the average future employee service period, and are reflected in amounts reclassified from AOCL. For further information, see Note 7, "Pension Benefits and Postretirement Benefits Other Than Pensions." |
COMMON SHARES
COMMON SHARES | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
COMMON SHARES | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric, PSNH and WMECO that were authorized and issued, as well as the respective per share par values: Shares Authorized as of September 30, 2017 and Issued as of Par Value December 31, 2016 September 30, 2017 December 31, 2016 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 100 100 PSNH $ 1 100,000,000 301 301 WMECO $ 25 1,072,471 434,653 434,653 As of both September 30, 2017 and December 31, 2016 , there were 16,992,594 Eversource common shares held as treasury shares. As of both September 30, 2017 and December 31, 2016 , Eversource common shares outstanding were 316,885,808 . COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for both of the three months ended September 30, 2017 and 2016 , and $5.6 million for both of the nine months ended September 30, 2017 and 2016 . These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of September 30, 2017 and December 31, 2016 . On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to the parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
COMMON SHAREHOLDERS' EQUITY AND
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | COMMON SHARES The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric, PSNH and WMECO that were authorized and issued, as well as the respective per share par values: Shares Authorized as of September 30, 2017 and Issued as of Par Value December 31, 2016 September 30, 2017 December 31, 2016 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 100 100 PSNH $ 1 100,000,000 301 301 WMECO $ 25 1,072,471 434,653 434,653 As of both September 30, 2017 and December 31, 2016 , there were 16,992,594 Eversource common shares held as treasury shares. As of both September 30, 2017 and December 31, 2016 , Eversource common shares outstanding were 316,885,808 . COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $1.9 million for both of the three months ended September 30, 2017 and 2016 , and $5.6 million for both of the nine months ended September 30, 2017 and 2016 . These dividends were presented as Net Income Attributable to Noncontrolling Interests on the Eversource statements of income. Noncontrolling Interest – Preferred Stock of Subsidiaries on the Eversource balance sheets totaled $155.6 million as of September 30, 2017 and December 31, 2016 . On the Eversource balance sheets, Common Shareholders' Equity was fully attributable to the parent and Noncontrolling Interest – Preferred Stock of Subsidiaries was fully attributable to the noncontrolling interest. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic EPS is computed based upon the weighted average number of common shares outstanding during each period. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential dilutive effect of certain share-based compensation awards as if they were converted into common shares. The dilutive effect of unvested RSU and performance share awards is calculated using the treasury stock method. RSU and performance share awards are included in basic weighted average common shares outstanding as of the date that all necessary vesting conditions have been satisfied. For the three and nine months ended September 30, 2017 and 2016 , there were no antidilutive share awards excluded from the computation of diluted EPS. The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Net Income Attributable to Common Shareholders $ 260.4 $ 265.3 $ 750.6 $ 713.1 Weighted Average Common Shares Outstanding: Basic 317,393,029 317,787,836 317,415,848 317,696,823 Dilutive Effect 556,367 789,243 591,194 814,786 Diluted 317,949,396 318,577,079 318,007,042 318,511,609 Basic and Diluted EPS $ 0.82 $ 0.83 $ 2.36 $ 2.24 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Presentation: Eversource is organized among the Electric Distribution, Electric Transmission and Natural Gas Distribution reportable segments and Other based on a combination of factors, including the characteristics of each segments' services, the sources of operating revenues and expenses and the regulatory environment in which each segment operates. These reportable segments represent substantially all of Eversource's total consolidated revenues. Revenues from the sale of electricity and natural gas primarily are derived from residential, commercial and industrial customers and are not dependent on any single customer. The Electric Distribution reportable segment includes the generation activities of NSTAR Electric, PSNH and WMECO. The remainder of Eversource's operations is presented as Other in the tables below and primarily consists of 1) the equity in earnings of Eversource parent from its subsidiaries and intercompany interest income, both of which are eliminated in consolidation, and interest expense related to the debt of Eversource parent, 2) the revenues and expenses of Eversource Service, most of which are eliminated in consolidation, 3) the operations of CYAPC and YAEC, and 4) the results of other unregulated subsidiaries, which are not part of its core business. In addition, Other in the tables below includes Eversource parent's equity ownership interests in certain natural gas pipeline projects owned by Enbridge, Inc., the Bay State Wind project, a renewable energy investment fund, and two companies that transmit hydroelectricity imported from the Hydro-Quebec system in Canada. In the ordinary course of business, Yankee Gas and NSTAR Gas purchase natural gas transmission services from the Enbridge, Inc. natural gas pipeline projects described above. These affiliate transaction costs total approximately $62.5 million annually and are classified as Purchased Power, Fuel and Transmission on the Eversource statements of income. Cash flows used for investments in plant included in the segment information below are cash capital expenditures that do not include amounts incurred but not paid, cost of removal, AFUDC related to equity funds, and the capitalized portions of pension expense. Eversource's reportable segments are determined based upon the level at which Eversource's chief operating decision maker assesses performance and makes decisions about the allocation of company resources. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric, PSNH and WMECO, has one reportable segment. Eversource's operating segments and reporting units are consistent with its reportable business segments. Eversource's segment information is as follows: For the Three Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 1,547.1 $ 109.2 $ 328.5 $ 224.2 $ (220.5 ) $ 1,988.5 Depreciation and Amortization (159.6 ) (15.2 ) (52.6 ) (9.5 ) 0.6 (236.3 ) Other Operating Expenses (1,088.7 ) (95.5 ) (95.5 ) (190.0 ) 220.1 (1,249.6 ) Operating Income/(Loss) $ 298.8 $ (1.5 ) $ 180.4 $ 24.7 $ 0.2 $ 502.6 Interest Expense $ (51.3 ) $ (10.8 ) $ (29.2 ) $ (21.8 ) $ 4.4 $ (108.7 ) Other Income, Net 7.7 0.3 8.5 267.5 (262.8 ) 21.2 Net Income/(Loss) Attributable to Common Shareholders 157.4 (6.2 ) 99.0 268.4 (258.2 ) 260.4 For the Nine Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 4,224.2 $ 698.8 $ 970.0 $ 677.5 $ (714.0 ) $ 5,856.5 Depreciation and Amortization (394.9 ) (54.8 ) (154.5 ) (26.7 ) 1.7 (629.2 ) Other Operating Expenses (3,056.0 ) (535.2 ) (280.4 ) (602.4 ) 714.0 (3,760.0 ) Operating Income $ 773.3 $ 108.8 $ 535.1 $ 48.4 $ 1.7 $ 1,467.3 Interest Expense $ (149.0 ) $ (32.3 ) $ (86.1 ) $ (63.1 ) $ 11.0 $ (319.5 ) Other Income, Net 15.2 0.8 20.1 853.9 (833.7 ) 56.3 Net Income Attributable to Common Shareholders 393.4 49.1 289.6 839.5 (821.0 ) 750.6 Cash Flows Used for Investments in Plant 752.4 209.8 575.6 104.5 — 1,642.3 For the Three Months Ended September 30, 2016 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 1,623.4 $ 99.2 $ 306.8 $ 211.5 $ (201.2 ) $ 2,039.7 Depreciation and Amortization (154.8 ) (15.2 ) (47.1 ) (8.6 ) 0.5 (225.2 ) Other Operating Expenses (1,146.8 ) (87.8 ) (90.2 ) (179.3 ) 199.5 (1,304.6 ) Operating Income/(Loss) $ 321.8 $ (3.8 ) $ 169.5 $ 23.6 $ (1.2 ) $ 509.9 Interest Expense $ (49.0 ) $ (10.2 ) $ (26.9 ) $ (15.1 ) $ 1.3 $ (99.9 ) Other Income, Net 5.3 0.6 6.3 256.9 (255.5 ) 13.6 Net Income/(Loss) Attributable to Common Shareholders 170.1 (7.0 ) 88.4 268.5 (254.7 ) 265.3 For the Nine Months Ended September 30, 2016 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 4,362.6 $ 622.3 $ 892.5 $ 636.8 $ (651.7 ) $ 5,862.5 Depreciation and Amortization (380.9 ) (47.9 ) (137.7 ) (23.1 ) 1.6 (588.0 ) Other Operating Expenses (3,230.1 ) (462.4 ) (245.7 ) (564.7 ) 650.2 (3,852.7 ) Operating Income $ 751.6 $ 112.0 $ 509.1 $ 49.0 $ 0.1 $ 1,421.8 Interest Expense $ (144.6 ) $ (30.8 ) $ (82.2 ) $ (45.8 ) $ 4.8 $ (298.6 ) Other Income, Net 11.6 0.5 14.2 781.4 (784.0 ) 23.7 Net Income Attributable to Common Shareholders 381.3 51.9 266.6 791.7 (778.4 ) 713.1 Cash Flows Used for Investments in Plant 570.9 170.3 536.2 81.8 — 1,359.2 The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Other Eliminations Total As of September 30, 2017 $ 18,826.0 $ 3,432.6 $ 9,290.3 $ 14,939.4 $ (13,324.7 ) $ 33,163.6 As of December 31, 2016 18,367.5 3,303.8 8,751.5 14,493.1 (12,862.7 ) 32,053.2 |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility subsidiaries consist of CL&P, NSTAR Electric, PSNH, WMECO, Yankee Gas and NSTAR Gas. Eversource provides energy delivery service to approximately 3.7 million electric and natural gas customers through these six regulated utilities in Connecticut, Massachusetts and New Hampshire. On June 2, 2017, Eversource announced that it had entered into an agreement to acquire Aquarion from Macquarie Infrastructure Partners for $1.675 billion , consisting of approximately $880 million in cash and $795 million of assumed Aquarion debt. The transaction requires approval from PURA, the DPU, the NHPUC, the Maine PUC, and the Federal Communications Commission, and is also subject to a review under the Hart-Scott-Rodino Act. On June 29, 2017, Eversource and Aquarion filed joint applications with regulatory agencies in Connecticut, Massachusetts, New Hampshire and Maine requesting approval of the transaction. With the exception of Massachusetts, all state and federal regulatory agency approvals have been received and the related review period has expired. The transaction is expected to close by December 31, 2017. The unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH include the accounts of each of their respective subsidiaries. Intercompany transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Eversource, NSTAR Electric and PSNH and the unaudited condensed financial statements of CL&P and WMECO are herein collectively referred to as the "financial statements." The combined notes to the financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. The accompanying financial statements should be read in conjunction with the Combined Notes to Financial Statements included in Item 8, "Financial Statements and Supplementary Data," of the Eversource 2016 Form 10-K, which was filed with the SEC. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements contain, in the opinion of management, all adjustments (including normal, recurring adjustments) necessary to present fairly Eversource's, CL&P's, NSTAR Electric's, PSNH's and WMECO's financial position as of September 30, 2017 and December 31, 2016 , the results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 , and the cash flows for the nine months ended September 30, 2017 and 2016 . The results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 and the cash flows for the nine months ended September 30, 2017 and 2016 are not necessarily indicative of the results expected for a full year. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's, PSNH's and WMECO's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric, PSNH and WMECO and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' distribution (including generation assets) and transmission businesses are subject to rate-regulation that is based on cost recovery and meets the criteria for application of accounting guidance for entities with rate-regulated operations, which considers the effect of regulation on the differences in the timing of the recognition of certain revenues and expenses from those of other businesses and industries. See Note 2, "Regulatory Accounting," for further information. Certain reclassifications of prior period data were made in the accompanying financial statements to conform to the current period presentation. |
Accounting Standards | Accounting Standards Accounting Standards Issued but Not Yet Effective: In May 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which amends existing revenue recognition guidance and is required to be applied retrospectively (either to each reporting period presented or cumulatively at the date of initial application). The Company will implement the standard in the first quarter of 2018 cumulatively at the date of initial application. Implementation of the ASU is not expected to have a material effect on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities , which is required to be implemented in the first quarter of 2018. The ASU will remove the available-for-sale designation for equity securities, whereby changes in fair value are recorded in accumulated other comprehensive income within shareholders' equity, and will require changes in fair value of all equity securities to be recorded in earnings beginning on January 1, 2018, with the unrealized gain or loss on available-for-sale equity securities as of that date reclassified to retained earnings as a cumulative effect of adoption. The fair value of available-for-sale equity securities subject to this guidance as of September 30, 2017 was approximately $51 million with an unrealized gain of $1.7 million . The remaining available-for-sale equity securities included in marketable securities on the balance sheet are held in nuclear decommissioning trusts and are subject to regulatory accounting treatment and will not be impacted by this guidance. Implementation of the ASU for other financial instruments is not expected to have a material impact on the financial statements of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. In February 2016, the FASB issued ASU 2016-02, Leases , which changes existing lease accounting guidance and is required to be applied in the first quarter of 2019, with earlier application permitted. The ASU lease criteria are required to be applied to leases and lease renewals entered into effective January 1, 2019, and leases entered into before that date are required to be recognized and measured using a modified retrospective approach. The Company is reviewing the requirements of ASU 2016-02, including balance sheet recognition of leases previously deemed to be operating leases, and expects to implement the ASU in the first quarter of 2019. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , required to be implemented in the first quarter of 2018. The ASU requires separate presentation of service cost from other components of net pen sion and PBOP costs, with the other components presented as non-operating income and not subject to capitalization. The ASU is required to be applied retrospectively for the separate presentation in the income statement of service costs and other components and prospectively in the balance sheet for the capitalization of only the service cost component. The implementation of the ASU will not have an impact on the net income of Eversource, CL&P, NSTAR Electric, PSNH or WMECO. |
Provision for Uncollectible Accounts | Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric, PSNH and WMECO, presents its receivables at estimated net realizable value by maintaining a provision for uncollectible accounts. This provision is determined based upon a variety of judgments and factors, including the application of an estimated uncollectible percentage to each receivable aging category. The estimate is based upon historical collection and write-off experience and management's assessment of collectability from customers. Management continuously assesses the collectability of receivables and adjusts collectability estimates based on actual experience. Receivable balances are written off against the provision for uncollectible accounts when the customer accounts are terminated and these balances are deemed to be uncollectible. The PURA allows CL&P and Yankee Gas to accelerate the recovery of accounts receivable balances attributable to qualified customers under financial or medical duress (uncollectible hardship accounts receivable) outstanding for greater than 180 days and 90 days, respectively. The DPU allows WMECO and NSTAR Gas also to recover in rates amounts associated with certain uncollectible hardship accounts receivable. Certain of NSTAR Electric's uncollectible hardship accounts receivable are expected to be recovered in future rates, similar to WMECO and NSTAR Gas. These uncollectible customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value measurement guidance is applied to derivative contracts that are not elected or designated as "normal purchases" or "normal sales" ("normal") and to the marketable securities held in trusts. Fair value measurement guidance is also applied to valuations of the investments used to calculate the funded status of pension and PBOP plans, the nonrecurring fair value measurements of nonfinancial assets such as goodwill and AROs, and the estimated fair value of preferred stock and long-term debt. Fair Value Hierarchy: In measuring fair value, Eversource uses observable market data when available in order to minimize the use of unobservable inputs. Inputs used in fair value measurements are categorized into three fair value hierarchy levels for disclosure purposes. The entire fair value measurement is categorized based on the lowest level of input that is significant to the fair value measurement. Eversource evaluates the classification of assets and liabilities measured at fair value on a quarterly basis, and Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. The three levels of the fair value hierarchy are described below: Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Inputs are quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs are observable. Level 3 - Quoted market prices are not available. Fair value is derived from valuation techniques in which one or more significant inputs or assumptions are unobservable. Where possible, valuation techniques incorporate observable market inputs that can be validated to external sources such as industry exchanges, including prices of energy and energy-related products. |
Other Income, Net | Other Income, Net Items included within Other Income, Net on the statements of income primarily consist of income/(loss) related to equity method investments, investment income/(loss), interest income and AFUDC related to equity funds. |
Other Taxes | As agents for state and local governments, Eversource's companies that serve customers in Connecticut and Massachusetts collect certain sales taxes that are recorded on a net basis with no impact on the statements of income. Other Taxes Gross receipts taxes levied by the state of Connecticut are collected by CL&P and Yankee Gas from their respective customers. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The total provision for uncollectible accounts and for uncollectible hardship accounts, which is included in the total provision, is included in Receivables, Net on the balance sheets, and was as follows: Total Provision for Uncollectible Accounts Uncollectible Hardship (Millions of Dollars) As of September 30, 2017 As of December 31, 2016 As of September 30, 2017 As of December 31, 2016 Eversource $ 196.8 $ 200.6 $ 126.3 $ 119.9 CL&P 77.6 86.4 64.6 67.7 NSTAR Electric 55.7 54.8 32.3 26.2 PSNH 10.6 9.9 — — WMECO 17.0 15.5 11.3 9.9 |
State Of Connecticut Gross Earnings Taxes | These gross receipts taxes are shown separately with collections in Operating Revenues and with payments in Taxes Other Than Income Taxes on the statements of income as follows: For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Eversource $ 40.3 $ 45.1 $ 118.2 $ 124.8 CL&P 37.8 42.6 103.5 112.2 |
Schedule of Supplemental Cash Flow Information | Non-cash investing activities include plant additions included in Accounts Payable as follows: (Millions of Dollars) As of September 30, 2017 As of September 30, 2016 Eversource $ 307.7 $ 203.6 CL&P 113.4 64.5 NSTAR Electric 55.4 39.4 PSNH 39.6 31.0 WMECO 37.1 17.6 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The components of regulatory assets were as follows: Eversource As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Benefit Costs $ 1,793.8 $ 1,817.8 Derivative Liabilities 385.1 423.3 Income Taxes, Net 652.7 644.5 Storm Restoration Costs 330.1 385.3 Goodwill-related 449.0 464.4 Regulatory Tracker Mechanisms 470.7 576.6 Asset Retirement Obligations 104.8 99.3 Other Regulatory Assets 65.8 115.1 Total Regulatory Assets 4,252.0 4,526.3 Less: Current Portion 746.1 887.6 Total Long-Term Regulatory Assets $ 3,505.9 $ 3,638.7 As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Benefit Costs $ 415.8 $ 436.7 $ 183.2 $ 84.8 $ 429.3 $ 438.6 $ 184.2 $ 86.7 Derivative Liabilities 381.6 2.4 — — 420.5 2.8 — — Income Taxes, Net 441.1 92.4 22.3 30.5 437.0 89.7 24.2 30.8 Storm Restoration Costs 195.7 112.4 9.2 12.8 239.8 112.5 17.1 15.9 Goodwill-related — 385.5 — — — 398.7 — — Regulatory Tracker Mechanisms 87.9 201.1 108.0 44.4 123.9 257.3 104.5 46.7 Asset Retirement Obligations 35.1 33.9 16.8 4.5 33.2 31.9 16.2 4.2 Other Regulatory Assets 30.0 15.5 17.6 5.4 43.4 15.6 16.5 7.1 Total Regulatory Assets 1,587.2 1,279.9 357.1 182.4 1,727.1 1,347.1 362.7 191.4 Less: Current Portion 275.0 230.6 112.5 60.6 335.5 289.4 117.2 64.1 Total Long-Term Regulatory Assets $ 1,312.2 $ 1,049.3 $ 244.6 $ 121.8 $ 1,391.6 $ 1,057.7 $ 245.5 $ 127.3 |
Schedule of Regulatory Liabilities | The components of regulatory liabilities were as follows: Eversource As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Cost of Removal $ 470.3 $ 459.7 Benefit Costs 125.5 136.2 Regulatory Tracker Mechanisms 175.8 145.3 AFUDC - Transmission 65.4 65.8 Other Regulatory Liabilities 33.4 42.1 Total Regulatory Liabilities 870.4 849.1 Less: Current Portion 170.2 146.8 Total Long-Term Regulatory Liabilities $ 700.2 $ 702.3 As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Cost of Removal $ 40.5 $ 278.8 $ 40.5 $ 11.7 $ 38.8 $ 271.6 $ 44.1 $ 8.6 Benefit Costs — 106.0 — — — 113.1 — — Regulatory Tracker Mechanisms 57.1 65.5 5.6 12.7 37.2 63.7 10.7 14.7 AFUDC - Transmission 49.2 7.7 — 8.5 50.2 6.9 — 8.7 Other Regulatory Liabilities 21.3 0.4 2.6 — 21.0 0.2 2.7 0.1 Total Regulatory Liabilities 168.1 458.4 48.7 32.9 147.2 455.5 57.5 32.1 Less: Current Portion 69.3 65.5 7.9 10.2 47.1 63.7 12.7 14.9 Total Long-Term Regulatory Liabilities $ 98.8 $ 392.9 $ 40.8 $ 22.7 $ 100.1 $ 391.8 $ 44.8 $ 17.2 |
PROPERTY, PLANT AND EQUIPMENT24
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Public Utility Property, Plant, and Equipment | The following tables summarize property, plant and equipment by asset category: Eversource As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Distribution - Electric $ 14,217.3 $ 13,716.9 Distribution - Natural Gas 3,158.1 3,010.4 Transmission - Electric 8,918.2 8,517.4 Generation 1,215.8 1,224.2 Electric and Natural Gas Utility 27,509.4 26,468.9 Other (1) 679.9 591.6 Property, Plant and Equipment, Gross 28,189.3 27,060.5 Less: Accumulated Depreciation Electric and Natural Gas Utility (6,838.5 ) (6,480.4 ) Other (274.4 ) (242.0 ) Total Accumulated Depreciation (7,112.9 ) (6,722.4 ) Property, Plant and Equipment, Net 21,076.4 20,338.1 Construction Work in Progress (2) 1,460.9 1,012.4 Total Property, Plant and Equipment, Net $ 22,537.3 $ 21,350.5 (1) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. (2) As of September 30, 2017 , the total CWIP related to NPT was approximately $201 million . As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Distribution $ 5,797.6 $ 5,543.1 $ 2,048.8 $ 868.1 $ 5,562.9 $ 5,402.3 $ 1,949.8 $ 841.9 Transmission 4,061.2 2,545.0 1,115.7 1,147.9 3,912.9 2,435.8 1,059.3 1,061.1 Generation — — 1,179.8 36.0 — — 1,188.2 36.0 Property, Plant and Equipment, Gross 9,858.8 8,088.1 4,344.3 2,052.0 9,475.8 7,838.1 4,197.3 1,939.0 Less: Accumulated Depreciation (2,207.0 ) (2,143.8 ) (1,315.7 ) (356.5 ) (2,082.4 ) (2,025.4 ) (1,254.7 ) (338.8 ) Property, Plant and Equipment, Net 7,651.8 5,944.3 3,028.6 1,695.5 7,393.4 5,812.7 2,942.6 1,600.2 Construction Work in Progress 456.2 324.4 139.3 74.1 239.0 239.1 96.7 78.1 Total Property, Plant and Equipment, Net $ 8,108.0 $ 6,268.7 $ 3,167.9 $ 1,769.6 $ 7,632.4 $ 6,051.8 $ 3,039.3 $ 1,678.3 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities: As of September 30, 2017 As of December 31, 2016 (Millions of Dollars) Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: Level 2: Eversource $ — $ — $ — $ 6.0 $ — $ 6.0 Level 3: CL&P 10.4 (7.7 ) 2.7 13.9 (9.4 ) 4.5 Long-Term Derivative Assets: Level 2: Eversource $ — $ — $ — $ 0.3 $ (0.1 ) $ 0.2 Level 3: CL&P 74.3 (6.9 ) 67.4 77.3 (11.7 ) 65.6 Current Derivative Liabilities: Level 2: Eversource $ (1.5 ) $ 0.4 $ (1.1 ) $ — $ — $ — Level 3: Eversource (62.2 ) — (62.2 ) (79.7 ) — (79.7 ) CL&P (59.9 ) — (59.9 ) (77.8 ) — (77.8 ) NSTAR Electric (2.3 ) — (2.3 ) (1.9 ) — (1.9 ) Long-Term Derivative Liabilities: Level 3: Eversource $ (391.9 ) $ — $ (391.9 ) $ (413.7 ) $ — $ (413.7 ) CL&P (391.8 ) — (391.8 ) (412.8 ) — (412.8 ) NSTAR Electric (0.1 ) — (0.1 ) (0.9 ) — (0.9 ) (1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists. |
Fair Value Inputs, Liabilities, Quantitative Information | The following is a summary of Eversource's, including CL&P's and NSTAR Electric's, Level 3 derivative contracts and the range of the significant unobservable inputs utilized in the valuations over the duration of the contracts: As of September 30, 2017 As of December 31, 2016 Range Period Covered Range Period Covered Capacity Prices: CL&P $ 5.00 — 8.70 per kW-Month 2021 - 2026 $ 5.50 — 8.70 per kW-Month 2020 - 2026 Forward Reserve: CL&P $ 1.00 — 2.00 per kW-Month 2017 - 2024 $ 1.40 — 2.00 per kW-Month 2017 - 2024 REC Prices: NSTAR Electric $ 15.75 — 22.00 per REC 2017 - 2018 $ 24.00 — 29.00 per REC 2017 - 2018 |
Rollforward Of Net Derivative Asset Liabilities Valued Using Unobservable Inputs | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis. For the Three Months Ended September 30, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric Eversource CL&P NSTAR Derivatives, Net: Fair Value as of Beginning of Period $ (397.1 ) $ (394.8 ) $ (2.3 ) $ (412.6 ) $ (411.3 ) $ (1.3 ) Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities 0.5 (0.7 ) 1.2 (52.3 ) (49.8 ) (2.5 ) Settlements 12.6 13.9 (1.3 ) 21.2 20.1 1.1 Fair Value as of End of Period $ (384.0 ) $ (381.6 ) $ (2.4 ) $ (443.7 ) $ (441.0 ) $ (2.7 ) For the Nine Months Ended September 30, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Eversource CL&P NSTAR Derivatives, Net: Fair Value as of Beginning of Period $ (423.3 ) $ (420.5 ) $ (2.8 ) $ (380.9 ) $ (380.8 ) $ (0.1 ) Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (17.9 ) (15.9 ) (2.0 ) (128.9 ) (122.0 ) (6.9 ) Settlements 57.2 54.8 2.4 66.1 61.8 4.3 Fair Value as of End of Period $ (384.0 ) $ (381.6 ) $ (2.4 ) $ (443.7 ) $ (441.0 ) $ (2.7 ) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of available-for-sale securities, which are recorded at fair value and are included in current and long-term Marketable Securities on the balance sheets. As of September 30, 2017 As of December 31, 2016 Eversource (Millions of Dollars) Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Amortized Cost Pre-Tax Unrealized Gains Pre-Tax Unrealized Losses Fair Value Debt Securities $ 286.5 $ 5.5 $ (0.5 ) $ 291.5 $ 296.2 $ 1.1 $ (2.1 ) $ 295.2 Equity Securities 210.7 81.5 — 292.2 203.3 62.3 (1.2 ) 264.4 |
Investments Classified by Contractual Maturity Date | As of September 30, 2017 , the contractual maturities of available-for-sale debt securities were as follows: Eversource (Millions of Dollars) Amortized Cost Fair Value Less than one year (1) $ 40.2 $ 40.2 One to five years 56.7 57.6 Six to ten years 52.6 54.1 Greater than ten years 137.0 139.6 Total Debt Securities $ 286.5 $ 291.5 (1) Amounts in the Less than one year category include securities in the CYAPC and YAEC nuclear decommissioning trusts, which are restricted and are classified in long-term Marketable Securities on the balance sheets. |
Fair Value on a Recurring Basis | The following table presents the marketable securities recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Eversource (Millions of Dollars) As of September 30, 2017 As of December 31, 2016 Level 1: Mutual Funds and Equities $ 292.2 $ 274.0 Money Market Funds 21.8 54.8 Total Level 1 $ 314.0 $ 328.8 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 69.0 $ 63.0 Corporate Debt Securities 56.1 41.1 Asset-Backed Debt Securities 20.4 18.5 Municipal Bonds 113.6 107.5 Other Fixed Income Securities 10.6 10.3 Total Level 2 $ 269.7 $ 240.4 Total Marketable Securities $ 583.7 $ 569.2 |
PENSION BENEFITS AND POSTRETI27
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit expense for the Pension, SERP and PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portions of pension, SERP and PBOP amounts, are included in Operations and Maintenance expense on the statements of income. Capitalized amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. Pension, SERP and PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric, PSNH and WMECO does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis. Pension and SERP Eversource For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Service Cost $ 17.4 $ 18.6 $ 53.8 $ 56.6 Interest Cost 47.2 46.4 140.7 139.2 Expected Return on Pension Plan Assets (83.5 ) (79.4 ) (250.5 ) (238.5 ) Actuarial Loss 33.9 31.4 101.3 94.2 Prior Service Cost 1.2 0.9 3.4 2.6 Total Net Periodic Benefit Expense $ 16.2 $ 17.9 $ 48.7 $ 54.1 Capitalized Pension Expense $ 5.5 $ 5.4 $ 16.5 $ 16.8 PBOP Eversource For the Three Months Ended For the Nine Months Ended (Millions of Dollars) September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Service Cost $ 2.4 $ 3.0 $ 7.1 $ 9.2 Interest Cost 6.8 7.5 20.3 26.5 Expected Return on Plan Assets (16.0 ) (15.9 ) (47.8 ) (47.3 ) Actuarial Loss 2.2 3.0 6.9 5.0 Prior Service Credit (5.3 ) (3.6 ) (16.1 ) (3.7 ) Total Net Periodic Benefit Income $ (9.9 ) $ (6.0 ) $ (29.6 ) $ (10.3 ) Capitalized PBOP Income $ (4.8 ) $ (2.6 ) $ (14.3 ) $ (4.6 ) Pension and SERP For the Three Months Ended September 30, 2017 For the Three Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 4.6 $ 3.1 $ 2.4 $ 0.7 $ 4.6 $ 3.3 $ 2.5 $ 0.8 Interest Cost 10.5 8.6 5.3 2.1 10.2 8.5 5.1 2.1 Expected Return on Pension Plan Assets (17.8 ) (17.5 ) (10.0 ) (4.4 ) (18.0 ) (16.9 ) (9.6 ) (4.4 ) Actuarial Loss 6.8 8.9 3.0 1.5 6.3 8.7 2.5 1.3 Prior Service Cost 0.4 0.1 0.1 0.1 0.4 — 0.1 0.1 Total Net Periodic Benefit Expense/(Income) $ 4.5 $ 3.2 $ 0.8 $ — $ 3.5 $ 3.6 $ 0.6 $ (0.1 ) Intercompany Allocations $ 2.4 $ 1.8 $ 0.8 $ 0.5 $ 3.5 $ 2.2 $ 1.0 $ 0.6 Capitalized Pension Expense $ 2.4 $ 1.9 $ 0.4 $ 0.1 $ 2.2 $ 2.0 $ 0.4 $ 0.1 Pension and SERP For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 13.9 $ 9.4 $ 7.3 $ 2.3 $ 14.3 $ 9.9 $ 7.5 $ 2.4 Interest Cost 31.3 25.6 15.9 6.3 31.2 25.3 15.4 6.3 Expected Return on Pension Plan Assets (53.9 ) (52.5 ) (29.9 ) (13.3 ) (54.2 ) (50.7 ) (28.9 ) (13.1 ) Actuarial Loss 20.7 26.4 8.7 4.5 19.2 25.8 7.5 4.1 Prior Service Cost 1.1 0.2 0.4 0.2 1.1 — 0.3 0.2 Total Net Periodic Benefit Expense/(Income) $ 13.1 $ 9.1 $ 2.4 $ — $ 11.6 $ 10.3 $ 1.8 $ (0.1 ) Intercompany Allocations $ 7.4 $ 5.5 $ 2.5 $ 1.4 $ 10.3 $ 6.7 $ 3.0 $ 1.9 Capitalized Pension Expense $ 7.3 $ 5.4 $ 1.1 $ 0.3 $ 7.1 $ 5.7 $ 1.0 $ 0.3 PBOP For the Three Months Ended September 30, 2017 For the Three Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 0.5 $ 0.3 $ 0.3 $ 0.1 $ 0.6 $ 0.6 $ 0.4 $ 0.1 Interest Cost 1.3 1.9 0.8 0.3 1.3 2.5 0.7 0.3 Expected Return on Plan Assets (2.4 ) (6.6 ) (1.4 ) (0.6 ) (2.5 ) (6.4 ) (1.4 ) (0.6 ) Actuarial Loss 0.2 0.9 0.1 — 0.5 1.2 0.2 — Prior Service Cost/(Credit) 0.3 (4.3 ) 0.2 — 0.2 (2.9 ) 0.1 — Total Net Periodic Benefit (Income)/Expense $ (0.1 ) $ (7.8 ) $ — $ (0.2 ) $ 0.1 $ (5.0 ) $ — $ (0.2 ) Intercompany Allocations $ (0.2 ) $ (0.2 ) $ (0.1 ) $ — $ — $ (0.1 ) $ — $ — Capitalized PBOP Income $ (0.1 ) $ (4.0 ) $ — $ (0.1 ) $ — $ (2.2 ) $ — $ (0.1 ) PBOP For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH WMECO CL&P NSTAR Electric PSNH WMECO Service Cost $ 1.5 $ 1.1 $ 1.0 $ 0.3 $ 1.4 $ 2.5 $ 0.9 $ 0.3 Interest Cost 4.0 5.7 2.3 0.8 4.0 10.3 2.2 0.8 Expected Return on Plan Assets (7.3 ) (19.9 ) (4.1 ) (1.7 ) (7.6 ) (19.2 ) (4.2 ) (1.7 ) Actuarial Loss 0.7 2.6 0.4 — 0.9 1.7 0.5 — Prior Service Cost/(Credit) 0.8 (12.9 ) 0.4 0.1 0.2 (2.9 ) 0.1 — Total Net Periodic Benefit Income $ (0.3 ) $ (23.4 ) $ — $ (0.5 ) $ (1.1 ) $ (7.6 ) $ (0.5 ) $ (0.6 ) Intercompany Allocations $ (0.5 ) $ (0.7 ) $ (0.3 ) $ (0.1 ) $ 0.3 $ — $ — $ — Capitalized PBOP Income $ (0.4 ) $ (11.9 ) $ — $ (0.2 ) $ (0.5 ) $ (3.3 ) $ — $ (0.3 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site | The number of environmental sites and related reserves for which remediation or long-term monitoring, preliminary site work or site assessment is being performed are as follows: As of September 30, 2017 As of December 31, 2016 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 58 $ 57.7 61 $ 65.8 CL&P 14 4.9 14 4.9 NSTAR Electric 10 2.0 13 3.2 PSNH 11 5.7 11 5.3 WMECO 4 0.8 4 0.6 |
Schedule of Guarantor Obligations | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of September 30, 2017 : Company Description Maximum Exposure (in millions) Expiration Dates On behalf of subsidiaries: Eversource Gas Transmission LLC Access Northeast Project Capital Contributions Guaranty (1) $ 185.1 2021 Various Surety Bonds (2) 40.1 2017 - 2018 Eversource Service and Rocky River Realty Company Lease Payments for Vehicles and Real Estate 8.2 2019 - 2024 (1) Eversource parent issued a declining balance guaranty on behalf of its subsidiary, Eversource Gas Transmission LLC, to guarantee the payment of the subsidiary's capital contributions for its investment in the Access Northeast project. The guaranty decreases as capital contributions are made. The guaranty will expire upon the earlier of the full performance of the guaranteed obligations or December 31, 2021. (2) Surety bond expiration dates reflect termination dates, the majority of which will be renewed or extended. Certain surety bonds contain credit ratings triggers that would require Eversource parent to post collateral in the event that the unsecured debt credit ratings of Eversource parent are downgraded. |
Schedule of Complaints and Base ROE | A summary of the four separate complaints and the base ROEs pertinent to those complaints are as follows: Complaint 15-Month Time Period of Complaint (Beginning as of Complaint Filing Date) Original Base ROE Authorized by FERC at Time of Complaint Filing Date (1) Base ROE Subsequently Authorized by FERC for First Complaint Period and also Effective from October 16, 2014 through April 14, 2017 (1) Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) FERC ALJ Recommendation of Base ROE on Second and Third Complaints (Issued March 22, 2016) First 10/1/2011 - 12/31/2012 11.14% 10.57% $— (2) N/A Second 12/27/2012 - 3/26/2014 11.14% N/A 39.1 (3) 9.59% Third 7/31/2014 - 10/30/2015 11.14% 10.57% — 10.90% Fourth 4/29/2016 - 7/28/2017 10.57% 10.57% — N/A (1) The billed ROE (base plus incentives) between October 1, 2011 and October 15, 2014 was within a range of 11.14 percent to 13.1 percent . On October 16, 2014, the FERC set the incentive cap at 11.74 percent for the first complaint period and also effective from October 16, 2014 through April 14, 2017, the date on which the Court vacated this FERC order. (2) CL&P, NSTAR Electric, PSNH and WMECO have refunded all amounts associated with the first complaint period, totaling $38.9 million (pre-tax and excluding interest) at Eversource (consisting of $22.4 million at CL&P, $8.4 million at NSTAR Electric, $2.8 million at PSNH, and $5.3 million at WMECO), reflecting both the base ROE and incentive cap prescribed by the FERC order. (3) The reserve represents the difference between the ROEs billed during the second complaint period and a 10.57 percent base ROE and 11.74 percent incentive cap. The reserve consisted of $21.4 million for CL&P, $8.5 million for NSTAR Electric, $3.1 million for PSNH, and $6.1 million for WMECO as of September 30, 2017 . |
PSNH GENERATION ASSET SALE - (T
PSNH GENERATION ASSET SALE - (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Generation Assets and Liabilities | As of September 30, 2017 , PSNH's generation assets were as follows: (Millions of Dollars) Gross Plant $ 1,184.1 Accumulated Depreciation (573.3 ) Net Plant 610.8 Fuel 92.9 Materials and Supplies 44.0 Emission Allowances 19.4 Total Generation Assets $ 767.1 |
FAIR VALUE OF FINANCIAL INSTR30
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Carrying amounts and estimated fair values are as follows: As of September 30, 2017 As of December 31, 2016 Eversource (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 160.3 $ 155.6 $ 158.3 Long-Term Debt 11,425.9 11,968.1 9,603.2 9,980.5 CL&P NSTAR Electric PSNH WMECO (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value As of September 30, 2017: Preferred Stock Not Subject to Mandatory Redemption $ 116.2 $ 115.9 $ 43.0 $ 44.4 $ — $ — $ — $ — Long-Term Debt 3,058.9 3,388.8 2,426.2 2,598.1 1,002.6 1,047.0 566.2 603.7 As of December 31, 2016: Preferred Stock Not Subject to Mandatory Redemption $ 116.2 $ 114.7 $ 43.0 $ 43.6 $ — $ — $ — $ — Long-Term Debt 2,766.0 3,049.6 2,078.1 2,201.6 1,072.0 1,109.7 566.5 589.0 |
ACCUMULATED OTHER COMPREHENSI31
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income/(loss) by component, net of tax, is as follows: For the Nine Months Ended September 30, 2017 For the Nine Months Ended September 30, 2016 Qualified Unrealized Qualified Unrealized Cash Flow Gains Cash Flow Gains/(Losses) Eversource (Millions of Dollars) Hedging on Marketable Defined Hedging on Marketable Defined Instruments Securities Benefit Plans Total Instruments Securities Benefit Plans Total Balance as of Beginning of Period $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) $ (10.3 ) $ (1.9 ) $ (54.6 ) $ (66.8 ) OCI Before Reclassifications — 0.7 (3.5 ) (2.8 ) — 2.3 (5.3 ) (3.0 ) Amounts Reclassified from AOCL 1.6 — 2.9 4.5 1.6 — 2.6 4.2 Net OCI 1.6 0.7 (0.6 ) 1.7 1.6 2.3 (2.7 ) 1.2 Balance as of End of Period $ (6.6 ) $ 1.1 $ (58.1 ) $ (63.6 ) $ (8.7 ) $ 0.4 $ (57.3 ) $ (65.6 ) |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric, PSNH and WMECO that were authorized and issued, as well as the respective per share par values: Shares Authorized as of September 30, 2017 and Issued as of Par Value December 31, 2016 September 30, 2017 December 31, 2016 Eversource $ 5 380,000,000 333,878,402 333,878,402 CL&P $ 10 24,500,000 6,035,205 6,035,205 NSTAR Electric $ 1 100,000,000 100 100 PSNH $ 1 100,000,000 301 301 WMECO $ 25 1,072,471 434,653 434,653 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the components of basic and diluted EPS: Eversource (Millions of Dollars, except share information) For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Net Income Attributable to Common Shareholders $ 260.4 $ 265.3 $ 750.6 $ 713.1 Weighted Average Common Shares Outstanding: Basic 317,393,029 317,787,836 317,415,848 317,696,823 Dilutive Effect 556,367 789,243 591,194 814,786 Diluted 317,949,396 318,577,079 318,007,042 318,511,609 Basic and Diluted EPS $ 0.82 $ 0.83 $ 2.36 $ 2.24 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Eversource's segment information is as follows: For the Three Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 1,547.1 $ 109.2 $ 328.5 $ 224.2 $ (220.5 ) $ 1,988.5 Depreciation and Amortization (159.6 ) (15.2 ) (52.6 ) (9.5 ) 0.6 (236.3 ) Other Operating Expenses (1,088.7 ) (95.5 ) (95.5 ) (190.0 ) 220.1 (1,249.6 ) Operating Income/(Loss) $ 298.8 $ (1.5 ) $ 180.4 $ 24.7 $ 0.2 $ 502.6 Interest Expense $ (51.3 ) $ (10.8 ) $ (29.2 ) $ (21.8 ) $ 4.4 $ (108.7 ) Other Income, Net 7.7 0.3 8.5 267.5 (262.8 ) 21.2 Net Income/(Loss) Attributable to Common Shareholders 157.4 (6.2 ) 99.0 268.4 (258.2 ) 260.4 For the Nine Months Ended September 30, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 4,224.2 $ 698.8 $ 970.0 $ 677.5 $ (714.0 ) $ 5,856.5 Depreciation and Amortization (394.9 ) (54.8 ) (154.5 ) (26.7 ) 1.7 (629.2 ) Other Operating Expenses (3,056.0 ) (535.2 ) (280.4 ) (602.4 ) 714.0 (3,760.0 ) Operating Income $ 773.3 $ 108.8 $ 535.1 $ 48.4 $ 1.7 $ 1,467.3 Interest Expense $ (149.0 ) $ (32.3 ) $ (86.1 ) $ (63.1 ) $ 11.0 $ (319.5 ) Other Income, Net 15.2 0.8 20.1 853.9 (833.7 ) 56.3 Net Income Attributable to Common Shareholders 393.4 49.1 289.6 839.5 (821.0 ) 750.6 Cash Flows Used for Investments in Plant 752.4 209.8 575.6 104.5 — 1,642.3 For the Three Months Ended September 30, 2016 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 1,623.4 $ 99.2 $ 306.8 $ 211.5 $ (201.2 ) $ 2,039.7 Depreciation and Amortization (154.8 ) (15.2 ) (47.1 ) (8.6 ) 0.5 (225.2 ) Other Operating Expenses (1,146.8 ) (87.8 ) (90.2 ) (179.3 ) 199.5 (1,304.6 ) Operating Income/(Loss) $ 321.8 $ (3.8 ) $ 169.5 $ 23.6 $ (1.2 ) $ 509.9 Interest Expense $ (49.0 ) $ (10.2 ) $ (26.9 ) $ (15.1 ) $ 1.3 $ (99.9 ) Other Income, Net 5.3 0.6 6.3 256.9 (255.5 ) 13.6 Net Income/(Loss) Attributable to Common Shareholders 170.1 (7.0 ) 88.4 268.5 (254.7 ) 265.3 For the Nine Months Ended September 30, 2016 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 4,362.6 $ 622.3 $ 892.5 $ 636.8 $ (651.7 ) $ 5,862.5 Depreciation and Amortization (380.9 ) (47.9 ) (137.7 ) (23.1 ) 1.6 (588.0 ) Other Operating Expenses (3,230.1 ) (462.4 ) (245.7 ) (564.7 ) 650.2 (3,852.7 ) Operating Income $ 751.6 $ 112.0 $ 509.1 $ 49.0 $ 0.1 $ 1,421.8 Interest Expense $ (144.6 ) $ (30.8 ) $ (82.2 ) $ (45.8 ) $ 4.8 $ (298.6 ) Other Income, Net 11.6 0.5 14.2 781.4 (784.0 ) 23.7 Net Income Attributable to Common Shareholders 381.3 51.9 266.6 791.7 (778.4 ) 713.1 Cash Flows Used for Investments in Plant 570.9 170.3 536.2 81.8 — 1,359.2 The following table summarizes Eversource's segmented total assets: Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Other Eliminations Total As of September 30, 2017 $ 18,826.0 $ 3,432.6 $ 9,290.3 $ 14,939.4 $ (13,324.7 ) $ 33,163.6 As of December 31, 2016 18,367.5 3,303.8 8,751.5 14,493.1 (12,862.7 ) 32,053.2 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) customer in Millions, $ in Millions | Jun. 02, 2017USD ($) | Sep. 30, 2017customerutility |
Schedule of Equity Method Investments [Line Items] | ||
Number of electric and natural gas customers | customer | 3.7 | |
Connecticut, Massachusetts and New Hampshire | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of regulated utilities | utility | 6 | |
Aquarion Water Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Amount involved in acquisition of Aquarion | $ 1,675 | |
Cash paid to acquire Aquarion | 880 | |
Liability assumed in acquisition of Aquarion | $ 795 |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Standards (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accounting Policies [Abstract] | |
Available for sale securities subject to new accounting guidance | $ 51 |
Available-for-sale securities, gross unrealized gain | $ 1.7 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts Narrative (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Maximum | The Connecticut Light And Power Company | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Period of accounts receivable recoverable under financial or medical duress | 180 days |
Minimum | Yankee Gas Services Company | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Period of accounts receivable recoverable under financial or medical duress | 90 days |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | $ 196.8 | $ 200.6 |
Uncollectible Hardship | 126.3 | 119.9 |
The Connecticut Light And Power Company | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 77.6 | 86.4 |
Uncollectible Hardship | 64.6 | 67.7 |
NSTAR Electric Company | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 55.7 | 54.8 |
Uncollectible Hardship | 32.3 | 26.2 |
Public Service Company Of New Hampshire | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 10.6 | 9.9 |
Uncollectible Hardship | 0 | 0 |
Western Massachusetts Electric Company | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 17 | 15.5 |
Uncollectible Hardship | $ 11.3 | $ 9.9 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income, Net Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Income, Net [Line Items] | ||||
Other Income, Net | $ 21,184 | $ 13,641 | $ 56,304 | $ 23,689 |
Equity Method Investments | ||||
Other Income, Net [Line Items] | ||||
Other Income, Net | $ 5,100 | $ 900 | $ 23,000 | $ (2,000) |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Gross Tax Receipts [Line Items] | ||||
Excise and sales taxes | $ 40.3 | $ 45.1 | $ 118.2 | $ 124.8 |
The Connecticut Light And Power Company | ||||
Schedule of Gross Tax Receipts [Line Items] | ||||
Excise and sales taxes | $ 37.8 | $ 42.6 | $ 103.5 | $ 112.2 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | $ 307.7 | $ 203.6 |
The Connecticut Light And Power Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 113.4 | 64.5 |
NSTAR Electric Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 55.4 | 39.4 |
Public Service Company Of New Hampshire | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | 39.6 | 31 |
Western Massachusetts Electric Company | ||
Schedule of Supplemental Cash Flow [Line Items] | ||
Capital expenditures incurred but not yet paid | $ 37.1 | $ 17.6 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 4,252,000 | $ 4,526,300 |
Less: Current Portion | 746,142 | 887,625 |
Total Long-Term Regulatory Assets | 3,505,901 | 3,638,688 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,793,800 | 1,817,800 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 385,100 | 423,300 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 652,700 | 644,500 |
Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 330,100 | 385,300 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 449,000 | 464,400 |
Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 470,700 | 576,600 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 104,800 | 99,300 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 65,800 | 115,100 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,587,200 | 1,727,100 |
Less: Current Portion | 274,982 | 335,526 |
Total Long-Term Regulatory Assets | 1,312,191 | 1,391,564 |
The Connecticut Light And Power Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 415,800 | 429,300 |
The Connecticut Light And Power Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 381,600 | 420,500 |
The Connecticut Light And Power Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 441,100 | 437,000 |
The Connecticut Light And Power Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 195,700 | 239,800 |
The Connecticut Light And Power Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light And Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 87,900 | 123,900 |
The Connecticut Light And Power Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 35,100 | 33,200 |
The Connecticut Light And Power Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 30,000 | 43,400 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,279,900 | 1,347,100 |
Less: Current Portion | 230,620 | 289,400 |
Total Long-Term Regulatory Assets | 1,049,324 | 1,057,746 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 436,700 | 438,600 |
NSTAR Electric Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,400 | 2,800 |
NSTAR Electric Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 92,400 | 89,700 |
NSTAR Electric Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 112,400 | 112,500 |
NSTAR Electric Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 385,500 | 398,700 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 201,100 | 257,300 |
NSTAR Electric Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 33,900 | 31,900 |
NSTAR Electric Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 15,500 | 15,600 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 357,100 | 362,700 |
Less: Current Portion | 112,465 | 117,240 |
Total Long-Term Regulatory Assets | 244,561 | 245,525 |
Public Service Company Of New Hampshire | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 183,200 | 184,200 |
Public Service Company Of New Hampshire | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Public Service Company Of New Hampshire | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 22,300 | 24,200 |
Public Service Company Of New Hampshire | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 9,200 | 17,100 |
Public Service Company Of New Hampshire | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Public Service Company Of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 108,000 | 104,500 |
Public Service Company Of New Hampshire | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 16,800 | 16,200 |
Public Service Company Of New Hampshire | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 17,600 | 16,500 |
Western Massachusetts Electric Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 182,400 | 191,400 |
Less: Current Portion | 60,606 | 64,123 |
Total Long-Term Regulatory Assets | 121,796 | 127,291 |
Western Massachusetts Electric Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 84,800 | 86,700 |
Western Massachusetts Electric Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Western Massachusetts Electric Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 30,500 | 30,800 |
Western Massachusetts Electric Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 12,800 | 15,900 |
Western Massachusetts Electric Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
Western Massachusetts Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 44,400 | 46,700 |
Western Massachusetts Electric Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 4,500 | 4,200 |
Western Massachusetts Electric Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,400 | $ 7,100 |
REGULATORY ACCOUNTING - Regulat
REGULATORY ACCOUNTING - Regulatory Costs in Other Long-Term Assets (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 108.7 | $ 86.3 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 3.9 | 5.9 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 42.3 | 35 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | 18.5 | 8.2 |
Western Massachusetts Electric Company | ||
Regulatory Assets [Line Items] | ||
Amount of regulatory costs not yet approved | $ 25.7 | $ 20.1 |
REGULATORY ACCOUNTING - Compo44
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 870,400 | $ 849,100 |
Less: Current Portion | 170,215 | 146,787 |
Total Long-Term Regulatory Liabilities | 700,207 | 702,255 |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 470,300 | 459,700 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 125,500 | 136,200 |
Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 175,800 | 145,300 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 65,400 | 65,800 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 33,400 | 42,100 |
The Connecticut Light And Power Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 168,100 | 147,200 |
Less: Current Portion | 69,296 | 47,055 |
Total Long-Term Regulatory Liabilities | 98,777 | 100,138 |
The Connecticut Light And Power Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 40,500 | 38,800 |
The Connecticut Light And Power Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
The Connecticut Light And Power Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 57,100 | 37,200 |
The Connecticut Light And Power Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 49,200 | 50,200 |
The Connecticut Light And Power Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 21,300 | 21,000 |
NSTAR Electric Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 458,400 | 455,500 |
Less: Current Portion | 65,520 | 63,653 |
Total Long-Term Regulatory Liabilities | 392,851 | 391,823 |
NSTAR Electric Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 278,800 | 271,600 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 106,000 | 113,100 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 65,500 | 63,700 |
NSTAR Electric Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 7,700 | 6,900 |
NSTAR Electric Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 400 | 200 |
Public Service Company Of New Hampshire | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 48,700 | 57,500 |
Less: Current Portion | 7,923 | 12,659 |
Total Long-Term Regulatory Liabilities | 40,822 | 44,779 |
Public Service Company Of New Hampshire | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 40,500 | 44,100 |
Public Service Company Of New Hampshire | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company Of New Hampshire | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 5,600 | 10,700 |
Public Service Company Of New Hampshire | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Public Service Company Of New Hampshire | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 2,600 | 2,700 |
Western Massachusetts Electric Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 32,900 | 32,100 |
Less: Current Portion | 10,236 | 14,888 |
Total Long-Term Regulatory Liabilities | 22,726 | 17,227 |
Western Massachusetts Electric Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 11,700 | 8,600 |
Western Massachusetts Electric Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
Western Massachusetts Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 12,700 | 14,700 |
Western Massachusetts Electric Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 8,500 | 8,700 |
Western Massachusetts Electric Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 0 | $ 100 |
PROPERTY, PLANT AND EQUIPMENT45
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Investment in Utility Property, plant and equipment by asset (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | $ 14,217,300 | $ 13,716,900 |
Distribution - Natural Gas | 3,158,100 | 3,010,400 |
Transmission | 8,918,200 | 8,517,400 |
Generation | 1,215,800 | 1,224,200 |
Electric and Natural Gas Utility | 27,509,400 | 26,468,900 |
Other | 679,900 | 591,600 |
Property, Plant and Equipment, Gross | 28,189,300 | 27,060,500 |
Less: Accumulated Depreciation | ||
Electric and Natural Gas Utility | (6,838,500) | (6,480,400) |
Other | (274,400) | (242,000) |
Total Accumulated Depreciation | (7,112,900) | (6,722,400) |
Property, Plant and Equipment, Net | 21,076,400 | 20,338,100 |
Construction Work in Progress | 1,460,900 | 1,012,400 |
Net Plant | 22,537,304 | 21,350,510 |
Construction work in progress related to NPT | 201,000 | |
The Connecticut Light And Power Company | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 5,797,600 | 5,562,900 |
Transmission | 4,061,200 | 3,912,900 |
Generation | 0 | 0 |
Property, Plant and Equipment, Gross | 9,858,800 | 9,475,800 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,207,000) | (2,082,400) |
Property, Plant and Equipment, Net | 7,651,800 | 7,393,400 |
Construction Work in Progress | 456,200 | 239,000 |
Net Plant | 8,107,957 | 7,632,392 |
NSTAR Electric Company | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 5,543,100 | 5,402,300 |
Transmission | 2,545,000 | 2,435,800 |
Generation | 0 | 0 |
Property, Plant and Equipment, Gross | 8,088,100 | 7,838,100 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,143,800) | (2,025,400) |
Property, Plant and Equipment, Net | 5,944,300 | 5,812,700 |
Construction Work in Progress | 324,400 | 239,100 |
Net Plant | 6,268,689 | 6,051,835 |
Public Service Company Of New Hampshire | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 2,048,800 | 1,949,800 |
Transmission | 1,115,700 | 1,059,300 |
Generation | 1,179,800 | 1,188,200 |
Property, Plant and Equipment, Gross | 4,344,300 | 4,197,300 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (1,315,700) | (1,254,700) |
Property, Plant and Equipment, Net | 3,028,600 | 2,942,600 |
Construction Work in Progress | 139,300 | 96,700 |
Net Plant | 3,167,905 | 3,039,313 |
Western Massachusetts Electric Company | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Distribution - Electric | 868,100 | 841,900 |
Transmission | 1,147,900 | 1,061,100 |
Generation | 36,000 | 36,000 |
Property, Plant and Equipment, Gross | 2,052,000 | 1,939,000 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (356,500) | (338,800) |
Property, Plant and Equipment, Net | 1,695,500 | 1,600,200 |
Construction Work in Progress | 74,100 | 78,100 |
Net Plant | $ 1,769,566 | $ 1,678,262 |
DERIVATIVE INSTRUMENTS - Gross
DERIVATIVE INSTRUMENTS - Gross Fair Value of Contracts (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Current Derivative Assets | Level 2 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | $ 0 | $ 6 |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | 0 | 6 |
Current Derivative Assets | The Connecticut Light And Power Company | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 10.4 | 13.9 |
Netting | (7.7) | (9.4) |
Net Amount Recorded as a Derivative | 2.7 | 4.5 |
Long-term Derivative Assets | Level 2 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 0 | 0.3 |
Netting | 0 | (0.1) |
Net Amount Recorded as a Derivative | 0 | 0.2 |
Long-term Derivative Assets | The Connecticut Light And Power Company | Level 3 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Commodity Supply and Price Risk Management | 74.3 | 77.3 |
Netting | (6.9) | (11.7) |
Net Amount Recorded as a Derivative | 67.4 | 65.6 |
Current Derivative Liabilities | Level 2 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (1.5) | 0 |
Netting | 0.4 | 0 |
Net Amount Recorded as a Derivative | (1.1) | 0 |
Current Derivative Liabilities | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (62.2) | (79.7) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (62.2) | (79.7) |
Current Derivative Liabilities | The Connecticut Light And Power Company | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (59.9) | (77.8) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (59.9) | (77.8) |
Current Derivative Liabilities | NSTAR Electric Company | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (2.3) | (1.9) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (2.3) | (1.9) |
Long-Term Derivative Liabilities | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (391.9) | (413.7) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (391.9) | (413.7) |
Long-Term Derivative Liabilities | The Connecticut Light And Power Company | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (391.8) | (412.8) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (391.8) | (412.8) |
Long-Term Derivative Liabilities | NSTAR Electric Company | Level 3 | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (0.1) | (0.9) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | $ (0.1) | $ (0.9) |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Contracts at Fair Value (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)MMBTUMWhMW | Sep. 30, 2016USD ($) | Dec. 31, 2016MMBTU | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company | 20.00% | ||||
Amount of power to be purchased under capacity-related contract (up to) | MW | 787 | ||||
Amount of natural gas to be purchased under futures contracts | MMBTU | 10.4 | 9.2 | |||
Gains (losses) on deferred as regulatory costs | $ | $ 0.6 | $ (53.4) | $ (30.3) | $ (127.8) | |
The Connecticut Light And Power Company | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Percentage of costs or benefits borne under capacity-related contracts | 80.00% | ||||
Amount of energy to be purchased under renewable energy contract (in mwh) | MWh | 0.1 | ||||
NSTAR Electric Company | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of power to be purchased under capacity-related contract (up to) | MW | 35 | ||||
Amount of energy to be purchased under renewable energy contract (in mwh) | MWh | 0.1 |
DERIVATIVE INSTRUMENTS - Unobse
DERIVATIVE INSTRUMENTS - Unobservable Inputs Utilized (Details) - Level 3 - $ / KWmo | Sep. 30, 2017 | Dec. 31, 2016 |
The Connecticut Light And Power Company | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 5 | 5.50 |
Forward Reserve (in USDPerKiloWattMonth) | 1 | 1.40 |
The Connecticut Light And Power Company | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 8.70 | 8.70 |
Forward Reserve (in USDPerKiloWattMonth) | 2 | 2 |
NSTAR Electric | Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
REC Prices (in USDPerKiloWattMonth) | 15.75 | 24 |
NSTAR Electric | Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
REC Prices (in USDPerKiloWattMonth) | 22 | 29 |
DERIVATIVE INSTRUMENTS - Unob49
DERIVATIVE INSTRUMENTS - Unobservable Inputs Narrative (Details) - Level 3 | 9 Months Ended |
Sep. 30, 2017 | |
Minimum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 1.00% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 18.00% |
DERIVATIVE INSTRUMENTS - Deri50
DERIVATIVE INSTRUMENTS - Derivative Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivatives, Net [Rollforward] | ||||
Fair Value as of Beginning of Period | $ (397.1) | $ (412.6) | $ (423.3) | $ (380.9) |
Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities | 0.5 | (52.3) | (17.9) | (128.9) |
Settlements | 12.6 | 21.2 | 57.2 | 66.1 |
Fair Value as of End of Period | (384) | (443.7) | (384) | (443.7) |
The Connecticut Light And Power Company | ||||
Derivatives, Net [Rollforward] | ||||
Fair Value as of Beginning of Period | (394.8) | (411.3) | (420.5) | (380.8) |
Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities | (0.7) | (49.8) | (15.9) | (122) |
Settlements | 13.9 | 20.1 | 54.8 | 61.8 |
Fair Value as of End of Period | (381.6) | (441) | (381.6) | (441) |
NSTAR Electric Company | ||||
Derivatives, Net [Rollforward] | ||||
Fair Value as of Beginning of Period | (2.3) | (1.3) | (2.8) | (0.1) |
Net Realized/Unrealized Gains/Losses Included in Regulatory Assets and Liabilities | 1.2 | (2.5) | (2) | (6.9) |
Settlements | (1.3) | 1.1 | 2.4 | 4.3 |
Fair Value as of End of Period | $ (2.4) | $ (2.7) | $ (2.4) | $ (2.7) |
MARKETABLE SECURITIES - Trading
MARKETABLE SECURITIES - Trading Securities (Details) - Level 1 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fair value of securities under fair value option | $ 9.6 | ||
Other Income | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Net gain (loss) under fair value option | $ 0.1 | $ 0.6 |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Available for Sale Securities (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 286.5 | $ 296.2 |
Pre-Tax Unrealized Gains | 5.5 | 1.1 |
Pre-Tax Unrealized Losses | (0.5) | (2.1) |
Fair Value | 291.5 | 295.2 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 210.7 | 203.3 |
Pre-Tax Unrealized Gains | 81.5 | 62.3 |
Pre-Tax Unrealized Losses | 0 | (1.2) |
Fair Value | $ 292.2 | $ 264.4 |
MARKETABLE SECURITIES - Availab
MARKETABLE SECURITIES - Available for Sale Securities Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt, equity and marketable securities held in nuclear decommissioning trust | $ 489.1 | $ 466.7 |
MARKETABLE SECURITIES - Sched54
MARKETABLE SECURITIES - Schedule of Contractual Maturities (Details) $ in Millions | Sep. 30, 2017USD ($) |
Amortized Cost | |
Less than one year | $ 40.2 |
One to five years | 56.7 |
Six to ten years | 52.6 |
Greater than ten years | 137 |
Total Debt Securities | 286.5 |
Fair Value | |
Less than one year | 40.2 |
One to five years | 57.6 |
Six to ten years | 54.1 |
Greater than ten years | 139.6 |
Total Debt Securities | $ 291.5 |
MARKETABLE SECURITIES - Sched55
MARKETABLE SECURITIES - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | $ 583.7 | $ 569.2 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 314 | 328.8 |
Level 1 | Mutual Funds and Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 292.2 | 274 |
Level 1 | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 21.8 | 54.8 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 269.7 | 240.4 |
Level 2 | U.S. Government Issued Debt Securities (Agency and Treasury) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 69 | 63 |
Level 2 | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 56.1 | 41.1 |
Level 2 | Asset-Backed Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 20.4 | 18.5 |
Level 2 | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | 113.6 | 107.5 |
Level 2 | Other Fixed Income Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities recorded at fair value on a recurring basis | $ 10.6 | $ 10.3 |
SHORT-TERM AND LONG-TERM DEBT -
SHORT-TERM AND LONG-TERM DEBT - Commercial Paper Programs and Credit Agreements (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Short-term debt reclassified to long-term debt | $ 898,800,000 | |
Eversource Parent | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding during period | 0 | $ 0 |
Eversource Parent | Commercial Paper | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 1,450,000,000 | |
Short-term borrowings outstanding | 917,000,000 | 1,000,000,000 |
Remaining borrowing capacity | $ 533,000,000 | $ 428,000,000 |
Weighted average interest rate (as a percentage) | 1.34% | 0.88% |
Eversource Parent | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 1,450,000,000 | |
Debt instrument term | 5 years | |
The Connecticut Light And Power Company | ||
Line of Credit Facility [Line Items] | ||
Notes payable to Eversource Parent | $ 0 | $ 80,100,000 |
Public Service Company Of New Hampshire | ||
Line of Credit Facility [Line Items] | ||
Notes payable to Eversource Parent | 202,300,000 | 160,900,000 |
Western Massachusetts Electric Company | ||
Line of Credit Facility [Line Items] | ||
Notes payable to Eversource Parent | 96,900,000 | 51,000,000 |
NSTAR Electric Company | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding during period | 0 | 0 |
NSTAR Electric Company | Commercial Paper | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 450,000,000 | |
Short-term borrowings outstanding | 0 | 126,500,000 |
Remaining borrowing capacity | 450,000,000 | $ 323,500,000 |
Weighted average interest rate (as a percentage) | 0.71% | |
NSTAR Electric Company | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 450,000,000 | |
Debt instrument term | 5 years |
SHORT-TERM AND LONG-TERM DEBT57
SHORT-TERM AND LONG-TERM DEBT - Long-Term Debt Issuances (Details) - Senior Notes - USD ($) | 1 Months Ended | ||||
Oct. 31, 2017 | Aug. 31, 2017 | Sep. 30, 2017 | May 31, 2017 | Mar. 31, 2017 | |
Series N First Mortgage Bonds Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 75,000,000 | ||||
Interest rate stated percentage | 3.02% | ||||
Eversource Parent | Series K Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Interest rate stated percentage | 2.75% | ||||
The Connecticut Light And Power Company | 2017 Series A First and Refunding Mortgage Bonds Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Interest rate stated percentage | 3.20% | ||||
The Connecticut Light And Power Company | 2014 Series A First and Refunding Mortgage Bonds Due in 2044 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 225,000,000 | ||||
Interest rate stated percentage | 4.30% | ||||
Outstanding principal amount | $ 475,000,000 | ||||
NSTAR Electric Company | Unsecured Notes Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 350,000,000 | ||||
Interest rate stated percentage | 3.20% | ||||
Subsequent Event | Eversource Parent | Series K Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 450,000,000 | ||||
Interest rate stated percentage | 2.75% | ||||
Outstanding principal amount | $ 750,000,000 | ||||
Subsequent Event | Eversource Parent | 2017 Series L Senior Notes, Due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 450,000,000 | ||||
Interest rate stated percentage | 2.90% | ||||
Subsequent Event | NSTAR Electric Company | Unsecured Notes Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 350,000,000 | ||||
Interest rate stated percentage | 3.20% | ||||
Outstanding principal amount | $ 700,000,000 |
SHORT-TERM AND LONG-TERM DEBT58
SHORT-TERM AND LONG-TERM DEBT - Long-Term Debt Repayments (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 320,000 | $ 200,000 | ||
The Connecticut Light And Power Company | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | 250,000 | 0 | ||
Public Service Company Of New Hampshire | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 70,000 | $ 0 | ||
2007 Series A First and Refunding Mortgage Bonds | Senior Notes | The Connecticut Light And Power Company | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 150,000 | |||
Interest rate stated percentage | 5.375% | |||
2007 Series C First and Refunding Mortgage Bonds | Senior Notes | The Connecticut Light And Power Company | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 100,000 | |||
Interest rate stated percentage | 5.75% | 5.75% | ||
2007 Series N First Mortgage Bonds | Senior Notes | Public Service Company Of New Hampshire | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 70,000 | |||
Interest rate stated percentage | 6.15% | 6.15% | ||
Series M First Mortgage Bonds | Senior Notes | NSTAR Gas Company | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 25,000 | |||
Interest rate stated percentage | 7.04% | 7.04% |
SHORT-TERM AND LONG - Long-Term
SHORT-TERM AND LONG - Long-Term Debt Issuance Authorization (Details) - Senior Notes - USD ($) $ in Millions | Mar. 30, 2017 | Jan. 04, 2017 |
The Connecticut Light And Power Company | ||
Debt Instrument [Line Items] | ||
Amount of debt authorized (up to) | $ 1,325 | |
NSTAR Electric Company | ||
Debt Instrument [Line Items] | ||
Amount of debt authorized (up to) | $ 700 |
PENSION BENEFITS AND POSTRETI60
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Pension Plan | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Prior service credit as a result of remeasurement | $ 5.3 | $ 16.1 |
PENSION BENEFITS AND POSTRETI61
PENSION BENEFITS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS - Components of Periodic Benefit Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $ 17.4 | $ 18.6 | $ 53.8 | $ 56.6 |
Interest Cost | 47.2 | 46.4 | 140.7 | 139.2 |
Expected Return on Pension Plan Assets | (83.5) | (79.4) | (250.5) | (238.5) |
Actuarial Loss | 33.9 | 31.4 | 101.3 | 94.2 |
Prior Service Cost/(Credit) | 1.2 | 0.9 | 3.4 | 2.6 |
Total Net Periodic Benefit Income | 16.2 | 17.9 | 48.7 | 54.1 |
Capitalized PBOP Income/ Pension Expense | 5.5 | 5.4 | 16.5 | 16.8 |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 2.4 | 3 | 7.1 | 9.2 |
Interest Cost | 6.8 | 7.5 | 20.3 | 26.5 |
Expected Return on Pension Plan Assets | (16) | (15.9) | (47.8) | (47.3) |
Actuarial Loss | 2.2 | 3 | 6.9 | 5 |
Prior Service Cost/(Credit) | (5.3) | (3.6) | (16.1) | (3.7) |
Total Net Periodic Benefit Income | (9.9) | (6) | (29.6) | (10.3) |
Capitalized PBOP Income/ Pension Expense | (4.8) | (2.6) | (14.3) | (4.6) |
The Connecticut Light And Power Company | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 4.6 | 4.6 | 13.9 | 14.3 |
Interest Cost | 10.5 | 10.2 | 31.3 | 31.2 |
Expected Return on Pension Plan Assets | (17.8) | (18) | (53.9) | (54.2) |
Actuarial Loss | 6.8 | 6.3 | 20.7 | 19.2 |
Prior Service Cost/(Credit) | 0.4 | 0.4 | 1.1 | 1.1 |
Total Net Periodic Benefit Income | 4.5 | 3.5 | 13.1 | 11.6 |
Intercompany Allocations | 2.4 | 3.5 | 7.4 | 10.3 |
Capitalized PBOP Income/ Pension Expense | 2.4 | 2.2 | 7.3 | 7.1 |
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.5 | 0.6 | 1.5 | 1.4 |
Interest Cost | 1.3 | 1.3 | 4 | 4 |
Expected Return on Pension Plan Assets | (2.4) | (2.5) | (7.3) | (7.6) |
Actuarial Loss | 0.2 | 0.5 | 0.7 | 0.9 |
Prior Service Cost/(Credit) | 0.3 | 0.2 | 0.8 | 0.2 |
Total Net Periodic Benefit Income | (0.1) | 0.1 | (0.3) | (1.1) |
Intercompany Allocations | (0.2) | 0 | (0.5) | 0.3 |
Capitalized PBOP Income/ Pension Expense | (0.1) | 0 | (0.4) | (0.5) |
NSTAR Electric Company | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 3.1 | 3.3 | 9.4 | 9.9 |
Interest Cost | 8.6 | 8.5 | 25.6 | 25.3 |
Expected Return on Pension Plan Assets | (17.5) | (16.9) | (52.5) | (50.7) |
Actuarial Loss | 8.9 | 8.7 | 26.4 | 25.8 |
Prior Service Cost/(Credit) | 0.1 | 0 | 0.2 | 0 |
Total Net Periodic Benefit Income | 3.2 | 3.6 | 9.1 | 10.3 |
Intercompany Allocations | 1.8 | 2.2 | 5.5 | 6.7 |
Capitalized PBOP Income/ Pension Expense | 1.9 | 2 | 5.4 | 5.7 |
NSTAR Electric Company | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.3 | 0.6 | 1.1 | 2.5 |
Interest Cost | 1.9 | 2.5 | 5.7 | 10.3 |
Expected Return on Pension Plan Assets | (6.6) | (6.4) | (19.9) | (19.2) |
Actuarial Loss | 0.9 | 1.2 | 2.6 | 1.7 |
Prior Service Cost/(Credit) | (4.3) | (2.9) | (12.9) | (2.9) |
Total Net Periodic Benefit Income | (7.8) | (5) | (23.4) | (7.6) |
Intercompany Allocations | (0.2) | (0.1) | (0.7) | 0 |
Capitalized PBOP Income/ Pension Expense | (4) | (2.2) | (11.9) | (3.3) |
Public Service Company Of New Hampshire | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 2.4 | 2.5 | 7.3 | 7.5 |
Interest Cost | 5.3 | 5.1 | 15.9 | 15.4 |
Expected Return on Pension Plan Assets | (10) | (9.6) | (29.9) | (28.9) |
Actuarial Loss | 3 | 2.5 | 8.7 | 7.5 |
Prior Service Cost/(Credit) | 0.1 | 0.1 | 0.4 | 0.3 |
Total Net Periodic Benefit Income | 0.8 | 0.6 | 2.4 | 1.8 |
Intercompany Allocations | 0.8 | 1 | 2.5 | 3 |
Capitalized PBOP Income/ Pension Expense | 0.4 | 0.4 | 1.1 | 1 |
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.3 | 0.4 | 1 | 0.9 |
Interest Cost | 0.8 | 0.7 | 2.3 | 2.2 |
Expected Return on Pension Plan Assets | (1.4) | (1.4) | (4.1) | (4.2) |
Actuarial Loss | 0.1 | 0.2 | 0.4 | 0.5 |
Prior Service Cost/(Credit) | 0.2 | 0.1 | 0.4 | 0.1 |
Total Net Periodic Benefit Income | 0 | 0 | 0 | (0.5) |
Intercompany Allocations | (0.1) | 0 | (0.3) | 0 |
Capitalized PBOP Income/ Pension Expense | 0 | 0 | 0 | 0 |
Western Massachusetts Electric Company | Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.7 | 0.8 | 2.3 | 2.4 |
Interest Cost | 2.1 | 2.1 | 6.3 | 6.3 |
Expected Return on Pension Plan Assets | (4.4) | (4.4) | (13.3) | (13.1) |
Actuarial Loss | 1.5 | 1.3 | 4.5 | 4.1 |
Prior Service Cost/(Credit) | 0.1 | 0.1 | 0.2 | 0.2 |
Total Net Periodic Benefit Income | 0 | (0.1) | 0 | (0.1) |
Intercompany Allocations | 0.5 | 0.6 | 1.4 | 1.9 |
Capitalized PBOP Income/ Pension Expense | 0.1 | 0.1 | 0.3 | 0.3 |
Western Massachusetts Electric Company | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 0.1 | 0.1 | 0.3 | 0.3 |
Interest Cost | 0.3 | 0.3 | 0.8 | 0.8 |
Expected Return on Pension Plan Assets | (0.6) | (0.6) | (1.7) | (1.7) |
Actuarial Loss | 0 | 0 | 0 | 0 |
Prior Service Cost/(Credit) | 0 | 0 | 0.1 | 0 |
Total Net Periodic Benefit Income | (0.2) | (0.2) | (0.5) | (0.6) |
Intercompany Allocations | 0 | 0 | (0.1) | 0 |
Capitalized PBOP Income/ Pension Expense | $ (0.1) | $ (0.1) | $ (0.2) | $ (0.3) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Environmental Matters (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)site | Dec. 31, 2016USD ($)site | |
Site Contingency [Line Items] | ||
Number of Sites | site | 58 | 61 |
Reserve | $ | $ 57.7 | $ 65.8 |
The Connecticut Light And Power Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 14 | 14 |
Reserve | $ | $ 4.9 | $ 4.9 |
NSTAR Electric Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 10 | 13 |
Reserve | $ | $ 2 | $ 3.2 |
Public Service Company Of New Hampshire | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 11 | 11 |
Reserve | $ | $ 5.7 | $ 5.3 |
Western Massachusetts Electric Company | ||
Site Contingency [Line Items] | ||
Number of Sites | site | 4 | 4 |
Reserve | $ | $ 0.8 | $ 0.6 |
COMMITMENTS AND CONTINGENCIES63
COMMITMENTS AND CONTINGENCIES - Environmental Matters Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Site Contingency [Line Items] | ||
Reserve | $ 57.7 | $ 65.8 |
MGP Site accrual | ||
Site Contingency [Line Items] | ||
Reserve | $ 51.9 | $ 59 |
COMMITMENTS AND CONTINGENCIES64
COMMITMENTS AND CONTINGENCIES - Guarantees and Indemnifications Narrative (Details) $ in Millions | Sep. 30, 2017USD ($) |
Guarantee Of Financial Obligations Of Npt | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure (up to) | $ 25 |
Guarantee Of Npt Letters Of Credit | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure (up to) | $ 14 |
COMMITMENTS AND CONTINGENCIES65
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations , Yankee Companies (Details) $ in Millions | May 22, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Damages sought, value | $ 100 |
COMMITMENTS AND CONTINGENCIES66
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees and Indemnifications (Details) $ in Millions | Sep. 30, 2017USD ($) |
Eversource Gas Transmission LLC | |
Loss Contingencies [Line Items] | |
Maximum Exposure | $ 185.1 |
Various | |
Loss Contingencies [Line Items] | |
Maximum Exposure | 40.1 |
Eversource Service and Rocky River Realty Company | |
Loss Contingencies [Line Items] | |
Maximum Exposure | $ 8.2 |
COMMITMENTS AND CONTINGENCIES67
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) - USD ($) $ in Millions | Jun. 08, 2017 | Apr. 14, 2017 | Apr. 29, 2016 | Sep. 30, 2017 | Mar. 26, 2014 | Apr. 14, 2017 |
FERC ROE First, Second and Third Complaints | ||||||
Loss Contingencies [Line Items] | ||||||
Base ROE percentage challenged by complainants | 11.14% | 11.14% | ||||
Percentage of maximum ROE for any incentive project | 13.50% | |||||
FERC ROE Complaints | ||||||
Loss Contingencies [Line Items] | ||||||
Period of complaint | 15 months | |||||
Basis point change | 10.00% | |||||
Estimate of possible loss for each 10 basis point change to base ROE | $ 3 | |||||
FERC ROE Fourth Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Base ROE percentage of complaint period | 10.57% | |||||
Maximum percentage cap of ROE for incentive projects | 11.74% | |||||
Loss contingency, estimate of possible earnings impact | 0 | |||||
FERC ROE First Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Base ROE percentage challenged by complainants | 11.14% | |||||
Percentage of maximum ROE for any incentive project | 11.74% | |||||
Loss contingency, estimate of possible earnings impact | 0 | |||||
FERC ROE Second Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Base ROE percentage of complaint period | 10.57% | |||||
Percentage of maximum ROE for any incentive project | 11.74% | |||||
Loss contingency, estimate of possible earnings impact | 39.1 | |||||
The Connecticut Light And Power Company | FERC ROE Second Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible earnings impact | 21.4 | |||||
NSTAR Electric Company | FERC ROE Second Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible earnings impact | 8.5 | |||||
Public Service Company Of New Hampshire | FERC ROE Second Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible earnings impact | 3.1 | |||||
Western Massachusetts Electric Company | FERC ROE Second Complaint | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimate of possible earnings impact | $ 6.1 |
COMMITMENTS AND CONTINGENCIES68
COMMITMENTS AND CONTINGENCIES - Schedule of Complaints and Base ROEs (Details) - USD ($) $ in Millions | Oct. 06, 2017 | Jun. 08, 2017 | Sep. 30, 2017 | Jul. 28, 2017 | Mar. 26, 2014 | Dec. 31, 2012 | Oct. 30, 2015 | Apr. 14, 2017 | Oct. 15, 2014 |
FERC ROE First Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.14% | ||||||||
Base ROE Subsequently Authorized by FERC for first complaint period and prospectively from October 16, 2014 (in percentage) | 10.57% | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | $ 0 | ||||||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||||||
Customer refund payments | 38.9 | ||||||||
FERC ROE Second Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.14% | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | 39.1 | ||||||||
FERC ALJ Recommendation of base ROE on Second and Third Complaints (Issued March 22, 2016) (in percentage) | 9.59% | ||||||||
Percentage of maximum ROE for any incentive project | 11.74% | ||||||||
FERC ROE Third Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.14% | ||||||||
Base ROE Subsequently Authorized by FERC for first complaint period and prospectively from October 16, 2014 (in percentage) | 10.57% | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | 0 | ||||||||
FERC ALJ Recommendation of base ROE on Second and Third Complaints (Issued March 22, 2016) (in percentage) | 10.90% | ||||||||
FERC ROE Fourth Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 10.57% | ||||||||
Base ROE Subsequently Authorized by FERC for first complaint period and prospectively from October 16, 2014 (in percentage) | 10.57% | ||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | 0 | ||||||||
FERC ROE First, Second and Third Complaints | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of maximum ROE for any incentive project | 13.50% | ||||||||
The Connecticut Light And Power Company | FERC ROE First Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Customer refund payments | 22.4 | ||||||||
The Connecticut Light And Power Company | FERC ROE Second Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | 21.4 | ||||||||
NSTAR Electric Company | FERC ROE First Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Customer refund payments | 8.4 | ||||||||
NSTAR Electric Company | FERC ROE Second Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | 8.5 | ||||||||
Public Service Company Of New Hampshire | FERC ROE First Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Customer refund payments | 2.8 | ||||||||
Public Service Company Of New Hampshire | FERC ROE Second Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | 3.1 | ||||||||
Western Massachusetts Electric Company | FERC ROE First Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Customer refund payments | 5.3 | ||||||||
Western Massachusetts Electric Company | FERC ROE Second Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reserve (Pre-Tax and Excluding Interest) as of September 30, 2017 (in millions) | $ 6.1 | ||||||||
Minimum | FERC ROE First, Second and Third Complaints | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of maximum ROE for any incentive project | 11.14% | ||||||||
Maximum | FERC ROE First, Second and Third Complaints | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of maximum ROE for any incentive project | 13.10% | ||||||||
Subsequent Event | FERC ROE Fourth Complaint | |||||||||
Loss Contingencies [Line Items] | |||||||||
Original Base ROE Authorized by FERC at Time of Complaint (in percentage) | 11.74% | ||||||||
Percentage of maximum ROE for any incentive project | 10.57% |
COMMITMENTS AND CONTINGENCIES69
COMMITMENTS AND CONTINGENCIES - Harbor Civil Action (Details) $ in Millions | Jul. 15, 2016MW | Sep. 30, 2017USD ($) |
Loss Contingencies [Line Items] | ||
Amount of capacity required for installation of distribution cable (in volts) | MW | 0.115 | |
NSTAR Electric Company | ||
Loss Contingencies [Line Items] | ||
Charge relating to assets previously recognized as capital | $ 4.9 | |
Base rate credit for new cable | $ 17.5 |
PSNH GENERATION ASSET SALE - Na
PSNH GENERATION ASSET SALE - Narrative (Details) $ in Millions | Oct. 11, 2017USD ($)agreement | Jun. 10, 2015USD ($)senator |
Regulatory Assets [Line Items] | ||
Equity return related to clean air project forgone | $ 25 | |
Electricity Generation Plant, Non-Nuclear | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Number of state senators | senator | 2 | |
Subsequent Event | ||
Regulatory Assets [Line Items] | ||
Number of purchase sale agreements | agreement | 2 | |
Thermal generation assets | $ 175 | |
Hydroelectric assets | $ 83 |
PSNH GENERATION ASSET SALE - PS
PSNH GENERATION ASSET SALE - PSNH Generation Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Gross Plant | $ 28,189,300 | $ 27,060,500 |
Accumulated Depreciation | (7,112,900) | (6,722,400) |
Net Plant | 22,537,304 | 21,350,510 |
Emission Allowances | 305,035 | 328,721 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Gross Plant | 4,344,300 | 4,197,300 |
Accumulated Depreciation | (1,315,700) | (1,254,700) |
Net Plant | 3,167,905 | 3,039,313 |
Emission Allowances | 158,091 | $ 162,354 |
Electricity Generation Plant, Non-Nuclear | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Gross Plant | 1,184,100 | |
Accumulated Depreciation | (573,300) | |
Net Plant | 610,800 | |
Fuel | 92,900 | |
Materials and Supplies | 44,000 | |
Emission Allowances | 19,400 | |
Total Generation Assets | $ 767,100 |
FAIR VALUE OF FINANCIAL INSTR72
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Amounts and Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | $ 155,568 | $ 155,568 |
Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 155,600 | 155,600 |
Long-Term Debt | 11,425,900 | 9,603,200 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 160,300 | 158,300 |
Long-Term Debt | 11,968,100 | 9,980,500 |
The Connecticut Light And Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
The Connecticut Light And Power Company | Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
Long-Term Debt | 3,058,900 | 2,766,000 |
The Connecticut Light And Power Company | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 115,900 | 114,700 |
Long-Term Debt | 3,388,800 | 3,049,600 |
NSTAR Electric Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
NSTAR Electric Company | Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Long-Term Debt | 2,426,200 | 2,078,100 |
NSTAR Electric Company | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 44,400 | 43,600 |
Long-Term Debt | 2,598,100 | 2,201,600 |
Public Service Company Of New Hampshire | Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 1,002,600 | 1,072,000 |
Public Service Company Of New Hampshire | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 1,047,000 | 1,109,700 |
Western Massachusetts Electric Company | Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | 566,200 | 566,500 |
Western Massachusetts Electric Company | Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 0 | 0 |
Long-Term Debt | $ 603,700 | $ 589,000 |
ACCUMULATED OTHER COMPREHENSI73
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Accumulated Other Comprehensive Income (loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | $ 10,711,734 | |||
OCI Before Reclassifications | $ (3,000) | |||
Amounts Reclassified from AOCL | 4,200 | |||
Net OCI | $ (680) | $ (253) | 1,667 | 1,227 |
Ending balance | 10,998,037 | 10,998,037 | ||
AOCI Attributable to Parent [Member] | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | (65,300) | (66,800) | ||
OCI Before Reclassifications | (2,800) | |||
Amounts Reclassified from AOCL | 4,500 | |||
Net OCI | 1,700 | |||
Ending balance | (63,600) | (65,600) | (63,600) | (65,600) |
Qualified Cash Flow Hedging Instruments | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | (8,200) | (10,300) | ||
OCI Before Reclassifications | 0 | 0 | ||
Amounts Reclassified from AOCL | 1,600 | 1,600 | ||
Net OCI | 1,600 | 1,600 | ||
Ending balance | (6,600) | (8,700) | (6,600) | (8,700) |
Unrealized Gains/(Losses) on Marketable Securities | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | 400 | (1,900) | ||
OCI Before Reclassifications | 700 | 2,300 | ||
Amounts Reclassified from AOCL | 0 | 0 | ||
Net OCI | 700 | 2,300 | ||
Ending balance | 1,100 | 400 | 1,100 | 400 |
Defined Benefit Plans | ||||
AOCI Attributable to Parent [Roll Forward] | ||||
Beginning balance | (57,500) | (54,600) | ||
OCI Before Reclassifications | (3,500) | (5,300) | ||
Amounts Reclassified from AOCL | 2,900 | 2,600 | ||
Net OCI | (600) | (2,700) | ||
Ending balance | $ (58,100) | $ (57,300) | $ (58,100) | $ (57,300) |
COMMON SHARES - Schedule of Com
COMMON SHARES - Schedule of Common Shares (Details) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 5 | $ 5 |
Authorized (in shares) | 380,000,000 | 380,000,000 |
Issued (in shares) | 333,878,402 | 333,878,402 |
The Connecticut Light And Power Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 10 | $ 10 |
Authorized (in shares) | 24,500,000 | 24,500,000 |
Issued (in shares) | 6,035,205 | 6,035,205 |
NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 1 | $ 1 |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 100 | 100 |
Public Service Company Of New Hampshire | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 1 | $ 1 |
Authorized (in shares) | 100,000,000 | 100,000,000 |
Issued (in shares) | 301 | 301 |
Western Massachusetts Electric Company | ||
Class of Stock [Line Items] | ||
Per Value (in dollars per share) | $ 25 | $ 25 |
Authorized (in shares) | 1,072,471 | 1,072,471 |
Issued (in shares) | 434,653 | 434,653 |
COMMON SHARES - Narrative (Deta
COMMON SHARES - Narrative (Details) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||
Treasury stock (in shares) | 16,992,594 | 16,992,594 |
Common stock outstanding (in shares) | 316,885,808 | 316,885,808 |
COMMON SHAREHOLDERS' EQUITY A76
COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Equity [Abstract] | |||||
Net income attributable to noncontrolling interests | $ 1,900 | $ 1,900 | $ 5,600 | $ 5,600 | |
Noncontrolling Interest – Preferred Stock of Subsidiaries | $ 155,568 | $ 155,568 | $ 155,568 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive share awards excluded from computation (in shares) | 0 | 0 | 0 | 0 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net Income Attributable to Common Shareholders | $ 260,370 | $ 265,319 | $ 750,577 | $ 713,123 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 317,393,029 | 317,787,836 | 317,415,848 | 317,696,823 |
Dilutive Effect (in shares) | 556,367 | 789,243 | 591,194 | 814,786 |
Diluted (in shares) | 317,949,396 | 318,577,079 | 318,007,042 | 318,511,609 |
Basic and Diluted EPS (in dollars per share) | $ 0.82 | $ 0.83 | $ 2.36 | $ 2.24 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)segmentcompany | |
Segment Reporting Information [Line Items] | |
Number of companies that transmit hydro electricity imported from The Hydro-Quebec System in Canada | company | 2 |
Amount of natural gas transmission purchased from Enbridge by Yankee Gas and NSTAR Gas | $ | $ 62.5 |
The Connecticut Light And Power Company | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
NSTAR Electric Company | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Public Service Company Of New Hampshire | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Western Massachusetts Electric Company | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 1,988,512 | $ 2,039,706 | $ 5,856,458 | $ 5,862,525 | |
Depreciation and Amortization | (236,300) | (225,200) | (629,200) | (588,000) | |
Other Operating Expenses | (1,249,600) | (1,304,600) | (3,760,000) | (3,852,700) | |
Operating Income/(Loss) | 502,603 | 509,869 | 1,467,310 | 1,421,827 | |
Interest Expense | (108,719) | (99,865) | (319,477) | (298,568) | |
Other Income, Net | 21,184 | 13,641 | 56,304 | 23,689 | |
Net Income Attributable to Common Shareholders | 260,370 | 265,319 | 750,577 | 713,123 | |
Cash Flows Used for Investments in Plant | 1,642,280 | 1,359,171 | |||
Assets | 33,163,620 | 33,163,620 | $ 32,053,173 | ||
Operating Segments | Electric Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 1,547,100 | 1,623,400 | 4,224,200 | 4,362,600 | |
Depreciation and Amortization | (159,600) | (154,800) | (394,900) | (380,900) | |
Other Operating Expenses | (1,088,700) | (1,146,800) | (3,056,000) | (3,230,100) | |
Operating Income/(Loss) | 298,800 | 321,800 | 773,300 | 751,600 | |
Interest Expense | (51,300) | (49,000) | (149,000) | (144,600) | |
Other Income, Net | 7,700 | 5,300 | 15,200 | 11,600 | |
Net Income Attributable to Common Shareholders | 157,400 | 170,100 | 393,400 | 381,300 | |
Cash Flows Used for Investments in Plant | 752,400 | 570,900 | |||
Assets | 18,826,000 | 18,826,000 | 18,367,500 | ||
Operating Segments | Natural Gas Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 109,200 | 99,200 | 698,800 | 622,300 | |
Depreciation and Amortization | (15,200) | (15,200) | (54,800) | (47,900) | |
Other Operating Expenses | (95,500) | (87,800) | (535,200) | (462,400) | |
Operating Income/(Loss) | (1,500) | (3,800) | 108,800 | 112,000 | |
Interest Expense | (10,800) | (10,200) | (32,300) | (30,800) | |
Other Income, Net | 300 | 600 | 800 | 500 | |
Net Income Attributable to Common Shareholders | (6,200) | (7,000) | 49,100 | 51,900 | |
Cash Flows Used for Investments in Plant | 209,800 | 170,300 | |||
Assets | 3,432,600 | 3,432,600 | 3,303,800 | ||
Operating Segments | Electric Transmission | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 328,500 | 306,800 | 970,000 | 892,500 | |
Depreciation and Amortization | (52,600) | (47,100) | (154,500) | (137,700) | |
Other Operating Expenses | (95,500) | (90,200) | (280,400) | (245,700) | |
Operating Income/(Loss) | 180,400 | 169,500 | 535,100 | 509,100 | |
Interest Expense | (29,200) | (26,900) | (86,100) | (82,200) | |
Other Income, Net | 8,500 | 6,300 | 20,100 | 14,200 | |
Net Income Attributable to Common Shareholders | 99,000 | 88,400 | 289,600 | 266,600 | |
Cash Flows Used for Investments in Plant | 575,600 | 536,200 | |||
Assets | 9,290,300 | 9,290,300 | 8,751,500 | ||
Operating Segments | Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 224,200 | 211,500 | 677,500 | 636,800 | |
Depreciation and Amortization | (9,500) | (8,600) | (26,700) | (23,100) | |
Other Operating Expenses | (190,000) | (179,300) | (602,400) | (564,700) | |
Operating Income/(Loss) | 24,700 | 23,600 | 48,400 | 49,000 | |
Interest Expense | (21,800) | (15,100) | (63,100) | (45,800) | |
Other Income, Net | 267,500 | 256,900 | 853,900 | 781,400 | |
Net Income Attributable to Common Shareholders | 268,400 | 268,500 | 839,500 | 791,700 | |
Cash Flows Used for Investments in Plant | 104,500 | 81,800 | |||
Assets | 14,939,400 | 14,939,400 | 14,493,100 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (220,500) | (201,200) | (714,000) | (651,700) | |
Depreciation and Amortization | 600 | 500 | 1,700 | 1,600 | |
Other Operating Expenses | 220,100 | 199,500 | 714,000 | 650,200 | |
Operating Income/(Loss) | 200 | (1,200) | 1,700 | 100 | |
Interest Expense | 4,400 | 1,300 | 11,000 | 4,800 | |
Other Income, Net | (262,800) | (255,500) | (833,700) | (784,000) | |
Net Income Attributable to Common Shareholders | (258,200) | $ (254,700) | (821,000) | (778,400) | |
Cash Flows Used for Investments in Plant | 0 | $ 0 | |||
Assets | $ (13,324,700) | $ (13,324,700) | $ (12,862,700) |