DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity [Line Items] | |||
Entity Registrant Name | EVERSOURCE ENERGY | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Type | 10-K | ||
Entity Central Index Key | 72,741 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 316,885,808 | ||
Entity Public Float | $ 19,210,596,737 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
The Connecticut Light And Power Company | |||
Document And Entity [Line Items] | |||
Entity Registrant Name | CONNECTICUT LIGHT & POWER CO | ||
Entity Central Index Key | 23,426 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,035,205 | ||
Entity Filer Category | Non-accelerated Filer | ||
Public Service Company Of New Hampshire | |||
Document And Entity [Line Items] | |||
Entity Registrant Name | PUBLIC SERVICE CO OF NEW HAMPSHIRE | ||
Entity Central Index Key | 315,256 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 301 | ||
Entity Filer Category | Non-accelerated Filer | ||
NSTAR Electric Company | |||
Document And Entity [Line Items] | |||
Entity Registrant Name | NSTAR ELECTRIC CO | ||
Entity Central Index Key | 13,372 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding (in shares) | 200 | ||
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and Cash Equivalents | $ 38,165 | $ 30,251 |
Receivables, Net | 925,083 | 847,301 |
Unbilled Revenues | 201,361 | 168,490 |
Fuel, Materials, Supplies and Inventory | 223,063 | 328,721 |
Regulatory Assets | 741,868 | 887,625 |
Prepayments and Other Current Assets | 138,009 | 215,284 |
Assets Held for Sale | 219,550 | 0 |
Total Current Assets | 2,487,099 | 2,477,672 |
Property, Plant and Equipment, Net | 23,617,463 | 21,350,510 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 4,497,447 | 3,638,688 |
Goodwill | 4,427,266 | 3,519,401 |
Marketable Securities | 585,419 | 544,642 |
Other Long-Term Assets | 605,692 | 522,260 |
Total Deferred Debits and Other Assets | 10,115,824 | 8,224,991 |
Total Assets | 36,220,386 | 32,053,173 |
Current Liabilities: | ||
Notes Payable | 1,088,087 | 1,148,500 |
Long-Term Debt – Current Portion | 549,631 | 773,883 |
Accounts Payable | 1,085,034 | 884,521 |
Regulatory Liabilities | 128,071 | 146,787 |
Other Current Liabilities | 738,222 | 684,914 |
Total Current Liabilities | 3,589,045 | 3,638,605 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 3,297,518 | 5,607,207 |
Regulatory Liabilities | 3,637,273 | 702,255 |
Derivative Liabilities | 377,257 | 413,676 |
Accrued Pension, SERP and PBOP | 1,228,091 | 1,141,514 |
Other Long-Term Liabilities | 1,073,501 | 853,260 |
Total Deferred Credits and Other Liabilities | 9,613,640 | 8,717,912 |
Capitalization: | ||
Long-Term Debt | 11,775,889 | 8,829,354 |
Preferred Stock Not Subject to Mandatory Redemption | 155,570 | 155,568 |
Common Shareholders' Equity: | ||
Common Shares | 1,669,392 | 1,669,392 |
Capital Surplus, Paid In | 6,239,940 | 6,250,224 |
Retained Earnings | 3,561,084 | 3,175,171 |
Accumulated Other Comprehensive Loss | (66,403) | (65,282) |
Treasury Stock | (317,771) | (317,771) |
Common Shareholders' Equity | 11,086,242 | 10,711,734 |
Total Capitalization | 23,017,701 | 19,696,656 |
Commitments and Contingencies (Note 11) | ||
Total Liabilities and Capitalization | 36,220,386 | 32,053,173 |
The Connecticut Light And Power Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 6,028 | 6,579 |
Receivables, Net | 370,676 | 359,132 |
Accounts Receivable from Affiliated Companies | 28,181 | 16,851 |
Unbilled Revenues | 54,154 | 50,373 |
Materials, Supplies and Inventory | 48,438 | 52,050 |
Regulatory Assets | 200,281 | 335,526 |
Prepayments and Other Current Assets | 46,926 | 52,670 |
Total Current Assets | 754,684 | 873,181 |
Property, Plant and Equipment, Net | 8,271,030 | 7,632,392 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,444,935 | 1,391,564 |
Other Long-Term Assets | 159,597 | 137,907 |
Total Deferred Debits and Other Assets | 1,604,532 | 1,529,471 |
Total Assets | 10,630,246 | 10,035,044 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 69,500 | 80,100 |
Long-Term Debt – Current Portion | 300,000 | 250,000 |
Accounts Payable | 367,605 | 289,532 |
Accounts Payable to Affiliated Companies | 82,201 | 88,075 |
Obligations to Third Party Suppliers | 52,860 | 55,520 |
Regulatory Liabilities | 38,967 | 47,055 |
Derivative Liabilities | 54,392 | 77,765 |
Other Current Liabilities | 127,234 | 120,399 |
Total Current Liabilities | 1,092,759 | 1,008,446 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,103,367 | 1,987,661 |
Regulatory Liabilities | 1,112,136 | 100,138 |
Derivative Liabilities | 376,918 | 412,750 |
Accrued Pension, SERP and PBOP | 354,469 | 300,208 |
Other Long-Term Liabilities | 128,135 | 123,244 |
Total Deferred Credits and Other Liabilities | 3,075,025 | 2,924,001 |
Capitalization: | ||
Long-Term Debt | 2,759,135 | 2,516,010 |
Preferred Stock Not Subject to Mandatory Redemption | 116,200 | 116,200 |
Common Shareholders' Equity: | ||
Common Shares | 60,352 | 60,352 |
Capital Surplus, Paid In | 2,110,765 | 2,110,714 |
Retained Earnings | 1,415,741 | 1,299,374 |
Accumulated Other Comprehensive Loss | 269 | (53) |
Common Shareholders' Equity | 3,587,127 | 3,470,387 |
Total Capitalization | 6,462,462 | 6,102,597 |
Commitments and Contingencies (Note 11) | ||
Total Liabilities and Capitalization | 10,630,246 | 10,035,044 |
NSTAR Electric Company | ||
Current Assets: | ||
Cash and Cash Equivalents | 1,763 | 3,494 |
Receivables, Net | 341,341 | 312,497 |
Accounts Receivable from Affiliated Companies | 40,723 | 17,771 |
Unbilled Revenues | 49,865 | 46,961 |
Materials, Supplies and Inventory | 95,517 | 70,907 |
Regulatory Assets | 333,882 | 353,522 |
Prepayments and Other Current Assets | 24,499 | 56,066 |
Total Current Assets | 887,590 | 861,218 |
Property, Plant and Equipment, Net | 8,246,494 | 7,730,096 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 1,190,575 | 1,185,037 |
Prepaid PBOP | 126,948 | 91,607 |
Other Long-Term Assets | 84,766 | 89,635 |
Total Deferred Debits and Other Assets | 1,402,289 | 1,366,279 |
Total Assets | 10,536,373 | 9,957,593 |
Current Liabilities: | ||
Notes Payable | 234,000 | 126,500 |
Notes Payable to Eversource Parent | 0 | 51,000 |
Long-Term Debt – Current Portion | 0 | 400,000 |
Accounts Payable | 340,115 | 288,634 |
Accounts Payable to Affiliated Companies | 91,260 | 105,775 |
Obligations to Third Party Suppliers | 88,721 | 66,371 |
Renewable Portfolio Standards Compliance Obligations | 111,524 | 95,954 |
Regulatory Liabilities | 79,562 | 78,541 |
Other Current Liabilities | 79,916 | 84,933 |
Total Current Liabilities | 1,025,098 | 1,297,708 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 1,275,814 | 2,327,085 |
Regulatory Liabilities | 1,514,451 | 409,050 |
Accrued Pension, SERP and PBOP | 89,995 | 128,751 |
Other Long-Term Liabilities | 198,176 | 164,503 |
Total Deferred Credits and Other Liabilities | 3,078,436 | 3,029,389 |
Capitalization: | ||
Long-Term Debt | 2,943,759 | 2,244,653 |
Preferred Stock Not Subject to Mandatory Redemption | 43,000 | 43,000 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 1,502,942 | 1,500,642 |
Retained Earnings | 1,944,961 | 1,844,195 |
Accumulated Other Comprehensive Loss | (1,823) | (1,994) |
Common Shareholders' Equity | 3,446,080 | 3,342,843 |
Total Capitalization | 6,432,839 | 5,630,496 |
Commitments and Contingencies (Note 11) | ||
Total Liabilities and Capitalization | 10,536,373 | 9,957,593 |
Public Service Company Of New Hampshire | ||
Current Assets: | ||
Cash and Cash Equivalents | 900 | 4,646 |
Receivables, Net | 92,774 | 84,450 |
Accounts Receivable from Affiliated Companies | 5,297 | 4,185 |
Unbilled Revenues | 49,448 | 41,004 |
Fuel, Materials, Supplies and Inventory | 40,285 | 162,354 |
Regulatory Assets | 130,134 | 117,240 |
Prepayments and Other Current Assets | 28,931 | 28,908 |
Assets Held for Sale | 219,550 | 0 |
Total Current Assets | 567,319 | 442,787 |
Property, Plant and Equipment, Net | 2,642,274 | 3,039,313 |
Deferred Debits and Other Assets: | ||
Regulatory Assets | 810,677 | 245,525 |
Other Long-Term Assets | 42,391 | 37,720 |
Total Deferred Debits and Other Assets | 853,068 | 283,245 |
Total Assets | 4,062,661 | 3,765,345 |
Current Liabilities: | ||
Notes Payable to Eversource Parent | 262,900 | 160,900 |
Long-Term Debt – Current Portion | 110,000 | 70,000 |
Accounts Payable | 128,685 | 85,716 |
Accounts Payable to Affiliated Companies | 24,676 | 29,154 |
Dividends Payable to Eversource Parent | 150,000 | 0 |
Regulatory Liabilities | 6,251 | 12,659 |
Other Current Liabilities | 67,924 | 43,253 |
Total Current Liabilities | 750,436 | 401,682 |
Deferred Credits and Other Liabilities: | ||
Accumulated Deferred Income Taxes | 443,468 | 785,385 |
Regulatory Liabilities | 444,397 | 44,779 |
Accrued Pension, SERP and PBOP | 124,639 | 94,652 |
Other Long-Term Liabilities | 56,689 | 49,442 |
Total Deferred Credits and Other Liabilities | 1,069,193 | 974,258 |
Capitalization: | ||
Long-Term Debt | 892,438 | 1,002,048 |
Common Shareholders' Equity: | ||
Common Shares | 0 | 0 |
Capital Surplus, Paid In | 843,134 | 843,134 |
Retained Earnings | 511,382 | 549,286 |
Accumulated Other Comprehensive Loss | (3,922) | (5,063) |
Common Shareholders' Equity | 1,350,594 | 1,387,357 |
Total Capitalization | 2,243,032 | 2,389,405 |
Commitments and Contingencies (Note 11) | ||
Total Liabilities and Capitalization | $ 4,062,661 | $ 3,765,345 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues | $ 7,751,952 | $ 7,639,129 | $ 7,954,827 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 2,535,271 | 2,500,828 | 3,086,905 |
Operations and Maintenance | 1,277,147 | 1,323,549 | 1,329,289 |
Depreciation | 773,802 | 715,466 | 665,856 |
Amortization of Regulatory Assets, Net | 89,986 | 71,696 | 22,339 |
Energy Efficiency Programs | 480,835 | 533,659 | 495,701 |
Taxes Other Than Income Taxes | 676,757 | 634,072 | 590,573 |
Total Operating Expenses | 5,833,798 | 5,779,270 | 6,190,663 |
Operating Income | 1,918,154 | 1,859,859 | 1,764,164 |
Interest Expense | 421,755 | 400,961 | 372,420 |
Other Income, Net | 78,008 | 45,920 | 34,227 |
Income Before Income Tax Expense | 1,574,407 | 1,504,818 | 1,425,971 |
Income Tax Expense | 578,892 | 554,997 | 539,967 |
Net Income | 995,515 | 949,821 | 886,004 |
Net Income Attributable to Noncontrolling Interests | 7,519 | 7,519 | 7,519 |
Net Income Attributable to Common Shareholders | $ 987,996 | $ 942,302 | $ 878,485 |
Basic Earnings Per Common Share (in dollars per share) | $ 3.11 | $ 2.97 | $ 2.77 |
Diluted Earnings Per Common Share (in dollars per share) | $ 3.11 | $ 2.96 | $ 2.76 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 317,411,097 | 317,650,180 | 317,336,881 |
Diluted (in shares) | 318,031,580 | 318,454,239 | 318,432,687 |
The Connecticut Light And Power Company | |||
Operating Revenues | $ 2,887,359 | $ 2,805,955 | $ 2,802,675 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 930,780 | 919,723 | 1,054,313 |
Operations and Maintenance | 500,358 | 490,069 | 487,281 |
Depreciation | 249,352 | 230,489 | 215,289 |
Amortization of Regulatory Assets, Net | 83,166 | 38,765 | 12,318 |
Energy Efficiency Programs | 114,713 | 154,015 | 153,725 |
Taxes Other Than Income Taxes | 323,887 | 299,719 | 268,688 |
Total Operating Expenses | 2,202,256 | 2,132,780 | 2,191,614 |
Operating Income | 685,103 | 673,175 | 611,061 |
Interest Expense | 142,973 | 144,110 | 145,795 |
Other Income, Net | 21,242 | 13,497 | 11,490 |
Income Before Income Tax Expense | 563,372 | 542,562 | 476,756 |
Income Tax Expense | 186,646 | 208,308 | 177,396 |
Net Income | 376,726 | 334,254 | 299,360 |
NSTAR Electric Company | |||
Operating Revenues | 2,980,629 | 3,041,588 | 3,198,887 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 1,025,414 | 1,084,324 | 1,366,779 |
Operations and Maintenance | 463,737 | 489,882 | 392,888 |
Depreciation | 274,008 | 259,262 | 240,132 |
Amortization of Regulatory (Liabilities)/Assets, Net | 33,831 | 34,332 | 1,556 |
Energy Efficiency Programs | 294,053 | 321,787 | 267,622 |
Taxes Other Than Income Taxes | 181,959 | 177,837 | 171,563 |
Total Operating Expenses | 2,273,002 | 2,367,424 | 2,440,540 |
Operating Income | 707,627 | 674,164 | 758,347 |
Interest Expense | 105,729 | 108,428 | 100,139 |
Other Income, Net | 14,913 | 10,830 | 7,854 |
Income Before Income Tax Expense | 616,811 | 576,566 | 666,062 |
Income Tax Expense | 242,085 | 225,789 | 265,014 |
Net Income | 374,726 | 350,777 | 401,048 |
Public Service Company Of New Hampshire | |||
Operating Revenues | 981,624 | 959,482 | 972,203 |
Operating Expenses: | |||
Purchased Power, Fuel and Transmission | 237,478 | 210,786 | 247,721 |
Operations and Maintenance | 257,185 | 260,779 | 276,554 |
Depreciation | 128,192 | 116,519 | 105,372 |
Amortization of Regulatory (Liabilities)/Assets, Net | (16,577) | 11,170 | 16,276 |
Energy Efficiency Programs | 13,788 | 14,204 | 14,324 |
Taxes Other Than Income Taxes | 89,760 | 82,964 | 81,779 |
Total Operating Expenses | 709,826 | 696,422 | 742,026 |
Operating Income | 271,798 | 263,060 | 230,177 |
Interest Expense | 51,007 | 50,040 | 45,990 |
Other Income, Net | 3,880 | 1,329 | 3,315 |
Income Before Income Tax Expense | 224,671 | 214,349 | 187,502 |
Income Tax Expense | 88,675 | 82,364 | 73,060 |
Net Income | $ 135,996 | $ 131,985 | $ 114,442 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income | $ 995,515 | $ 949,821 | $ 886,004 |
Other Comprehensive (Loss)/Income, Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 1,974 | 2,137 | 2,079 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (350) | 2,294 | (2,588) |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (2,745) | (2,869) | 7,674 |
Other Comprehensive (Loss)/Income, Net of Tax | (1,121) | 1,562 | 7,165 |
Comprehensive Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) |
Comprehensive Income | 986,875 | 943,864 | 885,650 |
The Connecticut Light And Power Company | |||
Net Income | 376,726 | 334,254 | 299,360 |
Other Comprehensive (Loss)/Income, Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 334 | 444 | 444 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (12) | 79 | (89) |
Other Comprehensive (Loss)/Income, Net of Tax | 322 | 523 | 355 |
Comprehensive Income | 377,048 | 334,777 | 299,715 |
NSTAR Electric Company | |||
Net Income | 374,726 | 350,777 | 401,048 |
Other Comprehensive (Loss)/Income, Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 438 | 437 | 380 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (3) | 22 | (25) |
Changes in Funded Status of Pension, SERP and PBOP Benefit Plans | (264) | (177) | 103 |
Other Comprehensive (Loss)/Income, Net of Tax | 171 | 282 | 458 |
Comprehensive Income | 374,897 | 351,059 | 401,506 |
Public Service Company Of New Hampshire | |||
Net Income | 135,996 | 131,985 | 114,442 |
Other Comprehensive (Loss)/Income, Net of Tax: | |||
Qualified Cash Flow Hedging Instruments | 1,162 | 1,162 | 1,162 |
Changes in Unrealized (Losses)/Gains on Marketable Securities | (21) | 136 | (154) |
Other Comprehensive (Loss)/Income, Net of Tax | 1,141 | 1,298 | 1,008 |
Comprehensive Income | $ 137,137 | $ 133,283 | $ 115,450 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Capital Surplus, Paid In | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | The Connecticut Light And Power Company | The Connecticut Light And Power CompanyCommon Shares | The Connecticut Light And Power CompanyCapital Surplus, Paid In | The Connecticut Light And Power CompanyRetained Earnings | The Connecticut Light And Power CompanyAccumulated Other Comprehensive Loss | NSTAR Electric Company | NSTAR Electric CompanyCommon Shares | NSTAR Electric CompanyCapital Surplus, Paid In | NSTAR Electric CompanyRetained Earnings | NSTAR Electric CompanyAccumulated Other Comprehensive Loss | Public Service Company Of New Hampshire | Public Service Company Of New HampshireCommon Shares | Public Service Company Of New HampshireCapital Surplus, Paid In | Public Service Company Of New HampshireRetained Earnings | Public Service Company Of New HampshireAccumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Dec. 31, 2014 | 316,983,337 | 6,035,205 | 200 | 301 | |||||||||||||||||
Beginning balance at Dec. 31, 2014 | $ 9,976,815 | $ 1,666,796 | $ 6,235,834 | $ 2,448,661 | $ (74,009) | $ (300,467) | $ 2,936,767 | $ 60,352 | $ 1,804,869 | $ 1,072,477 | $ (931) | $ 3,041,308 | $ 0 | $ 1,396,252 | $ 1,647,790 | $ (2,734) | $ 1,227,330 | $ 0 | $ 748,240 | $ 486,459 | $ (7,369) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 886,004 | 886,004 | 299,360 | 299,360 | 401,048 | 401,048 | 114,442 | 114,442 | |||||||||||||
Dividends on Common Stock | (529,791) | (529,791) | (196,000) | (196,000) | (235,200) | (235,200) | (106,000) | (106,000) | |||||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | (1,960) | (1,960) | |||||||||||||||
Allocation of Benefits - ESOP | 743 | 743 | 394 | 394 | |||||||||||||||||
Capital Stock Expenses, Net | 51 | 51 | |||||||||||||||||||
Capital Contributions from Eversource Parent | 105,000 | 105,000 | |||||||||||||||||||
Issuance of Common Shares (in shares) | 503,443 | ||||||||||||||||||||
Issuance of Common Shares | 9,468 | $ 2,517 | 6,951 | ||||||||||||||||||
Long-Term Incentive Plan Activity | (6,140) | (6,140) | |||||||||||||||||||
Increase in Treasury Shares (in shares) | (295,531) | ||||||||||||||||||||
Increase in Treasury Shares | 12,560 | 22,070 | (9,510) | ||||||||||||||||||
Other Changes in Shareholders' Equity | 3,653 | 3,653 | 1,390 | 1,390 | |||||||||||||||||
Other Comprehensive Income | 7,165 | 7,165 | 355 | 355 | 458 | 458 | 1,008 | 1,008 | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 317,191,249 | 6,035,205 | 200 | 301 | |||||||||||||||||
Ending balance at Dec. 31, 2015 | 10,352,215 | $ 1,669,313 | 6,262,368 | 2,797,355 | (66,844) | (309,977) | 3,140,717 | $ 60,352 | 1,910,663 | 1,170,278 | (576) | 3,207,044 | $ 0 | 1,397,642 | 1,811,678 | (2,276) | 1,237,174 | $ 0 | 748,634 | 494,901 | (6,361) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 949,821 | 949,821 | 334,254 | 334,254 | 350,777 | 350,777 | 131,985 | 131,985 | |||||||||||||
Dividends on Common Stock | (564,486) | (564,486) | (199,599) | (199,599) | (316,300) | (316,300) | (77,600) | (77,600) | |||||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | (1,960) | (1,960) | |||||||||||||||
Capital Stock Expenses, Net | 51 | 51 | |||||||||||||||||||
Capital Contributions from Eversource Parent | 200,000 | 200,000 | 103,000 | 103,000 | 94,500 | 94,500 | |||||||||||||||
Issuance of Common Shares (in shares) | 15,787 | ||||||||||||||||||||
Issuance of Common Shares | (5,560) | $ 79 | (5,639) | ||||||||||||||||||
Long-Term Incentive Plan Activity | (6,056) | (6,056) | |||||||||||||||||||
Increase in Treasury Shares (in shares) | (321,228) | ||||||||||||||||||||
Increase in Treasury Shares | (7,794) | (7,794) | |||||||||||||||||||
Other Changes in Shareholders' Equity | (449) | (449) | |||||||||||||||||||
Other Comprehensive Income | 1,562 | 1,562 | 523 | 523 | 282 | 282 | 1,298 | 1,298 | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2016 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
Ending balance at Dec. 31, 2016 | 10,711,734 | $ 1,669,392 | 6,250,224 | 3,175,171 | (65,282) | (317,771) | 3,470,387 | $ 60,352 | 2,110,714 | 1,299,374 | (53) | 3,342,843 | $ 0 | 1,500,642 | 1,844,195 | (1,994) | 1,387,357 | $ 0 | 843,134 | 549,286 | (5,063) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net Income | 995,515 | 995,515 | 376,726 | 374,726 | 135,996 | ||||||||||||||||
Dividends on Common Stock | (602,083) | (602,083) | (254,800) | (254,800) | (272,000) | (272,000) | (173,900) | (173,900) | |||||||||||||
Dividends on Preferred Stock | (7,519) | (7,519) | (5,559) | (5,559) | (1,960) | (1,960) | |||||||||||||||
Capital Stock Expenses, Net | 51 | 51 | |||||||||||||||||||
Capital Contributions from Eversource Parent | 2,300 | 2,300 | |||||||||||||||||||
Long-Term Incentive Plan Activity | (10,834) | (10,834) | |||||||||||||||||||
Other Changes in Shareholders' Equity | 550 | 550 | |||||||||||||||||||
Other Comprehensive Income | (1,121) | (1,121) | 322 | 322 | 171 | 171 | 1,141 | 1,141 | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2017 | 316,885,808 | 6,035,205 | 200 | 301 | |||||||||||||||||
Ending balance at Dec. 31, 2017 | $ 11,086,242 | $ 1,669,392 | $ 6,239,940 | $ 3,561,084 | $ (66,403) | $ (317,771) | $ 3,587,127 | $ 60,352 | $ 2,110,765 | $ 1,415,741 | $ 269 | $ 3,446,080 | $ 0 | $ 1,502,942 | $ 1,944,961 | $ (1,823) | $ 1,350,594 | $ 0 | $ 843,134 | $ 511,382 | $ (3,922) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common shares (in dollars per share) | $ 1.9 | $ 1.78 | $ 1.67 |
Per share par value (in dollars per share) | $ 5 | $ 5 | $ 5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net Income | $ 995,515 | $ 949,821 | $ 886,004 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 773,802 | 715,466 | 665,856 |
Deferred Income Taxes | 491,630 | 466,463 | 491,736 |
Pension, SERP and PBOP Expense | 22,454 | 39,912 | 96,017 |
Pension and PBOP Contributions | (242,800) | (158,741) | (162,452) |
Regulatory (Under)/Over Recoveries, Net | (47,935) | 13,340 | (163,287) |
Amortization of Regulatory Assets, Net | 89,986 | 71,696 | 22,339 |
Refunds/(Payments) Related to Spent Nuclear Fuel, Net | 0 | 59,804 | (297,253) |
Other | (148,429) | (77,294) | (82,219) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (117,155) | (142,699) | (39,797) |
Fuel, Materials, Supplies and Inventory | (9,223) | 7,755 | 34,112 |
Taxes Receivable/Accrued, Net | 52,284 | 234,543 | 30,282 |
Accounts Payable | 56,067 | (14,126) | (91,618) |
Other Current Assets and Liabilities, Net | 88,738 | 9,112 | 44,031 |
Net Cash Flows Provided by Operating Activities | 2,004,934 | 2,175,052 | 1,433,751 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (2,348,105) | (1,976,867) | (1,724,139) |
Proceeds from Sales of Marketable Securities | 832,903 | 659,338 | 799,165 |
Purchases of Marketable Securities | (810,507) | (681,272) | (717,114) |
Acquisition of Aquarion | (877,652) | 0 | 0 |
Payments to Acquire Investments | (32,634) | (188,958) | (23,353) |
Other Investing Activities | 25,521 | 36,951 | 6,291 |
Net Cash Flows Used in Investing Activities | (3,210,474) | (2,150,808) | (1,659,150) |
Financing Activities: | |||
Cash Dividends on Common Shares | (602,083) | (564,486) | (529,791) |
Cash Dividends on Preferred Stock | (7,519) | (7,519) | (7,519) |
Increase/(Decrease) in Short-Term Debt | 72,810 | (12,453) | (242,122) |
Issuance of Long-Term Debt | 2,500,000 | 800,000 | 1,225,000 |
Retirements of Long-Term Debt | (745,000) | (200,000) | (216,700) |
Other Financing Activities | (4,754) | (33,482) | (18,225) |
Net Cash Flows Provided by/(Used in) Financing Activities | 1,213,454 | (17,940) | 210,643 |
Net Increase/(Decrease) in Cash and Cash Equivalents | 7,914 | 6,304 | (14,756) |
Cash and Cash Equivalents - Beginning of Year | 30,251 | 23,947 | 38,703 |
Cash and Cash Equivalents - End of Year | 38,165 | 30,251 | 23,947 |
The Connecticut Light And Power Company | |||
Operating Activities: | |||
Net Income | 376,726 | 334,254 | 299,360 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 249,352 | 230,489 | 215,289 |
Deferred Income Taxes | 119,295 | 168,919 | 135,994 |
Pension, SERP and PBOP Expense | 7,409 | 6,948 | 14,091 |
Regulatory (Under)/Over Recoveries, Net | (8,017) | (68,730) | (53,781) |
Amortization of Regulatory Assets, Net | 83,166 | 38,765 | 12,318 |
Refunds/(Payments) Related to Spent Nuclear Fuel, Net | 0 | 13,568 | (242,231) |
Other | (37,648) | (32,212) | (36,385) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (47,768) | 3,229 | (29,195) |
Fuel, Materials, Supplies and Inventory | 3,612 | (8,926) | 22,810 |
Taxes Receivable/Accrued, Net | (9,688) | 123,692 | (13,517) |
Accounts Payable | 48,032 | 3,252 | (16,910) |
Other Current Assets and Liabilities, Net | 20,080 | (1,770) | (9,514) |
Net Cash Flows Provided by Operating Activities | 804,551 | 811,478 | 298,329 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (824,383) | (611,984) | (523,849) |
Proceeds from the Sale of Property, Plant and Equipment | 0 | 9,047 | 0 |
Other Investing Activities | 236 | 296 | (716) |
Net Cash Flows Used in Investing Activities | (824,147) | (602,641) | (524,565) |
Financing Activities: | |||
Cash Dividends on Common Shares | (254,800) | (199,599) | (196,000) |
Cash Dividends on Preferred Stock | (5,559) | (5,559) | (5,559) |
(Decrease)/Increase in Notes Payable to Eversource Parent | (10,600) | (197,300) | 144,000 |
Issuance of Long-Term Debt | 525,000 | 0 | 350,000 |
Retirements of Long-Term Debt | (250,000) | 0 | (162,000) |
Capital Contributions from Eversource Parent | 0 | 200,000 | 105,000 |
Other Financing Activities | 15,004 | (857) | (10,504) |
Net Cash Flows Provided by/(Used in) Financing Activities | 19,045 | (203,315) | 224,937 |
Net Increase/(Decrease) in Cash and Cash Equivalents | (551) | 5,522 | (1,299) |
Cash and Cash Equivalents - Beginning of Year | 6,579 | 1,057 | 2,356 |
Cash and Cash Equivalents - End of Year | 6,028 | 6,579 | 1,057 |
NSTAR Electric Company | |||
Operating Activities: | |||
Net Income | 374,726 | 350,777 | 401,048 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 274,008 | 259,262 | 240,132 |
Deferred Income Taxes | 110,499 | 101,698 | 212,583 |
Pension, SERP and PBOP Expense | (9,509) | (771) | 11,639 |
Pension and PBOP Contributions | (90,721) | (37,305) | (9,886) |
Regulatory (Under)/Over Recoveries, Net | (20,009) | 118,385 | (141,824) |
Amortization of Regulatory Assets, Net | 33,831 | 34,332 | 1,556 |
Bad Debt Expense | 21,252 | 31,728 | 19,168 |
Refunds/(Payments) Related to Spent Nuclear Fuel, Net | 0 | 8,536 | (56,001) |
Other | (24,868) | (59,359) | (68,275) |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (50,896) | (70,302) | (17,028) |
Fuel, Materials, Supplies and Inventory | (24,610) | 10,571 | 19 |
Taxes Receivable/Accrued, Net | 39,205 | 60,774 | 62,148 |
Accounts Payable | (20,421) | 18,000 | (5,510) |
Other Current Assets and Liabilities, Net | 25,913 | (17,607) | 50,283 |
Net Cash Flows Provided by Operating Activities | 638,400 | 808,719 | 700,052 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (719,623) | (664,932) | (604,018) |
Proceeds from Sales of Marketable Securities | 3,934 | 2,479 | 186,444 |
Purchases of Marketable Securities | (3,869) | (2,426) | (128,861) |
Other Investing Activities | (3,617) | 0 | 0 |
Net Cash Flows Used in Investing Activities | (723,175) | (664,879) | (546,435) |
Financing Activities: | |||
Cash Dividends on Common Shares | (272,000) | (316,300) | (235,200) |
Cash Dividends on Preferred Stock | (1,960) | (1,960) | (1,960) |
Increase/(Decrease) in Short-Term Debt | 56,500 | (28,400) | (117,500) |
Issuance of Long-Term Debt | 700,000 | 300,000 | 250,000 |
Retirements of Long-Term Debt | (400,000) | (200,000) | (54,700) |
Capital Contributions from Eversource Parent | 2,300 | 103,000 | 0 |
Other Financing Activities | (1,796) | (866) | (2,850) |
Net Cash Flows Provided by/(Used in) Financing Activities | 83,044 | (144,526) | (162,210) |
Net Increase/(Decrease) in Cash and Cash Equivalents | (1,731) | (686) | (8,593) |
Cash and Cash Equivalents - Beginning of Year | 3,494 | 4,180 | 12,773 |
Cash and Cash Equivalents - End of Year | 1,763 | 3,494 | 4,180 |
Public Service Company Of New Hampshire | |||
Operating Activities: | |||
Net Income | 135,996 | 131,985 | 114,442 |
Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities | |||
Depreciation | 128,192 | 116,519 | 105,372 |
Deferred Income Taxes | 63,883 | 87,345 | 83,776 |
Pension, SERP and PBOP Expense | 1,368 | 875 | 4,580 |
Pension and PBOP Contributions | (800) | (17,078) | (982) |
Regulatory (Under)/Over Recoveries, Net | (30,788) | (4,491) | 41 |
Amortization of Regulatory Assets, Net | (16,577) | 11,170 | 16,276 |
Refunds/(Payments) Related to Spent Nuclear Fuel, Net | 0 | 3,926 | 979 |
Other | (10,088) | 6,521 | 8,677 |
Changes in Current Assets and Liabilities: | |||
Receivables and Unbilled Revenues, Net | (22,055) | (18,822) | (4,750) |
Fuel, Materials, Supplies and Inventory | 5,519 | (5,485) | (8,729) |
Taxes Receivable/Accrued, Net | 339 | 32,303 | (23,909) |
Accounts Payable | 29,453 | 11,353 | (22,203) |
Other Current Assets and Liabilities, Net | 16,458 | 5,651 | 953 |
Net Cash Flows Provided by Operating Activities | 300,900 | 361,772 | 274,523 |
Investing Activities: | |||
Investments in Property, Plant and Equipment | (312,720) | (305,430) | (308,036) |
Other Investing Activities | 199 | 326 | 306 |
Net Cash Flows Used in Investing Activities | (312,521) | (305,104) | (307,730) |
Financing Activities: | |||
Cash Dividends on Common Shares | (23,900) | (77,600) | (106,000) |
(Decrease)/Increase in Notes Payable to Eversource Parent | 102,000 | (70,400) | 140,800 |
Retirements of Long-Term Debt | (70,000) | 0 | 0 |
Capital Contributions from Eversource Parent | 0 | 94,500 | 0 |
Other Financing Activities | (225) | (255) | (349) |
Net Cash Flows Provided by/(Used in) Financing Activities | 7,875 | (53,755) | 34,451 |
Net Increase/(Decrease) in Cash and Cash Equivalents | (3,746) | 2,913 | 1,244 |
Cash and Cash Equivalents - Beginning of Year | 4,646 | 1,733 | 489 |
Cash and Cash Equivalents - End of Year | $ 900 | $ 4,646 | $ 1,733 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. About Eversource, CL&P, NSTAR Electric and PSNH 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 and PSNH (electric utilities), Yankee Gas and NSTAR Gas (natural gas utilities) and Aquarion (water utilities). Eversource provides energy delivery and/or water service to approximately 4 million electric, natural gas and water customers through eight regulated utilities in Connecticut, Massachusetts and New Hampshire. On December 4, 2017, Eversource completed the acquisition of Aquarion (formerly Macquarie Utilities Inc.) from Macquarie Infrastructure Partners for $1.675 billion , consisting of approximately $880 million in cash and $795 million of assumed Aquarion debt. Aquarion became an indirect wholly-owned subsidiary of Eversource. Aquarion is a holding company primarily engaged, through its three separate regulated water utility subsidiaries, in the water collection, treatment and distribution business. Eversource's consolidated financial information includes Aquarion and its subsidiaries' activity from December 4, 2017 through December 31, 2017. See Note 22A, "Acquisition of Aquarion and Goodwill - Acquisition of Aquarion," for further information. On December 31, 2017, Western Massachusetts Electric Company ("WMECO") was merged into NSTAR Electric. In accordance with accounting guidance on combinations between entities under common control, the net assets, results of operations and cash flows of WMECO are reflected in the NSTAR Electric financial statements. NSTAR Electric's financial statements for all periods presented in this combined Annual Report on Form 10-K have been retrospectively recast as if the merger occurred on the first day of the earliest reporting period. All contracts and operations of WMECO are now part of NSTAR Electric. Balance sheet and income statement adjustments were made for consistent presentation between WMECO’s and NSTAR Electric’s financial statements, including the elimination of intercompany transactions and a merger-related transaction for common equity. Balance sheet adjustments included the elimination of intercompany accounts receivable and payable between NSTAR Electric and WMECO. Income statement adjustments included the elimination of intercompany revenues and expenses between NSTAR Electric and WMECO. Eversource, CL&P, NSTAR Electric and PSNH are reporting companies under the Securities Exchange Act of 1934. Eversource Energy is a public utility holding company under the Public Utility Holding Company Act of 2005. Arrangements among the regulated electric companies and other Eversource companies, outside agencies and other utilities covering interconnections, interchange of electric power and sales of utility property are subject to regulation by the FERC. Eversource's regulated companies are subject to regulation of rates, accounting and other matters by the FERC and/or applicable state regulatory commissions (the PURA for CL&P and Yankee Gas, the DPU for NSTAR Electric and NSTAR Gas, the NHPUC for PSNH, and the PURA, the DPU and the NHPUC for Aquarion). CL&P, NSTAR Electric and PSNH furnish franchised retail electric service in Connecticut, Massachusetts and New Hampshire. Yankee Gas and NSTAR Gas are engaged in the distribution and sale of natural gas to customers within Connecticut and Massachusetts, respectively. Aquarion is engaged in the collection, treatment and distribution of water in Connecticut, Massachusetts and New Hampshire. CL&P, NSTAR Electric and PSNH's results include the operations of their respective distribution and transmission businesses. The distribution business also included the results of PSNH's generation facilities and NSTAR Electric's solar power facilities. Eversource also has a regulated subsidiary, NPT, which was formed to construct, own and operate the Northern Pass line, a HVDC transmission line from Québec to New Hampshire under development that will interconnect with a new HVDC transmission line being developed by a transmission subsidiary of HQ. On January 10, 2018, Eversource and PSNH completed the sale of PSNH's thermal generation assets. See Note 12, "Assets Held for Sale," for further information. Eversource Service, Eversource's service company, and several wholly-owned real estate subsidiaries of Eversource, provide support services to Eversource, including its regulated companies. Eversource holds several equity ownership interests, which are accounted for under the equity method. Eversource also consolidates the operations of CYAPC and YAEC, both of which are inactive regional nuclear generation companies engaged in the long-term storage of their spent nuclear fuel. B. Basis of Presentation The 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 consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." 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. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric and PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' electric and natural gas distribution (including generation assets), transmission and water 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 year data were made in the accompanying financial statements to conform to the current year presentation. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. As of December 31, 2017 and 2016 , Eversource's carrying amount of goodwill was approximately $4.4 billion and $ 3.5 billion , respectively. Eversource performs an assessment for possible impairment of its goodwill at least annually. Eversource completed its annual goodwill impairment test for each of its reporting units as of October 1, 2017 and determined that no impairment exists. See Note 22B, "Acquisition of Aquarion and Goodwill - Goodwill," for further information. C. Northern Pass Northern Pass is Eversource's planned 1,090 MW HVDC transmission line that will interconnect from the Québec-New Hampshire border to Franklin, New Hampshire and an associated alternating current radial transmission line between Franklin and Deerfield, New Hampshire. On February 1, 2018, the New Hampshire Site Evaluation Committee ("NHSEC") voted to deny Northern Pass’ siting application. On February 14, 2018, pursuant to the NHSEC’s decision, the Massachusetts EDCs, in coordination with the DOER and an independent evaluator, notified NPT that the EDCs will continue contract negotiations, with the option of discontinuing discussions and terminating its conditional selection by March 27, 2018. Consistent with Eversource’s and HQ’s long-term relationship to bring clean energy into New England, Eversource and HQ continue to support Northern Pass and the many benefits this project will bring to our customers and region. Eversource intends to seek reconsideration of the NHSEC’s decision and to review all options for moving this critical clean energy project forward. As of December 31, 2017, Eversource has approximately $277 million in capitalized costs associated with Northern Pass. The Company continues to believe that the Northern Pass project is probable of being placed in service. If in the future, events and changes in circumstances indicate that the Northern Pass project's capitalized costs may not be fully recoverable, the Company will then evaluate those costs for impairment. Should the Company conclude that these capitalized costs are impaired, this would have a significant negative impact on Eversource's financial position, results of operations, and cash flows. D. Accounting Standards Accounting Standards Issued but Not Yet Effective: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which amends existing revenue recognition guidance and is required to be applied either fully retrospectively (to each reporting period presented) or under a modified retrospective method (cumulatively at the date of initial application). The FASB deferred implementation of ASU 2014-09 in ASU 2015-14, Revenue from Contracts with Customers (Topic: 606): Deferral of the Effective Date . The new accounting guidance is effective for interim and annual periods beginning in 2018 with early adoption permitted. The Company implemented the standard in the first quarter of 2018 using the modified retrospective method of adoption. Under this method of adoption, prior year reported results are not restated. Under the new standard, an entity must identify the performance obligations in a contract, determine the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this ASU also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The Company has reviewed and performed accounting analyses of its revenue streams under contracts with customers. These accounting analyses included reviewing representative contracts and tariffs for each material revenue stream and evaluating them under the new guidance. The majority of the Company’s sales are derived from tariffs to provide electric and natural gas to customers. For such tariffs, the Company expects that the revenue from contracts with customers under ASU 2014-09 will be equivalent to revenue from electricity and natural gas supplied and billed in that period (including estimated unbilled revenues), which is consistent with current practice. Based on our assessments, the Company has identified one item that will be accounted for differently under the new revenue guidance as compared to current guidance. As a result of applying guidance on the unit of account under the new standard, purchases and sales of power from and to ISO-New England will be accounted for net by the hour, rather than net by the month, with no impact on net income. After taking into consideration this identified change, the Company has concluded that the new guidance will not have a material impact on the amounts or timing of revenue recognition. Implementation of the ASU will not have a material effect on the results of operations, financial position or cash flows of Eversource, CL&P, NSTAR Electric or PSNH. Significant additional disclosures of the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers will be presented beginning in the first quarter of 2018. 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 December 31, 2017 was approximately $51 million with an unrealized loss of $0.1 million . The unrealized loss recorded in AOCI will be recorded as an adjustment to the opening balance of retained earnings as of January 1, 2018. 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 or PSNH. 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 pension 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 or PSNH. E. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. At the end of each reporting period, any overdraft amounts are reclassified from Cash and Cash Equivalents to Accounts Payable on the balance sheets. F. Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric and PSNH, 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 NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. The total provision for both uncollectible accounts and for uncollectible hardship accounts (the uncollectible hardship balance 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 As of December 31, As of December 31, (Millions of Dollars) 2017 2016 2017 2016 Eversource $ 195.7 $ 200.6 $ 122.5 $ 119.9 CL&P 78.9 86.4 65.5 67.7 NSTAR Electric 69.7 70.3 40.3 36.1 PSNH 10.5 9.9 — — G. Fuel, Materials, Supplies and Inventory Fuel, Materials, Supplies and Inventory include natural gas, coal, biomass and oil inventories, materials and supplies purchased primarily for construction or operation and maintenance purposes, RECs and emission allowances. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. PSNH is subject to federal and state laws and regulations that regulate emissions of air pollutants, including SO 2 , CO 2 , and NO x related to its regulated generation units, and used SO 2 , CO 2 , and NO x emissions allowances. SO 2 , CO 2 , and NO x emissions allowances were charged to expense based on their average cost as they were utilized against emissions volumes at PSNH's generating units. On October 11, 2017, PSNH entered into two Purchase and Sale Agreements ("Agreements") to sell its thermal and hydroelectric generation assets. The NHPUC approved the Agreements in late November 2017 and on January 10, 2018, PSNH completed the sale of its thermal generation assets. As of December 31, 2017, PSNH has classified its generation assets, which included coal, biomass and oil inventories and emission allowances, as held for sale. As of December 31, 2016, these inventories were recorded within Fuel, Materials, Supplies and Inventory on the balance sheet. See Note 12, "Assets Held for Sale," for further information. The carrying amounts of fuel, materials and supplies, RECs, and emission allowances were as follows: As of December 31, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Current: Fuel $ 29.7 $ — $ — $ — $ 135.7 $ — $ — $ 99.9 Materials and Supplies 117.1 44.4 45.1 18.5 142.7 48.2 39.7 47.3 RECs 76.3 4.0 50.4 21.8 47.9 3.9 31.2 12.8 Emission Allowances — — — — 2.4 — — 2.4 Long-Term: Emission Allowances — — — — 17.5 — — 17.5 Deposits As of December 31, 2017 , Eversource, CL&P, NSTAR Electric and PSNH had $24.5 million , $3.1 million , $12.8 million and $0.5 million , respectively, of cash collateral posted not subject to master netting agreements, with ISO-NE related to energy transactions, which was included in Prepayments and Other Current Assets on the balance sheets. As of December 31, 2016 , these amounts were $21.7 million , $1.4 million , $11.8 million and $0.5 million for Eversource, CL&P, NSTAR Electric and PSNH, respectively. I. 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 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," Note 6, "Asset Retirement Obligations," Note 9A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pensions," and Note 14, "Fair Value of Financial Instruments" to the financial statements. J. Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. For the regulated companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal and accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. All changes in the fair value of derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. For further information regarding derivative contracts, see Note 4, "Derivative Instruments," to the financial statements. K. Investments Investments are included in Other Long-Term Assets on the balance sheets and earnings impacts from equity investments are included in Other Income, Net on the statements of income. Strategic, Infrastructure and Other Investments: As of December 31, 2017 and 2016 , Eversource had investments totaling $277.6 million and $236.9 million , respectively. As of December 31, 2017 and 2016 , Eversource's investments included a 15 percent ownership interest in a FERC-regulated natural gas transmission business of $159.6 million and $154.6 million , respectively, a 40 percent ownership interest in Access Northeast of $31.3 million and $30.9 million , respectively, a 37.2 percent ( 14.5 percent of which related to NSTAR Electric) ownership interest in two companies that transmit hydro-electricity imported from the Hydro-Quebec system in Canada of $17.7 million and $7.7 million , respectively, and other investments totaling $69.0 million and $43.7 million , respectively. NSTAR Electric's investments totaled $6.9 million and $3.0 million , respectively, as of December 31, 2017 and 2016 . Regional Decommissioned Nuclear Companies : CL&P, NSTAR Electric and PSNH own common stock in three regional nuclear generation companies (CYAPC, YAEC and MYAPC, collectively referred to as the "Yankee Companies"), each of which owned a single nuclear generating facility that has been decommissioned. For CL&P, NSTAR Electric and PSNH, the respective investments in CYAPC, YAEC and MYAPC are accounted for under the equity method and are included in Other Long-Term Assets on their respective balance sheets. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership interest in each of these entities is greater than 50 percent. For further information on the Yankee Companies, see Note 11C, "Commitments and Contingencies – Spent Nuclear Fuel Obligations – Yankee Companies," to the financial statements. Equity in Earnings and Dividends from Equity Investments: For the years ended December 31, 2017 , 2016 and 2015 , Eversource had equity in earnings of $27.4 million , $0.2 million , and $0.9 million , respectively. Eversource received dividends from its equity method investees of $20.0 million and $0.1 million , respectively, for the years ended December 31, 2017 and 2016 . L. Revenues Retail Revenues: Retail revenues are based on rates approved by respective state regulatory commissions. In general, rates can only be changed through formal proceedings with the state regulatory commissions. These rates are designed to recover the costs to provide service to customers, and include a return on investment. Regulatory commission-approved tracking mechanisms are also used to recover certain costs on a fully-reconciling basis. These tracking mechanisms require rates to be changed periodically to ensure recovery of actual costs incurred. Certain Eversource electric, natural gas and water companies, including CL&P and NSTAR Electric (for a portion of its customers), have a regulatory commission approved revenue decoupling mechanism ("decoupled companies"). Distribution revenues are decoupled from customer sales volumes, where applicable, which breaks the relationship between sales volumes and revenues recognized. The decoupled companies reconcile their annual base distribution rate recovery to pre-established levels of baseline distribution delivery service revenues. Any difference between the allowed level of distribution revenue and the actual amount realized is adjusted through rates in a subsequent period. A significant portion of the electric and natural gas companies' retail revenues relate to the recovery of costs incurred for the sale of electricity and natural gas purchased on behalf of customers. These energy supply costs are recovered from customers in rates through cost tracking mechanisms. Energy purchases are recorded in Purchased Power, Fuel and Transmission, and the sales of energy associated with these purchases are recorded in Operating Revenues on the statements of income. Unbilled Revenues: Because customers are billed throughout the month based on pre-determined cycles rather than on a calendar month basis, an estimate of electricity, natural gas or water delivered to customers for which the customers have not yet been billed is calculated as of the balance sheet date. Unbilled revenues are included in Operating Revenues on the statements of income and in Current Assets on the balance sheets. Actual amounts billed to customers when meter readings become available may vary from the estimated amount. Unbilled revenues are recognized by allocating estimated unbilled sales volumes to the respective customer classes, and then applying an estimated rate by customer class to those sales volumes. Unbilled revenues can vary significantly from period to period as a result of seasonality, weather, customer usage patterns, customer rates in effect for customer classes, and the timing of customer billing. The estimate of unbilled revenues can significantly impact the amount of revenues recorded at the companies that do not have a revenue decoupling mechanism. Companies that do have a decoupling mechanism record a regulatory deferral to reflect the actual allowed amount of revenue associated with their respective decoupled distribution rate design. Transmission Revenues - Wholesale Rates: The Eversource electric transmission-owning companies have a combination of FERC-approved regional and local formula rates that work in tandem to recover all their transmission costs. These rates are part of the ISO-NE Tariff. Regional rates recover the costs of higher voltage transmission facilities that benefit the region, and are collected from all New England transmission customers, including the Eversource distribution businesses. Eversource and NSTAR Electric each have two sets of local rates that recover the companies' total transmission revenue requirements, less revenues received from regional rates and other sources, and are collected from Eversource's distribution businesses and other transmission customers. The distribution businesses of Eversource, in turn, recover the FERC- approved charges from retail customers through annual or semiannual tracking mechanisms. The transmission formula rates provide for the annual reconciliation and recovery or refund of estimated costs to actual costs. The financial impacts of differences between actual and estimated costs are deferred for future recovery from, or refund to, transmission customers. See Note 11E, "Commitments and Contingencies – FERC ROE Complaints," for complaints filed at the FERC relating to Eversource's ROE. Transmission Revenues - Retail Rates: A significant portion of the Eversource electric transmission segment revenue comes from ISO-NE charges to the distribution businesses of CL&P, NSTAR Electric, and PSNH, each of which recovers these costs through rates charged to their retail customers. CL&P, NSTAR Electric and PSNH each have a retail transmission cost tracking mechanism as part of their rates, which allows the electric distribution companies to charge their retail customers for transmission costs on a timely basis. M. Operating Expenses Costs related to fuel and natural gas included in Purchased Power, Fuel and Transmission on the statements of income were as follows: For the Years Ended December 31, (Millions of D |
REGULATORY ACCOUNTING
REGULATORY ACCOUNTING | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
REGULATORY ACCOUNTING | REGULATORY ACCOUNTING Eversource's utility 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 (Millions of Dollars) As of December 31, 2017 2016 Benefit Costs $ 2,068.8 $ 1,817.8 Deferred Costs from Generation Asset Sale 516.1 — Derivative Liabilities 367.2 423.3 Income Taxes, Net 768.9 644.5 Storm Restoration Costs 404.8 385.3 Goodwill-related 365.2 464.4 Regulatory Tracker Mechanisms 509.9 576.6 Asset Retirement Obligations 101.0 99.3 Other Regulatory Assets 137.4 115.1 Total Regulatory Assets 5,239.3 4,526.3 Less: Current Portion 741.9 887.6 Total Long-Term Regulatory Assets $ 4,497.4 $ 3,638.7 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Benefit Costs $ 469.2 $ 560.7 $ 212.3 $ 429.3 $ 525.3 $ 184.2 Deferred Costs from Generation Asset Sale — — 516.1 — — — Derivative Liabilities 362.3 — — 420.5 2.8 — Income Taxes, Net 453.8 113.2 21.7 437.0 120.5 24.2 Storm Restoration Costs 216.7 146.6 41.5 239.8 128.4 17.1 Goodwill-related — 313.6 — — 398.7 — Regulatory Tracker Mechanisms 85.3 273.0 116.4 123.9 304.0 104.5 Asset Retirement Obligations 30.3 39.0 17.0 33.2 36.1 16.2 Other Regulatory Assets 27.6 78.4 15.8 43.4 22.7 16.5 Total Regulatory Assets 1,645.2 1,524.5 940.8 1,727.1 1,538.5 362.7 Less: Current Portion 200.3 333.9 130.1 335.5 353.5 117.2 Total Long-Term Regulatory Assets $ 1,444.9 $ 1,190.6 $ 810.7 $ 1,391.6 $ 1,185.0 $ 245.5 Benefit Costs: Eversource's Pension, SERP and PBOP Plans are accounted for in accordance with accounting guidance on defined benefit pension and other PBOP plans. The liability (or asset) recorded by the regulated companies to recognize the funded status of their retiree benefit plans is offset by a regulatory asset (or offset by a regulatory liability in the case of a benefit plan asset) in lieu of a charge to Accumulated Other Comprehensive Income/(Loss), reflecting ultimate recovery from customers through rates. The regulatory asset (or regulatory liability) is amortized as the actuarial gains and losses and prior service cost are amortized to net periodic benefit cost for the pension and PBOP plans. All amounts are remeasured annually. Regulatory accounting is also applied to the portions of Eversource's service company costs that support the regulated companies, as these amounts are also recoverable. As these regulatory assets or regulatory liabilities do not represent a cash outlay for the regulated companies, no carrying charge is recovered from customers. CL&P, NSTAR Electric and PSNH recover benefit costs related to their distribution and transmission operations from customers in rates as allowed by their applicable regulatory commissions. NSTAR Electric recovers qualified pension and PBOP expenses related to its distribution operations through a rate reconciling mechanism that fully tracks the change in net pension and PBOP expenses each year. Deferred Costs from Generation Asset Sale: Represents PSNH's $516.1 million of deferred costs associated with the sale of PSNH's generation assets that are expected to be recovered. These deferred costs were the difference between the carrying value and the fair value less costs to sell of the thermal generation assets that were classified as held for sale as of December 31, 2017. Full recovery of PSNH's generation assets (including these deferred costs and the results of the sale of the hydro generation assets) are expected to occur through a combination of cash flows during the remaining operating period, sales proceeds, and recovery of stranded costs via the issuance of bonds that will be secured by a non-bypassable charge or through recoveries in future rates billed to PSNH's customers. For further information, see Note 12, "Assets Held for Sale." Derivative Liabilities: Regulatory assets are recorded as an offset to derivative liabilities and relate to the fair value of contracts used to purchase energy and energy-related products that will be recovered from customers in future rates. These assets are excluded from rate base and are being recovered as the actual settlements occur over the duration of the contracts. See Note 4, "Derivative Instruments," to the financial statements for further information on these contracts. Income Taxes, Net: The tax effect of temporary book-tax differences (differences between the periods in which transactions affect income in the financial statements and the periods in which they affect the determination of taxable income, including those differences relating to uncertain tax positions) is accounted for in accordance with the rate-making treatment of the applicable regulatory commissions and accounting guidance for income taxes. Differences in income taxes between the accounting guidance and the rate-making treatment of the applicable regulatory commissions are recorded as regulatory assets. As these assets are offset by deferred income tax liabilities, no carrying charge is collected. The amortization period of these assets varies depending on the nature and/or remaining life of the underlying assets and liabilities. For further information regarding income taxes, see Note 10, "Income Taxes," to the financial statements. Storm Restoration Costs: The storm restoration cost deferrals relate to costs incurred for major storm events at CL&P, NSTAR Electric and PSNH that each company expects to recover from customers. A storm must meet certain criteria to qualify as a major storm with the criteria specific to each state jurisdiction and utility company. Once a storm qualifies as a major storm, all qualifying expenses incurred during storm restoration efforts are deferred and recovered from customers. In addition to storm restoration costs, CL&P and PSNH are each allowed to recover pre-staging storm costs. Management believes the storm restoration costs were prudent and meet the criteria for specific cost recovery in Connecticut, Massachusetts and New Hampshire, and that recovery from customers is probable through the applicable regulatory recovery process. Each electric utility has sought, or is seeking, recovery of its deferred storm restoration costs through its applicable regulatory recovery process. Each electric utility company either recovers a carrying charge on its deferred storm restoration cost regulatory asset balance or the regulatory asset balance is included in rate base. Goodwill-related: The goodwill regulatory asset originated from a 1999 transaction, and the DPU allowed its recovery in NSTAR Electric and NSTAR Gas rates. This regulatory asset is currently being amortized and recovered from customers in rates without a carrying charge over a 40 -year period, and, as of December 31, 2017 , there were 22 years of amortization remaining. Regulatory Tracker Mechanisms: The regulated companies' approved rates are designed to recover costs incurred to provide service to customers. The regulated companies recover certain of their costs on a fully-reconciling basis through regulatory commission-approved tracking mechanisms. The differences between the costs incurred (or the rate recovery allowed) and the actual revenues are recorded as regulatory assets (for undercollections) or as regulatory liabilities (for overcollections) to be included in future customer rates each year. Carrying charges are recovered in rates on all material regulatory tracker mechanisms. CL&P, NSTAR Electric and PSNH each recover, on a fully reconciling basis, the costs associated with the procurement of energy, transmission related costs from FERC-approved transmission tariffs, energy efficiency programs, low income assistance programs, certain uncollectible accounts receivable for hardship customers, and restructuring and stranded costs as a result of deregulation. Energy procurement costs at PSNH include the costs related to its generation facilities and at NSTAR Electric include the costs related to its solar power facilities. CL&P, NSTAR Electric (for their western Massachusetts customer rates) and NSTAR Gas each have a regulatory commission approved revenue decoupling mechanism. Distribution revenues are decoupled from customer sales volumes, where applicable, which breaks the relationship between sales volumes and revenues recognized. In 2017 and 2016, NSTAR Electric operated under two different rate structures based on its service territory geography. For customers that were served in eastern Massachusetts, including metropolitan Boston, Cape Cod and Martha's Vineyard, NSTAR Electric operated using traditional rates. For customers that were served in western Massachusetts, including the metropolitan Springfield region, NSTAR Electric operated using decoupled rates. Effective February 1, 2018, all of NSTAR Electric's distribution revenues were decoupled as a result of the DPU-approved rate decision. CL&P and NSTAR Electric reconciled their annual base distribution rate recovery amounts to their pre-established levels of baseline distribution delivery service revenues of $1.059 billion and $132.4 million , respectively, through December 31, 2017. Effective February 1, 2018, NSTAR Electric, operating entirely under decoupled rates, will reconcile its annual base distribution rate recovery to its new baseline of $974.8 million . Any difference between the allowed level of distribution revenue and the actual amount realized during a 12-month period is adjusted through rates in the following period. Asset Retirement Obligations: The costs associated with the depreciation of the regulated companies' ARO assets and accretion of the ARO liabilities are recorded as regulatory assets in accordance with regulatory accounting guidance. The regulated companies' ARO assets, regulatory assets and liabilities offset and are excluded from rate base. These costs are being recovered over the life of the underlying property, plant and equipment. Other Regulatory Assets: Other Regulatory Assets primarily include contractual obligations associated with the remaining nuclear fuel storage costs of the CYAPC, YAEC and MYAPC nuclear facilities, environmental remediation costs, losses associated with the reacquisition or redemption of long-term debt, certain uncollectible accounts receivable for hardship customers, certain merger-related costs allowed for recovery, water tank painting costs, and various other items. Regulatory Costs in Long-Term Assets: Eversource's regulated companies had $105.8 million (including $18.2 million for CL&P, $42.7 million for NSTAR Electric and $27.2 million for PSNH) and $86.3 million (including $5.9 million for CL&P, $55.1 million for NSTAR Electric and $8.2 million for PSNH) of additional regulatory costs as of December 31, 2017 and 2016 , respectively, that were included in 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. Equity Return on Regulatory Assets: For rate-making purposes, the regulated companies recover the carrying costs related to their regulatory assets. For certain regulatory assets, the carrying cost recovered includes an equity return component. This equity return, which is not recorded on the balance sheets, totaled $1.0 million and $1.2 million for CL&P as of December 31, 2017 and 2016 , respectively. These carrying costs will be recovered from customers in future rates. As of December 31, 2017 and 2016 , this equity return, which is not recorded on the balance sheets, totaled $42.0 million and $44.9 million , respectively, for PSNH. These amounts include $25 million of equity return on the Clean Air Project costs that PSNH has agreed not to bill customers as part of a generation divestiture settlement agreement. Regulatory Liabilities: The components of regulatory liabilities were as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Cost of Removal $ 502.1 $ 459.7 Benefit Costs 132.3 136.2 Regulatory Tracker Mechanisms 136.7 145.3 AFUDC - Transmission 67.1 65.8 Other Regulatory Liabilities 45.2 42.1 Total Regulatory Liabilities (1) 883.4 849.1 Less: Current Portion 128.1 146.8 Total Long-Term Regulatory Liabilities (1) $ 755.3 $ 702.3 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Cost of Removal $ 23.2 $ 293.8 $ 37.9 $ 38.8 $ 280.2 $ 44.1 Benefit Costs — 112.6 — — 113.1 — Regulatory Tracker Mechanisms 34.6 77.8 5.0 37.2 78.4 10.7 AFUDC - Transmission 48.8 18.3 — 50.2 15.6 — Other Regulatory Liabilities 12.9 3.7 2.7 21.0 0.3 2.7 Total Regulatory Liabilities (1) 119.5 506.2 45.6 147.2 487.6 57.5 Less: Current Portion 39.0 79.6 6.3 47.1 78.5 12.7 Total Long-Term Regulatory Liabilities (1) $ 80.5 $ 426.6 $ 39.3 $ 100.1 $ 409.1 $ 44.8 (1) The amounts above do not include the impacts associated with the "Tax Cuts and Jobs Act" (the "Act"), which became law on December 22, 2017. Pursuant to the enacted law, Eversource remeasured its existing deferred federal income tax balances as of December 31, 2017 to reflect the decrease in the U.S. federal corporate income tax rate from 35 percent to 21 percent. The remeasurement resulted in provisional regulated excess accumulated deferred income tax (ADIT) liabilities that we expect to benefit our customers in future periods, which were estimated to be approximately $2.9 billion (approximately $1.0 billion at CL&P, $1.1 billion at NSTAR Electric and $0.4 billion at PSNH) as of December 31, 2017 and recognized as regulatory liabilities on the balance sheet. We estimate that about 85 percent of the provisional regulated excess ADIT liabilities relate to property, plant, and equipment with remaining useful lives estimated to be in excess of 20 years. These amounts are subject to IRS normalization rules and would be returned to customers using the same timing as the remaining useful lives of the underlying assets that gave rise to the ADIT liabilities. The Eversource regulated companies are currently working with the state regulatory commissions, who have opened investigations to examine the impact of the Act on customer rates. For further information, see Note 10, "Income Taxes," to the financial statements. Cost of Removal: Eversource's regulated companies currently recover amounts in rates for future costs of removal of plant assets over the lives of the assets. The estimated cost to remove utility assets from service is recognized as a component of depreciation expense, and the cumulative amount collected from customers but not yet expended is recognized as a regulatory liability. AFUDC - Transmission: Regulatory liabilities were recorded by CL&P and NSTAR Electric for AFUDC accrued on certain reliability-related transmission projects to reflect local rate base recovery. These regulatory liabilities will be amortized over the depreciable life of the related transmission assets. FERC ROE Complaints : As of December 31, 2017 , Eversource has a reserve established for the first and second ROE complaints in the pending FERC ROE complaint proceedings, which was recorded as a regulatory liability. The cumulative pre-tax reserve (excluding interest) as of December 31, 2017 , which includes the impact of refunds given to customers, totaled $39.1 million for Eversource (including $21.4 million for CL&P, $14.6 million for NSTAR Electric and $3.1 million for PSNH). See Note 11E, "Commitments and Contingencies – FERC ROE Complaints," for further information on developments in the pending ROE complaint proceedings. Recent Regulatory Developments: NSTAR Electric Distribution Rate Case Decision: On November 30, 2017, the DPU issued its decision in the NSTAR Electric distribution rate case, which approved an annual distribution rate increase of $37 million , with rates effective February 1, 2018. On January 3, 2018, NSTAR Electric filed a motion to reflect a revenue requirement reduction of $56 million (due to the decrease in the federal corporate income tax rate, as part of the "Tax Cuts and Jobs Act"), resulting in an annual net decrease in rates of $19 million . In addition to its decision regarding rates, the DPU approved an authorized regulatory ROE of 10 percent , the establishment of a revenue decoupling rate mechanism for the portion of the NSTAR Electric business that did not previously have a decoupling mechanism, and the implementation of an inflation-based adjustment mechanism with a five -year stay-out until January 1, 2023. Among other items, the DPU approved the recovery of previously expensed merger-related costs (which were incurred by Eversource parent in prior years) over a 10 -year period and the recovery of previously deferred storm costs with carrying charges at the prime rate, but disallowed certain property taxes. The rate case decision resulted in the recognition of an aggregate $44.1 million pre-tax benefit recorded in 2017 ( $14.1 million at NSTAR Electric). CL&P Rate Case Settlement: On January 11, 2018, CL&P filed a distribution rate case settlement agreement for approval by PURA, which included, among other things, rate increases of $97.1 million , $32.7 million and $24.7 million , effective May 1, 2018, 2019, and 2020, respectively, an authorized regulatory ROE of 9.25 percent , 53 percent common equity in CL&P's capital structure, and a new capital tracker through 2020 for capital additions, system resiliency, and grid modernization. The rate increases associated with the settlement agreement will be reduced by the impact of the decrease in the federal corporate income tax rate, as part of the "Tax Cuts and Jobs Act," while amounts related to ADIT will be addressed in a separate manner. CL&P expects to receive final approval from PURA in the second quarter of 2018. No actions arose from this settlement that had an impact on previously deferred costs. |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION | PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION Utility property, plant and equipment is recorded at original cost. Original cost includes materials, labor, construction overheads and AFUDC for regulated property. The cost of repairs and maintenance, including planned major maintenance activities, is charged to Operations and Maintenance expense as incurred. The following tables summarize property, plant and equipment by asset category: Eversource As of December 31, (Millions of Dollars) 2017 2016 Distribution - Electric $ 14,410.5 $ 13,716.9 Distribution - Natural Gas 3,244.2 3,010.4 Transmission - Electric 9,270.9 8,517.4 Water (1) 1,558.4 — Generation and Solar (2) 36.2 1,224.2 Utility 28,520.2 26,468.9 Other (3) 693.7 591.6 Property, Plant and Equipment, Gross 29,213.9 27,060.5 Less: Accumulated Depreciation Utility (6,846.9 ) (6,480.4 ) Other (286.9 ) (242.0 ) Total Accumulated Depreciation (7,133.8 ) (6,722.4 ) Property, Plant and Equipment, Net 22,080.1 20,338.1 Construction Work in Progress 1,537.4 1,012.4 Total Property, Plant and Equipment, Net $ 23,617.5 $ 21,350.5 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution $ 5,888.3 $ 6,479.0 $ 2,083.4 $ 5,562.9 $ 6,244.2 $ 1,949.8 Transmission 4,239.9 3,821.2 1,161.3 3,912.9 3,496.9 1,059.3 Generation and Solar (2) — 36.2 — — 36.0 1,188.2 Property, Plant and Equipment, Gross 10,128.2 10,336.4 3,244.7 9,475.8 9,777.1 4,197.3 Less: Accumulated Depreciation (2,239.0 ) (2,550.2 ) (751.8 ) (2,082.4 ) (2,364.2 ) (1,254.7 ) Property, Plant and Equipment, Net 7,889.2 7,786.2 2,492.9 7,393.4 7,412.9 2,942.6 Construction Work in Progress 381.8 460.3 149.4 239.0 317.2 96.7 Total Property, Plant and Equipment, Net $ 8,271.0 $ 8,246.5 $ 2,642.3 $ 7,632.4 $ 7,730.1 $ 3,039.3 (1) On December 4, 2017, Eversource completed the acquisition of Aquarion. See Note 22A, "Acquisition of Aquarion and Goodwill - Acquisition of Aquarion," for further information. (2) On October 11, 2017, PSNH entered into two Purchase and Sale Agreements ("Agreements") to sell its thermal and hydroelectric generation assets. As of December 31, 2017, PSNH has classified its generation assets as held for sale. As of December 31, 2016, these plant balances were recorded within Property, Plant and Equipment, Net on the balance sheet. See Note 12, "Assets Held for Sale," for further information. (3) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. Depreciation of utility assets is calculated on a straight-line basis using composite rates based on the estimated remaining useful lives of the various classes of property (estimated useful life for PSNH distribution and the water utilities). The composite rates, which are subject to approval by the appropriate state regulatory agency, include a cost of removal component, which is collected from customers over the lives of the plant assets and is recognized as a regulatory liability. Depreciation rates are applied to property from the time it is placed in service. Upon retirement from service, the cost of the utility asset is charged to the accumulated provision for depreciation. The actual incurred removal costs are applied against the related regulatory liability. The depreciation rates for the various classes of utility property, plant and equipment aggregate to composite rates as follows: (Percent) 2017 2016 2015 Eversource 3.0 % 3.0 % 2.9 % CL&P 2.8 % 2.7 % 2.7 % NSTAR Electric 2.9 % 2.9 % 2.9 % PSNH 3.1 % 3.1 % 3.2 % The following table summarizes average remaining useful lives of depreciable assets: As of December 31, 2017 (Years) Eversource CL&P NSTAR Electric PSNH Distribution 34.6 35.8 31.7 31.3 Transmission 40.9 37.2 44.7 43.5 Water 32.0 — — — Solar 25.0 — 25.0 — Other 12.7 — — — |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The electric and natural gas 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. These 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 electric and natural gas 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 December 31, 2017 2016 (Millions of Dollars) Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: Level 2: Eversource $ — $ — $ — $ 6.0 $ — $ 6.0 Level 3: CL&P 9.5 (7.1 ) 2.4 13.9 (9.4 ) 4.5 Long-Term Derivative Assets: Level 2: Eversource $ — $ — $ — $ 0.3 $ (0.1 ) $ 0.2 Level 3: CL&P 71.9 (5.3 ) 66.6 77.3 (11.7 ) 65.6 Current Derivative Liabilities: Level 2: Eversource $ (4.5 ) $ — $ (4.5 ) $ — $ — $ — Level 3: Eversource (54.4 ) — (54.4 ) (79.7 ) — (79.7 ) CL&P (54.4 ) — (54.4 ) (77.8 ) — (77.8 ) Long-Term Derivative Liabilities : Level 2: Eversource $ (0.4 ) $ — $ (0.4 ) $ — $ — — $ — Level 3: Eversource (376.9 ) — (376.9 ) (413.7 ) — (413.7 ) CL&P (376.9 ) — (376.9 ) (412.8 ) — (412.8 ) (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. The business activities that result in the recognition of derivative assets also create exposure to various counterparties. As of December 31, 2017 , CL&P's derivative assets were exposed to counterparty credit risk. Of CL&P's derivative assets, $69.0 million was contracted with investment grade entities. For further information on the fair value of derivative contracts, see Note 1I, "Summary of Significant Accounting Policies – Fair Value Measurements," and Note 1J, "Summary of Significant Accounting Policies – Derivative Accounting," 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. As of December 31, 2017 and 2016 , Eversource had NYMEX financial contracts for natural gas futures in order to reduce variability associated with the purchase price of 9.5 million and 9.2 million MMBtu of natural gas, respectively. For the years ended December 31, 2017 , 2016 and 2015 , there were losses of $29.0 million , $125.5 million and $60.2 million , respectively, deferred as regulatory costs, which reflect the change in fair value associated with Eversource's derivative contracts. Credit Risk Certain of Eversource's derivative contracts contain credit risk contingent provisions. These provisions require Eversource to maintain investment grade credit ratings from the major rating agencies and to post collateral for contracts in a net liability position over specified credit limits. As of December 31, 2017 , Eversource had $3.4 million of derivative contracts in a net liability position that were subject to credit risk contingent provisions and would have been required to post additional collateral of $3.7 million if Eversource's unsecured debt credit ratings had been downgraded to below investment grade. As of December 31, 2016, Eversource had no derivative contracts in a net liability position that were subject to credit risk contingent provisions. 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 related 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 CL&P'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 December 31, 2017 2016 CL&P Range Period Covered Range Period Covered Capacity Prices $ 5.00 — 8.70 per kW-Month 2021 - 2026 $ 5.50 — 8.70 per kW-Month 2020 - 2026 Forward Reserve 1.00 — 2.00 per kW-Month 2018 - 2024 1.40 — 2.00 per kW-Month 2017 - 2024 Exit price premiums of 6 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. 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. (Millions of Dollars) Eversource CL&P Derivatives, Net: Fair Value as of January 1, 2016 $ (380.9 ) $ (380.8 ) Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (130.7 ) (122.7 ) Settlements 88.3 83.0 Fair Value as of December 31, 2016 $ (423.3 ) $ (420.5 ) Transfer out of Level 3 1.2 — Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (11.4 ) (9.5 ) Settlements 71.2 67.7 Fair Value as of December 31, 2017 $ (362.3 ) $ (362.3 ) 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. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 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 2017 and were no longer held as of December 31, 2017. For the years ended December 31, 2016 and 2015, net gains on these securities of $0.6 million and $2.0 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 December 31, 2017 2016 Eversource (Millions of Dollars) Amortized Pre-Tax Pre-Tax Fair Value Amortized Pre-Tax Pre-Tax Fair Value Debt Securities $ 284.9 $ 3.2 $ (1.1 ) $ 287.0 $ 296.2 $ 1.1 $ (2.1 ) $ 295.2 Equity Securities 216.1 97.8 (0.1 ) 313.8 203.3 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 $503.6 million and $466.7 million as of December 31, 2017 and 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 in 2017 or 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 benefit trust and are offset in Other Long-Term Liabilities for CYAPC and YAEC. Eversource utilizes the specific identification basis method for the Eversource 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. For the year ended December 31, 2017, Eversource recognized net realized gains of $9.8 million on the sales of available-for-sale securities held in the benefit trust. The proceeds of the sales were re-invested in the Eversource benefit trust. Contractual Maturities : As of December 31, 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 $ 40.1 One to five years 46.7 47.5 Six to ten years 64.7 65.6 Greater than ten years 133.3 133.8 Total Debt Securities $ 284.9 $ 287.0 (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 December 31, 2017 2016 Level 1: Mutual Funds and Equities $ 313.8 $ 274.0 Money Market Funds 23.3 54.8 Total Level 1 $ 337.1 $ 328.8 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 70.2 $ 63.0 Corporate Debt Securities 50.9 41.1 Asset-Backed Debt Securities 21.2 18.5 Municipal Bonds 110.7 107.5 Other Fixed Income Securities 10.7 10.3 Total Level 2 $ 263.7 $ 240.4 Total Marketable Securities $ 600.8 $ 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 instruments 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. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS Eversource, including CL&P, NSTAR Electric and PSNH, recognizes a liability for the fair value of an ARO on the obligation date if the liability's fair value can be reasonably estimated, even if it is conditional on a future event. Settlement dates and future costs are reasonably estimated when sufficient information becomes available. Management has identified various categories of AROs, primarily certain assets containing asbestos and hazardous contamination, and has performed fair value calculations reflecting expected probabilities for settlement scenarios. The fair value of an ARO is recorded as a liability in Other Long-Term Liabilities with a corresponding amount included in Property, Plant and Equipment, Net on the balance sheets. The ARO assets are depreciated, and the ARO liabilities are accreted over the estimated life of the obligation and the corresponding credits are recorded as accumulated depreciation and ARO liabilities, respectively. As the electric and natural gas companies are rate-regulated on a cost-of-service basis, these companies apply regulatory accounting guidance and both the depreciation and accretion costs associated with these companies' AROs are recorded as increases to Regulatory Assets on the balance sheets. A reconciliation of the beginning and ending carrying amounts of ARO liabilities are as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Balance as of Beginning of Year $ 426.4 $ 430.1 Liabilities Incurred During the Year 0.2 1.3 Liabilities Settled During the Year (19.3 ) (19.0 ) Accretion 26.3 22.9 Revisions in Estimated Cash Flows (14.5 ) (8.9 ) Balance as of End of Year $ 419.1 $ 426.4 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Balance as of Beginning of Year $ 36.0 $ 42.6 $ 23.5 $ 33.8 $ 41.0 $ 21.6 Liabilities Incurred During the Year 0.1 0.1 — — — 0.5 Liabilities Settled During the Year (1.0 ) (0.2 ) — — (0.4 ) — Accretion 2.3 2.1 1.5 2.2 2.0 1.4 Revisions in Estimated Cash Flows (5.9 ) — — — — — Balance as of End of Year $ 31.5 $ 44.6 $ 25.0 $ 36.0 $ 42.6 $ 23.5 Eversource's amounts include CYAPC and YAEC's AROs of $301.5 million and $308.6 million as of December 31, 2017 and 2016 , respectively. The fair value of the ARO for CYAPC and YAEC includes uncertainties of the fuel off-load dates related to the DOE's timing of performance regarding its obligation to dispose of the spent nuclear fuel and high level waste. The incremental asset recorded as an offset to the ARO liability was fully depreciated since the plants have no remaining useful life. Any changes in the assumptions used to calculate the fair value of the ARO liability are recorded with a corresponding offset to the related regulatory asset. The assets held in the CYAPC and YAEC nuclear decommissioning trusts are restricted for settling the ARO and all other decommissioning obligations. For further information on the assets held in the nuclear decommissioning trusts, see Note 5, "Marketable Securities," to the financial statements. |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
SHORT-TERM DEBT | SHORT-TERM DEBT Short-Term Debt Borrowing Limits: The amount of short-term borrowings that may be incurred by CL&P, NSTAR Electric and NPT is subject to periodic approval by the FERC. Because the NHPUC has jurisdiction over PSNH's short-term debt, PSNH is not currently required to obtain FERC approval for its short-term borrowings. On November 30, 2017, the FERC granted authorization that allows CL&P to issue total short-term borrowings in an aggregate principal amount not to exceed $600 million outstanding at any one time, through December 31, 2019. On November 30, 2017, the FERC granted authorization that allows NSTAR Electric to issue total short-term borrowings in an aggregate principal amount not to exceed $655 million outstanding at any one time, through December 30, 2019. On November 3, 2016, FERC authorized NPT to issue up to an aggregate of $800 million in short-term debt and long-term debt through December 31, 2018. PSNH is authorized by regulation of the NHPUC to incur short-term borrowings up to 10 percent of net fixed plant plus an additional $60 million until further ordered by the NHPUC. As of December 31, 2017 , PSNH's short-term debt authorization under the 10 percent of net fixed plant test plus $60 million totaled approximately $364 million . CL&P's certificate of incorporation contains preferred stock provisions restricting the amount of unsecured debt that CL&P may incur, including limiting unsecured indebtedness with a maturity of less than 10 years to 10 percent of total capitalization. As of December 31, 2017 , CL&P had $607.4 million of unsecured debt capacity available under this authorization. Yankee Gas and NSTAR Gas are not required to obtain approval from any state or federal authority to incur short-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. Eversource parent, CL&P, PSNH, NSTAR Gas and Yankee Gas are also parties to a five -year $1.45 billion revolving credit facility. On December 8, 2017, Eversource parent amended and restated the revolving credit facility. The amended and restated credit facility terminates on December 8, 2022 and serves to backstop Eversource parent's $1.45 billion commercial paper program. There were no borrowings outstanding on the revolving credit facility as of December 31, 2017 or 2016 . NSTAR Electric has a $650 million commercial paper program allowing NSTAR Electric to issue commercial paper as a form of short-term debt. On December 8, 2017, NSTAR Electric increased its commercial paper program from $450 million to $650 million . NSTAR Electric is also a party to a five -year $650 million revolving credit facility. On December 8, 2017, NSTAR Electric amended and restated the revolving credit facility, increasing it from $450 million to $650 million . The amended and restated credit facility terminates on December 8, 2022 and serves to backstop NSTAR Electric's $650 million commercial paper program. There were no borrowings outstanding on the revolving credit facility as of December 31, 2017 or 2016. The amount of borrowings outstanding and available under the commercial paper programs and revolving credit facility was as follows: Borrowings Outstanding as of December 31, Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2017 2016 2017 2016 2017 2016 Eversource Parent Commercial Paper Program $ 979.3 $ 1,022.0 $ 470.7 $ 428.0 1.86 % 0.88 % NSTAR Electric Commercial Paper Program 234.0 126.5 416.0 323.5 1.55 % 0.71 % Revolving Credit Facility (1) 76.0 N/A 24.0 N/A 2.66 % N/A (1) Aquarion has a $100.0 million revolving credit facility, which expires on August 19, 2019. Amounts outstanding under the commercial paper programs and revolving credit facility 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. As a result of the Eversource parent long-term debt issuances on January 8, 2018, the net proceeds of which were used to repay short-term borrowings outstanding under its commercial paper program, $201.2 million of commercial paper borrowings under the Eversource parent commercial paper program were reclassified as Long-Term Debt as of December 31, 2017. As of December 31, 2017 , there were intercompany loans from Eversource parent of $69.5 million to CL&P and $262.9 million to PSNH. 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 NSTAR Electric. These intercompany loans from Eversource parent are included in Notes Payable to Eversource Parent and are classified in current liabilities on the respective subsidiary's balance sheets. Intercompany loans from Eversource parent are eliminated in consolidation on Eversource's balance sheets. Under the credit facilities described above, Eversource and its subsidiaries must comply with certain financial and non-financial covenants, including a consolidated debt to total capitalization ratio. As of December 31, 2017 and 2016 , Eversource and its subsidiaries were in compliance with these covenants. If Eversource or its subsidiaries were not in compliance with these covenants, an event of default would occur requiring all outstanding borrowings by such borrower to be repaid, and additional borrowings by such borrower would not be permitted under its respective credit facility. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2017 2016 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.375% 2007 Series A due 2017 — 150.0 5.750% 2007 Series B due 2037 150.0 150.0 5.750% 2007 Series C due 2017 — 100.0 6.375% 2007 Series D due 2037 100.0 100.0 5.650% 2008 Series A due 2018 300.0 300.0 5.500% 2009 Series A due 2019 250.0 250.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 250.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 300.0 — Total First Mortgage Bonds 2,944.8 2,669.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 120.5 120.5 Less Amounts due Within One Year (300.0 ) (250.0 ) Unamortized Premiums and Discounts, Net 11.5 (10.0 ) Unamortized Debt Issuance Costs (17.7 ) (14.3 ) CL&P Long-Term Debt $ 2,759.1 $ 2,516.0 NSTAR Electric (Millions of Dollars) As of December 31, 2017 2016 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.625% due 2017 — 400.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 — Total Debentures 2,400.0 2,100.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 5.100% Senior Notes Series E due 2020 95.0 95.0 3.500% Senior Notes Series F due 2021 250.0 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 565.0 565.0 Less Amounts due Within One Year — (400.0 ) Unamortized Premiums and Discounts, Net (1.8 ) (4.9 ) Unamortized Debt Issuance Costs (19.4 ) (15.5 ) NSTAR Electric Long-Term Debt $ 2,943.8 $ 2,244.6 PSNH (Millions of Dollars) As of December 31, 2017 2016 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 6.150% Series N due 2017 — 70.0 6.000% Series O due 2018 110.0 110.0 4.500% Series P due 2019 150.0 150.0 4.050% Series Q due 2021 122.0 122.0 3.200% Series R due 2021 160.0 160.0 3.500% Series S due 2023 325.0 325.0 Total First Mortgage Bonds 917.0 987.0 Pollution Control Revenue Bonds: Adjustable Rate Tax Exempt Series A due 2021 (2.048% and 1.138% as of December 31, 2017 and 2016, respectively) 89.3 89.3 Less Amounts due Within One Year (110.0 ) (70.0 ) Unamortized Premiums and Discounts, Net 0.2 0.1 Unamortized Debt Issuance Costs (4.1 ) (4.4 ) PSNH Long-Term Debt $ 892.4 $ 1,002.0 OTHER (Millions of Dollars) As of December 31, 2017 2016 Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2018 - 2044 $ 520.0 $ 445.0 NSTAR Gas - First Mortgage Bonds: 4.350% - 9.950% due 2020 - 2045 285.0 310.0 Eversource Parent and Other - Notes and Debentures: 4.500% Debentures due 2019 350.0 350.0 1.450% - 4.000% Senior Notes due 2018 - 2026 3,260.0 1,700.0 Notes Payable Unsecured 3.57% - 6.430% due 2021 - 2037 290.9 — Notes Payable Secured 4.10% - 9.64% due 2021 - 2035 70.4 — Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 181.4 180.0 Fair Value Adjustment (1) 172.6 144.6 Less Fair Value Adjustment - Current Portion (1) (35.4 ) (28.9 ) Less Amounts due in One Year (104.2 ) (25.0 ) Commercial Paper Classified as Long-Term Debt 201.2 — Unamortized Premiums and Discounts, Net 1.5 (1.8 ) Unamortized Debt Issuance Costs (12.8 ) (7.1 ) Total Other Long-Term Debt 5,180.6 $ 3,066.8 Total Eversource Long-Term Debt 11,775.9 $ 8,829.4 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record the NSTAR long-term debt at fair value on the date of the 2012 merger and to record the Aquarion long-term debt at fair value as of December 4, 2017. Long-Term Debt Issuances and Repayments: The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issue Date Issuances/(Repayments) Maturity Date Use of Proceeds CL&P: 3.20% 2017 Series A First Mortgage Bonds March 2017 $ 300.0 2027 Repay short-term debt borrowings 4.30% 2014 Series A First Mortgage Bonds (1) August 2017 225.0 2044 Refinance short-term debt and fund working capital and capital expenditures 5.375% 2007 Series A First Mortgage Bonds March 2007 (150.0 ) 2017 N/A 5.75% 2007 Series C First Mortgage Bonds September 2007 (100.0 ) 2017 N/A NSTAR Electric: 3.20% Debentures May 2017 350.0 2027 Repay short-term borrowings and fund capital expenditures and working capital 3.20% Debentures (2) October 2017 350.0 2027 Redeem long-term debt that matured in 2017 5.625% Debentures November 2007 (400.0 ) 2017 N/A PSNH: 6.15% Series N First Mortgage Bonds September 2007 (70.0 ) 2017 N/A Other: Yankee Gas 3.02% Series N First Mortgage Bonds September 2017 75.0 2027 Repay short-term borrowings NSTAR Gas 7.04% Series M First Mortgage Bonds September 1997 (25.0 ) 2017 N/A Eversource Parent 2.75% Series K Senior Notes March 2017 300.0 2022 Repay short-term borrowings Eversource Parent 2.75% Series K Senior Notes (3) October 2017 450.0 2022 Repay short-term borrowings Eversource Parent 2.90% Series L Senior Notes October 2017 450.0 2024 Repay short-term borrowings Eversource Parent 2.50% Series I Senior Notes (4) January 2018 200.0 2021 Repay long-term debt due to mature in 2018 and repay short-term borrowings Eversource Parent 3.30% Series M Senior Notes January 2018 450.0 2028 Repay long-term debt due to mature in 2018 Eversource Parent 1.60% Series G Senior Notes (5) January 2015 (150.0 ) 2018 N/A (1) These bonds are part of the existing series initially issued by CL&P in 2014. The aggregate outstanding principal amount for these bonds is now $475 million . (2) These debentures are part of the same series initially issued by NSTAR Electric in May 2017. The aggregate outstanding principal amount for these debentures is now $700 million . (3) These notes are part of the same series issued by Eversource parent in March 2017. The aggregate outstanding principal amount for these notes is now $750 million . (4) These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount for these notes is now $450 million . (5) Represents a repayment at maturity on January, 15 2018. As a result of the Eversource parent debt issuances in January 2018, $446.8 million of current portion of long-term debt related to two Eversource parent issuances maturing in 2018 and $201.2 million of commercial paper borrowings were reclassified to Long-Term Debt as of December 31, 2017. 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. On December 20, 2017, PURA approved Yankee Gas' request to extend the authorization period for issuance of up to $50 million in long-term debt from December 31, 2017 to December 31, 2018. Long-Term Debt Provisions: The utility plant of CL&P, PSNH, Yankee Gas and NSTAR Gas is subject to the lien of each company's respective first mortgage bond indenture. The Eversource parent and NSTAR Electric debt is unsecured. Additionally, the long-term debt agreements provide that Eversource and certain of its subsidiaries must comply with certain covenants as are customarily included in such agreements, including equity requirements for NSTAR Electric and NSTAR Gas. Under the equity requirements, NSTAR Electric's senior notes must maintain a certain consolidated indebtedness to capitalization ratio as of the end of any fiscal quarter and NSTAR Gas' outstanding long-term debt must not exceed equity. CL&P's obligation to repay the PCRBs is secured by first mortgage bonds. The first mortgage bonds contain similar terms and provisions as the applicable series of PCRBs. If CL&P fails to meet its obligations under the first mortgage bonds, then the holder of the first mortgage bonds (the issuer of the PCRBs) would have rights under the first mortgage bonds. CL&P's tax-exempt PCRBs will be subject to redemption at par on or after September 1, 2021. All other long-term debt securities are subject to make-whole provisions. PSNH's obligation to repay the PCRBs is secured by first mortgage bonds and bond insurance. The first mortgage bonds contain similar terms and provisions as the PCRBs. If PSNH fails to meet its obligations under the first mortgage bonds, then the holder of the first mortgage bonds (the issuer of the PCRBs) would have rights under the first mortgage bonds. The PSNH Series A tax-exempt PCRBs are currently callable at 100 percent of par. The PCRBs bear interest at a rate that is periodically set pursuant to auctions. PSNH is not obligated to purchase these PCRBs, which mature in 2021, from the remarketing agent. Certain secured and unsecured notes payable are callable at redemption price and are subject to make-whole provisions. Eversource, NSTAR Electric and Yankee Gas have certain long-term debt agreements that contain cross-default provisions. No other debt issuances contain cross-default provisions as of December 31, 2017 . Pre-1983 Spent Nuclear Fuel Obligation: Under the Nuclear Waste Policy Act of 1982, the DOE is responsible for the selection and development of repositories for, and the disposal of, spent nuclear fuel and high-level radioactive waste. CYAPC is obligated to pay the DOE for the costs to dispose of spent nuclear fuel and high-level radioactive waste generated prior to April 7, 1983 (pre-1983 Spent Nuclear Fuel) and recorded an accrual for the full liability thereof to the DOE. This liability accrues interest costs at the 3-month Treasury bill yield rate. For nuclear fuel used to generate electricity prior to April 7, 1983, payment may be made any time prior to the first delivery of spent fuel to the DOE. Fees for disposal of nuclear fuel burned on or after April 7, 1983 were billed to member companies and paid to the DOE. As of December 31, 2017 and 2016 , as a result of consolidating CYAPC, Eversource has consolidated $ 181.4 million and $180.0 million , respectively, in pre-1983 spent nuclear fuel obligations to the DOE. These obligations include accumulated interest costs of $132.6 million and $131.2 million as of December 31, 2017 and 2016 , respectively. CYAPC maintains a trust to fund amounts due to the DOE for the disposal of pre-1983 spent nuclear fuel. For further information, see Note 5, "Marketable Securities," to the financial statements. Long-Term Debt Maturities: Long-term debt maturities on debt outstanding for the years 2018 through 2022 and thereafter are shown below. These amounts exclude the CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2017 : (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 961.0 $ 300.0 $ — $ 110.0 2019 801.0 250.0 — 150.0 2020 296.1 — 95.0 — 2021 922.8 — 250.0 371.3 2022 1,188.9 — 400.0 — Thereafter 7,643.1 2,515.3 2,220.0 375.0 Total $ 11,812.9 $ 3,065.3 $ 2,965.0 $ 1,006.3 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS A. Pension Benefits and Postretirement Benefits Other Than Pensions Eversource provides defined benefit plans (the "Pension Plans") that cover eligible employees, including, among others, employees of CL&P, NSTAR Electric and PSNH. The Pension Plans are subject to the provisions of ERISA, as amended by the PPA of 2006. Eversource's policy is to annually fund the Pension Plans in an amount at least equal to an amount that will satisfy all federal funding requirements. In addition to the Pension Plans, Eversource maintains SERP Plans which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (the "PBOP Plans") that provided certain benefits, primarily medical, dental and life insurance to eligible employees that met certain age and service eligibility requirements. In August 2016, Eversource Service amended its PBOP Plan, which standardized separate benefit structures that existed within the plan and made other benefit changes. The new plan 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. The benefits provided under the PBOP Plans are not vested, and the Company has the right to modify any benefit provision subject to applicable laws at that time. Eversource annually funds postretirement costs through tax deductible contributions to external trusts. Because the regulated companies recover the retiree benefit costs from customers through rates, regulatory assets are recorded in lieu of recording an adjustment to Accumulated Other Comprehensive Income/(Loss) for the funded status of the Pension, SERP and PBOP Plans. Regulatory accounting is also applied to the portions of the Eversource Service costs that support the regulated companies, as these costs are also recovered from customers. Adjustments to the Pension and PBOP Plans funded status for the unregulated companies are recorded on an after-tax basis to Accumulated Other Comprehensive Income/(Loss). For further information, see Note 2, "Regulatory Accounting," and Note 15, "Accumulated Other Comprehensive Income/(Loss)," to the financial statements. The difference between the actual return and calculated expected return on plan assets for the Pension and PBOP Plans is reflected as a component of unrecognized actuarial gains or losses, which are recorded in Regulatory Assets or Accumulated Other Comprehensive Income/(Loss). Unrecognized actuarial gains or losses are amortized as a component of pension and PBOP expense over the estimated average future employee service period. Pension and SERP Plans: The Pension and SERP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. Although Eversource maintains marketable securities in a benefit trust, the SERP Plans do not contain any assets. For further information, see Note 5, "Marketable Securities," to the financial statements. The following table provides information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and funded status: Pension and SERP As of December 31, 2017 As of December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) $ (5,080.1 ) $ (1,157.6 ) $ (1,187.3 ) $ (547.6 ) Plan Amendment — — — — (9.0 ) — (2.8 ) — Employee Transfers — 8.2 5.5 (0.7 ) — 8.8 1.3 2.4 Service Cost (71.3 ) (18.5 ) (15.5 ) (9.7 ) (75.0 ) (18.8 ) (16.3 ) (9.9 ) Interest Cost (188.0 ) (41.6 ) (42.7 ) (21.2 ) (185.5 ) (41.6 ) (42.2 ) (20.7 ) Actuarial Loss (548.7 ) (116.9 ) (143.5 ) (65.1 ) (151.8 ) (23.9 ) (37.2 ) (21.5 ) Benefits Paid - Pension 243.7 63.5 55.4 26.4 254.0 62.6 67.0 24.9 Benefits Paid - Lump Sum 18.4 — 6.8 — — — — — Benefits Paid - SERP 20.4 0.3 0.3 0.3 5.1 0.3 0.2 0.2 Increase due to acquisition of Aquarion (168.7 ) — — — — — — — Benefit Obligation as of End of Year $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of Beginning of Year $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 $ 3,905.4 $ 913.5 $ 1,053.7 $ 470.5 Employee Transfers — (8.2 ) (5.5 ) 0.7 — (8.8 ) (1.3 ) (2.4 ) Employer Contributions 235.2 2.5 85.4 0.8 146.2 0.4 28.4 17.1 Actual Return on Pension Plan Assets 589.7 126.7 154.8 70.4 278.4 63.0 74.5 33.7 Benefits Paid (243.7 ) (63.5 ) (55.4 ) (26.4 ) (254.0 ) (62.6 ) (67.0 ) (24.9 ) Benefits Paid - Lump Sum (18.4 ) — (6.8 ) — — — — — Increase due to acquisition of Aquarion 100.7 — — — — — — — Fair Value of Pension Plan Assets as of End of Year $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 Funded Status as of December 31st $ (1,197.0 ) $ (312.2 ) $ (90.2 ) $ (102.7 ) $ (1,166.3 ) $ (264.7 ) $ (129.0 ) $ (78.2 ) In 2017, there was a decrease to the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in an increase to Eversource's pension liability of approximately $390 million as of December 31, 2017. In 2016, there was a decrease in the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in an increase to Eversource's pension liability of approximately $177 million , partially offset by a revised scale for the mortality table resulting in a decrease to Eversource's pension liability of approximately $32 million as of December 31, 2016. In December 2016, Eversource amended its pension plan to adjust the calculation of lump sum payments or annuity payments for certain employees. This amendment resulted in an increase to the liability of $9 million as of December 31, 2016. The pension and SERP Plans' funded status includes the current portion of the SERP liability totaling $8.4 million and $24.8 million as of December 31, 2017 and 2016 , respectively, which is included in Other Current Liabilities on the balance sheets. As of December 31, 2017 and 2016 , the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 5,583.6 $ 1,179.2 $ 1,260.1 $ 597.2 2016 4,829.6 1,065.2 1,124.8 518.9 The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: Pension and SERP As of December 31, 2017 2016 Discount Rate 3.43% — 3.75% 4.01% — 4.33% Compensation/Progression Rate 3.50% — 4.00% 3.50% Pension and SERP Expense: Eversource charges net periodic pension expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. Effective January 1, 2016, the Company refined its method of estimating the discount rate for the service and interest cost components of Pension expense from the yield-curve approach to the spot rate methodology, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. Historically, these components were estimated using the same weighted-average discount rate as for the funded status. The total pre-tax benefit of this change on Pension expense, prior to the capitalized portion and amounts deferred and recovered through rate reconciliation mechanisms, for the year ended December 31, 2016 was approximately $46 million . The components of net periodic benefit expense for the Pension and SERP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portions of pension and SERP 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 and SERP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH 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 For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 71.3 $ 18.5 $ 15.5 $ 9.7 Interest Cost 188.0 41.6 42.7 21.2 Expected Return on Pension Plan Assets (334.1 ) (71.7 ) (87.6 ) (40.0 ) Actuarial Loss 135.2 27.7 41.1 11.6 Prior Service Cost 4.5 1.5 0.6 0.5 Total Net Periodic Benefit Expense $ 64.9 $ 17.6 $ 12.3 $ 3.0 Intercompany Allocations N/A $ 9.8 $ 9.1 $ 3.3 Capitalized Pension Expense $ 22.0 $ 9.7 $ 7.6 $ 1.5 Pension and SERP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 75.0 $ 18.8 $ 16.3 $ 9.9 Interest Cost 185.5 41.6 42.2 20.7 Expected Return on Pension Plan Assets (317.9 ) (72.1 ) (85.1 ) (38.6 ) Actuarial Loss 125.7 25.4 39.9 9.9 Prior Service Cost 3.6 1.5 0.3 0.5 Total Net Periodic Benefit Expense $ 71.9 $ 15.2 $ 13.6 $ 2.4 Intercompany Allocations N/A $ 13.8 $ 11.4 $ 4.0 Capitalized Pension Expense $ 22.1 $ 9.3 $ 8.0 $ 1.4 Pension and SERP For the Year Ended December 31, 2015 (Millions of Dollars) Eversource (1) CL&P NSTAR Electric PSNH (1) Service Cost $ 91.4 $ 24.7 $ 19.2 $ 12.1 Interest Cost 227.0 51.1 50.6 24.3 Expected Return on Pension Plan Assets (335.9 ) (78.9 ) (88.9 ) (40.4 ) Actuarial Loss 148.5 32.2 42.2 11.6 Prior Service Cost 3.7 1.5 0.2 0.5 Total Net Periodic Benefit Expense $ 134.7 $ 30.6 $ 23.3 $ 8.1 Intercompany Allocations N/A $ 22.5 $ 18.0 $ 6.7 Capitalized Pension Expense $ 41.0 $ 18.8 $ 13.3 $ 3.5 (1) Amounts exclude $3.2 million for the year ended December 31, 2015 that represent amounts included in other deferred debits. The following actuarial assumptions were used to calculate Pension and SERP expense amounts: Pension and SERP For the Years Ended December 31, 2017 2016 2015 Discount Rate 3.20% — 3.90% 3.27% — 4.89% 4.20 % Expected Long-Term Rate of Return 8.25% 8.25% 8.25 % Compensation/Progression Rate 3.50% 3.50% 3.50 % The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income ("OCI") as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Regulatory Assets OCI For the Years Ended December 31, (Millions of Dollars) 2017 2016 2017 2016 Actuarial Losses Arising During the Year $ 333.0 $ 184.6 $ 9.3 $ 6.8 Actuarial Losses Reclassified as Net Periodic Benefit Expense (129.5 ) (119.9 ) (5.7 ) (5.8 ) Prior Service Cost/(Credit) Arising During the Year 1.0 7.1 (0.4 ) 1.9 Prior Service Cost Reclassified as Net Periodic Benefit Expense (4.1 ) (3.4 ) (0.4 ) (0.2 ) The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2017 and 2016 , as well as the amounts that are expected to be recognized as components in 2018 : Regulatory Assets as of December 31, Expected 2018 Expense AOCL as of December 31, Expected 2018 Expense (Millions of Dollars) 2017 2016 2017 2016 Actuarial Loss $ 1,935.8 $ 1,732.3 $ 141.8 $ 85.7 $ 82.1 $ 5.8 Prior Service Cost 10.3 13.4 4.2 1.5 2.3 0.3 PBOP Plans: The PBOP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. The following table provides information on the PBOP Plan benefit obligations, fair values of plan assets, and funded status: PBOP As of December 31, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) $ (1,051.4 ) $ (164.0 ) $ (447.2 ) $ (88.5 ) Plan Amendment — — — — 244.0 (12.5 ) 193.6 (6.7 ) Employee Transfers — 2.4 1.5 0.2 — 1.3 0.5 0.3 Service Cost (9.5 ) (1.9 ) (1.7 ) (1.3 ) (12.2 ) (2.0 ) (3.4 ) (1.3 ) Interest Cost (27.1 ) (5.3 ) (8.7 ) (3.0 ) (32.9 ) (5.3 ) (13.3 ) (2.9 ) Actuarial Gain/(Loss) (81.8 ) (18.5 ) (13.2 ) (11.9 ) (17.7 ) 3.6 (23.5 ) 3.6 Benefits Paid 41.5 9.9 13.5 4.6 60.2 13.9 23.3 5.8 Increase due to acquisition of Aquarion (61.7 ) — — — — — — — Benefit Obligation as of End of Year $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 815.8 $ 129.2 $ 361.6 $ 73.2 $ 812.2 $ 136.7 $ 352.0 $ 75.8 Employee Transfers — (1.5 ) (0.8 ) — — (0.8 ) (0.6 ) (0.2 ) Actual Return on Plan Assets 118.0 18.1 52.9 10.4 51.3 7.2 24.6 3.4 Employer Contributions 7.6 — 5.3 — 12.5 — 8.9 — Benefits Paid (41.5 ) (9.9 ) (13.5 ) (4.6 ) (60.2 ) (13.9 ) (23.3 ) (5.8 ) Increase due to acquisition of Aquarion 22.3 — — — — — — — Fair Value of Plan Assets as of End of Year $ 922.2 $ 135.9 $ 405.5 $ 79.0 $ 815.8 $ 129.2 $ 361.6 $ 73.2 Funded Status as of December 31st $ (26.4 ) $ (42.5 ) $ 126.9 $ (22.1 ) $ 5.8 $ (35.8 ) $ 91.6 $ (16.5 ) The Eversource funded status includes a prepaid asset of $13.1 million recorded in Other Long-Term Assets and a liability of $39.5 million included in Accrued Pension, SERP and PBOP on the balance sheet. As of December 31, 2017, there was a decrease in the discount rate used to calculate the funded status, as compared to the discount rate as of December 31, 2016, resulting in an increase to the Eversource PBOP liability of approximately $64 million . The August 2016 PBOP plan amendment resulted in a reduction to Eversource's accumulated benefit liability of approximately $244 million . As of December 31, 2016, there was a decrease in the discount rate used to calculate the funded status, as compared to the discount rate as of December 31, 2015, resulting in an increase to the Eversource liability of approximately $75 million , which was partially offset by a decrease of approximately $52 million from changes in mortality and other assumptions. The following actuarial assumptions were used in calculating the PBOP Plans' year end funded status: PBOP As of December 31, 2017 2016 Discount Rate 3.55% — 3.70% 4.21% For the Eversource Service PBOP Plan, effective with the plan amendment that standardized plan designs and made benefit changes in August 2016, the health care cost trend rate is no longer applicable. PBOP Expense: Eversource charges net periodic postretirement benefits expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust each year is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. Effective January 1, 2016, the Company refined its method of estimating the discount rate for the service and interest cost components of PBOP expense from the yield-curve methodology to the spot rate methodology, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. Historically these components were estimated using the same weighted-average discount rate as for the funded status. The total pre-tax benefit of this change on PBOP expense, prior to the capitalized portion and amounts deferred and recovered through rate reconciliation mechanisms, for the year ended December 31, 2016 was approximately $10 million . The August 2016 PBOP Plan amendment resulted in a remeasurement of the benefit obligation and annual expense using assumptions at that point in time, including updated discount rates and asset values. The remeasurement resulted in a decrease in net periodic benefit costs for PBOP benefits, prior to the capitalized portion and amounts deferred and recovered through rate reconciliation mechanisms, of approximately $10 million , which was recorded in 2016, and most of this amount will be deferred for future refund to customers. The components of net periodic benefit expense for the PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portion of PBOP, are included in Operations and Maintenance expense on the statements of income. Capitalized PBOP amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis. PBOP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 9.5 $ 1.9 $ 1.7 $ 1.3 Interest Cost 27.1 5.3 8.7 3.0 Expected Return on Plan Assets (63.7 ) (9.7 ) (28.6 ) (5.5 ) Actuarial Loss 9.1 1.0 3.4 0.6 Prior Service (Credit)/Cost (21.6 ) 1.1 (17.0 ) 0.6 Total Net Periodic Benefit Expense/(Income) $ (39.6 ) $ (0.4 ) $ (31.8 ) $ — Intercompany Allocations N/A $ (0.7 ) $ (1.1 ) $ (0.5 ) Capitalized PBOP Expense/(Income) $ (19.1 ) $ (0.5 ) $ (16.2 ) $ 0.2 PBOP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 12.2 $ 2.0 $ 3.4 $ 1.3 Interest Cost 32.9 5.3 13.3 2.9 Expected Return on Plan Assets (62.9 ) (10.1 ) (28.1 ) (5.5 ) Actuarial Loss 9.0 1.5 3.3 0.7 Prior Service (Credit)/Cost (9.1 ) 0.5 (7.1 ) 0.2 Total Net Periodic Benefit Income $ (17.9 ) $ (0.8 ) $ (15.2 ) $ (0.4 ) Intercompany Allocations N/A $ 0.3 $ (0.1 ) $ (0.1 ) Capitalized PBOP Expense/(Income) $ (8.0 ) $ (0.5 ) $ (6.7 ) $ 0.1 PBOP For the Year Ended December 31, 2015 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 16.3 $ 2.1 $ 5.8 $ 1.4 Interest Cost 47.2 7.2 20.5 3.9 Expected Return on Plan Assets (67.4 ) (11.1 ) (29.8 ) (6.0 ) Actuarial Loss 6.8 0.7 2.3 0.5 Prior Service Credit (0.5 ) — (0.2 ) — Total Net Periodic Benefit Expense/(Income) $ 2.4 $ (1.1 ) $ (1.4 ) $ (0.2 ) Intercompany Allocations N/A $ 1.9 $ 1.1 $ 0.4 Capitalized PBOP Expense/(Income) $ 0.1 $ (0.2 ) $ (0.4 ) $ 0.2 The following actuarial assumptions were used to calculate PBOP expense amounts: PBOP For the Years Ended December 31, 2017 2016 2015 Discount Rate 3.48% — 4.64% 2.88% — 4.09% 4.22% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% The health care cost trend rate assumption used to calculate the PBOP expense amount for the Eversource PBOP Plan was 6.25 percent and 6.5 percent for the years ended December 31, 2016 and 2015, respectively. Effective January 1, 2017, the health care trend rate no longer has an impact on the PBOP expense on the Eversource Service PBOP Plan due to the benefit design changes effective with the 2016 plan amendment. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and OCI as well as amounts recognized in Regulatory Assets and OCI that were reclassified as net periodic benefit (expense)/income during the years presented: Regulatory Assets OCI For the Years Ended December 31, (Millions of Dollars) 2017 2016 2017 2016 Actuarial Losses/(Gains) Arising During the Year $ 44.8 $ 32.4 $ 2.6 $ (2.0 ) Actuarial (Losses)/Gains Reclassified as Net Periodic Benefit (Expense)/Income (8.6 ) (9.2 ) (0.5 ) 0.2 Prior Service (Credit)/Cost Arising During the Year (4.0 ) (247.9 ) (0.1 ) 4.0 Prior Service Credit/(Cost) Reclassified as Net Periodic Benefit Income/(Expense) 22.3 9.7 (0.7 ) (0.6 ) The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2017 and 2016 , as well as the amounts that are expected to be recognized as components in 2018 : Regulatory Assets as of December 31, Expected 2018 Expense AOCL as of December 31, Expected 2018 Expense (Millions of Dollars) 2017 2016 2017 2016 Actuarial Loss $ 211.6 $ 175.4 $ 8.8 $ 6.6 $ 4.5 $ 0.3 Prior Service (Credit)/Cost (221.2 ) (239.5 ) (21.7 ) 2.6 3.4 0.2 Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2018 2019 2020 2021 2022 2023 - 2027 Pension and SERP $ 296.5 $ 304.7 $ 311.1 $ 320.8 $ 329.4 $ 1,739.7 PBOP 56.8 57.1 57.3 57.5 57.4 279.3 Eversource Contributions: Based on the current status of the Pension Plans and federal pension funding requirements, Eversource currently expects to make contributions of approximately $180 million in 2018 , of which approximately $82 million and $6 million , will be contributed by CL&P and PSNH, respectively. The remaining $92 million is expected to be contributed by other Eversource subsidiaries, primarily Eversource Service. Eversource expects to make approximately $10 million in contributions to the PBOP Plan in 2018 , of which approximately $5 million will be contributed by NSTAR Electric. Fair Value of Pension and PBOP Plan Assets: Pension and PBOP funds are held in external trusts. Trust assets, including accumulated earnings, must be used exclusively for Pension and PBOP payments. Eversource's investment strategy for its Pension and PBOP Plans is to maximize the long-term rates of return on these plans' assets within an acceptable level of risk. The investment strategy for each asset category includes a diversification of asset types, fund strategies and fund managers and it establishes target asset allocations that are routinely reviewed and periodically rebalanced. PBOP assets are comprised of assets held in the PBOP Plan, as well as specific assets within the Pension Plan trust (401(h) assets). The investment policy and strategy of the 401(h) assets is consistent with that of the defined benefit pension plan. Eversource's expected long-term rates of return on Pension and PBOP Plan assets are based on target asset allocation assumptions and related expected long-term rates of return. In developing its expected long-term rate of return assumptions for the Pension and PBOP Plans, Eversource evaluated input from consultants, as well as long-term inflation assumptions and historical returns. For the year ended December 31, 2017 , management has assumed long-term rates of return of 8.25 percent for the Eversource Pension and PBOP Plan assets. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2017 2016 Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 21.5 % 8.5 % 22.0 % 8.5 % International 11.0 % 8.5 % 13.0 % 8.5 % Emerging Markets 4.5 % 10.0 % 5.0 % 10.0 % Private Equity 15.0 % 12.0 % 12.0 % 12.0 % Debt Securities: Fixed Income 11.0 % 4.0 % 12.0 % 4.5 % Public High Yield Fixed Income 4.0 % 6.5 % 3.0 % 7.0 % Private Debt 15.0 % 9.0 % 10.0 % 9.0 % Emerging Markets Debt 2.0 % 6.5 % 5.0 % 7.5 % Real Estate and Other Assets 12.0 % 7.5 % 10.0 % 7.5 % Hedge Funds 4.0 % 6.0 % 8.0 % 7.0 % The taxable assets within the Eversource PBOP Plan have a target asset allocation of 70 percent equity securities and 30 percent fixed income securities. The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2017 2016 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 535.4 $ — $ 1,653.3 $ 2,188.7 $ 455.5 $ — $ 1,279.7 $ 1,735.2 Private Equity 11.2 — 641.8 653.0 6.0 — 518.4 524.4 Fixed Income (2) 56.6 215.9 1,218.3 1,490.8 — 183.0 1,099.4 1,282.4 Real Estate and Other Assets 101.6 — 374.4 476.0 77.2 — 325.9 403.1 Hedge Funds — — 165.5 165.5 — — 335.0 335.0 Total $ 704.8 $ 215.9 $ 4,053.3 $ 4,974.0 $ 538.7 $ 183.0 $ 3,558.4 $ 4,280.1 Less: 401(h) PBOP Assets (3) (234.5 ) (204.1 ) Total Pension Assets $ 4,739.5 $ 4,076.0 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2017 2016 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 115.3 $ — $ 241.9 $ 357.2 $ 88.6 $ — $ 214.1 $ 302.7 Private Equity — — 31.3 31.3 — — 32.2 32.2 Fixed Income (2) 23.4 44.0 133.9 201.3 9.5 44.8 132.3 186.6 Real Estate and Other Assets 22.4 — 29.0 51.4 15.5 — 27.5 43.0 Hedge Funds — — 46.5 46.5 — — 47.2 47.2 Total $ 161.1 $ 44.0 $ 482.6 $ 687.7 $ 113.6 $ 44.8 $ 453.3 $ 611.7 Add: 401(h) PBOP Assets (3) 234.5 204.1 Total PBOP Assets $ 922.2 $ 815.8 (1) United States, International and Emerging Markets equity securities that are uncategorized include investments in commingled funds and hedge funds that are overlayed with equity index swaps and futures contracts. (2) Fixed Income investments that are uncategorized include investments in commingled funds, fixed income funds that invest in a variety of opportunistic fixed income strategies, and hedge funds that are overlayed with fixed income futures. (3) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. The Company values assets based on observable inputs when available. Equity securities, exchange traded funds and futures contracts classified as Level 1 in the fair value hierarchy are priced based on the closing price on the primary exchange as of the balance sheet date. Fixed income securities, such as government issued securities, corporate bonds and high yield bond funds, are included in Level 2 and are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The pricing models utilize observable inputs such as recent trades for the same or similar instruments, yield curves, discount margins and bond structures. Swaps are valued using pricing models that incorporate interest rates and equity and fixed income index closing prices to determine a net present value of the cash flows. Certain investments, such as commingled funds, private equity investments, real estate funds and hedge funds are valued using the NAV as a practical expedient. These investments are structured as investment companies offering shares or units to multiple investors for the purpose of providing a return. Commingled funds are recorded at NAV provided by the asset manager, which is based on the market prices of the underlying equity securities. Hedge Funds are recorded at NAV based on the values of the underlying assets. Private Equity investments, Fixed Income partnership funds and Real Estate and Other Assets are valued using the NAV provided by the partnerships, which are based on discounted cash flows of the underlying investments, real estate appraisals or public market comparables of the underlying investments. The Company has retrospectively adopted new accounting guidance that eliminates the requirement to classify assets valued at NAV, as a practical expedient, within the fair value hierarchy. Prior to the adoption of this guidance, these investments were classified as Level 2 or Level 3 in the fair value hierarchy. The adoption of this guidance changes fair value measurement disclosures, but does not impact the methodology for valuing the investments or financial statement results. Defined Contribution Plan Eversource maintains defined contribution plans on behalf of eligible participants. The Eversource 401k Plan provides for employee and employer contributions up to statutory limits. For eligible employees, the Eversource 401k Plan provides employer matching contributions of either 100 percent up to a maximum of three percent of eligible compensation or 50 percent up to a maximum of eight percent of eligible compensation. For newly hired employees, the Eversource 401k Plan provides employer matching contributions of 100 percent up to a maximum of three percent of eligible compensation. The Eversource 401k Plan also contains a K-Vantage feature for the benefit of eligible participants, which provides an additional annual employer contribution based on age and years of service. K-Vantage participants are not eligible to actively participate in the Eversource Pension Plan. The total defined Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 34.5 $ 4.6 $ 8.5 $ 3.7 2016 31.8 4.5 8.1 3.4 2015 30.4 4.8 7.3 3.4 Share-Based Payments Share-based compensation awards are recorded using a fair-value based method at the date of grant. Eversource, CL&P, NSTAR Electric and PSNH record compensation expense related to these awards, as applicable, for shares issued or sold to their respective employees and officers, as well as for the allocation of costs associated with shares issued or sold to Eversource's service company employees and officers that support CL&P, NSTAR Electric and PSNH. Eversource Incentive Plans: Eversource maintains long-term equity-based incentive plans in which Eversource, CL&P, NSTAR Electric and PSNH employees, officers and board members are eligible to participate. The incentive plans authorize Eversource to grant up to 8,000,000 new shares for various types of awards, including RSUs and performance shares, to eligible employees, officers, and board members. As of December 31, 2017 and 2016 , Eversource had 2,445,110 and 2,692,350 common shares, respectively, available for issuance under these plans. Eversource accounts for its various share-based plans as follows: • RSUs - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period based upon the fair value of Eversource's common shares at the date of grant. The par value of RSUs is reclassified to Common Stock from APIC as RSUs become issued as common shares. • Performance Shares - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. Performance shares vest based upon the extent to which Company goals are achieved. Vesting of outstanding performance shares is based upon both the Company's EPS growth over the requisite service period and the total shareholder return as compared to the Edison Electric Institute ("EEI") Index during the requisite service period. The fair value of performance shares is determined at the date of grant using a lattice model. • Stock Options - All outstanding stock options were exercised during 2017. RSUs: Eversource granted RSUs under the annual long-term incentive programs that are subject to three -year graded vesting schedules for employees, and one -year graded vesting schedules, or immediate vesting, for board members. RSUs are paid in shares, reduced by amounts sufficient to satisfy withholdings for income taxes, subsequent to vesting. A summary of RSU transactions is as follows: RSUs (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 724,270 $ 47.86 Granted 299,285 $ 55.97 Shares Issued (289,635 ) $ 52.26 Forfeited (16,881 ) $ 55.60 Outstanding as of December 31, 2017 717,039 $ 49.29 The weighted average grant-date fair value of RSUs granted for the years ended December 31, 2017 , 2016 and 2015 was $55.97 , $54.67 and $54.57 , respectively. As of December 31, 2017 and 2016 , the number and weighted average grant-date fair value of unvested RSUs was 388,269 and $56.15 per share, and 322,158 and $53.47 per share, respectively. During 2017 , there were 306,087 RSUs at a weighted average grant-date fair value of $52.75 per share that vested during the year and were either paid or deferred. As of December 31, 2017 , 328,770 RSUs were fully vested and deferred and an additional 368,856 are expected to vest. Performance Shares: Eversource granted performance shares under the annual long-term incentive programs that vest based upon the extent to which Company goals are |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED PAYMENTS | EMPLOYEE BENEFITS A. Pension Benefits and Postretirement Benefits Other Than Pensions Eversource provides defined benefit plans (the "Pension Plans") that cover eligible employees, including, among others, employees of CL&P, NSTAR Electric and PSNH. The Pension Plans are subject to the provisions of ERISA, as amended by the PPA of 2006. Eversource's policy is to annually fund the Pension Plans in an amount at least equal to an amount that will satisfy all federal funding requirements. In addition to the Pension Plans, Eversource maintains SERP Plans which provide benefits in excess of Internal Revenue Code limitations to eligible participants consisting of current and retired employees. Eversource also provides defined benefit postretirement plans (the "PBOP Plans") that provided certain benefits, primarily medical, dental and life insurance to eligible employees that met certain age and service eligibility requirements. In August 2016, Eversource Service amended its PBOP Plan, which standardized separate benefit structures that existed within the plan and made other benefit changes. The new plan 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. The benefits provided under the PBOP Plans are not vested, and the Company has the right to modify any benefit provision subject to applicable laws at that time. Eversource annually funds postretirement costs through tax deductible contributions to external trusts. Because the regulated companies recover the retiree benefit costs from customers through rates, regulatory assets are recorded in lieu of recording an adjustment to Accumulated Other Comprehensive Income/(Loss) for the funded status of the Pension, SERP and PBOP Plans. Regulatory accounting is also applied to the portions of the Eversource Service costs that support the regulated companies, as these costs are also recovered from customers. Adjustments to the Pension and PBOP Plans funded status for the unregulated companies are recorded on an after-tax basis to Accumulated Other Comprehensive Income/(Loss). For further information, see Note 2, "Regulatory Accounting," and Note 15, "Accumulated Other Comprehensive Income/(Loss)," to the financial statements. The difference between the actual return and calculated expected return on plan assets for the Pension and PBOP Plans is reflected as a component of unrecognized actuarial gains or losses, which are recorded in Regulatory Assets or Accumulated Other Comprehensive Income/(Loss). Unrecognized actuarial gains or losses are amortized as a component of pension and PBOP expense over the estimated average future employee service period. Pension and SERP Plans: The Pension and SERP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. Although Eversource maintains marketable securities in a benefit trust, the SERP Plans do not contain any assets. For further information, see Note 5, "Marketable Securities," to the financial statements. The following table provides information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and funded status: Pension and SERP As of December 31, 2017 As of December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) $ (5,080.1 ) $ (1,157.6 ) $ (1,187.3 ) $ (547.6 ) Plan Amendment — — — — (9.0 ) — (2.8 ) — Employee Transfers — 8.2 5.5 (0.7 ) — 8.8 1.3 2.4 Service Cost (71.3 ) (18.5 ) (15.5 ) (9.7 ) (75.0 ) (18.8 ) (16.3 ) (9.9 ) Interest Cost (188.0 ) (41.6 ) (42.7 ) (21.2 ) (185.5 ) (41.6 ) (42.2 ) (20.7 ) Actuarial Loss (548.7 ) (116.9 ) (143.5 ) (65.1 ) (151.8 ) (23.9 ) (37.2 ) (21.5 ) Benefits Paid - Pension 243.7 63.5 55.4 26.4 254.0 62.6 67.0 24.9 Benefits Paid - Lump Sum 18.4 — 6.8 — — — — — Benefits Paid - SERP 20.4 0.3 0.3 0.3 5.1 0.3 0.2 0.2 Increase due to acquisition of Aquarion (168.7 ) — — — — — — — Benefit Obligation as of End of Year $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of Beginning of Year $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 $ 3,905.4 $ 913.5 $ 1,053.7 $ 470.5 Employee Transfers — (8.2 ) (5.5 ) 0.7 — (8.8 ) (1.3 ) (2.4 ) Employer Contributions 235.2 2.5 85.4 0.8 146.2 0.4 28.4 17.1 Actual Return on Pension Plan Assets 589.7 126.7 154.8 70.4 278.4 63.0 74.5 33.7 Benefits Paid (243.7 ) (63.5 ) (55.4 ) (26.4 ) (254.0 ) (62.6 ) (67.0 ) (24.9 ) Benefits Paid - Lump Sum (18.4 ) — (6.8 ) — — — — — Increase due to acquisition of Aquarion 100.7 — — — — — — — Fair Value of Pension Plan Assets as of End of Year $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 Funded Status as of December 31st $ (1,197.0 ) $ (312.2 ) $ (90.2 ) $ (102.7 ) $ (1,166.3 ) $ (264.7 ) $ (129.0 ) $ (78.2 ) In 2017, there was a decrease to the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in an increase to Eversource's pension liability of approximately $390 million as of December 31, 2017. In 2016, there was a decrease in the discount rate used to calculate the funded status of the Eversource pension liability, which resulted in an increase to Eversource's pension liability of approximately $177 million , partially offset by a revised scale for the mortality table resulting in a decrease to Eversource's pension liability of approximately $32 million as of December 31, 2016. In December 2016, Eversource amended its pension plan to adjust the calculation of lump sum payments or annuity payments for certain employees. This amendment resulted in an increase to the liability of $9 million as of December 31, 2016. The pension and SERP Plans' funded status includes the current portion of the SERP liability totaling $8.4 million and $24.8 million as of December 31, 2017 and 2016 , respectively, which is included in Other Current Liabilities on the balance sheets. As of December 31, 2017 and 2016 , the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 5,583.6 $ 1,179.2 $ 1,260.1 $ 597.2 2016 4,829.6 1,065.2 1,124.8 518.9 The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: Pension and SERP As of December 31, 2017 2016 Discount Rate 3.43% — 3.75% 4.01% — 4.33% Compensation/Progression Rate 3.50% — 4.00% 3.50% Pension and SERP Expense: Eversource charges net periodic pension expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. Effective January 1, 2016, the Company refined its method of estimating the discount rate for the service and interest cost components of Pension expense from the yield-curve approach to the spot rate methodology, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. Historically, these components were estimated using the same weighted-average discount rate as for the funded status. The total pre-tax benefit of this change on Pension expense, prior to the capitalized portion and amounts deferred and recovered through rate reconciliation mechanisms, for the year ended December 31, 2016 was approximately $46 million . The components of net periodic benefit expense for the Pension and SERP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portions of pension and SERP 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 and SERP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH 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 For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 71.3 $ 18.5 $ 15.5 $ 9.7 Interest Cost 188.0 41.6 42.7 21.2 Expected Return on Pension Plan Assets (334.1 ) (71.7 ) (87.6 ) (40.0 ) Actuarial Loss 135.2 27.7 41.1 11.6 Prior Service Cost 4.5 1.5 0.6 0.5 Total Net Periodic Benefit Expense $ 64.9 $ 17.6 $ 12.3 $ 3.0 Intercompany Allocations N/A $ 9.8 $ 9.1 $ 3.3 Capitalized Pension Expense $ 22.0 $ 9.7 $ 7.6 $ 1.5 Pension and SERP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 75.0 $ 18.8 $ 16.3 $ 9.9 Interest Cost 185.5 41.6 42.2 20.7 Expected Return on Pension Plan Assets (317.9 ) (72.1 ) (85.1 ) (38.6 ) Actuarial Loss 125.7 25.4 39.9 9.9 Prior Service Cost 3.6 1.5 0.3 0.5 Total Net Periodic Benefit Expense $ 71.9 $ 15.2 $ 13.6 $ 2.4 Intercompany Allocations N/A $ 13.8 $ 11.4 $ 4.0 Capitalized Pension Expense $ 22.1 $ 9.3 $ 8.0 $ 1.4 Pension and SERP For the Year Ended December 31, 2015 (Millions of Dollars) Eversource (1) CL&P NSTAR Electric PSNH (1) Service Cost $ 91.4 $ 24.7 $ 19.2 $ 12.1 Interest Cost 227.0 51.1 50.6 24.3 Expected Return on Pension Plan Assets (335.9 ) (78.9 ) (88.9 ) (40.4 ) Actuarial Loss 148.5 32.2 42.2 11.6 Prior Service Cost 3.7 1.5 0.2 0.5 Total Net Periodic Benefit Expense $ 134.7 $ 30.6 $ 23.3 $ 8.1 Intercompany Allocations N/A $ 22.5 $ 18.0 $ 6.7 Capitalized Pension Expense $ 41.0 $ 18.8 $ 13.3 $ 3.5 (1) Amounts exclude $3.2 million for the year ended December 31, 2015 that represent amounts included in other deferred debits. The following actuarial assumptions were used to calculate Pension and SERP expense amounts: Pension and SERP For the Years Ended December 31, 2017 2016 2015 Discount Rate 3.20% — 3.90% 3.27% — 4.89% 4.20 % Expected Long-Term Rate of Return 8.25% 8.25% 8.25 % Compensation/Progression Rate 3.50% 3.50% 3.50 % The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income ("OCI") as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Regulatory Assets OCI For the Years Ended December 31, (Millions of Dollars) 2017 2016 2017 2016 Actuarial Losses Arising During the Year $ 333.0 $ 184.6 $ 9.3 $ 6.8 Actuarial Losses Reclassified as Net Periodic Benefit Expense (129.5 ) (119.9 ) (5.7 ) (5.8 ) Prior Service Cost/(Credit) Arising During the Year 1.0 7.1 (0.4 ) 1.9 Prior Service Cost Reclassified as Net Periodic Benefit Expense (4.1 ) (3.4 ) (0.4 ) (0.2 ) The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2017 and 2016 , as well as the amounts that are expected to be recognized as components in 2018 : Regulatory Assets as of December 31, Expected 2018 Expense AOCL as of December 31, Expected 2018 Expense (Millions of Dollars) 2017 2016 2017 2016 Actuarial Loss $ 1,935.8 $ 1,732.3 $ 141.8 $ 85.7 $ 82.1 $ 5.8 Prior Service Cost 10.3 13.4 4.2 1.5 2.3 0.3 PBOP Plans: The PBOP Plans are accounted for under the multiple-employer approach, with each operating company's balance sheet reflecting its share of the funded status of the plans. The following table provides information on the PBOP Plan benefit obligations, fair values of plan assets, and funded status: PBOP As of December 31, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) $ (1,051.4 ) $ (164.0 ) $ (447.2 ) $ (88.5 ) Plan Amendment — — — — 244.0 (12.5 ) 193.6 (6.7 ) Employee Transfers — 2.4 1.5 0.2 — 1.3 0.5 0.3 Service Cost (9.5 ) (1.9 ) (1.7 ) (1.3 ) (12.2 ) (2.0 ) (3.4 ) (1.3 ) Interest Cost (27.1 ) (5.3 ) (8.7 ) (3.0 ) (32.9 ) (5.3 ) (13.3 ) (2.9 ) Actuarial Gain/(Loss) (81.8 ) (18.5 ) (13.2 ) (11.9 ) (17.7 ) 3.6 (23.5 ) 3.6 Benefits Paid 41.5 9.9 13.5 4.6 60.2 13.9 23.3 5.8 Increase due to acquisition of Aquarion (61.7 ) — — — — — — — Benefit Obligation as of End of Year $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 815.8 $ 129.2 $ 361.6 $ 73.2 $ 812.2 $ 136.7 $ 352.0 $ 75.8 Employee Transfers — (1.5 ) (0.8 ) — — (0.8 ) (0.6 ) (0.2 ) Actual Return on Plan Assets 118.0 18.1 52.9 10.4 51.3 7.2 24.6 3.4 Employer Contributions 7.6 — 5.3 — 12.5 — 8.9 — Benefits Paid (41.5 ) (9.9 ) (13.5 ) (4.6 ) (60.2 ) (13.9 ) (23.3 ) (5.8 ) Increase due to acquisition of Aquarion 22.3 — — — — — — — Fair Value of Plan Assets as of End of Year $ 922.2 $ 135.9 $ 405.5 $ 79.0 $ 815.8 $ 129.2 $ 361.6 $ 73.2 Funded Status as of December 31st $ (26.4 ) $ (42.5 ) $ 126.9 $ (22.1 ) $ 5.8 $ (35.8 ) $ 91.6 $ (16.5 ) The Eversource funded status includes a prepaid asset of $13.1 million recorded in Other Long-Term Assets and a liability of $39.5 million included in Accrued Pension, SERP and PBOP on the balance sheet. As of December 31, 2017, there was a decrease in the discount rate used to calculate the funded status, as compared to the discount rate as of December 31, 2016, resulting in an increase to the Eversource PBOP liability of approximately $64 million . The August 2016 PBOP plan amendment resulted in a reduction to Eversource's accumulated benefit liability of approximately $244 million . As of December 31, 2016, there was a decrease in the discount rate used to calculate the funded status, as compared to the discount rate as of December 31, 2015, resulting in an increase to the Eversource liability of approximately $75 million , which was partially offset by a decrease of approximately $52 million from changes in mortality and other assumptions. The following actuarial assumptions were used in calculating the PBOP Plans' year end funded status: PBOP As of December 31, 2017 2016 Discount Rate 3.55% — 3.70% 4.21% For the Eversource Service PBOP Plan, effective with the plan amendment that standardized plan designs and made benefit changes in August 2016, the health care cost trend rate is no longer applicable. PBOP Expense: Eversource charges net periodic postretirement benefits expense to its subsidiaries based on the actual participant demographic data for each subsidiary's participants. The actual investment return in the trust each year is allocated to each of the subsidiaries annually in proportion to the investment return expected to be earned during the year. Effective January 1, 2016, the Company refined its method of estimating the discount rate for the service and interest cost components of PBOP expense from the yield-curve methodology to the spot rate methodology, which provides a more precise measurement by matching projected cash flows to the corresponding spot rates on the yield curve. Historically these components were estimated using the same weighted-average discount rate as for the funded status. The total pre-tax benefit of this change on PBOP expense, prior to the capitalized portion and amounts deferred and recovered through rate reconciliation mechanisms, for the year ended December 31, 2016 was approximately $10 million . The August 2016 PBOP Plan amendment resulted in a remeasurement of the benefit obligation and annual expense using assumptions at that point in time, including updated discount rates and asset values. The remeasurement resulted in a decrease in net periodic benefit costs for PBOP benefits, prior to the capitalized portion and amounts deferred and recovered through rate reconciliation mechanisms, of approximately $10 million , which was recorded in 2016, and most of this amount will be deferred for future refund to customers. The components of net periodic benefit expense for the PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portion of PBOP, are included in Operations and Maintenance expense on the statements of income. Capitalized PBOP amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis. PBOP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 9.5 $ 1.9 $ 1.7 $ 1.3 Interest Cost 27.1 5.3 8.7 3.0 Expected Return on Plan Assets (63.7 ) (9.7 ) (28.6 ) (5.5 ) Actuarial Loss 9.1 1.0 3.4 0.6 Prior Service (Credit)/Cost (21.6 ) 1.1 (17.0 ) 0.6 Total Net Periodic Benefit Expense/(Income) $ (39.6 ) $ (0.4 ) $ (31.8 ) $ — Intercompany Allocations N/A $ (0.7 ) $ (1.1 ) $ (0.5 ) Capitalized PBOP Expense/(Income) $ (19.1 ) $ (0.5 ) $ (16.2 ) $ 0.2 PBOP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 12.2 $ 2.0 $ 3.4 $ 1.3 Interest Cost 32.9 5.3 13.3 2.9 Expected Return on Plan Assets (62.9 ) (10.1 ) (28.1 ) (5.5 ) Actuarial Loss 9.0 1.5 3.3 0.7 Prior Service (Credit)/Cost (9.1 ) 0.5 (7.1 ) 0.2 Total Net Periodic Benefit Income $ (17.9 ) $ (0.8 ) $ (15.2 ) $ (0.4 ) Intercompany Allocations N/A $ 0.3 $ (0.1 ) $ (0.1 ) Capitalized PBOP Expense/(Income) $ (8.0 ) $ (0.5 ) $ (6.7 ) $ 0.1 PBOP For the Year Ended December 31, 2015 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 16.3 $ 2.1 $ 5.8 $ 1.4 Interest Cost 47.2 7.2 20.5 3.9 Expected Return on Plan Assets (67.4 ) (11.1 ) (29.8 ) (6.0 ) Actuarial Loss 6.8 0.7 2.3 0.5 Prior Service Credit (0.5 ) — (0.2 ) — Total Net Periodic Benefit Expense/(Income) $ 2.4 $ (1.1 ) $ (1.4 ) $ (0.2 ) Intercompany Allocations N/A $ 1.9 $ 1.1 $ 0.4 Capitalized PBOP Expense/(Income) $ 0.1 $ (0.2 ) $ (0.4 ) $ 0.2 The following actuarial assumptions were used to calculate PBOP expense amounts: PBOP For the Years Ended December 31, 2017 2016 2015 Discount Rate 3.48% — 4.64% 2.88% — 4.09% 4.22% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% The health care cost trend rate assumption used to calculate the PBOP expense amount for the Eversource PBOP Plan was 6.25 percent and 6.5 percent for the years ended December 31, 2016 and 2015, respectively. Effective January 1, 2017, the health care trend rate no longer has an impact on the PBOP expense on the Eversource Service PBOP Plan due to the benefit design changes effective with the 2016 plan amendment. The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and OCI as well as amounts recognized in Regulatory Assets and OCI that were reclassified as net periodic benefit (expense)/income during the years presented: Regulatory Assets OCI For the Years Ended December 31, (Millions of Dollars) 2017 2016 2017 2016 Actuarial Losses/(Gains) Arising During the Year $ 44.8 $ 32.4 $ 2.6 $ (2.0 ) Actuarial (Losses)/Gains Reclassified as Net Periodic Benefit (Expense)/Income (8.6 ) (9.2 ) (0.5 ) 0.2 Prior Service (Credit)/Cost Arising During the Year (4.0 ) (247.9 ) (0.1 ) 4.0 Prior Service Credit/(Cost) Reclassified as Net Periodic Benefit Income/(Expense) 22.3 9.7 (0.7 ) (0.6 ) The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2017 and 2016 , as well as the amounts that are expected to be recognized as components in 2018 : Regulatory Assets as of December 31, Expected 2018 Expense AOCL as of December 31, Expected 2018 Expense (Millions of Dollars) 2017 2016 2017 2016 Actuarial Loss $ 211.6 $ 175.4 $ 8.8 $ 6.6 $ 4.5 $ 0.3 Prior Service (Credit)/Cost (221.2 ) (239.5 ) (21.7 ) 2.6 3.4 0.2 Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2018 2019 2020 2021 2022 2023 - 2027 Pension and SERP $ 296.5 $ 304.7 $ 311.1 $ 320.8 $ 329.4 $ 1,739.7 PBOP 56.8 57.1 57.3 57.5 57.4 279.3 Eversource Contributions: Based on the current status of the Pension Plans and federal pension funding requirements, Eversource currently expects to make contributions of approximately $180 million in 2018 , of which approximately $82 million and $6 million , will be contributed by CL&P and PSNH, respectively. The remaining $92 million is expected to be contributed by other Eversource subsidiaries, primarily Eversource Service. Eversource expects to make approximately $10 million in contributions to the PBOP Plan in 2018 , of which approximately $5 million will be contributed by NSTAR Electric. Fair Value of Pension and PBOP Plan Assets: Pension and PBOP funds are held in external trusts. Trust assets, including accumulated earnings, must be used exclusively for Pension and PBOP payments. Eversource's investment strategy for its Pension and PBOP Plans is to maximize the long-term rates of return on these plans' assets within an acceptable level of risk. The investment strategy for each asset category includes a diversification of asset types, fund strategies and fund managers and it establishes target asset allocations that are routinely reviewed and periodically rebalanced. PBOP assets are comprised of assets held in the PBOP Plan, as well as specific assets within the Pension Plan trust (401(h) assets). The investment policy and strategy of the 401(h) assets is consistent with that of the defined benefit pension plan. Eversource's expected long-term rates of return on Pension and PBOP Plan assets are based on target asset allocation assumptions and related expected long-term rates of return. In developing its expected long-term rate of return assumptions for the Pension and PBOP Plans, Eversource evaluated input from consultants, as well as long-term inflation assumptions and historical returns. For the year ended December 31, 2017 , management has assumed long-term rates of return of 8.25 percent for the Eversource Pension and PBOP Plan assets. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2017 2016 Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 21.5 % 8.5 % 22.0 % 8.5 % International 11.0 % 8.5 % 13.0 % 8.5 % Emerging Markets 4.5 % 10.0 % 5.0 % 10.0 % Private Equity 15.0 % 12.0 % 12.0 % 12.0 % Debt Securities: Fixed Income 11.0 % 4.0 % 12.0 % 4.5 % Public High Yield Fixed Income 4.0 % 6.5 % 3.0 % 7.0 % Private Debt 15.0 % 9.0 % 10.0 % 9.0 % Emerging Markets Debt 2.0 % 6.5 % 5.0 % 7.5 % Real Estate and Other Assets 12.0 % 7.5 % 10.0 % 7.5 % Hedge Funds 4.0 % 6.0 % 8.0 % 7.0 % The taxable assets within the Eversource PBOP Plan have a target asset allocation of 70 percent equity securities and 30 percent fixed income securities. The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2017 2016 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 535.4 $ — $ 1,653.3 $ 2,188.7 $ 455.5 $ — $ 1,279.7 $ 1,735.2 Private Equity 11.2 — 641.8 653.0 6.0 — 518.4 524.4 Fixed Income (2) 56.6 215.9 1,218.3 1,490.8 — 183.0 1,099.4 1,282.4 Real Estate and Other Assets 101.6 — 374.4 476.0 77.2 — 325.9 403.1 Hedge Funds — — 165.5 165.5 — — 335.0 335.0 Total $ 704.8 $ 215.9 $ 4,053.3 $ 4,974.0 $ 538.7 $ 183.0 $ 3,558.4 $ 4,280.1 Less: 401(h) PBOP Assets (3) (234.5 ) (204.1 ) Total Pension Assets $ 4,739.5 $ 4,076.0 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2017 2016 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 115.3 $ — $ 241.9 $ 357.2 $ 88.6 $ — $ 214.1 $ 302.7 Private Equity — — 31.3 31.3 — — 32.2 32.2 Fixed Income (2) 23.4 44.0 133.9 201.3 9.5 44.8 132.3 186.6 Real Estate and Other Assets 22.4 — 29.0 51.4 15.5 — 27.5 43.0 Hedge Funds — — 46.5 46.5 — — 47.2 47.2 Total $ 161.1 $ 44.0 $ 482.6 $ 687.7 $ 113.6 $ 44.8 $ 453.3 $ 611.7 Add: 401(h) PBOP Assets (3) 234.5 204.1 Total PBOP Assets $ 922.2 $ 815.8 (1) United States, International and Emerging Markets equity securities that are uncategorized include investments in commingled funds and hedge funds that are overlayed with equity index swaps and futures contracts. (2) Fixed Income investments that are uncategorized include investments in commingled funds, fixed income funds that invest in a variety of opportunistic fixed income strategies, and hedge funds that are overlayed with fixed income futures. (3) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. The Company values assets based on observable inputs when available. Equity securities, exchange traded funds and futures contracts classified as Level 1 in the fair value hierarchy are priced based on the closing price on the primary exchange as of the balance sheet date. Fixed income securities, such as government issued securities, corporate bonds and high yield bond funds, are included in Level 2 and are valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The pricing models utilize observable inputs such as recent trades for the same or similar instruments, yield curves, discount margins and bond structures. Swaps are valued using pricing models that incorporate interest rates and equity and fixed income index closing prices to determine a net present value of the cash flows. Certain investments, such as commingled funds, private equity investments, real estate funds and hedge funds are valued using the NAV as a practical expedient. These investments are structured as investment companies offering shares or units to multiple investors for the purpose of providing a return. Commingled funds are recorded at NAV provided by the asset manager, which is based on the market prices of the underlying equity securities. Hedge Funds are recorded at NAV based on the values of the underlying assets. Private Equity investments, Fixed Income partnership funds and Real Estate and Other Assets are valued using the NAV provided by the partnerships, which are based on discounted cash flows of the underlying investments, real estate appraisals or public market comparables of the underlying investments. The Company has retrospectively adopted new accounting guidance that eliminates the requirement to classify assets valued at NAV, as a practical expedient, within the fair value hierarchy. Prior to the adoption of this guidance, these investments were classified as Level 2 or Level 3 in the fair value hierarchy. The adoption of this guidance changes fair value measurement disclosures, but does not impact the methodology for valuing the investments or financial statement results. Defined Contribution Plan Eversource maintains defined contribution plans on behalf of eligible participants. The Eversource 401k Plan provides for employee and employer contributions up to statutory limits. For eligible employees, the Eversource 401k Plan provides employer matching contributions of either 100 percent up to a maximum of three percent of eligible compensation or 50 percent up to a maximum of eight percent of eligible compensation. For newly hired employees, the Eversource 401k Plan provides employer matching contributions of 100 percent up to a maximum of three percent of eligible compensation. The Eversource 401k Plan also contains a K-Vantage feature for the benefit of eligible participants, which provides an additional annual employer contribution based on age and years of service. K-Vantage participants are not eligible to actively participate in the Eversource Pension Plan. The total defined Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 34.5 $ 4.6 $ 8.5 $ 3.7 2016 31.8 4.5 8.1 3.4 2015 30.4 4.8 7.3 3.4 Share-Based Payments Share-based compensation awards are recorded using a fair-value based method at the date of grant. Eversource, CL&P, NSTAR Electric and PSNH record compensation expense related to these awards, as applicable, for shares issued or sold to their respective employees and officers, as well as for the allocation of costs associated with shares issued or sold to Eversource's service company employees and officers that support CL&P, NSTAR Electric and PSNH. Eversource Incentive Plans: Eversource maintains long-term equity-based incentive plans in which Eversource, CL&P, NSTAR Electric and PSNH employees, officers and board members are eligible to participate. The incentive plans authorize Eversource to grant up to 8,000,000 new shares for various types of awards, including RSUs and performance shares, to eligible employees, officers, and board members. As of December 31, 2017 and 2016 , Eversource had 2,445,110 and 2,692,350 common shares, respectively, available for issuance under these plans. Eversource accounts for its various share-based plans as follows: • RSUs - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period based upon the fair value of Eversource's common shares at the date of grant. The par value of RSUs is reclassified to Common Stock from APIC as RSUs become issued as common shares. • Performance Shares - Eversource records compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. Performance shares vest based upon the extent to which Company goals are achieved. Vesting of outstanding performance shares is based upon both the Company's EPS growth over the requisite service period and the total shareholder return as compared to the Edison Electric Institute ("EEI") Index during the requisite service period. The fair value of performance shares is determined at the date of grant using a lattice model. • Stock Options - All outstanding stock options were exercised during 2017. RSUs: Eversource granted RSUs under the annual long-term incentive programs that are subject to three -year graded vesting schedules for employees, and one -year graded vesting schedules, or immediate vesting, for board members. RSUs are paid in shares, reduced by amounts sufficient to satisfy withholdings for income taxes, subsequent to vesting. A summary of RSU transactions is as follows: RSUs (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 724,270 $ 47.86 Granted 299,285 $ 55.97 Shares Issued (289,635 ) $ 52.26 Forfeited (16,881 ) $ 55.60 Outstanding as of December 31, 2017 717,039 $ 49.29 The weighted average grant-date fair value of RSUs granted for the years ended December 31, 2017 , 2016 and 2015 was $55.97 , $54.67 and $54.57 , respectively. As of December 31, 2017 and 2016 , the number and weighted average grant-date fair value of unvested RSUs was 388,269 and $56.15 per share, and 322,158 and $53.47 per share, respectively. During 2017 , there were 306,087 RSUs at a weighted average grant-date fair value of $52.75 per share that vested during the year and were either paid or deferred. As of December 31, 2017 , 328,770 RSUs were fully vested and deferred and an additional 368,856 are expected to vest. Performance Shares: Eversource granted performance shares under the annual long-term incentive programs that vest based upon the extent to which Company goals are |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income tax expense are as follows: Eversource (Millions of Dollars) For the Years Ended December 31, 2017 2016 2015 Current Income Taxes: Federal $ 58.9 $ 38.9 $ 6.2 State 31.6 53.0 45.7 Total Current 90.5 91.9 51.9 Deferred Income Taxes, Net: Federal 433.0 427.9 436.1 State 58.6 38.6 55.6 Total Deferred 491.6 466.5 491.7 Investment Tax Credits, Net (3.2 ) (3.4 ) (3.6 ) Income Tax Expense $ 578.9 $ 555.0 $ 540.0 For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Current Income Taxes: Federal $ 50.9 $ 107.8 $ 18.6 $ 27.3 $ 86.4 $ (13.7 ) $ 26.9 $ 32.8 $ (16.7 ) State 17.4 25.6 6.2 13.3 39.5 8.8 15.8 21.4 6.0 Total Current 68.3 133.4 24.8 40.6 125.9 (4.9 ) 42.7 54.2 (10.7 ) Deferred Income Taxes, Net: Federal 123.9 88.1 52.7 157.6 96.6 79.5 135.8 180.9 74.5 State (4.6 ) 22.4 11.2 11.3 5.1 7.8 0.2 31.7 9.3 Total Deferred 119.3 110.5 63.9 168.9 101.7 87.3 136.0 212.6 83.8 Investment Tax Credits, Net (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — (1.3 ) (1.8 ) — Income Tax Expense $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 $ 177.4 $ 265.0 $ 73.1 A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: Eversource (Millions of Dollars, except percentages) For the Years Ended December 31, 2017 2016 2015 Income Before Income Tax Expense $ 1,574.4 $ 1,504.8 $ 1,425.9 Statutory Federal Income Tax Expense at 35% 551.0 526.7 499.1 Tax Effect of Differences: Depreciation (10.8 ) (3.4 ) (4.6 ) Investment Tax Credit Amortization (3.2 ) (3.4 ) (3.6 ) Other Federal Tax Credits — (3.5 ) (3.8 ) State Income Taxes, Net of Federal Impact 47.7 56.2 61.1 Dividends on ESOP (8.4 ) (8.4 ) (8.1 ) Tax Asset Valuation Allowance/Reserve Adjustments 7.0 3.3 4.7 Excess Stock Benefit (1) (2.9 ) (19.1 ) — Other, Net (1.5 ) 6.6 (4.8 ) Income Tax Expense $ 578.9 $ 555.0 $ 540.0 Effective Tax Rate 36.8 % 36.9 % 37.9 % For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars, except percentages) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Income Before Income Tax Expense $ 563.4 $ 616.8 $ 224.7 $ 542.6 $ 576.6 $ 214.3 $ 476.8 $ 666.1 $ 187.5 Statutory Federal Income Tax Expense at 35% 197.2 215.9 78.6 189.9 201.8 75.0 166.9 233.1 65.6 Tax Effect of Differences: Depreciation (5.2 ) (3.0 ) 1.1 1.6 (3.1 ) 1.0 (1.7 ) (1.7 ) 0.5 Investment Tax Credit Amortization (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — (1.3 ) (1.8 ) — Other Federal Tax Credits — — — — — (3.5 ) — — (3.8 ) State Income Taxes, Net of Federal Impact 4.5 31.2 11.3 14.5 29.0 10.8 9.2 34.5 9.9 Tax Asset Valuation Allowance/Reserve Adjustments (9.5 ) — — 1.5 — — 1.2 — — Excess Stock Benefit (1) (0.7 ) (0.7 ) (0.3 ) (0.9 ) (1.2 ) (0.4 ) — — — Other, Net 1.3 0.5 (2.0 ) 2.9 1.1 (0.5 ) 3.1 0.9 0.9 Income Tax Expense $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 $ 177.4 $ 265.0 $ 73.1 Effective Tax Rate 33.1 % 39.2 % 39.5 % 38.4 % 39.2 % 38.4 % 37.2 % 39.8 % 39.0 % (1) In 2016, the Company adopted new accounting guidance, which prospectively changed the accounting for excess tax benefits associated with the distribution of stock compensation awards, previously recognized in Capital Surplus, Paid In within Common Shareholders' Equity on the balance sheet, to recognition within income tax expense in the income statement. See Note 1D, "Summary of Significant Accounting Policies - Accounting Standards," for further information. Eversource, CL&P, NSTAR Electric and PSNH file a consolidated federal income tax return and unitary, combined and separate state income tax returns. These entities are also parties to a tax allocation agreement under which taxable subsidiaries do not pay any more taxes than they would have otherwise paid had they filed a separate company tax return, and subsidiaries generating tax losses, if any, are paid for their losses when utilized. Deferred tax assets and liabilities are recognized for the future tax effects of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The tax effect of temporary differences is accounted for in accordance with the rate-making treatment of the applicable regulatory commissions and relevant accounting authoritative literature. The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Deferred Tax Assets: Employee Benefits $ 442.1 $ 640.6 Derivative Liabilities 111.8 192.6 Regulatory Deferrals - Liabilities 205.6 290.9 Allowance for Uncollectible Accounts 50.1 76.6 Tax Effect - Tax Regulatory Liabilities 832.6 11.8 Federal Net Operating Loss Carryforwards 47.8 — Purchase Accounting Adjustment 69.9 112.2 Other 149.5 170.5 Total Deferred Tax Assets 1,909.4 1,495.2 Less: Valuation Allowance 14.6 5.1 Net Deferred Tax Assets $ 1,894.8 $ 1,490.1 Deferred Tax Liabilities: Accelerated Depreciation and Other Plant-Related Differences $ 3,562.0 $ 5,001.2 Property Tax Accruals 56.7 81.9 Regulatory Amounts: Regulatory Deferrals - Assets 924.9 1,321.8 Tax Effect - Tax Regulatory Assets 243.1 252.6 Goodwill Regulatory Asset - 1999 Merger 99.8 186.7 Derivative Assets 17.4 29.5 Other 288.4 223.6 Total Deferred Tax Liabilities $ 5,192.3 $ 7,097.3 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH Deferred Tax Assets: Employee Benefits $ 112.3 $ 34.0 $ 38.0 $ 138.8 $ 69.5 $ 46.5 Derivative Liabilities 110.5 0.3 — 191.5 1.1 — Regulatory Deferrals - Liabilities 12.0 139.8 17.9 6.3 194.9 36.7 Allowance for Uncollectible Accounts 20.6 17.3 2.9 33.0 25.7 4.1 Tax Effect - Tax Regulatory Liabilities 337.2 281.2 116.8 4.9 3.3 2.6 Other 70.7 4.9 49.6 59.4 6.6 56.4 Total Deferred Tax Assets 663.3 477.5 225.2 433.9 301.1 146.3 Less: Valuation Allowance 6.3 — — 4.5 — — Net Deferred Tax Assets $ 657.0 $ 477.5 $ 225.2 $ 429.4 $ 301.1 $ 146.3 Deferred Tax Liabilities: Accelerated Depreciation and Other Plant-Related Differences $ 1,224.9 $ 1,229.2 $ 502.5 $ 1,700.3 $ 1,901.9 $ 726.3 Property Tax Accruals 20.7 24.2 5.5 29.7 36.8 8.0 Regulatory Amounts: Regulatory Deferrals - Assets 310.6 267.1 103.6 473.4 381.7 142.1 Tax Effect - Tax Regulatory Assets 173.1 9.8 11.4 170.4 44.8 12.2 Goodwill Regulatory Asset - 1999 Merger — 85.7 — — 160.3 — Derivative Assets 17.4 — — 27.0 — — Other 13.7 137.3 45.7 16.3 102.7 43.1 Total Deferred Tax Liabilities $ 1,760.4 $ 1,753.3 $ 668.7 $ 2,417.1 $ 2,628.2 $ 931.7 2017 Federal Legislation: On December 22, 2017, the "Tax Cuts and Jobs Act" (the "Act") became law, which amended existing federal tax rules and included numerous provisions that impacted corporations. In particular, the Act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. In terms of the impacts to the regulated companies, the most significant changes will be (1) the benefit of incurring a lower federal income tax expense, which we expect to be passed back to customers, and (2) the provisional regulated excess ADIT liabilities that we expect to benefit customers in future periods, which were estimated to be approximately $2.9 billion (approximately $1.0 billion at CL&P, $1.1 billion at NSTAR Electric and $0.4 billion at PSNH) as of December 31, 2017 and recognized as regulatory liabilities on the balance sheet. The Eversource regulated companies are currently working with their applicable state regulatory commissions, who have opened investigations to examine the impact of the Act on customer rates. FERC has yet to address how the Act would impact transmission rates. Eversource, CL&P, NSTAR Electric, and PSNH will continue to evaluate the impacts of the Act, which will vary depending on the ultimate amount and timing of when certain income tax benefits will benefit customers, and will vary by jurisdiction. Although the impacts could not be finalized upon the issuance of this combined Annual Report on Form 10-K, reasonable provisional estimates were recognized as of December 31, 2017. In accordance with SEC Staff Accounting Bulletin No. 118 ("SAB 118"), additional re-measurement may occur based on final analysis, computations, technical corrections, or other forms of guidance issued from regulatory agencies or commissions. While the Company believes the impacts of the Act were appropriately accounted for in accordance with the applicable authoritative guidance, the ultimate outcome may be different from the provisional estimates recorded, and those differences may materially impact its future statement of financial position, results of operations, and cash flows. Carryforwards: The following tables provide the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards: As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Federal Net Operating Loss $ 197.3 $ — $ — $ — 2027-2037 Federal Charitable Contribution 18.7 — — — 2017-2022 State Net Operating Loss 82.8 — — — 2028-2037 State Tax Credit 139.0 94.5 — — 2017-2022 State Charitable Contribution 31.4 — — — 2017-2022 As of December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Federal Tax Credit 8.6 — — — — Federal Charitable Contribution 27.8 — — — 2016 - 2019 State Tax Credit 111.1 80.5 — — 2016 - 2021 State Charitable Contribution 36.5 — — — 2016 - 2020 In 2017, the company increased its valuation allowance reserve for state credits by $9.9 million ( $1.8 million for CL&P), net of tax, to reflect and update for expired tax credits. In 2016, the Company increased its valuation allowance reserve for state credits by $1.3 million ( $1.3 million for CL&P), net of tax, to reflect an update for expired tax credits. For 2017 and 2016, state credit and state loss carryforwards have been partially reserved by a valuation allowance of $14.4 million and $4.5 million (net of tax), respectively. Unrecognized Tax Benefits: A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows: (Millions of Dollars) Eversource CL&P Balance as of January 1, 2015 $ 46.2 $ 14.3 Gross Increases - Current Year 9.9 2.6 Gross Increases - Prior Year 0.1 — Lapse of Statute of Limitations (8.2 ) (3.4 ) Balance as of December 31, 2015 48.0 13.5 Gross Increases - Current Year 9.9 3.9 Gross Increases - Prior Year 0.2 0.2 Lapse of Statute of Limitations (9.7 ) (2.3 ) Balance as of December 31, 2016 48.4 15.3 Gross Increases - Current Year 11.4 4.7 Gross Decreases - Prior Year (0.9 ) (0.5 ) Lapse of Statute of Limitations (7.2 ) (1.4 ) Balance as of December 31, 2017 $ 51.7 $ 18.1 Interest and Penalties: Interest on uncertain tax positions is recorded and generally classified as a component of Other Interest Expense on the statements of income. However, when resolution of uncertainties results in the Company receiving interest income, any related interest benefit is recorded in Other Income, Net on the statements of income. No penalties have been recorded. The amount of interest expense/(income) on uncertain tax positions recognized and the related accrued interest payable/(receivable) are as follows: Other Interest Expense/(Income) Accrued Interest Expense For the Years Ended December 31, As of December 31, (Millions of Dollars) 2017 2016 2015 2017 2016 Eversource $ — $ (0.2 ) $ 0.1 $ 1.8 $ 1.8 Tax Positions: During 2017 and 2016, Eversource did not resolve any of its uncertain tax positions. Open Tax Years: The following table summarizes Eversource, CL&P, NSTAR Electric and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2017 : Description Tax Years Federal 2017 Connecticut 2014 - 2017 Massachusetts 2014 - 2017 New Hampshire 2015 - 2017 Eversource estimates that during the next twelve months, differences of a non-timing nature could be resolved, resulting in a zero to $2.2 million decrease in unrecognized tax benefits by Eversource. These estimated changes are not expected to have a material impact on the earnings of Eversource. Other companies' impacts are not expected to be material. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A. Environmental Matters General: Eversource, CL&P, NSTAR Electric and PSNH 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 and PSNH have an active environmental auditing and training program and each believes it is substantially in compliance with all enacted laws and regulations. Environmental reserves are accrued when assessments indicate it is probable that a liability has been incurred and an amount can be reasonably estimated. The approach used estimates the liability based on the most likely action plan from a variety of available remediation options, including no action required or several different remedies ranging from establishing institutional controls to full site remediation and monitoring. These liabilities are estimated on an undiscounted basis and do not assume that the amounts are recoverable from insurance companies or other third parties. The environmental reserves include sites at different stages of discovery and remediation and do not include any unasserted claims. 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 and PSNH'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. The amounts recorded as environmental reserves are included in Other Current Liabilities and Other Long-Term Liabilities on the balance sheets and represent management's best estimate of the liability for environmental costs, and take into consideration site assessment, remediation and long-term monitoring costs. The environmental reserves also take into account recurring costs of managing hazardous substances and pollutants, mandated expenditures to remediate contaminated sites and any other infrequent and non-recurring clean-up costs. A reconciliation of the activity in the environmental reserves is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Balance as of January 1, 2016 $ 51.1 $ 4.6 $ 3.0 $ 4.5 Additions 20.6 0.6 1.8 1.2 Payments/Reductions (5.9 ) (0.3 ) (1.0 ) (0.4 ) Balance as of December 31, 2016 65.8 4.9 3.8 5.3 Additions 6.2 0.5 1.8 1.0 Payments/Reductions (17.1 ) (0.7 ) (2.9 ) (0.6 ) Balance as of December 31, 2017 $ 54.9 $ 4.7 $ 2.7 $ 5.7 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 December 31, 2017 As of December 31, 2016 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 59 $ 54.9 61 $ 65.8 CL&P 14 4.7 14 4.9 NSTAR Electric 15 2.7 17 3.8 PSNH 10 5.7 11 5.3 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 $49.0 million and $59.0 million as of December 31, 2017 and 2016, respectively, and related primarily to the natural gas business segment. The reduction in the reserve balance at the MGP sites was primarily due to a change in cost estimates at one site where actual contamination was less than originally estimated. As of December 31, 2017 , for 8 environmental sites ( 3 for CL&P, 1 for NSTAR Electric) that are included in the Company's reserve for environmental costs, the information known and the nature of the remediation options allow for the Company to estimate the range of losses for environmental costs. As of December 31, 2017 , $25.4 million (including $1.8 million for CL&P and $0.3 million for NSTAR Electric) had been accrued as a liability for these sites, which represents the low end of the range of the liabilities for environmental costs. Management believes that additional losses of up to approximately $20 million ($1 million at CL&P) may be incurred in executing current remediation plans for these sites. As of December 31, 2017 , for 10 environmental sites ( 3 for CL&P) that are included in the Company's reserve for environmental costs, management cannot reasonably estimate the exposure to loss in excess of the reserve, or range of loss, as these sites are under investigation and/or there is significant uncertainty as to what remedial actions, if any, the Company may be required to undertake. As of December 31, 2017 , $12.3 million (including $1.8 million for CL&P) had been accrued as a liability for these sites. As of December 31, 2017 , for the remaining 41 environmental sites (including 8 for CL&P, 14 for NSTAR Electric and 10 for PSNH) that are included in the Company's reserve for environmental costs, the $17.2 million accrual (including $1.1 million for CL&P, $2.4 million for NSTAR Electric and $5.7 million for PSNH) represents management's best estimate of the probable liability and no additional loss is anticipated at this time. CERCLA: Of the total environmental sites, nine sites ( four for NSTAR Electric and three for PSNH) are superfund sites under the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and its amendments or state equivalents for which the Company has been notified that it is a potentially responsible party but for which the site assessment and remediation are not being managed by the Company. As of December 31, 2017 , a liability of $0.9 million accrued on these sites represents management's best estimate of its potential remediation costs with respect to these superfund sites. Environmental Rate Recovery: PSNH, NSTAR Gas and Yankee Gas have rate recovery mechanisms for MGP related environmental costs, therefore, changes in their respective environmental reserves do not impact Net Income. CL&P recovers a certain level of environmental costs currently in rates. CL&P and NSTAR Electric do not have a separate environmental cost recovery regulatory mechanism. Long-Term Contractual Arrangements Estimated Future Annual Costs: The estimated future annual costs of significant long-term contractual arrangements as of December 31, 2017 are as follows: Eversource (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 81.7 $ 69.3 $ 74.6 $ 68.8 $ 63.7 $ 144.3 $ 502.4 Renewable Energy 242.9 242.5 241.7 232.2 224.5 1,665.7 2,849.5 Peaker CfDs 26.1 24.2 34.0 32.3 23.4 53.3 193.3 Natural Gas Procurement 225.5 219.2 169.3 148.7 131.4 989.6 1,883.7 Transmission Support Commitments 22.8 23.0 23.2 15.2 16.5 16.5 117.2 Total $ 599.0 $ 578.2 $ 542.8 $ 497.2 $ 459.5 $ 2,869.4 $ 5,546.1 CL&P (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 58.7 $ 56.7 $ 69.5 $ 63.7 $ 59.1 $ 121.6 $ 429.3 Renewable Energy 84.1 85.4 85.5 85.8 86.6 655.5 1,082.9 Peaker CfDs 26.1 24.2 34.0 32.3 23.4 53.3 193.3 Transmission Support Commitments 9.0 9.1 9.2 6.0 6.5 6.5 46.3 Total $ 177.9 $ 175.4 $ 198.2 $ 187.8 $ 175.6 $ 836.9 $ 1,751.8 NSTAR Electric (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 5.5 $ 5.5 $ 3.1 $ 3.1 $ 3.1 $ 22.0 $ 42.3 Renewable Energy 96.1 94.3 92.6 88.2 88.4 489.4 949.0 Transmission Support Commitments 9.0 9.0 9.1 6.0 6.5 6.5 46.1 Total $ 110.6 $ 108.8 $ 104.8 $ 97.3 $ 98.0 $ 517.9 $ 1,037.4 PSNH (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 17.5 $ 7.1 $ 2.0 $ 2.0 $ 1.5 $ 0.7 $ 30.8 Renewable Energy 62.7 62.8 63.6 58.2 49.5 520.8 817.6 Transmission Support Commitments 4.8 4.9 4.9 3.2 3.5 3.5 24.8 Total $ 85.0 $ 74.8 $ 70.5 $ 63.4 $ 54.5 $ 525.0 $ 873.2 Supply and Stranded Cost: CL&P, NSTAR Electric and PSNH have various IPP contracts or purchase obligations for electricity, including payment obligations resulting from the buydown of electricity purchase contracts. Such contracts extend through 2024 for CL&P, 2031 for NSTAR Electric and 2023 for PSNH. In addition, CL&P, along with UI, has four capacity CfDs for a total of approximately 787 MW of capacity consisting of three generation units and one demand response project. The capacity CfDs 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 contractual capacity price and the capacity market prices received by the generation facilities in the ISO-NE capacity markets. CL&P has a sharing agreement with UI, whereby UI shares 20 percent of the costs and benefits of these contracts. CL&P's portion of the costs and benefits of these contracts will be paid by or refunded to CL&P's customers. The contractual obligations table above does not include CL&P's or NSTAR Electric's default service contracts, the amounts of which vary with customers' energy needs. The contractual obligations table also does not include PSNH's short-term power supply management. Renewable Energy: Renewable energy contracts include non-cancellable commitments under contracts of CL&P, NSTAR Electric and PSNH for the purchase of energy and capacity from renewable energy facilities. Such contracts extend through 2038 for CL&P, 2031 for NSTAR Electric and 2033 for PSNH. The contractual obligations table above does not include long-term commitments signed by CL&P and NSTAR Electric, as required by the PURA and DPU, for the purchase of renewable energy and related products that are contingent on the future construction of energy facilities. Peaker CfDs: In 2008, CL&P entered into three CfDs with developers of peaking generation units approved by PURA (Peaker CfDs). These units have a total of approximately 500 MW of peaking capacity. As directed by PURA, CL&P and UI have entered into a sharing agreement, whereby CL&P is responsible for 80 percent and UI for 20 percent of the net costs or benefits of these CfDs. The Peaker CfDs pay the generation facility owner the difference between capacity, forward reserve and energy market revenues and a cost-of-service payment stream for 30 years. The ultimate cost or benefit to CL&P under these contracts will depend on the costs of plant operation and the prices that the projects receive for capacity and other products in the ISO-NE markets. CL&P's portion of the amounts paid or received under the Peaker CfDs will be recoverable from or refunded to CL&P's customers. Natural Gas Procurement: In the normal course of business, Eversource's natural gas distribution businesses have long-term contracts for the purchase, transportation and storage of natural gas as part of its portfolio of supplies. These contracts extend through 2032. Coal, Wood and Other: PSNH has entered into various arrangements for the purchase of coal, wood and the transportation services for fuel supply for its electric generating assets. On January 10, 2018, Eversource and PSNH completed the sale of PSNH's thermal generation assets, at which time, remaining future contractual obligations were transferred to the buyer. See Note 12, "Assets Held for Sale," for further information. Transmission Support Commitments: Along with other New England utilities, CL&P, NSTAR Electric and PSNH entered into agreements in 1985 to support transmission and terminal facilities that were built to import electricity from the Hydro-Québec system in Canada. CL&P, NSTAR Electric and PSNH are obligated to pay, over a 30 -year period ending in 2020, their proportionate shares of the annual operation and maintenance expenses and capital costs of those facilities. The total costs incurred under these agreements were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2017 2016 2015 Supply and Stranded Cost $ 103.9 $ 152.5 $ 147.6 Renewable Energy 235.5 210.9 144.3 Peaker CfDs 38.7 47.7 42.7 Natural Gas Procurement 377.0 323.9 428.6 Coal, Wood and Other 47.7 55.7 95.9 Transmission Support Commitments 19.8 15.9 25.3 For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Supply and Stranded Cost $ 81.0 $ 4.0 $ 18.9 $ 132.7 $ 0.7 $ 19.1 $ 120.3 $ 6.5 $ 20.8 Renewable Energy 51.0 123.7 60.8 42.1 101.1 67.7 20.0 87.1 37.2 Peaker CfDs 38.7 — — 47.7 — — 42.7 — — Coal, Wood and Other — — 47.7 — — 55.7 — — 95.9 Transmission Support Commitments 7.8 7.8 4.2 6.3 6.2 3.4 10.0 9.9 5.4 Spent Nuclear Fuel Obligations - Yankee Companies CL&P, NSTAR Electric and PSNH 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 and PSNH. 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 and NSTAR Electric 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 III Damages - In August 2013, the Yankee Companies each filed subsequent lawsuits against the DOE seeking recovery of actual damages incurred in the years 2009 through 2012 ("DOE Phase III"). On March 25, 2016, the court issued its decision and awarded CYAPC, YAEC and MYAPC damages of $32.6 million , $19.6 million and $24.6 million , respectively. In total, the Yankee Companies were awarded $76.8 million of the $77.9 million in damages sought in DOE Phase III. The decision became final on July 18, 2016, and the Yankee Companies received the awards from the DOE on October 14, 2016. The Yankee Companies received FERC approval of their proposed distribution of certain amounts of the awarded damages proceeds to member companies, including CL&P, NSTAR Electric and PSNH, which CYAPC and MYAPC made in December 2016. MYAPC also refunded $56.5 million from its spent nuclear fuel trust, a portion of which was also refunded to the Eversource utility subsidiaries. In total, Eversource received $26.1 million , of which CL&P, NSTAR Electric and PSNH received $13.6 million , $8.6 million and $3.9 million , respectively. These amounts have been refunded to the customers of the respective Eversource utility subsidiaries. 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 monetary damages totaling approximately $100 million for CYAPC, YAEC and MYAPC, resulting from the DOE's failure to begin accepting spent nuclear fuel for disposal covering the years from 2013 to 2016 (“DOE Phase IV”). The DOE Phase IV trial is expected to begin in 2018. Guarantees and Indemnifications In the normal course of business, Eversource parent provides credit assurances on behalf of its subsidiaries, including CL&P, NSTAR Electric and PSNH, 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 December 31, 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) 40.4 2018 Eversource Service and Rocky River Realty Company Lease Payments for Vehicles and Real Estate 7.8 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. Aquarion has a $0.9 million letter of credit relating to an insurance program, which expires on December 31, 2018 and includes annual automatic renewals. As of December 31, 2017, and 2016, there were no amounts outstanding under the letter of credit. Aquarion also guarantees surety bonds with a maximum exposure of $1.2 million related to ongoing operations with expiration dates ranging through 2018, the majority of which will be renewed or extended. 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. Hearings on the fourth complaint were held in December 2017 before the Administrative Law Judge ("ALJ"), who is expected to issue an initial decision in March 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 December 31, 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 ROE billed during the period October 1, 2011 through October 15, 2014 consisted of a base ROE of 11.14 percent and incentives up to 13.1 percent . On October 16, 2014, the FERC set the base ROE at 10.57 percent and an incentive cap at 11.74 percent for the first complaint period and also effective from the date of the FERC order on October 16, 2014. This FERC order was vacated on April 14, 2017. (2) CL&P, NSTAR Electric and PSNH 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, $13.7 million at NSTAR Electric and $2.8 million at PSNH), reflecting both the base ROE and incentive cap prescribed by the FERC order. (3) The reserve represents the difference between the billed rates 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, $14.6 million for NSTAR Electric and $3.1 million for PSNH as of December 31, 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 November 6, 2017, the NETOs submitted a request for rehearing of the FERC’s October 6, 2017 Order rejecting the compliance filing. 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. No events in 2017 provided 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 or PSNH. 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 . F. 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. The parties reached a settlement pursuant to which HEEC agreed to install a new 115kV distribution cable across Boston Harbor to Deer Island, utilizing a different route, and 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. Of this amount, NSTAR Electric expensed $11.1 million (pre-tax) of costs incurred on the new cable in 2017. Construction of the new cable is expected to be completed in 2019. G. Litigation and Legal Proceedings Eversource, including CL&P, NSTAR Electric and PSNH, are involved in legal, tax and regulatory proceedings regarding matters arising in the ordinary course of business, which involve management's assessment to determine the probability of whether a loss will occur and, if probable, its best estimate of probable loss. The Company records and discloses losses when these losses are probable and reasonably estimable, and discloses matters when losses are probable but not estimable or when losses are reasonably possible. Legal costs related to the defense of loss contingencies are expensed as incurred. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE In June 2015, Eversource and PSNH entered into the 2015 Public Service Company of New Hampshire Restructuring and Rate Stabilization Agreement, under the terms of which PSNH agreed to divest its generation assets, subject to NHPUC approval. The NHPUC approval for this agreement, as well as NHPUC approval of the final divestiture plan and auction process, were received in the second half of 2016. In October 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 the Agreements. The NHPUC approved the Agreements in late November 2017, at which time the Company classified these assets as held for sale. On January 10, 2018, PSNH completed the sale of its thermal generation assets, pursuant to the Agreement dated October 11, 2017. In accordance with the Purchase and Sale Agreement, the original purchase price of $175 million was adjusted to reflect working capital adjustments, closing date adjustments and proration of taxes and fees prior to closing, totaling $40.9 million , resulting in net proceeds of $134.1 million . As of December 31, 2017, the thermal generation assets classified as assets held for sale are stated at fair value less costs to sell. Deferred costs of $516.1 million were included in Regulatory Assets on the Eversource and PSNH Balance Sheets, and represent the difference between the carrying value and the fair value less costs to sell of the thermal generation assets as of December 31, 2017. The hydroelectric generation assets are targeted to be sold in the first quarter of 2018 at an amount above net carrying value, and are therefore stated at carrying value. As of December 31, 2017, the difference between the carrying value of the hydroelectric generation assets and the expected proceeds from the sale was approximately $25 million , which will be recognized as a reduction to the stranded costs upon completion of the sale. Upon completion of the divestiture, full recovery of PSNH's generation assets and transaction-related costs are expected to occur through a combination of cash flows during the remaining operating period, sales proceeds, and recovery of stranded costs via the issuance of bonds that will be secured by a non-bypassable charge or through recoveries in future rates billed to PSNH's customers. On January 30, 2018, the NHPUC approved the issuance of rate reduction bonds up to $690 million to recover stranded costs, subject to an audit by the NHPUC Audit Staff. This order is subject to an appeal period of 30 days. For the years ended December 31, 2017, 2016 and 2015, pre-tax income associated with the assets held for sale was $60.0 million , $65.3 million and $56.9 million , respectively. As of December 31, 2017 , PSNH's generation assets held for sale, which are included in current assets on the Eversource and PSNH balance sheets, and are part of the Electric Distribution reportable segment, were as follows (liabilities held for sale were $1.2 million as of December 31, 2017): (Millions of Dollars) Thermal Gross Plant $ 1,091.4 Hydroelectric Gross Plant 83.0 Accumulated Depreciation (575.4 ) Net Plant 599.0 Fuel and Inventory 87.7 Materials and Supplies 27.3 Emission Allowances 19.1 Other Assets 2.6 Deferred Costs from Generation Asset Sale (516.1 ) Total Generation Assets Held for Sale $ 219.6 As of December 31, 2017 , the difference between the carrying value of the generation assets and the amounts recognized as assets held for sale represented the deferred costs on the thermal generation asset sale and were calculated as follows: (Millions of Dollars) Generation Assets to be Sold (Carrying Value) $ 735.7 Less: Generation Assets Held for Sale: Thermal Generation Assets (Fair Value less Cost to Sell) (161.7 ) Hydroelectric Generation (Carrying Value) (57.9 ) Generation Assets Held for Sale (219.6 ) Deferred Costs from Generation Asset Sale $ 516.1 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
LEASES | LEASES Eversource, including CL&P, NSTAR Electric and PSNH, has entered into lease agreements, some of which are capital leases, for the use of data processing and office equipment, vehicles, service centers, land and office space. In addition, CL&P, NSTAR Electric and PSNH incur costs associated with leases entered into by other Eversource subsidiaries, which include Eversource Service and Rocky River Realty Company, and are included below in their respective operating lease rental expenses and future minimum rental payments. These intercompany lease amounts are eliminated on an Eversource consolidated basis. The provisions of the Eversource, CL&P, NSTAR Electric and PSNH lease agreements generally contain renewal options. Certain lease agreements contain payments impacted by the commercial paper rate plus a credit spread or the consumer price index. Operating lease rental payments charged to expense are as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 10.5 $ 11.7 $ 11.3 $ 3.3 2016 12.1 12.5 11.4 2.9 2015 12.1 12.5 11.8 2.8 Future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance, under long-term noncancelable leases, as of December 31, 2017 are as follows: Operating Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 13.2 $ 1.8 $ 7.9 $ 1.0 2019 11.4 1.5 6.9 1.0 2020 10.0 1.3 6.1 0.9 2021 8.9 1.1 5.5 0.8 2022 7.4 1.0 4.5 0.6 Thereafter 19.7 1.0 15.4 2.0 Future minimum lease payments $ 70.6 $ 7.7 $ 46.3 $ 6.3 Capital Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 2.9 $ 2.0 $ 0.5 $ 0.1 2019 3.3 2.0 0.6 — 2020 3.3 2.0 0.5 — 2021 2.8 1.4 0.6 — 2022 1.3 — 0.6 — Thereafter 2.5 — 2.5 — Future minimum lease payments 16.1 7.4 5.3 0.1 Less amount representing interest 3.1 1.7 1.2 — Present value of future minimum lease payments $ 13.0 $ 5.7 $ 4.1 $ 0.1 CL&P entered into certain contracts for the purchase of energy that qualify as leases. These contracts do not have minimum lease payments and therefore are not included in the tables above. However, such contracts have been included in the contractual obligations table in Note 11B, "Commitments and Contingencies - Long-Term Contractual Arrangements," to the financial statements. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2017 2016 Eversource (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 160.8 $ 155.6 $ 158.3 Long-Term Debt 12,325.5 12,877.1 9,603.2 9,980.5 CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value As of December 31, 2017: Preferred Stock Not Subject to Mandatory Redemption $ 116.2 $ 116.5 $ 43.0 $ 44.3 $ — $ — Long-Term Debt 3,059.1 3,430.5 2,943.8 3,156.5 1,002.4 1,038.2 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 2,644.6 2,790.6 1,072.0 1,109.7 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 1I, "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) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2017 For the Year Ended December 31, 2016 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Balance as of January 1st $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) $ (10.3 ) $ (1.9 ) $ (54.6 ) $ (66.8 ) OCI Before Reclassifications — (0.4 ) (7.2 ) (7.6 ) — 2.3 (6.8 ) (4.5 ) Amounts Reclassified from AOCL 2.0 — 4.5 6.5 2.1 — 3.9 6.0 Net OCI 2.0 (0.4 ) (2.7 ) (1.1 ) 2.1 2.3 (2.9 ) 1.5 Balance as of December 31st $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) 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, NSTAR Electric and PSNH 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 related tax effects recognized in AOCL were net deferred tax assets of $4.1 million and $ 4.0 million in 2017 and 2016, respectively, and were net deferred tax liabilities of $2.0 million in 2015. 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. The following table sets forth the amounts reclassified from AOCL by component and the impacted line item on the statements of income: Amounts Reclassified from AOCL Eversource (Millions of Dollars) For the Years Ended December 31, Statements of Income Line Item Impacted 2017 2016 2015 Qualified Cash Flow Hedging Instruments $ (3.3 ) $ (3.5 ) $ (3.5 ) Interest Expense Tax Effect 1.3 1.4 1.4 Income Tax Expense Qualified Cash Flow Hedging Instruments, Net of Tax $ (2.0 ) $ (2.1 ) $ (2.1 ) Defined Benefit Plan Costs: Amortization of Actuarial Losses $ (6.2 ) $ (5.6 ) $ (6.6 ) Operations and Maintenance Expense (1) Amortization of Prior Service Cost (1.1 ) (0.8 ) (0.2 ) Operations and Maintenance Expense (1) Total Defined Benefit Plan Costs (7.3 ) (6.4 ) (6.8 ) Tax Effect 2.8 2.5 2.6 Income Tax Expense Defined Benefit Plan Costs, Net of Tax $ (4.5 ) $ (3.9 ) $ (4.2 ) Total Amounts Reclassified from AOCL, Net of Tax $ (6.5 ) $ (6.0 ) $ (6.3 ) (1) These amounts are included in the computation of net periodic Pension, SERP and PBOP costs. See Note 9A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pensions," for further information. As of December 31, 2017 , it is estimated that a pre-tax amount of $2.8 million (including $0.1 million for CL&P, $0.7 million for NSTAR Electric and $1.9 million for PSNH) will be reclassified from AOCL as a decrease to Net Income over the next 12 months as a result of the amortization of the interest rate swap agreements which have been settled. In addition, it is estimated that a pre-tax amount of $6.6 million will be reclassified from AOCL as a decrease to Net Income over the next 12 months as a result of the amortization of Pension, SERP and PBOP costs. |
DIVIDEND RESTRICTIONS
DIVIDEND RESTRICTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
DIVIDEND RESTRICTIONS | DIVIDEND RESTRICTIONS Eversource parent's ability to pay dividends may be affected by certain state statutes, the ability of its subsidiaries to pay common dividends and the leverage restriction tied to its consolidated total debt to total capitalization ratio requirement in its revolving credit agreement. Pursuant to the joint revolving credit agreement of Eversource, CL&P, PSNH, Yankee Gas and NSTAR Gas, and to the NSTAR Electric revolving credit agreement, each company is required to maintain consolidated total indebtedness to total capitalization ratio of no greater than 65 percent at the end of each fiscal quarter. As of December 31, 2017 , all companies were in compliance with such covenant. Eversource, CL&P, NSTAR Electric, PSNH, Yankee Gas and NSTAR Gas were in compliance with all such provisions of the revolving credit agreements that may restrict the payment of dividends as of December 31, 2017 . The Retained Earnings balances subject to dividend restrictions were $3.6 billion for Eversource, $1.4 billion for CL&P, $1.9 billion for NSTAR Electric and $511.4 million for PSNH as of December 31, 2017 . PSNH is further required to reserve an additional amount under its FERC hydroelectric license conditions. As of December 31, 2017 , $14.3 million of PSNH's Retained Earnings was subject to restriction under its FERC hydroelectric license conditions and PSNH was in compliance with this provision. CL&P, NSTAR Electric and PSNH are subject to Section 305 of the Federal Power Act that makes it unlawful for a public utility to make or pay a dividend from any funds "properly included in its capital account." Management believes that this Federal Power Act restriction, as applied to CL&P, NSTAR Electric and PSNH, would not be construed or applied by the FERC to prohibit the payment of dividends from retained earnings for lawful and legitimate business purposes. In addition, certain state statutes may impose additional limitations on such companies and on Yankee Gas and NSTAR Gas. Such state law restrictions do not restrict the payment of dividends from retained earnings or net income. |
COMMON SHARES
COMMON SHARES | 12 Months Ended |
Dec. 31, 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 and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2017 and 2016 Issued as of December 31, 2017 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 $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 On December 31, 2017, as a result of the WMECO merger with and into NSTAR Electric, WMECO's common stock was converted into 100 shares of NSTAR Electric common stock. In accordance with accounting guidance on combinations between entities under common control, NSTAR Electric's common stock has been retrospectively adjusted as if the merger occurred on January 1, 2015. As of both December 31, 2017 and 2016 , there were 16,992,594 Eversource common shares held as treasury shares. As of both December 31, 2017 and 2016 , Eversource common shares outstanding were 316,885,808 . In 2016, the Company converted 321,228 Eversource common shares at a share price of $52.56 to Treasury Stock on the consolidated balance sheet at their weighted average original average cost of $24.26 per share. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $7.5 million for each of the years ended December 31, 2017 , 2016 and 2015 . 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 December 31, 2017 and 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. For the years ended December 31, 2017 , 2016 and 2015 , there was no change in ownership of the common equity of CL&P and NSTAR Electric. |
PREFERRED STOCK NOT SUBJECT TO
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION | PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION The CL&P and NSTAR Electric preferred stock is not subject to mandatory redemption and is presented as a noncontrolling interest of a subsidiary in Eversource's financial statements. 9,000,000 shares of preferred stock, par value $50 per share, and NSTAR Electric is authorized to issue 2,890,000 shares of preferred stock, par value $100 per share. Holders of preferred stock of CL&P and NSTAR Electric are entitled to receive cumulative dividends in preference to any payment of dividends on the common stock. Upon liquidation, holders of preferred stock of CL&P and NSTAR Electric are entitled to receive a liquidation preference before any distribution to holders of common stock in an amount equal to the par value of the preferred stock plus accrued and unpaid dividends. If the net assets were to be insufficient to pay the liquidation preference in full, then the net assets would be distributed ratably to all holders of preferred stock. The preferred stock of CL&P and NSTAR Electric is subject to optional redemption by the CL&P and NSTAR Electric Board of Directors at any time. Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Per Share Shares Outstanding as of December 31, As of December 31, Series 2017 2016 2017 2016 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6 ) (3.6 ) Other 6.00% Series of 1958 $ 100.00 23 — $ — $ — Total Eversource - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
COMMON SHARESHOLDERS' EQUITY AN
COMMON SHARESHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
COMMON SHARESHOLDERS' 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 and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2017 and 2016 Issued as of December 31, 2017 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 $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 On December 31, 2017, as a result of the WMECO merger with and into NSTAR Electric, WMECO's common stock was converted into 100 shares of NSTAR Electric common stock. In accordance with accounting guidance on combinations between entities under common control, NSTAR Electric's common stock has been retrospectively adjusted as if the merger occurred on January 1, 2015. As of both December 31, 2017 and 2016 , there were 16,992,594 Eversource common shares held as treasury shares. As of both December 31, 2017 and 2016 , Eversource common shares outstanding were 316,885,808 . In 2016, the Company converted 321,228 Eversource common shares at a share price of $52.56 to Treasury Stock on the consolidated balance sheet at their weighted average original average cost of $24.26 per share. COMMON SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Dividends on the preferred stock of CL&P and NSTAR Electric totaled $7.5 million for each of the years ended December 31, 2017 , 2016 and 2015 . 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 December 31, 2017 and 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. For the years ended December 31, 2017 , 2016 and 2015 , there was no change in ownership of the common equity of CL&P and NSTAR Electric. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2017 and 2016 , there were no antidilutive share awards excluded from the diluted EPS computation. For the year ended December 31, 2015 , there were 1,474 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 Years Ended December 31, 2017 2016 2015 Net Income Attributable to Common Shareholders $ 988.0 $ 942.3 $ 878.5 Weighted Average Common Shares Outstanding: Basic 317,411,097 317,650,180 317,336,881 Dilutive Effect 620,483 804,059 1,095,806 Diluted 318,031,580 318,454,239 318,432,687 Basic EPS $ 3.11 $ 2.97 $ 2.77 Diluted EPS $ 3.11 $ 2.96 $ 2.76 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 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 results of PSNH's generation facilities and NSTAR Electric's solar power facilities. 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. On December 4, 2017, Eversource acquired Aquarion, which was considered to be a new operating segment, water. Financial statement results, however, were not considered material as a result of a short period of ownership by Eversource, and were not reported separately. Therefore, the results of the water operating segment have been included in Other for the year ended December 31, 2017. 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, 4) the results of Aquarion's water business from the date of the acquisition on December 4, 2017 through December 31, 2017; and 5) 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. Each of Eversource's subsidiaries, including CL&P, NSTAR Electric and PSNH, has one reportable segment. The Electric Transmission segment includes a reduction to Operations and Maintenance expense of $27.5 million in 2016 for costs incurred in previous years that was recovered in transmission rates over the period June 1, 2016 through May 31, 2017. These costs were associated with the merger of Northeast Utilities and NSTAR. 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 segment information is as follows: For the Year Ended December 31, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 5,542.9 $ 947.3 $ 1,301.7 $ 946.9 $ (986.8 ) $ 7,752.0 Depreciation and Amortization (542.6 ) (72.9 ) (209.4 ) (41.1 ) 2.2 (863.8 ) Other Operating Expenses (4,046.0 ) (713.5 ) (382.6 ) (814.6 ) 986.7 (4,970.0 ) Operating Income 954.3 160.9 709.7 91.2 2.1 1,918.2 Interest Expense (186.3 ) (43.1 ) (115.1 ) (93.1 ) 15.8 (421.8 ) Interest Income 7.3 0.1 1.8 15.8 (16.7 ) 8.3 Other Income, Net 15.0 0.9 27.1 1,112.7 (1,086.0 ) 69.7 Income Tax Expense (288.3 ) (44.2 ) (228.7 ) (17.6 ) (0.1 ) (578.9 ) Net Income 502.0 74.6 394.8 1,109.0 (1,084.9 ) 995.5 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — (7.5 ) Net Income Attributable to Common Shareholders $ 497.4 $ 74.6 $ 391.9 $ 1,109.0 $ (1,084.9 ) $ 988.0 Total Assets (as of) $ 19,250.4 $ 3,595.2 $ 9,401.2 $ 18,403.8 $ (14,430.2 ) $ 36,220.4 Cash Flows Used for Investments in Plant $ 1,020.7 $ 298.2 $ 867.6 $ 161.6 $ — $ 2,348.1 For the Year Ended December 31, 2016 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 5,594.3 $ 857.7 $ 1,210.0 $ 870.4 $ (893.3 ) $ 7,639.1 Depreciation and Amortization (504.7 ) (65.3 ) (185.8 ) (33.5 ) 2.2 (787.1 ) Other Operating Expenses (4,155.1 ) (628.9 ) (321.8 ) (778.1 ) 891.8 (4,992.1 ) Operating Income 934.5 163.5 702.4 58.8 0.7 1,859.9 Interest Expense (193.1 ) (41.3 ) (110.0 ) (63.5 ) 6.9 (401.0 ) Interest Income 10.0 0.1 1.2 7.0 (7.3 ) 11.0 Other Income, Net 4.8 0.6 18.3 1,020.1 (1,008.9 ) 34.9 Income Tax (Expense)/Benefit (288.8 ) (45.2 ) (238.2 ) 16.5 0.7 (555.0 ) Net Income 467.4 77.7 373.7 1,038.9 (1,007.9 ) 949.8 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — (7.5 ) Net Income Attributable to Common Shareholders $ 462.8 $ 77.7 $ 370.8 $ 1,038.9 $ (1,007.9 ) $ 942.3 Total Assets (as of) $ 18,367.5 $ 3,303.8 $ 8,751.5 $ 14,493.1 $ (12,862.7 ) $ 32,053.2 Cash Flows Used for Investments in Plant $ 812.6 $ 255.3 $ 801.0 $ 108.0 $ — $ 1,976.9 For the Year Ended December 31, 2015 Eversource (Millions of Dollars) Electric Natural Gas Electric Other Eliminations Total Operating Revenues $ 5,903.6 $ 995.5 $ 1,069.1 $ 863.6 $ (877.0 ) $ 7,954.8 Depreciation and Amortization (425.2 ) (70.5 ) (165.6 ) (29.0 ) 2.1 (688.2 ) Other Operating Expenses (4,470.2 ) (776.7 ) (314.9 ) (817.9 ) 877.3 (5,502.4 ) Operating Income 1,008.2 148.3 588.6 16.7 2.4 1,764.2 Interest Expense (186.3 ) (36.9 ) (105.8 ) (48.0 ) 4.6 (372.4 ) Interest Income 5.7 0.1 1.6 4.4 (5.1 ) 6.7 Other Income, Net 7.2 0.8 14.5 977.8 (972.8 ) 27.5 Income Tax (Expense)/Benefit (322.8 ) (40.1 ) (191.6 ) 14.5 — (540.0 ) Net Income 512.0 72.2 307.3 965.4 (970.9 ) 886.0 Net Income Attributable to Noncontrolling Interests (4.7 ) — (2.8 ) — — (7.5 ) Net Income Attributable to Common Shareholders $ 507.3 $ 72.2 $ 304.5 $ 965.4 $ (970.9 ) $ 878.5 Cash Flows Used for Investments in Plant $ 718.9 $ 182.2 $ 749.1 $ 73.9 $ — $ 1,724.1 |
ACQUISITION OF AQUARION AND GOO
ACQUISITION OF AQUARION AND GOODWILL | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
ACQUISITION OF AQUARION AND GOODWILL | ACQUISITION OF AQUARION AND GOODWILL A. Acquisition of Aquarion On December 4, 2017, Eversource acquired Aquarion from Macquarie Infrastructure Partners for $1.675 billion , consisting of approximately $880 million in cash purchase price and $795 million of assumed Aquarion debt. Aquarion is a holding company primarily engaged, through its three separate regulated water utility subsidiaries, in the water collection, treatment and distribution business, and operates in Connecticut, Massachusetts and New Hampshire. These regulated utilities collect, treat and distribute water to residential, commercial and industrial customers, to other utilities for resale, and for private and municipal fire protection. With the acquisition of Aquarion, Eversource is now the only U.S.-based electric utility to also own a water utility. The transaction was approved by PURA, the DPU, the NHPUC, the Maine PUC, and the Federal Communications Commission. Aquarion and its subsidiaries became wholly-owned subsidiaries of Eversource, and Eversource's consolidated financial information includes Aquarion and its subsidiaries' activity from December 4, 2017 through December 31, 2017. The approximate $880 million cash purchase price includes the $745 million equity purchase price and a $135 million shareholder loan, paid at closing. Purchase Price Allocation : The allocation of the total purchase price to the estimated fair values of the assets acquired and liabilities assumed has been determined based on the accounting guidance for fair value measurements, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The allocation of the total purchase price includes adjustments to record the fair value of unregulated and regulated long-term debt, non-utility land and buildings, regulatory assets not earning a return, and Aquarion's Homeowners Safety Valve unregulated business. The fair values of Aquarion's assets and liabilities were determined based on significant estimates and assumptions, including Level 3 inputs, that are judgmental in nature. These estimates and assumptions include the timing and amounts of projected future cash flows and discount rates reflecting risk inherent in future cash flows. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was recognized as goodwill. The preliminary allocation of the cash purchase price is as follows: (Millions of Dollars) Current Assets $ 41.2 PP&E 1,034.9 Goodwill 907.9 Other Noncurrent Assets, excluding Goodwill 207.6 Current Liabilities (121.1 ) Noncurrent Liabilities (421.6 ) Long-Term Debt (771.2 ) Total Cash Purchase Price $ 877.7 Pro Forma Financial Information: The following unaudited pro forma financial information reflects the pro forma combined results of operations of Eversource and Aquarion and reflects the amortization of purchase price adjustments assuming the acquisition had taken place on January 1, 2016. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Eversource. For the Years Ended December 31, (Pro forma amounts in millions, except share amounts) 2017 2016 Operating Revenues $ 7,947.7 $ 7,849.0 Net Income Attributable to Common Shareholders 1,019.1 969.3 Basic EPS 3.21 3.05 Diluted EPS 3.20 3.04 Aquarion Revenues and Pre-Tax Income: The impact of Aquarion on Eversource's accompanying consolidated statement of income includes operating revenues of $15.9 million and pre-tax income of $1.1 million for the year ended December 31, 2017. B. Goodwill In a business combination, the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is evaluated for impairment at least annually and more frequently if indicators of impairment arise. In accordance with the accounting standards, if the fair value of a reporting unit is less than its carrying value (including goodwill), the goodwill is tested for impairment. Goodwill is not subject to amortization, however is subject to a fair value based assessment for impairment at least annually and whenever facts or circumstances indicate that there may be an impairment. A resulting write-down, if any, would be charged to Operating Expenses. Eversource completed the acquisition of Aquarion on December 4, 2017, resulting in the addition of $0.9 billion of goodwill. Upon completion of the acquisition, Eversource determined that the reporting units for the purpose of testing goodwill are Electric Distribution, Electric Transmission, Natural Gas Distribution and Water. The goodwill resulting from the Aquarion acquisition has been entirely allocated to the Water reporting unit. These reporting units are consistent with the operating segments underlying the reportable segments identified in Note 21, "Segment Information," to the financial statements. Eversource completed its annual goodwill impairment test for Electric Distribution, Electric Transmission and Natural Gas Distribution reporting units as of October 1, 2017 and determined that no impairment existed. There were no events subsequent to October 1, 2017 that indicated impairment of goodwill. The annual goodwill assessment included an evaluation of the Company's share price and credit ratings, analyst reports, financial performance, cost and risk factors, long-term strategy, growth and future projections, as well as macroeconomic, industry and market conditions. This evaluation required the consideration of several factors that impact the fair value of the reporting units, including conditions and assumptions that affect the future cash flows of the reporting units. Key considerations include discount rates, utility sector market performance and merger transaction multiples, and internal estimates of future cash flows and net income. The following table presents goodwill by reportable segment: (Billions of Dollars) Electric Distribution Electric Transmission Natural Gas Distribution Parent and Other Total Balance as of January 1, 2017 $ 2.5 $ 0.6 $ 0.4 $ — $ 3.5 Acquisition of Aquarion — — — 0.9 0.9 Balance as of December 31, 2017 $ 2.5 $ 0.6 $ 0.4 $ 0.9 $ 4.4 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES The Company's variable interests outside of the consolidated group include contracts that are required by regulation and provide for regulatory recovery of contract costs and benefits through customer rates. Eversource, CL&P and NSTAR Electric hold variable interests in variable interest entities (VIEs) through agreements with certain entities that own single renewable energy or peaking generation power plants, with other independent power producers and with transmission businesses. Eversource, CL&P and NSTAR Electric do not control the activities that are economically significant to these VIEs or provide financial or other support to these VIEs. Therefore, Eversource, CL&P and NSTAR Electric do not consolidate these VIEs. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter Ended Eversource (Millions of Dollars, except per share information) 2017 2016 March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, Operating Revenues $ 2,105.1 $ 1,762.8 $ 1,988.5 $ 1,895.6 $ 2,055.6 $ 1,767.2 $ 2,039.7 $ 1,776.6 Operating Income 509.0 455.7 502.6 450.9 488.5 423.4 509.9 438.1 Net Income 261.3 232.6 262.2 239.4 246.0 205.5 267.2 231.1 Net Income Attributable to Common Shareholders 259.5 230.7 260.4 237.4 244.2 203.6 265.3 229.2 Basic EPS (1) $ 0.82 $ 0.73 $ 0.82 $ 0.75 $ 0.77 $ 0.64 $ 0.83 $ 0.72 Diluted EPS (1) $ 0.82 $ 0.73 $ 0.82 $ 0.75 $ 0.77 $ 0.64 $ 0.83 $ 0.72 (1) The summation of quarterly EPS data may not equal annual data due to rounding. Quarter Ended 2017 2016 (Millions of Dollars) March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, CL&P Operating Revenues $ 732.3 $ 666.6 $ 774.8 $ 713.7 $ 735.3 $ 679.8 $ 760.0 $ 630.9 Operating Income 176.0 176.0 177.5 155.6 171.5 162.1 176.1 163.5 Net Income 90.2 91.3 96.1 99.1 87.0 82.9 86.6 77.8 NSTAR Electric Operating Revenues $ 733.8 $ 704.7 $ 851.9 $ 690.2 $ 742.2 $ 707.6 $ 904.4 $ 687.4 Operating Income 161.6 182.7 234.4 128.9 142.9 159.7 240.8 130.8 Net Income 83.4 95.0 125.8 70.5 71.3 81.4 133.2 64.9 PSNH Operating Revenues $ 253.2 $ 230.4 $ 250.0 $ 248.0 $ 242.3 $ 218.5 $ 266.9 $ 231.8 Operating Income 68.3 64.9 67.4 71.2 70.7 63.1 74.7 54.6 Net Income 34.3 31.6 33.7 36.4 36.1 31.3 38.5 26.1 |
SCHEDULE I - FINANCIAL INFORMAT
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS AS OF DECEMBER 31, 2017 AND 2016 (Thousands of Dollars) 2017 2016 ASSETS Current Assets: Cash $ 521 $ 93 Accounts Receivable from Subsidiaries 3,397 32,864 Dividend Receivable from Subsidiary 150,000 — Notes Receivable from Subsidiaries 844,500 740,300 Prepayments and Other Current Assets 18,568 23,122 Total Current Assets 1,016,986 796,379 Deferred Debits and Other Assets: Investments in Subsidiary Companies, at Equity 10,945,986 9,703,287 Notes Receivable from Subsidiaries 312,190 224,290 Accumulated Deferred Income Taxes 47,940 126,091 Goodwill 3,231,811 3,231,811 Other Long-Term Assets 58,313 44,020 Total Deferred Debits and Other Assets 14,596,240 13,329,499 Total Assets $ 15,613,226 $ 14,125,878 LIABILITIES AND CAPITALIZATION Current Liabilities: Notes Payable $ 778,087 $ 1,022,000 Long-Term Debt - Current Portion 32,114 28,883 Accounts Payable 292 — Accounts Payable to Subsidiaries 18,242 8,771 Other Current Liabilities 56,601 47,215 Total Current Liabilities 885,336 1,106,869 Deferred Credits and Other Liabilities 118,176 148,756 Capitalization: Long-Term Debt 3,523,472 2,158,519 Equity: Common Shareholders' Equity: Common Shares 1,669,392 1,669,392 Capital Surplus, Paid in 6,239,940 6,250,224 Retained Earnings 3,561,084 3,175,171 Accumulated Other Comprehensive Loss (66,403 ) (65,282 ) Treasury Stock (317,771 ) (317,771 ) Common Shareholders' Equity 11,086,242 10,711,734 Total Capitalization 14,609,714 12,870,253 Total Liabilities and Capitalization $ 15,613,226 $ 14,125,878 See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 17, "Common Shares," material obligations and guarantees as described in Note 11, "Commitments and Contingencies," and debt agreements as described in Note 7, "Short-Term Debt," and Note 8, "Long-Term Debt." SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2017 , 2016 AND 2015 (Thousands of Dollars, Except Share Information) 2017 2016 2015 Operating Revenues $ — $ — $ — Operating Expenses: Other (32,189 ) (39,453 ) 9,315 Operating Income/(Loss) 32,189 39,453 (9,315 ) Interest Expense 80,700 59,420 45,130 Other Income, Net: Equity in Earnings of Subsidiaries 993,063 922,321 900,824 Other, Net 23,339 4,267 6,602 Other Income, Net 1,016,402 926,588 907,426 Income Before Income Tax Benefit 967,891 906,621 852,981 Income Tax Benefit (20,105 ) (35,681 ) (25,504 ) Net Income $ 987,996 $ 942,302 $ 878,485 Basic Earnings per Common Share $ 3.11 $ 2.97 $ 2.77 Diluted Earnings per Common Share $ 3.11 $ 2.96 $ 2.76 Weighted Average Common Shares Outstanding: Basic 317,411,097 317,650,180 317,336,881 Diluted 318,031,580 318,454,239 318,432,687 STATEMENTS OF COMPREHENSIVE INCOME 2017 2016 2015 Net Income $ 987,996 $ 942,302 $ 878,485 Other Comprehensive (Loss)/Income, Net of Tax: Qualified Cash Flow Hedging Instruments 1,974 2,137 2,079 Changes in Unrealized (Losses)/Gains on Marketable Securities (350 ) 2,294 (2,588 ) Change in Funded Status of Pension, SERP and PBOP Benefit Plans (2,745 ) (2,869 ) 7,674 Other Comprehensive (Loss)/Income, Net of Tax (1,121 ) 1,562 7,165 Comprehensive Income $ 986,875 $ 943,864 $ 885,650 See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 17, "Common Shares," material obligations and guarantees as described in Note 11, "Commitments and Contingencies," and debt agreements as described in Note 7, "Short-Term Debt," and Note 8, "Long-Term Debt." SCHEDULE I EVERSOURCE ENERGY (PARENT) FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2017, 2016 and 2015 (Thousands of Dollars) 2017 2016 2015 Operating Activities: Net Income $ 987,996 $ 942,302 $ 878,485 Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities: Equity in Earnings of Subsidiaries (993,063 ) (922,321 ) (900,824 ) Cash Dividends Received from Subsidiaries 753,300 724,877 602,300 Deferred Income Taxes 37,867 19,008 16,880 Other (36,052 ) (27,963 ) (22,864 ) Changes in Current Assets and Liabilities: Accounts Receivables from Subsidiaries 29,405 (9,173 ) (16,980 ) Taxes Receivable/Accrued, Net 1,555 8,050 (14,426 ) Accounts Payable, Including Affiliate Payables 9,763 (6,908 ) (134,730 ) Other Current Assets and Liabilities, Net 7,536 (7,433 ) 6,832 Net Cash Flows Provided by Operating Activities 798,307 720,439 414,673 Investing Activities: Capital Contributions to Subsidiaries (1,156,731 ) (589,500 ) (218,500 ) (Increase)/Decrease in Notes Receivable from Subsidiaries (192,100 ) 14,510 (131,650 ) Other Investing Activities 1,484 — 12,000 Net Cash Flows Used in Investing Activities (1,347,347 ) (574,990 ) (338,150 ) Financing Activities: Cash Dividends on Common Shares (602,083 ) (564,486 ) (529,791 ) Issuance of Long-Term Debt 1,200,000 500,000 450,000 Decrease in Notes Payable (42,690 ) (76,453 ) (2,622 ) Other Financing Activities (5,759 ) (4,484 ) 5,819 Net Cash Flows Provided by/(Used in) Financing Activities 549,468 (145,423 ) (76,594 ) Net Increase/(Decrease) in Cash 428 26 (71 ) Cash - Beginning of Year 93 67 138 Cash - End of Year $ 521 $ 93 $ 67 Supplemental Cash Flow Information: Cash Paid/(Received) During the Year for: Interest $ 73,868 $ 58,018 $ 43,024 Income Taxes $ (59,526 ) $ (65,531 ) $ (34,680 ) See the Combined Notes to Financial Statements in this Annual Report on Form 10-K for a description of significant accounting matters related to Eversource parent, including Eversource common shares information as described in Note 17, "Common Shares," material obligations and guarantees as described in Note 11, "Commitments and Contingencies," and debt agreements as described in Note 7, "Short-Term Debt," and Note 8, "Long-Term Debt." |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II EVERSOURCE ENERGY AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE YEARS ENDED DECEMBER 31, 2017 , 2016 AND 2015 (Thousands of Dollars) Column A Column B Column C Column D Column E Additions (1) (2) Charged Charged to Balance as to Costs Other Deductions - Balance of Beginning and Accounts - Describe as of Description: of Year Expenses Describe (a) (b) End of Year Eversource : Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2017 $ 200,630 $ 44,665 $ 47,630 $ 97,217 $ 195,708 2016 190,680 69,466 45,452 104,968 200,630 2015 175,317 51,077 79,622 115,336 190,680 CL&P: Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2017 $ 86,391 $ 5,312 $ 25,533 $ 38,364 $ 78,872 2016 79,479 17,572 28,801 39,461 86,391 2015 84,287 10,105 30,592 45,505 79,479 NSTAR Electric: Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2017 $ 70,284 $ 21,252 $ 14,273 $ 36,143 $ 69,666 2016 66,676 31,728 11,253 39,373 70,284 2015 50,550 19,168 36,977 40,019 66,676 PSNH : Reserves Deducted from Assets - Reserves for Uncollectible Accounts: 2017 $ 9,941 $ 6,917 $ 464 $ 6,841 $ 10,481 2016 8,733 7,288 498 6,578 9,941 2015 7,663 8,889 841 8,660 8,733 (a) Amounts relate to uncollectible accounts receivables reserved for that are not charged to bad debt expense. 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 NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. (b) Amounts written off, net of recoveries. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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 consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the "financial statements." 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. Eversource consolidates CYAPC and YAEC because CL&P's, NSTAR Electric's and PSNH's combined ownership interest in each of these entities is greater than 50 percent. Intercompany transactions between CL&P, NSTAR Electric and PSNH and the CYAPC and YAEC companies have been eliminated in consolidation of the Eversource financial statements. Eversource's utility subsidiaries' electric and natural gas distribution (including generation assets), transmission and water 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 year data were made in the accompanying financial statements to conform to the current year presentation. In accordance with accounting guidance on noncontrolling interests in consolidated financial statements, the Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric, which are not owned by Eversource or its consolidated subsidiaries and are not subject to mandatory redemption, have been presented as noncontrolling interests in the financial statements of Eversource. The Preferred Stock of CL&P and the Preferred Stock of NSTAR Electric are considered to be temporary equity and have been classified between liabilities and permanent shareholders' equity on the balance sheets of Eversource, CL&P and NSTAR Electric due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time. The Net Income reported in the statements of income and cash flows represents net income prior to apportionment to noncontrolling interests, which is represented by dividends on preferred stock of CL&P and NSTAR Electric. |
Accounting Standards | Accounting Standards Accounting Standards Issued but Not Yet Effective: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which amends existing revenue recognition guidance and is required to be applied either fully retrospectively (to each reporting period presented) or under a modified retrospective method (cumulatively at the date of initial application). The FASB deferred implementation of ASU 2014-09 in ASU 2015-14, Revenue from Contracts with Customers (Topic: 606): Deferral of the Effective Date . The new accounting guidance is effective for interim and annual periods beginning in 2018 with early adoption permitted. The Company implemented the standard in the first quarter of 2018 using the modified retrospective method of adoption. Under this method of adoption, prior year reported results are not restated. Under the new standard, an entity must identify the performance obligations in a contract, determine the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this ASU also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The Company has reviewed and performed accounting analyses of its revenue streams under contracts with customers. These accounting analyses included reviewing representative contracts and tariffs for each material revenue stream and evaluating them under the new guidance. The majority of the Company’s sales are derived from tariffs to provide electric and natural gas to customers. For such tariffs, the Company expects that the revenue from contracts with customers under ASU 2014-09 will be equivalent to revenue from electricity and natural gas supplied and billed in that period (including estimated unbilled revenues), which is consistent with current practice. Based on our assessments, the Company has identified one item that will be accounted for differently under the new revenue guidance as compared to current guidance. As a result of applying guidance on the unit of account under the new standard, purchases and sales of power from and to ISO-New England will be accounted for net by the hour, rather than net by the month, with no impact on net income. After taking into consideration this identified change, the Company has concluded that the new guidance will not have a material impact on the amounts or timing of revenue recognition. Implementation of the ASU will not have a material effect on the results of operations, financial position or cash flows of Eversource, CL&P, NSTAR Electric or PSNH. Significant additional disclosures of the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers will be presented beginning in the first quarter of 2018. 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 December 31, 2017 was approximately $51 million with an unrealized loss of $0.1 million . The unrealized loss recorded in AOCI will be recorded as an adjustment to the opening balance of retained earnings as of January 1, 2018. 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 or PSNH. 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 pension 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 or PSNH. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. At the end of each reporting period, any overdraft amounts are reclassified from Cash and Cash Equivalents to Accounts Payable on the balance sheets. |
Provision for Uncollectible Accounts | Provision for Uncollectible Accounts Eversource, including CL&P, NSTAR Electric and PSNH, 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 NSTAR Electric and NSTAR Gas to recover in rates, amounts associated with certain uncollectible hardship accounts receivable. These uncollectible hardship customer account balances are included in Regulatory Assets or Other Long-Term Assets on the balance sheets. |
Fuel, Materials, Supplies and Inventory | Fuel, Materials, Supplies and Inventory Fuel, Materials, Supplies and Inventory include natural gas, coal, biomass and oil inventories, materials and supplies purchased primarily for construction or operation and maintenance purposes, RECs and emission allowances. Inventory is valued at the lower of cost or net realizable value. RECs are purchased from suppliers of renewable sources of generation and are used to meet state mandated Renewable Portfolio Standards requirements. PSNH is subject to federal and state laws and regulations that regulate emissions of air pollutants, including SO 2 , CO 2 , and NO x related to its regulated generation units, and used SO 2 , CO 2 , and NO x emissions allowances. SO 2 , CO 2 , and NO x emissions allowances were charged to expense based on their average cost as they were utilized against emissions volumes at PSNH's generating units. On October 11, 2017, PSNH entered into two Purchase and Sale Agreements ("Agreements") to sell its thermal and hydroelectric generation assets. The NHPUC approved the Agreements in late November 2017 and on January 10, 2018, PSNH completed the sale of its thermal generation assets. As of December 31, 2017, PSNH has classified its generation assets, which included coal, biomass and oil inventories and emission allowances, as held for sale. As of December 31, 2016, these inventories were recorded within Fuel, Materials, Supplies and Inventory on the balance sheet |
Deposits | Deposits As of December 31, 2017 , Eversource, CL&P, NSTAR Electric and PSNH had $24.5 million , $3.1 million , $12.8 million and $0.5 million , respectively, of cash collateral posted not subject to master netting agreements, with ISO-NE related to energy transactions, which was included in Prepayments and Other Current 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 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," Note 6, "Asset Retirement Obligations," Note 9A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pensions," and Note 14, "Fair Value of Financial Instruments" to the financial statements. |
Derivative Accounting | Derivative Accounting Many of the electric and natural gas companies' contracts for the purchase and sale of energy or energy-related products are derivatives. The accounting treatment for energy contracts entered into varies and depends on the intended use of the particular contract and on whether or not the contract is a derivative. For the regulated companies, regulatory assets or regulatory liabilities are recorded to offset the fair values of derivative contracts related to energy and energy-related products, as contract settlements are recovered from, or refunded to, customers in future rates. The application of derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, election and designation of a contract as normal, and determination of the fair value of derivative contracts. All of these judgments can have a significant impact on the financial statements. The judgment applied in the election of a contract as normal (and resulting accrual accounting) includes the conclusion that it is probable at the inception of the contract and throughout its term that it will result in physical delivery of the underlying product and that the quantities will be used or sold by the business in the normal course of business. If facts and circumstances change and management can no longer support this conclusion, then a contract cannot be considered normal and accrual accounting is terminated, and fair value accounting is applied prospectively. The fair value of derivative contracts is based upon the contract terms and conditions and the underlying market price or fair value per unit. When quantities are not specified in the contract, the Company determines whether the contract has a determinable quantity by using amounts referenced in default provisions and other relevant sections of the contract. The fair value of derivative assets and liabilities with the same counterparty are offset and recorded as a net derivative asset or liability on the balance sheets. All changes in the fair value of derivative contracts are recorded as regulatory assets or liabilities and do not impact net income. |
Investments | Investments Investments are included in Other Long-Term Assets on the balance sheets and earnings impacts from equity investments are included in Other Income, Net on the statements of income. |
Revenues | Revenues Retail Revenues: Retail revenues are based on rates approved by respective state regulatory commissions. In general, rates can only be changed through formal proceedings with the state regulatory commissions. These rates are designed to recover the costs to provide service to customers, and include a return on investment. Regulatory commission-approved tracking mechanisms are also used to recover certain costs on a fully-reconciling basis. These tracking mechanisms require rates to be changed periodically to ensure recovery of actual costs incurred. Certain Eversource electric, natural gas and water companies, including CL&P and NSTAR Electric (for a portion of its customers), have a regulatory commission approved revenue decoupling mechanism ("decoupled companies"). Distribution revenues are decoupled from customer sales volumes, where applicable, which breaks the relationship between sales volumes and revenues recognized. The decoupled companies reconcile their annual base distribution rate recovery to pre-established levels of baseline distribution delivery service revenues. Any difference between the allowed level of distribution revenue and the actual amount realized is adjusted through rates in a subsequent period. A significant portion of the electric and natural gas companies' retail revenues relate to the recovery of costs incurred for the sale of electricity and natural gas purchased on behalf of customers. These energy supply costs are recovered from customers in rates through cost tracking mechanisms. Energy purchases are recorded in Purchased Power, Fuel and Transmission, and the sales of energy associated with these purchases are recorded in Operating Revenues on the statements of income. Unbilled Revenues: Because customers are billed throughout the month based on pre-determined cycles rather than on a calendar month basis, an estimate of electricity, natural gas or water delivered to customers for which the customers have not yet been billed is calculated as of the balance sheet date. Unbilled revenues are included in Operating Revenues on the statements of income and in Current Assets on the balance sheets. Actual amounts billed to customers when meter readings become available may vary from the estimated amount. Unbilled revenues are recognized by allocating estimated unbilled sales volumes to the respective customer classes, and then applying an estimated rate by customer class to those sales volumes. Unbilled revenues can vary significantly from period to period as a result of seasonality, weather, customer usage patterns, customer rates in effect for customer classes, and the timing of customer billing. The estimate of unbilled revenues can significantly impact the amount of revenues recorded at the companies that do not have a revenue decoupling mechanism. Companies that do have a decoupling mechanism record a regulatory deferral to reflect the actual allowed amount of revenue associated with their respective decoupled distribution rate design. Transmission Revenues - Wholesale Rates: The Eversource electric transmission-owning companies have a combination of FERC-approved regional and local formula rates that work in tandem to recover all their transmission costs. These rates are part of the ISO-NE Tariff. Regional rates recover the costs of higher voltage transmission facilities that benefit the region, and are collected from all New England transmission customers, including the Eversource distribution businesses. Eversource and NSTAR Electric each have two sets of local rates that recover the companies' total transmission revenue requirements, less revenues received from regional rates and other sources, and are collected from Eversource's distribution businesses and other transmission customers. The distribution businesses of Eversource, in turn, recover the FERC- approved charges from retail customers through annual or semiannual tracking mechanisms. The transmission formula rates provide for the annual reconciliation and recovery or refund of estimated costs to actual costs. The financial impacts of differences between actual and estimated costs are deferred for future recovery from, or refund to, transmission customers. See Note 11E, "Commitments and Contingencies – FERC ROE Complaints," for complaints filed at the FERC relating to Eversource's ROE. Transmission Revenues - Retail Rates: A significant portion of the Eversource electric transmission segment revenue comes from ISO-NE charges to the distribution businesses of CL&P, NSTAR Electric, and PSNH, each of which recovers these costs through rates charged to their retail customers. CL&P, NSTAR Electric and PSNH each have a retail transmission cost tracking mechanism as part of their rates, which allows the electric distribution companies to charge their retail customers for transmission costs on a timely basis. |
Allowance for Funds Used During Construction | Allowance for Funds Used During Construction AFUDC represents the cost of borrowed and equity funds used to finance construction and is included in the cost of the electric, natural gas and water companies' utility plant on the balance sheet. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of Interest Expense, and the AFUDC related to equity funds is recorded as Other Income, Net on the statements of income. AFUDC costs are recovered from customers over the service life of the related plant in the form of increased revenue collected as a result of higher depreciation expense. The average AFUDC rate is based on a FERC-prescribed formula using the cost of a company's short-term financings and capitalization (preferred stock, long-term debt and common equity), as appropriate. The average rate is applied to average eligible CWIP amounts to calculate AFUDC. |
Other Income, Net | Other Income, Net Items included within Other Income, Net on the statements of income primarily consist of investment income/(loss) related to debt and equity securities held in trust, market value changes related to deferred compensation plans, interest income, AFUDC related to equity funds, and income/(loss) related to equity method investees. |
Other Taxes | Other Taxes Eversource's companies that serve customers in Connecticut collect gross receipts taxes levied by the state of Connecticut from their customers. |
Related Parties | Related Parties Eversource Service, Eversource's service company, provides centralized accounting, administrative, engineering, financial, information technology, legal, operational, planning, purchasing, and other services to Eversource's companies. The Rocky River Realty Company, Renewable Properties, Inc. and Properties, Inc., three other Eversource subsidiaries, construct, acquire or lease some of the property and facilities used by Eversource's companies. As of both December 31, 2017 and 2016 , CL&P, NSTAR Electric and PSNH had long-term receivables from Eversource Service in the amounts of $25.0 million , $3.8 million and $5.5 million , respectively, which were included in Other Long-Term Assets on the balance sheets. These amounts related to the funding of investments held in trust by Eversource Service in connection with certain postretirement benefits for CL&P, NSTAR Electric and PSNH employees and have been eliminated in consolidation on the Eversource financial statements. Included in the CL&P, NSTAR Electric and PSNH balance sheets as of December 31, 2017 and 2016 were Accounts Receivable from Affiliated Companies and Accounts Payable to Affiliated Companies relating to transactions between CL&P, NSTAR Electric and PSNH and other subsidiaries that are wholly-owned by Eversource. These amounts have been eliminated in consolidation on the Eversource financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The total provision for both uncollectible accounts and for uncollectible hardship accounts (the uncollectible hardship balance 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 As of December 31, As of December 31, (Millions of Dollars) 2017 2016 2017 2016 Eversource $ 195.7 $ 200.6 $ 122.5 $ 119.9 CL&P 78.9 86.4 65.5 67.7 NSTAR Electric 69.7 70.3 40.3 36.1 PSNH 10.5 9.9 — — |
Schedule of Utility Inventory | The carrying amounts of fuel, materials and supplies, RECs, and emission allowances were as follows: As of December 31, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Current: Fuel $ 29.7 $ — $ — $ — $ 135.7 $ — $ — $ 99.9 Materials and Supplies 117.1 44.4 45.1 18.5 142.7 48.2 39.7 47.3 RECs 76.3 4.0 50.4 21.8 47.9 3.9 31.2 12.8 Emission Allowances — — — — 2.4 — — 2.4 Long-Term: Emission Allowances — — — — 17.5 — — 17.5 |
Schedule of Fuel Costs | Costs related to fuel and natural gas included in Purchased Power, Fuel and Transmission on the statements of income were as follows: For the Years Ended December 31, (Millions of Dollars) 2017 2016 2015 Eversource - Natural Gas and Fuel $ 432.5 $ 372.2 $ 516.7 PSNH - Fuel 43.4 45.0 85.4 |
Schedule of Allowance For Funds Used During Construction | AFUDC costs and the weighted-average AFUDC rates were as follows: Eversource For the Years Ended December 31, (Millions of Dollars, except percentages) 2017 2016 2015 Borrowed Funds $ 12.5 $ 10.8 $ 7.2 Equity Funds 34.4 26.2 18.8 Total AFUDC $ 46.9 $ 37.0 $ 26.0 Average AFUDC Rate 5.1 % 4.4 % 3.9 % For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars, except percentages) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Borrowed Funds $ 5.1 $ 4.8 $ 0.7 $ 3.3 $ 5.3 $ 0.8 $ 2.6 $ 3.0 $ 1.0 Equity Funds 12.1 10.2 — 6.3 10.2 0.3 5.2 6.0 1.2 Total AFUDC $ 17.2 $ 15.0 $ 0.7 $ 9.6 $ 15.5 $ 1.1 $ 7.8 $ 9.0 $ 2.2 Average AFUDC Rate 6.2 % 5.0 % 0.7 % 4.7 % 3.2 % 1.0 % 5.5 % 3.5 % 1.8 % |
Schedule of 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 Years Ended December 31, (Millions of Dollars) 2017 2016 2015 Eversource $ 157.4 $ 162.7 $ 147.2 CL&P 137.5 145.2 128.5 |
Schedule of Supplemental Cash Flow Information | Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2017 2016 2015 Cash Paid/(Received) During the Year for: Interest, Net of Amounts Capitalized $ 419.1 $ 398.1 $ 365.9 Income Taxes 30.8 (135.5 ) 10.3 Non-Cash Investing Activities: Plant Additions Included in Accounts Payable (As of) 379.5 301.5 216.6 As of and For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Cash Paid/(Received) During the Year for: Interest, Net of Amounts Capitalized $ 144.6 $ 124.6 $ 45.9 $ 143.3 $ 112.9 $ 46.5 $ 144.4 $ 102.4 $ 42.3 Income Taxes 68.8 95.5 26.1 (73.9 ) 66.0 (36.0 ) 55.2 (5.1 ) 14.4 Non-Cash Investing Activities: Plant Additions Included in Accounts Payable (As of) 132.5 116.5 44.4 116.2 87.0 37.9 76.0 50.5 46.5 |
REGULATORY ACCOUNTING (Tables)
REGULATORY ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The components of regulatory assets were as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Benefit Costs $ 2,068.8 $ 1,817.8 Deferred Costs from Generation Asset Sale 516.1 — Derivative Liabilities 367.2 423.3 Income Taxes, Net 768.9 644.5 Storm Restoration Costs 404.8 385.3 Goodwill-related 365.2 464.4 Regulatory Tracker Mechanisms 509.9 576.6 Asset Retirement Obligations 101.0 99.3 Other Regulatory Assets 137.4 115.1 Total Regulatory Assets 5,239.3 4,526.3 Less: Current Portion 741.9 887.6 Total Long-Term Regulatory Assets $ 4,497.4 $ 3,638.7 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Benefit Costs $ 469.2 $ 560.7 $ 212.3 $ 429.3 $ 525.3 $ 184.2 Deferred Costs from Generation Asset Sale — — 516.1 — — — Derivative Liabilities 362.3 — — 420.5 2.8 — Income Taxes, Net 453.8 113.2 21.7 437.0 120.5 24.2 Storm Restoration Costs 216.7 146.6 41.5 239.8 128.4 17.1 Goodwill-related — 313.6 — — 398.7 — Regulatory Tracker Mechanisms 85.3 273.0 116.4 123.9 304.0 104.5 Asset Retirement Obligations 30.3 39.0 17.0 33.2 36.1 16.2 Other Regulatory Assets 27.6 78.4 15.8 43.4 22.7 16.5 Total Regulatory Assets 1,645.2 1,524.5 940.8 1,727.1 1,538.5 362.7 Less: Current Portion 200.3 333.9 130.1 335.5 353.5 117.2 Total Long-Term Regulatory Assets $ 1,444.9 $ 1,190.6 $ 810.7 $ 1,391.6 $ 1,185.0 $ 245.5 |
Schedule of Regulatory Liabilities | The components of regulatory liabilities were as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Cost of Removal $ 502.1 $ 459.7 Benefit Costs 132.3 136.2 Regulatory Tracker Mechanisms 136.7 145.3 AFUDC - Transmission 67.1 65.8 Other Regulatory Liabilities 45.2 42.1 Total Regulatory Liabilities (1) 883.4 849.1 Less: Current Portion 128.1 146.8 Total Long-Term Regulatory Liabilities (1) $ 755.3 $ 702.3 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Cost of Removal $ 23.2 $ 293.8 $ 37.9 $ 38.8 $ 280.2 $ 44.1 Benefit Costs — 112.6 — — 113.1 — Regulatory Tracker Mechanisms 34.6 77.8 5.0 37.2 78.4 10.7 AFUDC - Transmission 48.8 18.3 — 50.2 15.6 — Other Regulatory Liabilities 12.9 3.7 2.7 21.0 0.3 2.7 Total Regulatory Liabilities (1) 119.5 506.2 45.6 147.2 487.6 57.5 Less: Current Portion 39.0 79.6 6.3 47.1 78.5 12.7 Total Long-Term Regulatory Liabilities (1) $ 80.5 $ 426.6 $ 39.3 $ 100.1 $ 409.1 $ 44.8 (1) The amounts above do not include the impacts associated with the "Tax Cuts and Jobs Act" (the "Act"), which became law on December 22, 2017. Pursuant to the enacted law, Eversource remeasured its existing deferred federal income tax balances as of December 31, 2017 to reflect the decrease in the U.S. federal corporate income tax rate from 35 percent to 21 percent. The remeasurement resulted in provisional regulated excess accumulated deferred income tax (ADIT) liabilities that we expect to benefit our customers in future periods, which were estimated to be approximately $2.9 billion (approximately $1.0 billion at CL&P, $1.1 billion at NSTAR Electric and $0.4 billion at PSNH) as of December 31, 2017 and recognized as regulatory liabilities on the balance sheet. We estimate that about 85 percent of the provisional regulated excess ADIT liabilities relate to property, plant, and equipment with remaining useful lives estimated to be in excess of 20 years. These amounts are subject to IRS normalization rules and would be returned to customers using the same timing as the remaining useful lives of the underlying assets that gave rise to the ADIT liabilities. The Eversource regulated companies are currently working with the state regulatory commissions, who have opened investigations to examine the impact of the Act on customer rates. For further information, see Note 10, "Income Taxes," to the financial statements. |
PROPERTY, PLANT AND EQUIPMENT38
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Utility Property, Plant and Equipment | The following tables summarize property, plant and equipment by asset category: Eversource As of December 31, (Millions of Dollars) 2017 2016 Distribution - Electric $ 14,410.5 $ 13,716.9 Distribution - Natural Gas 3,244.2 3,010.4 Transmission - Electric 9,270.9 8,517.4 Water (1) 1,558.4 — Generation and Solar (2) 36.2 1,224.2 Utility 28,520.2 26,468.9 Other (3) 693.7 591.6 Property, Plant and Equipment, Gross 29,213.9 27,060.5 Less: Accumulated Depreciation Utility (6,846.9 ) (6,480.4 ) Other (286.9 ) (242.0 ) Total Accumulated Depreciation (7,133.8 ) (6,722.4 ) Property, Plant and Equipment, Net 22,080.1 20,338.1 Construction Work in Progress 1,537.4 1,012.4 Total Property, Plant and Equipment, Net $ 23,617.5 $ 21,350.5 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Distribution $ 5,888.3 $ 6,479.0 $ 2,083.4 $ 5,562.9 $ 6,244.2 $ 1,949.8 Transmission 4,239.9 3,821.2 1,161.3 3,912.9 3,496.9 1,059.3 Generation and Solar (2) — 36.2 — — 36.0 1,188.2 Property, Plant and Equipment, Gross 10,128.2 10,336.4 3,244.7 9,475.8 9,777.1 4,197.3 Less: Accumulated Depreciation (2,239.0 ) (2,550.2 ) (751.8 ) (2,082.4 ) (2,364.2 ) (1,254.7 ) Property, Plant and Equipment, Net 7,889.2 7,786.2 2,492.9 7,393.4 7,412.9 2,942.6 Construction Work in Progress 381.8 460.3 149.4 239.0 317.2 96.7 Total Property, Plant and Equipment, Net $ 8,271.0 $ 8,246.5 $ 2,642.3 $ 7,632.4 $ 7,730.1 $ 3,039.3 (1) On December 4, 2017, Eversource completed the acquisition of Aquarion. See Note 22A, "Acquisition of Aquarion and Goodwill - Acquisition of Aquarion," for further information. (2) On October 11, 2017, PSNH entered into two Purchase and Sale Agreements ("Agreements") to sell its thermal and hydroelectric generation assets. As of December 31, 2017, PSNH has classified its generation assets as held for sale. As of December 31, 2016, these plant balances were recorded within Property, Plant and Equipment, Net on the balance sheet. See Note 12, "Assets Held for Sale," for further information. (3) These assets are primarily comprised of building improvements, computer software, hardware and equipment at Eversource Service. The following table summarizes average remaining useful lives of depreciable assets: As of December 31, 2017 (Years) Eversource CL&P NSTAR Electric PSNH Distribution 34.6 35.8 31.7 31.3 Transmission 40.9 37.2 44.7 43.5 Water 32.0 — — — Solar 25.0 — 25.0 — Other 12.7 — — — The depreciation rates for the various classes of utility property, plant and equipment aggregate to composite rates as follows: (Percent) 2017 2016 2015 Eversource 3.0 % 3.0 % 2.9 % CL&P 2.8 % 2.7 % 2.7 % NSTAR Electric 2.9 % 2.9 % 2.9 % PSNH 3.1 % 3.1 % 3.2 % |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 2016 (Millions of Dollars) Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Commodity Supply and Price Risk Management Netting (1) Net Amount Recorded as a Derivative Current Derivative Assets: Level 2: Eversource $ — $ — $ — $ 6.0 $ — $ 6.0 Level 3: CL&P 9.5 (7.1 ) 2.4 13.9 (9.4 ) 4.5 Long-Term Derivative Assets: Level 2: Eversource $ — $ — $ — $ 0.3 $ (0.1 ) $ 0.2 Level 3: CL&P 71.9 (5.3 ) 66.6 77.3 (11.7 ) 65.6 Current Derivative Liabilities: Level 2: Eversource $ (4.5 ) $ — $ (4.5 ) $ — $ — $ — Level 3: Eversource (54.4 ) — (54.4 ) (79.7 ) — (79.7 ) CL&P (54.4 ) — (54.4 ) (77.8 ) — (77.8 ) Long-Term Derivative Liabilities : Level 2: Eversource $ (0.4 ) $ — $ (0.4 ) $ — $ — — $ — Level 3: Eversource (376.9 ) — (376.9 ) (413.7 ) — (413.7 ) CL&P (376.9 ) — (376.9 ) (412.8 ) — (412.8 ) (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 CL&P'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 December 31, 2017 2016 CL&P Range Period Covered Range Period Covered Capacity Prices $ 5.00 — 8.70 per kW-Month 2021 - 2026 $ 5.50 — 8.70 per kW-Month 2020 - 2026 Forward Reserve 1.00 — 2.00 per kW-Month 2018 - 2024 1.40 — 2.00 per kW-Month 2017 - 2024 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | 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. (Millions of Dollars) Eversource CL&P Derivatives, Net: Fair Value as of January 1, 2016 $ (380.9 ) $ (380.8 ) Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (130.7 ) (122.7 ) Settlements 88.3 83.0 Fair Value as of December 31, 2016 $ (423.3 ) $ (420.5 ) Transfer out of Level 3 1.2 — Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities (11.4 ) (9.5 ) Settlements 71.2 67.7 Fair Value as of December 31, 2017 $ (362.3 ) $ (362.3 ) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 2016 Eversource (Millions of Dollars) Amortized Pre-Tax Pre-Tax Fair Value Amortized Pre-Tax Pre-Tax Fair Value Debt Securities $ 284.9 $ 3.2 $ (1.1 ) $ 287.0 $ 296.2 $ 1.1 $ (2.1 ) $ 295.2 Equity Securities 216.1 97.8 (0.1 ) 313.8 203.3 62.3 (1.2 ) 264.4 |
Investments Classified by Contractual Maturity Date | As of December 31, 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 $ 40.1 One to five years 46.7 47.5 Six to ten years 64.7 65.6 Greater than ten years 133.3 133.8 Total Debt Securities $ 284.9 $ 287.0 (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. |
Marketable Securities Recorded at Fair Value | 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 December 31, 2017 2016 Level 1: Mutual Funds and Equities $ 313.8 $ 274.0 Money Market Funds 23.3 54.8 Total Level 1 $ 337.1 $ 328.8 Level 2: U.S. Government Issued Debt Securities (Agency and Treasury) $ 70.2 $ 63.0 Corporate Debt Securities 50.9 41.1 Asset-Backed Debt Securities 21.2 18.5 Municipal Bonds 110.7 107.5 Other Fixed Income Securities 10.7 10.3 Total Level 2 $ 263.7 $ 240.4 Total Marketable Securities $ 600.8 $ 569.2 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | A reconciliation of the beginning and ending carrying amounts of ARO liabilities are as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Balance as of Beginning of Year $ 426.4 $ 430.1 Liabilities Incurred During the Year 0.2 1.3 Liabilities Settled During the Year (19.3 ) (19.0 ) Accretion 26.3 22.9 Revisions in Estimated Cash Flows (14.5 ) (8.9 ) Balance as of End of Year $ 419.1 $ 426.4 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Balance as of Beginning of Year $ 36.0 $ 42.6 $ 23.5 $ 33.8 $ 41.0 $ 21.6 Liabilities Incurred During the Year 0.1 0.1 — — — 0.5 Liabilities Settled During the Year (1.0 ) (0.2 ) — — (0.4 ) — Accretion 2.3 2.1 1.5 2.2 2.0 1.4 Revisions in Estimated Cash Flows (5.9 ) — — — — — Balance as of End of Year $ 31.5 $ 44.6 $ 25.0 $ 36.0 $ 42.6 $ 23.5 |
SHORT-TERM DEBT (Tables)
SHORT-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The amount of borrowings outstanding and available under the commercial paper programs and revolving credit facility was as follows: Borrowings Outstanding as of December 31, Available Borrowing Capacity as of December 31, Weighted-Average Interest Rate as of December 31, (Millions of Dollars) 2017 2016 2017 2016 2017 2016 Eversource Parent Commercial Paper Program $ 979.3 $ 1,022.0 $ 470.7 $ 428.0 1.86 % 0.88 % NSTAR Electric Commercial Paper Program 234.0 126.5 416.0 323.5 1.55 % 0.71 % Revolving Credit Facility (1) 76.0 N/A 24.0 N/A 2.66 % N/A |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Details of long-term debt outstanding are as follows: CL&P (Millions of Dollars) As of December 31, 2017 2016 First Mortgage Bonds: 7.875% 1994 Series D due 2024 $ 139.8 $ 139.8 5.750% 2004 Series B due 2034 130.0 130.0 5.625% 2005 Series B due 2035 100.0 100.0 6.350% 2006 Series A due 2036 250.0 250.0 5.375% 2007 Series A due 2017 — 150.0 5.750% 2007 Series B due 2037 150.0 150.0 5.750% 2007 Series C due 2017 — 100.0 6.375% 2007 Series D due 2037 100.0 100.0 5.650% 2008 Series A due 2018 300.0 300.0 5.500% 2009 Series A due 2019 250.0 250.0 2.500% 2013 Series A due 2023 400.0 400.0 4.300% 2014 Series A due 2044 475.0 250.0 4.150% 2015 Series A due 2045 350.0 350.0 3.200% 2017 Series A due 2027 300.0 — Total First Mortgage Bonds 2,944.8 2,669.8 Pollution Control Revenue Bonds: 4.375% Fixed Rate Tax Exempt due 2028 120.5 120.5 Less Amounts due Within One Year (300.0 ) (250.0 ) Unamortized Premiums and Discounts, Net 11.5 (10.0 ) Unamortized Debt Issuance Costs (17.7 ) (14.3 ) CL&P Long-Term Debt $ 2,759.1 $ 2,516.0 NSTAR Electric (Millions of Dollars) As of December 31, 2017 2016 Debentures: 5.750% due 2036 $ 200.0 $ 200.0 5.625% due 2017 — 400.0 5.500% due 2040 300.0 300.0 2.375% due 2022 400.0 400.0 4.400% due 2044 300.0 300.0 3.250% due 2025 250.0 250.0 2.700% due 2026 250.0 250.0 3.200% due 2027 700.0 — Total Debentures 2,400.0 2,100.0 Notes: 5.900% Senior Notes Series B due 2034 50.0 50.0 6.700% Senior Notes Series D due 2037 40.0 40.0 5.100% Senior Notes Series E due 2020 95.0 95.0 3.500% Senior Notes Series F due 2021 250.0 250.0 3.880% Senior Notes Series G due 2023 80.0 80.0 2.750% Senior Notes Series H due 2026 50.0 50.0 Total Notes 565.0 565.0 Less Amounts due Within One Year — (400.0 ) Unamortized Premiums and Discounts, Net (1.8 ) (4.9 ) Unamortized Debt Issuance Costs (19.4 ) (15.5 ) NSTAR Electric Long-Term Debt $ 2,943.8 $ 2,244.6 PSNH (Millions of Dollars) As of December 31, 2017 2016 First Mortgage Bonds: 5.600% Series M due 2035 $ 50.0 $ 50.0 6.150% Series N due 2017 — 70.0 6.000% Series O due 2018 110.0 110.0 4.500% Series P due 2019 150.0 150.0 4.050% Series Q due 2021 122.0 122.0 3.200% Series R due 2021 160.0 160.0 3.500% Series S due 2023 325.0 325.0 Total First Mortgage Bonds 917.0 987.0 Pollution Control Revenue Bonds: Adjustable Rate Tax Exempt Series A due 2021 (2.048% and 1.138% as of December 31, 2017 and 2016, respectively) 89.3 89.3 Less Amounts due Within One Year (110.0 ) (70.0 ) Unamortized Premiums and Discounts, Net 0.2 0.1 Unamortized Debt Issuance Costs (4.1 ) (4.4 ) PSNH Long-Term Debt $ 892.4 $ 1,002.0 OTHER (Millions of Dollars) As of December 31, 2017 2016 Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2018 - 2044 $ 520.0 $ 445.0 NSTAR Gas - First Mortgage Bonds: 4.350% - 9.950% due 2020 - 2045 285.0 310.0 Eversource Parent and Other - Notes and Debentures: 4.500% Debentures due 2019 350.0 350.0 1.450% - 4.000% Senior Notes due 2018 - 2026 3,260.0 1,700.0 Notes Payable Unsecured 3.57% - 6.430% due 2021 - 2037 290.9 — Notes Payable Secured 4.10% - 9.64% due 2021 - 2035 70.4 — Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) 181.4 180.0 Fair Value Adjustment (1) 172.6 144.6 Less Fair Value Adjustment - Current Portion (1) (35.4 ) (28.9 ) Less Amounts due in One Year (104.2 ) (25.0 ) Commercial Paper Classified as Long-Term Debt 201.2 — Unamortized Premiums and Discounts, Net 1.5 (1.8 ) Unamortized Debt Issuance Costs (12.8 ) (7.1 ) Total Other Long-Term Debt 5,180.6 $ 3,066.8 Total Eversource Long-Term Debt 11,775.9 $ 8,829.4 (1) The fair value adjustment amount is the purchase price adjustments, net of amortization, required to record the NSTAR long-term debt at fair value on the date of the 2012 merger and to record the Aquarion long-term debt at fair value as of December 4, 2017. |
Schedule of Long-term Debt Instruments | Long-term debt maturities on debt outstanding for the years 2018 through 2022 and thereafter are shown below. These amounts exclude the CYAPC pre-1983 spent nuclear fuel obligation, net unamortized premiums, discounts and debt issuance costs, and other fair value adjustments as of December 31, 2017 : (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 961.0 $ 300.0 $ — $ 110.0 2019 801.0 250.0 — 150.0 2020 296.1 — 95.0 — 2021 922.8 — 250.0 371.3 2022 1,188.9 — 400.0 — Thereafter 7,643.1 2,515.3 2,220.0 375.0 Total $ 11,812.9 $ 3,065.3 $ 2,965.0 $ 1,006.3 The following table summarizes long-term debt issuances and repayments: (Millions of Dollars) Issue Date Issuances/(Repayments) Maturity Date Use of Proceeds CL&P: 3.20% 2017 Series A First Mortgage Bonds March 2017 $ 300.0 2027 Repay short-term debt borrowings 4.30% 2014 Series A First Mortgage Bonds (1) August 2017 225.0 2044 Refinance short-term debt and fund working capital and capital expenditures 5.375% 2007 Series A First Mortgage Bonds March 2007 (150.0 ) 2017 N/A 5.75% 2007 Series C First Mortgage Bonds September 2007 (100.0 ) 2017 N/A NSTAR Electric: 3.20% Debentures May 2017 350.0 2027 Repay short-term borrowings and fund capital expenditures and working capital 3.20% Debentures (2) October 2017 350.0 2027 Redeem long-term debt that matured in 2017 5.625% Debentures November 2007 (400.0 ) 2017 N/A PSNH: 6.15% Series N First Mortgage Bonds September 2007 (70.0 ) 2017 N/A Other: Yankee Gas 3.02% Series N First Mortgage Bonds September 2017 75.0 2027 Repay short-term borrowings NSTAR Gas 7.04% Series M First Mortgage Bonds September 1997 (25.0 ) 2017 N/A Eversource Parent 2.75% Series K Senior Notes March 2017 300.0 2022 Repay short-term borrowings Eversource Parent 2.75% Series K Senior Notes (3) October 2017 450.0 2022 Repay short-term borrowings Eversource Parent 2.90% Series L Senior Notes October 2017 450.0 2024 Repay short-term borrowings Eversource Parent 2.50% Series I Senior Notes (4) January 2018 200.0 2021 Repay long-term debt due to mature in 2018 and repay short-term borrowings Eversource Parent 3.30% Series M Senior Notes January 2018 450.0 2028 Repay long-term debt due to mature in 2018 Eversource Parent 1.60% Series G Senior Notes (5) January 2015 (150.0 ) 2018 N/A (1) These bonds are part of the existing series initially issued by CL&P in 2014. The aggregate outstanding principal amount for these bonds is now $475 million . (2) These debentures are part of the same series initially issued by NSTAR Electric in May 2017. The aggregate outstanding principal amount for these debentures is now $700 million . (3) These notes are part of the same series issued by Eversource parent in March 2017. The aggregate outstanding principal amount for these notes is now $750 million . (4) These notes are part of the same series issued by Eversource parent in March 2016. The aggregate outstanding principal amount for these notes is now $450 million . (5) Represents a repayment at maturity on January, 15 2018. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table provides information on the Pension and SERP Plan benefit obligations, fair values of Pension Plan assets, and funded status: Pension and SERP As of December 31, 2017 As of December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) $ (5,080.1 ) $ (1,157.6 ) $ (1,187.3 ) $ (547.6 ) Plan Amendment — — — — (9.0 ) — (2.8 ) — Employee Transfers — 8.2 5.5 (0.7 ) — 8.8 1.3 2.4 Service Cost (71.3 ) (18.5 ) (15.5 ) (9.7 ) (75.0 ) (18.8 ) (16.3 ) (9.9 ) Interest Cost (188.0 ) (41.6 ) (42.7 ) (21.2 ) (185.5 ) (41.6 ) (42.2 ) (20.7 ) Actuarial Loss (548.7 ) (116.9 ) (143.5 ) (65.1 ) (151.8 ) (23.9 ) (37.2 ) (21.5 ) Benefits Paid - Pension 243.7 63.5 55.4 26.4 254.0 62.6 67.0 24.9 Benefits Paid - Lump Sum 18.4 — 6.8 — — — — — Benefits Paid - SERP 20.4 0.3 0.3 0.3 5.1 0.3 0.2 0.2 Increase due to acquisition of Aquarion (168.7 ) — — — — — — — Benefit Obligation as of End of Year $ (5,936.5 ) $ (1,275.2 ) $ (1,351.0 ) $ (642.2 ) $ (5,242.3 ) $ (1,170.2 ) $ (1,217.3 ) $ (572.2 ) Change in Pension Plan Assets: Fair Value of Pension Plan Assets as of Beginning of Year $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 $ 3,905.4 $ 913.5 $ 1,053.7 $ 470.5 Employee Transfers — (8.2 ) (5.5 ) 0.7 — (8.8 ) (1.3 ) (2.4 ) Employer Contributions 235.2 2.5 85.4 0.8 146.2 0.4 28.4 17.1 Actual Return on Pension Plan Assets 589.7 126.7 154.8 70.4 278.4 63.0 74.5 33.7 Benefits Paid (243.7 ) (63.5 ) (55.4 ) (26.4 ) (254.0 ) (62.6 ) (67.0 ) (24.9 ) Benefits Paid - Lump Sum (18.4 ) — (6.8 ) — — — — — Increase due to acquisition of Aquarion 100.7 — — — — — — — Fair Value of Pension Plan Assets as of End of Year $ 4,739.5 $ 963.0 $ 1,260.8 $ 539.5 $ 4,076.0 $ 905.5 $ 1,088.3 $ 494.0 Funded Status as of December 31st $ (1,197.0 ) $ (312.2 ) $ (90.2 ) $ (102.7 ) $ (1,166.3 ) $ (264.7 ) $ (129.0 ) $ (78.2 ) The following table provides information on the PBOP Plan benefit obligations, fair values of plan assets, and funded status: PBOP As of December 31, 2017 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Eversource CL&P NSTAR Electric PSNH Change in Benefit Obligation: Benefit Obligation as of Beginning of Year $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) $ (1,051.4 ) $ (164.0 ) $ (447.2 ) $ (88.5 ) Plan Amendment — — — — 244.0 (12.5 ) 193.6 (6.7 ) Employee Transfers — 2.4 1.5 0.2 — 1.3 0.5 0.3 Service Cost (9.5 ) (1.9 ) (1.7 ) (1.3 ) (12.2 ) (2.0 ) (3.4 ) (1.3 ) Interest Cost (27.1 ) (5.3 ) (8.7 ) (3.0 ) (32.9 ) (5.3 ) (13.3 ) (2.9 ) Actuarial Gain/(Loss) (81.8 ) (18.5 ) (13.2 ) (11.9 ) (17.7 ) 3.6 (23.5 ) 3.6 Benefits Paid 41.5 9.9 13.5 4.6 60.2 13.9 23.3 5.8 Increase due to acquisition of Aquarion (61.7 ) — — — — — — — Benefit Obligation as of End of Year $ (948.6 ) $ (178.4 ) $ (278.6 ) $ (101.1 ) $ (810.0 ) $ (165.0 ) $ (270.0 ) $ (89.7 ) Change in Plan Assets: Fair Value of Plan Assets as of Beginning of Year $ 815.8 $ 129.2 $ 361.6 $ 73.2 $ 812.2 $ 136.7 $ 352.0 $ 75.8 Employee Transfers — (1.5 ) (0.8 ) — — (0.8 ) (0.6 ) (0.2 ) Actual Return on Plan Assets 118.0 18.1 52.9 10.4 51.3 7.2 24.6 3.4 Employer Contributions 7.6 — 5.3 — 12.5 — 8.9 — Benefits Paid (41.5 ) (9.9 ) (13.5 ) (4.6 ) (60.2 ) (13.9 ) (23.3 ) (5.8 ) Increase due to acquisition of Aquarion 22.3 — — — — — — — Fair Value of Plan Assets as of End of Year $ 922.2 $ 135.9 $ 405.5 $ 79.0 $ 815.8 $ 129.2 $ 361.6 $ 73.2 Funded Status as of December 31st $ (26.4 ) $ (42.5 ) $ 126.9 $ (22.1 ) $ 5.8 $ (35.8 ) $ 91.6 $ (16.5 ) |
Schedule of Defined Benefit Plans Disclosures | As of December 31, 2017 and 2016 , the accumulated benefit obligation for the Pension and SERP Plans is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 5,583.6 $ 1,179.2 $ 1,260.1 $ 597.2 2016 4,829.6 1,065.2 1,124.8 518.9 The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: The components of net periodic benefit expense for the PBOP Plans are shown below. The net periodic benefit expense and the intercompany allocations, less the capitalized portion of PBOP, are included in Operations and Maintenance expense on the statements of income. Capitalized PBOP amounts relate to employees working on capital projects and are included in Property, Plant and Equipment, Net on the balance sheets. PBOP expense reflected in the statements of cash flows for CL&P, NSTAR Electric and PSNH does not include the intercompany allocations or the corresponding capitalized portion, as these amounts are cash settled on a short-term basis. PBOP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 9.5 $ 1.9 $ 1.7 $ 1.3 Interest Cost 27.1 5.3 8.7 3.0 Expected Return on Plan Assets (63.7 ) (9.7 ) (28.6 ) (5.5 ) Actuarial Loss 9.1 1.0 3.4 0.6 Prior Service (Credit)/Cost (21.6 ) 1.1 (17.0 ) 0.6 Total Net Periodic Benefit Expense/(Income) $ (39.6 ) $ (0.4 ) $ (31.8 ) $ — Intercompany Allocations N/A $ (0.7 ) $ (1.1 ) $ (0.5 ) Capitalized PBOP Expense/(Income) $ (19.1 ) $ (0.5 ) $ (16.2 ) $ 0.2 PBOP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 12.2 $ 2.0 $ 3.4 $ 1.3 Interest Cost 32.9 5.3 13.3 2.9 Expected Return on Plan Assets (62.9 ) (10.1 ) (28.1 ) (5.5 ) Actuarial Loss 9.0 1.5 3.3 0.7 Prior Service (Credit)/Cost (9.1 ) 0.5 (7.1 ) 0.2 Total Net Periodic Benefit Income $ (17.9 ) $ (0.8 ) $ (15.2 ) $ (0.4 ) Intercompany Allocations N/A $ 0.3 $ (0.1 ) $ (0.1 ) Capitalized PBOP Expense/(Income) $ (8.0 ) $ (0.5 ) $ (6.7 ) $ 0.1 PBOP For the Year Ended December 31, 2015 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 16.3 $ 2.1 $ 5.8 $ 1.4 Interest Cost 47.2 7.2 20.5 3.9 Expected Return on Plan Assets (67.4 ) (11.1 ) (29.8 ) (6.0 ) Actuarial Loss 6.8 0.7 2.3 0.5 Prior Service Credit (0.5 ) — (0.2 ) — Total Net Periodic Benefit Expense/(Income) $ 2.4 $ (1.1 ) $ (1.4 ) $ (0.2 ) Intercompany Allocations N/A $ 1.9 $ 1.1 $ 0.4 Capitalized PBOP Expense/(Income) $ 0.1 $ (0.2 ) $ (0.4 ) $ 0.2 |
Schedule of Assumptions Used | The following actuarial assumptions were used to calculate PBOP expense amounts: PBOP For the Years Ended December 31, 2017 2016 2015 Discount Rate 3.48% — 4.64% 2.88% — 4.09% 4.22% Expected Long-Term Rate of Return 8.25% 8.25% 8.25% The following actuarial assumptions were used to calculate Pension and SERP expense amounts: Pension and SERP For the Years Ended December 31, 2017 2016 2015 Discount Rate 3.20% — 3.90% 3.27% — 4.89% 4.20 % Expected Long-Term Rate of Return 8.25% 8.25% 8.25 % Compensation/Progression Rate 3.50% 3.50% 3.50 % The following actuarial assumptions were used in calculating the PBOP Plans' year end funded status: PBOP As of December 31, 2017 2016 Discount Rate 3.55% — 3.70% 4.21% The following actuarial assumptions were used in calculating the Pension and SERP Plans' year end funded status: Pension and SERP As of December 31, 2017 2016 Discount Rate 3.43% — 3.75% 4.01% — 4.33% Compensation/Progression Rate 3.50% — 4.00% 3.50% |
Schedule of Net Benefit Costs | Pension and SERP For the Year Ended December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 71.3 $ 18.5 $ 15.5 $ 9.7 Interest Cost 188.0 41.6 42.7 21.2 Expected Return on Pension Plan Assets (334.1 ) (71.7 ) (87.6 ) (40.0 ) Actuarial Loss 135.2 27.7 41.1 11.6 Prior Service Cost 4.5 1.5 0.6 0.5 Total Net Periodic Benefit Expense $ 64.9 $ 17.6 $ 12.3 $ 3.0 Intercompany Allocations N/A $ 9.8 $ 9.1 $ 3.3 Capitalized Pension Expense $ 22.0 $ 9.7 $ 7.6 $ 1.5 Pension and SERP For the Year Ended December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Service Cost $ 75.0 $ 18.8 $ 16.3 $ 9.9 Interest Cost 185.5 41.6 42.2 20.7 Expected Return on Pension Plan Assets (317.9 ) (72.1 ) (85.1 ) (38.6 ) Actuarial Loss 125.7 25.4 39.9 9.9 Prior Service Cost 3.6 1.5 0.3 0.5 Total Net Periodic Benefit Expense $ 71.9 $ 15.2 $ 13.6 $ 2.4 Intercompany Allocations N/A $ 13.8 $ 11.4 $ 4.0 Capitalized Pension Expense $ 22.1 $ 9.3 $ 8.0 $ 1.4 Pension and SERP For the Year Ended December 31, 2015 (Millions of Dollars) Eversource (1) CL&P NSTAR Electric PSNH (1) Service Cost $ 91.4 $ 24.7 $ 19.2 $ 12.1 Interest Cost 227.0 51.1 50.6 24.3 Expected Return on Pension Plan Assets (335.9 ) (78.9 ) (88.9 ) (40.4 ) Actuarial Loss 148.5 32.2 42.2 11.6 Prior Service Cost 3.7 1.5 0.2 0.5 Total Net Periodic Benefit Expense $ 134.7 $ 30.6 $ 23.3 $ 8.1 Intercompany Allocations N/A $ 22.5 $ 18.0 $ 6.7 Capitalized Pension Expense $ 41.0 $ 18.8 $ 13.3 $ 3.5 (1) Amounts exclude $3.2 million for the year ended December 31, 2015 that represent amounts included in other deferred debits. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and OCI as well as amounts recognized in Regulatory Assets and OCI that were reclassified as net periodic benefit (expense)/income during the years presented: Regulatory Assets OCI For the Years Ended December 31, (Millions of Dollars) 2017 2016 2017 2016 Actuarial Losses/(Gains) Arising During the Year $ 44.8 $ 32.4 $ 2.6 $ (2.0 ) Actuarial (Losses)/Gains Reclassified as Net Periodic Benefit (Expense)/Income (8.6 ) (9.2 ) (0.5 ) 0.2 Prior Service (Credit)/Cost Arising During the Year (4.0 ) (247.9 ) (0.1 ) 4.0 Prior Service Credit/(Cost) Reclassified as Net Periodic Benefit Income/(Expense) 22.3 9.7 (0.7 ) (0.6 ) The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2017 and 2016 , as well as the amounts that are expected to be recognized as components in 2018 : Regulatory Assets as of December 31, Expected 2018 Expense AOCL as of December 31, Expected 2018 Expense (Millions of Dollars) 2017 2016 2017 2016 Actuarial Loss $ 211.6 $ 175.4 $ 8.8 $ 6.6 $ 4.5 $ 0.3 Prior Service (Credit)/Cost (221.2 ) (239.5 ) (21.7 ) 2.6 3.4 0.2 The following is a summary of the changes in plan assets and benefit obligations recognized in Regulatory Assets and Other Comprehensive Income ("OCI") as well as amounts in Regulatory Assets and OCI that were reclassified as net periodic benefit expense during the years presented: Regulatory Assets OCI For the Years Ended December 31, (Millions of Dollars) 2017 2016 2017 2016 Actuarial Losses Arising During the Year $ 333.0 $ 184.6 $ 9.3 $ 6.8 Actuarial Losses Reclassified as Net Periodic Benefit Expense (129.5 ) (119.9 ) (5.7 ) (5.8 ) Prior Service Cost/(Credit) Arising During the Year 1.0 7.1 (0.4 ) 1.9 Prior Service Cost Reclassified as Net Periodic Benefit Expense (4.1 ) (3.4 ) (0.4 ) (0.2 ) The following is a summary of the remaining Regulatory Assets and Accumulated Other Comprehensive Loss amounts that have not been recognized as components of net periodic benefit expense as of December 31, 2017 and 2016 , as well as the amounts that are expected to be recognized as components in 2018 : Regulatory Assets as of December 31, Expected 2018 Expense AOCL as of December 31, Expected 2018 Expense (Millions of Dollars) 2017 2016 2017 2016 Actuarial Loss $ 1,935.8 $ 1,732.3 $ 141.8 $ 85.7 $ 82.1 $ 5.8 Prior Service Cost 10.3 13.4 4.2 1.5 2.3 0.3 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the Pension, SERP and PBOP Plans: (Millions of Dollars) 2018 2019 2020 2021 2022 2023 - 2027 Pension and SERP $ 296.5 $ 304.7 $ 311.1 $ 320.8 $ 329.4 $ 1,739.7 PBOP 56.8 57.1 57.3 57.5 57.4 279.3 |
Schedule of Allocation of Plan Assets | The following table presents, by asset category, the Pension and PBOP Plan assets recorded at fair value on a recurring basis by the level in which they are classified within the fair value hierarchy: Pension Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2017 2016 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 535.4 $ — $ 1,653.3 $ 2,188.7 $ 455.5 $ — $ 1,279.7 $ 1,735.2 Private Equity 11.2 — 641.8 653.0 6.0 — 518.4 524.4 Fixed Income (2) 56.6 215.9 1,218.3 1,490.8 — 183.0 1,099.4 1,282.4 Real Estate and Other Assets 101.6 — 374.4 476.0 77.2 — 325.9 403.1 Hedge Funds — — 165.5 165.5 — — 335.0 335.0 Total $ 704.8 $ 215.9 $ 4,053.3 $ 4,974.0 $ 538.7 $ 183.0 $ 3,558.4 $ 4,280.1 Less: 401(h) PBOP Assets (3) (234.5 ) (204.1 ) Total Pension Assets $ 4,739.5 $ 4,076.0 PBOP Plan Fair Value Measurements as of December 31, (Millions of Dollars) 2017 2016 Asset Category: Level 1 Level 2 Uncategorized Total Level 1 Level 2 Uncategorized Total Equity Securities (1) $ 115.3 $ — $ 241.9 $ 357.2 $ 88.6 $ — $ 214.1 $ 302.7 Private Equity — — 31.3 31.3 — — 32.2 32.2 Fixed Income (2) 23.4 44.0 133.9 201.3 9.5 44.8 132.3 186.6 Real Estate and Other Assets 22.4 — 29.0 51.4 15.5 — 27.5 43.0 Hedge Funds — — 46.5 46.5 — — 47.2 47.2 Total $ 161.1 $ 44.0 $ 482.6 $ 687.7 $ 113.6 $ 44.8 $ 453.3 $ 611.7 Add: 401(h) PBOP Assets (3) 234.5 204.1 Total PBOP Assets $ 922.2 $ 815.8 (1) United States, International and Emerging Markets equity securities that are uncategorized include investments in commingled funds and hedge funds that are overlayed with equity index swaps and futures contracts. (2) Fixed Income investments that are uncategorized include investments in commingled funds, fixed income funds that invest in a variety of opportunistic fixed income strategies, and hedge funds that are overlayed with fixed income futures. (3) The assets of the Pension Plan include a 401(h) account that has been allocated to provide health and welfare postretirement benefits under the PBOP Plan. These long-term rates of return are based on the assumed rates of return for the target asset allocations as follows: As of December 31, 2017 2016 Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Eversource Pension Plan and Tax-Exempt Assets Within PBOP Plan Target Asset Allocation Assumed Rate of Return Target Asset Allocation Assumed Rate of Return Equity Securities: United States 21.5 % 8.5 % 22.0 % 8.5 % International 11.0 % 8.5 % 13.0 % 8.5 % Emerging Markets 4.5 % 10.0 % 5.0 % 10.0 % Private Equity 15.0 % 12.0 % 12.0 % 12.0 % Debt Securities: Fixed Income 11.0 % 4.0 % 12.0 % 4.5 % Public High Yield Fixed Income 4.0 % 6.5 % 3.0 % 7.0 % Private Debt 15.0 % 9.0 % 10.0 % 9.0 % Emerging Markets Debt 2.0 % 6.5 % 5.0 % 7.5 % Real Estate and Other Assets 12.0 % 7.5 % 10.0 % 7.5 % Hedge Funds 4.0 % 6.0 % 8.0 % 7.0 % |
Schedule of Defined Contribution Plans | The total defined Eversource 401k Plan employer matching contributions, including the K-Vantage contributions, were as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 34.5 $ 4.6 $ 8.5 $ 3.7 2016 31.8 4.5 8.1 3.4 2015 30.4 4.8 7.3 3.4 |
Schedule of Other Retirement Benefits | The actuarially-determined liability for these benefits, which is included in Other Long-Term Liabilities on the balance sheets, as well as the related expense included in Operations and Maintenance Expense on the income statements, are as follows: Eversource (Millions of Dollars) As of and For the Years Ended December 31, 2017 2016 2015 Actuarially-Determined Liability $ 53.4 $ 54.2 $ 55.2 Other Retirement Benefits Expense 2.8 2.9 3.9 As of and For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Actuarially-Determined Liability $ 0.3 $ 0.1 $ 1.9 $ 0.3 $ 0.1 $ 2.0 $ 0.4 $ 0.2 $ 2.4 Other Retirement Benefits Expense 1.0 1.0 0.5 1.1 0.9 0.6 1.5 1.3 0.7 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment | The total compensation expense and associated future income tax benefits recognized by Eversource, CL&P, NSTAR Electric and PSNH for share-based compensation awards were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2017 2016 2015 Compensation Expense $ 19.7 $ 23.6 $ 23.1 Future Income Tax Benefit 8.0 9.6 9.4 For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Compensation Expense $ 7.0 $ 7.0 $ 3.2 $ 9.1 $ 8.2 $ 3.5 $ 9.3 $ 7.5 $ 3.2 Future Income Tax Benefit 2.9 2.8 1.3 3.7 3.3 1.4 3.8 3.1 1.3 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Transactions | A summary of RSU transactions is as follows: RSUs (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 724,270 $ 47.86 Granted 299,285 $ 55.97 Shares Issued (289,635 ) $ 52.26 Forfeited (16,881 ) $ 55.60 Outstanding as of December 31, 2017 717,039 $ 49.29 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Transactions | A summary of performance share transactions is as follows: Performance Shares (Units) Weighted Average Grant-Date Fair Value Outstanding as of December 31, 2016 522,934 $ 51.09 Granted 180,032 $ 55.70 Shares Issued (173,914 ) $ 43.48 Forfeited (18,487 ) $ 47.06 Outstanding as of December 31, 2017 510,565 $ 55.45 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Transactions | A summary of stock option transactions is as follows: Options Weighted Average Exercise Price Intrinsic Value (Millions) Outstanding and Exercisable - December 31, 2016 124,640 $ 25.84 $ 3.7 Exercised (124,640 ) $ 25.84 $ 4.4 Outstanding and Exercisable - December 31, 2017 — $ — $ — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Eversource (Millions of Dollars) For the Years Ended December 31, 2017 2016 2015 Current Income Taxes: Federal $ 58.9 $ 38.9 $ 6.2 State 31.6 53.0 45.7 Total Current 90.5 91.9 51.9 Deferred Income Taxes, Net: Federal 433.0 427.9 436.1 State 58.6 38.6 55.6 Total Deferred 491.6 466.5 491.7 Investment Tax Credits, Net (3.2 ) (3.4 ) (3.6 ) Income Tax Expense $ 578.9 $ 555.0 $ 540.0 For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR Electric PSNH CL&P NSTAR Electric PSNH Current Income Taxes: Federal $ 50.9 $ 107.8 $ 18.6 $ 27.3 $ 86.4 $ (13.7 ) $ 26.9 $ 32.8 $ (16.7 ) State 17.4 25.6 6.2 13.3 39.5 8.8 15.8 21.4 6.0 Total Current 68.3 133.4 24.8 40.6 125.9 (4.9 ) 42.7 54.2 (10.7 ) Deferred Income Taxes, Net: Federal 123.9 88.1 52.7 157.6 96.6 79.5 135.8 180.9 74.5 State (4.6 ) 22.4 11.2 11.3 5.1 7.8 0.2 31.7 9.3 Total Deferred 119.3 110.5 63.9 168.9 101.7 87.3 136.0 212.6 83.8 Investment Tax Credits, Net (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — (1.3 ) (1.8 ) — Income Tax Expense $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 $ 177.4 $ 265.0 $ 73.1 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows: Eversource (Millions of Dollars, except percentages) For the Years Ended December 31, 2017 2016 2015 Income Before Income Tax Expense $ 1,574.4 $ 1,504.8 $ 1,425.9 Statutory Federal Income Tax Expense at 35% 551.0 526.7 499.1 Tax Effect of Differences: Depreciation (10.8 ) (3.4 ) (4.6 ) Investment Tax Credit Amortization (3.2 ) (3.4 ) (3.6 ) Other Federal Tax Credits — (3.5 ) (3.8 ) State Income Taxes, Net of Federal Impact 47.7 56.2 61.1 Dividends on ESOP (8.4 ) (8.4 ) (8.1 ) Tax Asset Valuation Allowance/Reserve Adjustments 7.0 3.3 4.7 Excess Stock Benefit (1) (2.9 ) (19.1 ) — Other, Net (1.5 ) 6.6 (4.8 ) Income Tax Expense $ 578.9 $ 555.0 $ 540.0 Effective Tax Rate 36.8 % 36.9 % 37.9 % For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars, except percentages) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Income Before Income Tax Expense $ 563.4 $ 616.8 $ 224.7 $ 542.6 $ 576.6 $ 214.3 $ 476.8 $ 666.1 $ 187.5 Statutory Federal Income Tax Expense at 35% 197.2 215.9 78.6 189.9 201.8 75.0 166.9 233.1 65.6 Tax Effect of Differences: Depreciation (5.2 ) (3.0 ) 1.1 1.6 (3.1 ) 1.0 (1.7 ) (1.7 ) 0.5 Investment Tax Credit Amortization (1.0 ) (1.8 ) — (1.2 ) (1.8 ) — (1.3 ) (1.8 ) — Other Federal Tax Credits — — — — — (3.5 ) — — (3.8 ) State Income Taxes, Net of Federal Impact 4.5 31.2 11.3 14.5 29.0 10.8 9.2 34.5 9.9 Tax Asset Valuation Allowance/Reserve Adjustments (9.5 ) — — 1.5 — — 1.2 — — Excess Stock Benefit (1) (0.7 ) (0.7 ) (0.3 ) (0.9 ) (1.2 ) (0.4 ) — — — Other, Net 1.3 0.5 (2.0 ) 2.9 1.1 (0.5 ) 3.1 0.9 0.9 Income Tax Expense $ 186.6 $ 242.1 $ 88.7 $ 208.3 $ 225.8 $ 82.4 $ 177.4 $ 265.0 $ 73.1 Effective Tax Rate 33.1 % 39.2 % 39.5 % 38.4 % 39.2 % 38.4 % 37.2 % 39.8 % 39.0 % (1) In 2016, the Company adopted new accounting guidance, which prospectively changed the accounting for excess tax benefits associated with the distribution of stock compensation awards, previously recognized in Capital Surplus, Paid In within Common Shareholders' Equity on the balance sheet, to recognition within income tax expense in the income statement. See Note 1D, "Summary of Significant Accounting Policies - Accounting Standards," for further information. |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the net accumulated deferred income tax obligations are as follows: Eversource (Millions of Dollars) As of December 31, 2017 2016 Deferred Tax Assets: Employee Benefits $ 442.1 $ 640.6 Derivative Liabilities 111.8 192.6 Regulatory Deferrals - Liabilities 205.6 290.9 Allowance for Uncollectible Accounts 50.1 76.6 Tax Effect - Tax Regulatory Liabilities 832.6 11.8 Federal Net Operating Loss Carryforwards 47.8 — Purchase Accounting Adjustment 69.9 112.2 Other 149.5 170.5 Total Deferred Tax Assets 1,909.4 1,495.2 Less: Valuation Allowance 14.6 5.1 Net Deferred Tax Assets $ 1,894.8 $ 1,490.1 Deferred Tax Liabilities: Accelerated Depreciation and Other Plant-Related Differences $ 3,562.0 $ 5,001.2 Property Tax Accruals 56.7 81.9 Regulatory Amounts: Regulatory Deferrals - Assets 924.9 1,321.8 Tax Effect - Tax Regulatory Assets 243.1 252.6 Goodwill Regulatory Asset - 1999 Merger 99.8 186.7 Derivative Assets 17.4 29.5 Other 288.4 223.6 Total Deferred Tax Liabilities $ 5,192.3 $ 7,097.3 As of December 31, 2017 2016 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH Deferred Tax Assets: Employee Benefits $ 112.3 $ 34.0 $ 38.0 $ 138.8 $ 69.5 $ 46.5 Derivative Liabilities 110.5 0.3 — 191.5 1.1 — Regulatory Deferrals - Liabilities 12.0 139.8 17.9 6.3 194.9 36.7 Allowance for Uncollectible Accounts 20.6 17.3 2.9 33.0 25.7 4.1 Tax Effect - Tax Regulatory Liabilities 337.2 281.2 116.8 4.9 3.3 2.6 Other 70.7 4.9 49.6 59.4 6.6 56.4 Total Deferred Tax Assets 663.3 477.5 225.2 433.9 301.1 146.3 Less: Valuation Allowance 6.3 — — 4.5 — — Net Deferred Tax Assets $ 657.0 $ 477.5 $ 225.2 $ 429.4 $ 301.1 $ 146.3 Deferred Tax Liabilities: Accelerated Depreciation and Other Plant-Related Differences $ 1,224.9 $ 1,229.2 $ 502.5 $ 1,700.3 $ 1,901.9 $ 726.3 Property Tax Accruals 20.7 24.2 5.5 29.7 36.8 8.0 Regulatory Amounts: Regulatory Deferrals - Assets 310.6 267.1 103.6 473.4 381.7 142.1 Tax Effect - Tax Regulatory Assets 173.1 9.8 11.4 170.4 44.8 12.2 Goodwill Regulatory Asset - 1999 Merger — 85.7 — — 160.3 — Derivative Assets 17.4 — — 27.0 — — Other 13.7 137.3 45.7 16.3 102.7 43.1 Total Deferred Tax Liabilities $ 1,760.4 $ 1,753.3 $ 668.7 $ 2,417.1 $ 2,628.2 $ 931.7 |
Summary of Operating Loss Carryforwards | The following tables provide the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and net operating loss carryforwards: As of December 31, 2017 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Federal Net Operating Loss $ 197.3 $ — $ — $ — 2027-2037 Federal Charitable Contribution 18.7 — — — 2017-2022 State Net Operating Loss 82.8 — — — 2028-2037 State Tax Credit 139.0 94.5 — — 2017-2022 State Charitable Contribution 31.4 — — — 2017-2022 As of December 31, 2016 (Millions of Dollars) Eversource CL&P NSTAR PSNH Expiration Range Federal Tax Credit 8.6 — — — — Federal Charitable Contribution 27.8 — — — 2016 - 2019 State Tax Credit 111.1 80.5 — — 2016 - 2021 State Charitable Contribution 36.5 — — — 2016 - 2020 |
Summary of Income Tax Contingencies | A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows: (Millions of Dollars) Eversource CL&P Balance as of January 1, 2015 $ 46.2 $ 14.3 Gross Increases - Current Year 9.9 2.6 Gross Increases - Prior Year 0.1 — Lapse of Statute of Limitations (8.2 ) (3.4 ) Balance as of December 31, 2015 48.0 13.5 Gross Increases - Current Year 9.9 3.9 Gross Increases - Prior Year 0.2 0.2 Lapse of Statute of Limitations (9.7 ) (2.3 ) Balance as of December 31, 2016 48.4 15.3 Gross Increases - Current Year 11.4 4.7 Gross Decreases - Prior Year (0.9 ) (0.5 ) Lapse of Statute of Limitations (7.2 ) (1.4 ) Balance as of December 31, 2017 $ 51.7 $ 18.1 The amount of interest expense/(income) on uncertain tax positions recognized and the related accrued interest payable/(receivable) are as follows: Other Interest Expense/(Income) Accrued Interest Expense For the Years Ended December 31, As of December 31, (Millions of Dollars) 2017 2016 2015 2017 2016 Eversource $ — $ (0.2 ) $ 0.1 $ 1.8 $ 1.8 |
Summary of Income Tax Examinations | The following table summarizes Eversource, CL&P, NSTAR Electric and PSNH's tax years that remain subject to examination by major tax jurisdictions as of December 31, 2017 : Description Tax Years Federal 2017 Connecticut 2014 - 2017 Massachusetts 2014 - 2017 New Hampshire 2015 - 2017 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 As of December 31, 2016 Number of Sites Reserve (in millions) Number of Sites Reserve (in millions) Eversource 59 $ 54.9 61 $ 65.8 CL&P 14 4.7 14 4.9 NSTAR Electric 15 2.7 17 3.8 PSNH 10 5.7 11 5.3 A reconciliation of the activity in the environmental reserves is as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH Balance as of January 1, 2016 $ 51.1 $ 4.6 $ 3.0 $ 4.5 Additions 20.6 0.6 1.8 1.2 Payments/Reductions (5.9 ) (0.3 ) (1.0 ) (0.4 ) Balance as of December 31, 2016 65.8 4.9 3.8 5.3 Additions 6.2 0.5 1.8 1.0 Payments/Reductions (17.1 ) (0.7 ) (2.9 ) (0.6 ) Balance as of December 31, 2017 $ 54.9 $ 4.7 $ 2.7 $ 5.7 |
Long-term Purchase Commitment | The total costs incurred under these agreements were as follows: Eversource For the Years Ended December 31, (Millions of Dollars) 2017 2016 2015 Supply and Stranded Cost $ 103.9 $ 152.5 $ 147.6 Renewable Energy 235.5 210.9 144.3 Peaker CfDs 38.7 47.7 42.7 Natural Gas Procurement 377.0 323.9 428.6 Coal, Wood and Other 47.7 55.7 95.9 Transmission Support Commitments 19.8 15.9 25.3 For the Years Ended December 31, 2017 2016 2015 (Millions of Dollars) CL&P NSTAR PSNH CL&P NSTAR PSNH CL&P NSTAR PSNH Supply and Stranded Cost $ 81.0 $ 4.0 $ 18.9 $ 132.7 $ 0.7 $ 19.1 $ 120.3 $ 6.5 $ 20.8 Renewable Energy 51.0 123.7 60.8 42.1 101.1 67.7 20.0 87.1 37.2 Peaker CfDs 38.7 — — 47.7 — — 42.7 — — Coal, Wood and Other — — 47.7 — — 55.7 — — 95.9 Transmission Support Commitments 7.8 7.8 4.2 6.3 6.2 3.4 10.0 9.9 5.4 The estimated future annual costs of significant long-term contractual arrangements as of December 31, 2017 are as follows: Eversource (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 81.7 $ 69.3 $ 74.6 $ 68.8 $ 63.7 $ 144.3 $ 502.4 Renewable Energy 242.9 242.5 241.7 232.2 224.5 1,665.7 2,849.5 Peaker CfDs 26.1 24.2 34.0 32.3 23.4 53.3 193.3 Natural Gas Procurement 225.5 219.2 169.3 148.7 131.4 989.6 1,883.7 Transmission Support Commitments 22.8 23.0 23.2 15.2 16.5 16.5 117.2 Total $ 599.0 $ 578.2 $ 542.8 $ 497.2 $ 459.5 $ 2,869.4 $ 5,546.1 CL&P (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 58.7 $ 56.7 $ 69.5 $ 63.7 $ 59.1 $ 121.6 $ 429.3 Renewable Energy 84.1 85.4 85.5 85.8 86.6 655.5 1,082.9 Peaker CfDs 26.1 24.2 34.0 32.3 23.4 53.3 193.3 Transmission Support Commitments 9.0 9.1 9.2 6.0 6.5 6.5 46.3 Total $ 177.9 $ 175.4 $ 198.2 $ 187.8 $ 175.6 $ 836.9 $ 1,751.8 NSTAR Electric (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 5.5 $ 5.5 $ 3.1 $ 3.1 $ 3.1 $ 22.0 $ 42.3 Renewable Energy 96.1 94.3 92.6 88.2 88.4 489.4 949.0 Transmission Support Commitments 9.0 9.0 9.1 6.0 6.5 6.5 46.1 Total $ 110.6 $ 108.8 $ 104.8 $ 97.3 $ 98.0 $ 517.9 $ 1,037.4 PSNH (Millions of Dollars) 2018 2019 2020 2021 2022 Thereafter Total Supply and Stranded Cost $ 17.5 $ 7.1 $ 2.0 $ 2.0 $ 1.5 $ 0.7 $ 30.8 Renewable Energy 62.7 62.8 63.6 58.2 49.5 520.8 817.6 Transmission Support Commitments 4.8 4.9 4.9 3.2 3.5 3.5 24.8 Total $ 85.0 $ 74.8 $ 70.5 $ 63.4 $ 54.5 $ 525.0 $ 873.2 |
Schedule of Guarantor Obligations | The following table summarizes Eversource parent's exposure to guarantees and indemnifications of its subsidiaries to external parties, as of December 31, 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) 40.4 2018 Eversource Service and Rocky River Realty Company Lease Payments for Vehicles and Real Estate 7.8 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. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Schedule of Generation Assets and Liabilities | As of December 31, 2017 , PSNH's generation assets held for sale, which are included in current assets on the Eversource and PSNH balance sheets, and are part of the Electric Distribution reportable segment, were as follows (liabilities held for sale were $1.2 million as of December 31, 2017): (Millions of Dollars) Thermal Gross Plant $ 1,091.4 Hydroelectric Gross Plant 83.0 Accumulated Depreciation (575.4 ) Net Plant 599.0 Fuel and Inventory 87.7 Materials and Supplies 27.3 Emission Allowances 19.1 Other Assets 2.6 Deferred Costs from Generation Asset Sale (516.1 ) Total Generation Assets Held for Sale $ 219.6 As of December 31, 2017 , the difference between the carrying value of the generation assets and the amounts recognized as assets held for sale represented the deferred costs on the thermal generation asset sale and were calculated as follows: (Millions of Dollars) Generation Assets to be Sold (Carrying Value) $ 735.7 Less: Generation Assets Held for Sale: Thermal Generation Assets (Fair Value less Cost to Sell) (161.7 ) Hydroelectric Generation (Carrying Value) (57.9 ) Generation Assets Held for Sale (219.6 ) Deferred Costs from Generation Asset Sale $ 516.1 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Rent Expense | Operating lease rental payments charged to expense are as follows: (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2017 $ 10.5 $ 11.7 $ 11.3 $ 3.3 2016 12.1 12.5 11.4 2.9 2015 12.1 12.5 11.8 2.8 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum rental payments, excluding executory costs, such as property taxes, state use taxes, insurance, and maintenance, under long-term noncancelable leases, as of December 31, 2017 are as follows: Operating Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 13.2 $ 1.8 $ 7.9 $ 1.0 2019 11.4 1.5 6.9 1.0 2020 10.0 1.3 6.1 0.9 2021 8.9 1.1 5.5 0.8 2022 7.4 1.0 4.5 0.6 Thereafter 19.7 1.0 15.4 2.0 Future minimum lease payments $ 70.6 $ 7.7 $ 46.3 $ 6.3 |
Schedule of Future Minimum Rental Payments for Operating Leases | Capital Leases (Millions of Dollars) Eversource CL&P NSTAR Electric PSNH 2018 $ 2.9 $ 2.0 $ 0.5 $ 0.1 2019 3.3 2.0 0.6 — 2020 3.3 2.0 0.5 — 2021 2.8 1.4 0.6 — 2022 1.3 — 0.6 — Thereafter 2.5 — 2.5 — Future minimum lease payments 16.1 7.4 5.3 0.1 Less amount representing interest 3.1 1.7 1.2 — Present value of future minimum lease payments $ 13.0 $ 5.7 $ 4.1 $ 0.1 |
FAIR VALUE OF FINANCIAL INSTR50
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | 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 December 31, 2017 2016 Eversource (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Preferred Stock Not Subject to Mandatory Redemption $ 155.6 $ 160.8 $ 155.6 $ 158.3 Long-Term Debt 12,325.5 12,877.1 9,603.2 9,980.5 CL&P NSTAR Electric PSNH (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value As of December 31, 2017: Preferred Stock Not Subject to Mandatory Redemption $ 116.2 $ 116.5 $ 43.0 $ 44.3 $ — $ — Long-Term Debt 3,059.1 3,430.5 2,943.8 3,156.5 1,002.4 1,038.2 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 2,644.6 2,790.6 1,072.0 1,109.7 |
ACCUMULATED OTHER COMPREHENSI51
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2017 For the Year Ended December 31, 2016 Eversource (Millions of Dollars) Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Qualified Cash Flow Hedging Instruments Unrealized Defined Benefit Plans Total Balance as of January 1st $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) $ (10.3 ) $ (1.9 ) $ (54.6 ) $ (66.8 ) OCI Before Reclassifications — (0.4 ) (7.2 ) (7.6 ) — 2.3 (6.8 ) (4.5 ) Amounts Reclassified from AOCL 2.0 — 4.5 6.5 2.1 — 3.9 6.0 Net OCI 2.0 (0.4 ) (2.7 ) (1.1 ) 2.1 2.3 (2.9 ) 1.5 Balance as of December 31st $ (6.2 ) $ — $ (60.2 ) $ (66.4 ) $ (8.2 ) $ 0.4 $ (57.5 ) $ (65.3 ) |
Schedule of Comprehensive Income (Loss) | The following table sets forth the amounts reclassified from AOCL by component and the impacted line item on the statements of income: Amounts Reclassified from AOCL Eversource (Millions of Dollars) For the Years Ended December 31, Statements of Income Line Item Impacted 2017 2016 2015 Qualified Cash Flow Hedging Instruments $ (3.3 ) $ (3.5 ) $ (3.5 ) Interest Expense Tax Effect 1.3 1.4 1.4 Income Tax Expense Qualified Cash Flow Hedging Instruments, Net of Tax $ (2.0 ) $ (2.1 ) $ (2.1 ) Defined Benefit Plan Costs: Amortization of Actuarial Losses $ (6.2 ) $ (5.6 ) $ (6.6 ) Operations and Maintenance Expense (1) Amortization of Prior Service Cost (1.1 ) (0.8 ) (0.2 ) Operations and Maintenance Expense (1) Total Defined Benefit Plan Costs (7.3 ) (6.4 ) (6.8 ) Tax Effect 2.8 2.5 2.6 Income Tax Expense Defined Benefit Plan Costs, Net of Tax $ (4.5 ) $ (3.9 ) $ (4.2 ) Total Amounts Reclassified from AOCL, Net of Tax $ (6.5 ) $ (6.0 ) $ (6.3 ) (1) These amounts are included in the computation of net periodic Pension, SERP and PBOP costs. See Note 9A, "Employee Benefits – Pension Benefits and Postretirement Benefits Other Than Pensions," for further information. |
COMMON SHARES (Tables)
COMMON SHARES (Tables) | 12 Months Ended |
Dec. 31, 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 and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2017 and 2016 Issued as of December 31, 2017 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 $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Per Share Shares Outstanding as of December 31, As of December 31, Series 2017 2016 2017 2016 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6 ) (3.6 ) Other 6.00% Series of 1958 $ 100.00 23 — $ — $ — Total Eversource - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
PREFERRED STOCK NOT SUBJECT T53
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table sets forth the Eversource parent common shares and the shares of common stock of CL&P, NSTAR Electric and PSNH that were authorized and issued, as well as the respective per share par values: Shares Par Value Authorized as of December 31, 2017 and 2016 Issued as of December 31, 2017 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 $ 1 100,000,000 200 200 PSNH $ 1 100,000,000 301 301 Details of preferred stock not subject to mandatory redemption are as follows (in millions, except in redemption price and shares): Redemption Price Per Share Shares Outstanding as of December 31, As of December 31, Series 2017 2016 2017 2016 CL&P $1.90 Series of 1947 $ 52.50 163,912 163,912 $ 8.2 $ 8.2 $2.00 Series of 1947 $ 54.00 336,088 336,088 16.8 16.8 $2.04 Series of 1949 $ 52.00 100,000 100,000 5.0 5.0 $2.20 Series of 1949 $ 52.50 200,000 200,000 10.0 10.0 3.90% Series of 1949 $ 50.50 160,000 160,000 8.0 8.0 $2.06 Series E of 1954 $ 51.00 200,000 200,000 10.0 10.0 $2.09 Series F of 1955 $ 51.00 100,000 100,000 5.0 5.0 4.50% Series of 1956 $ 50.75 104,000 104,000 5.2 5.2 4.96% Series of 1958 $ 50.50 100,000 100,000 5.0 5.0 4.50% Series of 1963 $ 50.50 160,000 160,000 8.0 8.0 5.28% Series of 1967 $ 51.43 200,000 200,000 10.0 10.0 $3.24 Series G of 1968 $ 51.84 300,000 300,000 15.0 15.0 6.56% Series of 1968 $ 51.44 200,000 200,000 10.0 10.0 Total CL&P 2,324,000 2,324,000 $ 116.2 $ 116.2 NSTAR Electric 4.25% Series of 1956 $ 103.625 180,000 180,000 $ 18.0 $ 18.0 4.78% Series of 1958 $ 102.80 250,000 250,000 25.0 25.0 Total NSTAR Electric 430,000 430,000 $ 43.0 $ 43.0 Fair Value Adjustment due to Merger with NSTAR (3.6 ) (3.6 ) Other 6.00% Series of 1958 $ 100.00 23 — $ — $ — Total Eversource - Preferred Stock of Subsidiaries $ 155.6 $ 155.6 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 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 Years Ended December 31, 2017 2016 2015 Net Income Attributable to Common Shareholders $ 988.0 $ 942.3 $ 878.5 Weighted Average Common Shares Outstanding: Basic 317,411,097 317,650,180 317,336,881 Dilutive Effect 620,483 804,059 1,095,806 Diluted 318,031,580 318,454,239 318,432,687 Basic EPS $ 3.11 $ 2.97 $ 2.77 Diluted EPS $ 3.11 $ 2.96 $ 2.76 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Eversource's segment information is as follows: For the Year Ended December 31, 2017 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 5,542.9 $ 947.3 $ 1,301.7 $ 946.9 $ (986.8 ) $ 7,752.0 Depreciation and Amortization (542.6 ) (72.9 ) (209.4 ) (41.1 ) 2.2 (863.8 ) Other Operating Expenses (4,046.0 ) (713.5 ) (382.6 ) (814.6 ) 986.7 (4,970.0 ) Operating Income 954.3 160.9 709.7 91.2 2.1 1,918.2 Interest Expense (186.3 ) (43.1 ) (115.1 ) (93.1 ) 15.8 (421.8 ) Interest Income 7.3 0.1 1.8 15.8 (16.7 ) 8.3 Other Income, Net 15.0 0.9 27.1 1,112.7 (1,086.0 ) 69.7 Income Tax Expense (288.3 ) (44.2 ) (228.7 ) (17.6 ) (0.1 ) (578.9 ) Net Income 502.0 74.6 394.8 1,109.0 (1,084.9 ) 995.5 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — (7.5 ) Net Income Attributable to Common Shareholders $ 497.4 $ 74.6 $ 391.9 $ 1,109.0 $ (1,084.9 ) $ 988.0 Total Assets (as of) $ 19,250.4 $ 3,595.2 $ 9,401.2 $ 18,403.8 $ (14,430.2 ) $ 36,220.4 Cash Flows Used for Investments in Plant $ 1,020.7 $ 298.2 $ 867.6 $ 161.6 $ — $ 2,348.1 For the Year Ended December 31, 2016 Eversource (Millions of Dollars) Electric Distribution Natural Gas Distribution Electric Transmission Other Eliminations Total Operating Revenues $ 5,594.3 $ 857.7 $ 1,210.0 $ 870.4 $ (893.3 ) $ 7,639.1 Depreciation and Amortization (504.7 ) (65.3 ) (185.8 ) (33.5 ) 2.2 (787.1 ) Other Operating Expenses (4,155.1 ) (628.9 ) (321.8 ) (778.1 ) 891.8 (4,992.1 ) Operating Income 934.5 163.5 702.4 58.8 0.7 1,859.9 Interest Expense (193.1 ) (41.3 ) (110.0 ) (63.5 ) 6.9 (401.0 ) Interest Income 10.0 0.1 1.2 7.0 (7.3 ) 11.0 Other Income, Net 4.8 0.6 18.3 1,020.1 (1,008.9 ) 34.9 Income Tax (Expense)/Benefit (288.8 ) (45.2 ) (238.2 ) 16.5 0.7 (555.0 ) Net Income 467.4 77.7 373.7 1,038.9 (1,007.9 ) 949.8 Net Income Attributable to Noncontrolling Interests (4.6 ) — (2.9 ) — — (7.5 ) Net Income Attributable to Common Shareholders $ 462.8 $ 77.7 $ 370.8 $ 1,038.9 $ (1,007.9 ) $ 942.3 Total Assets (as of) $ 18,367.5 $ 3,303.8 $ 8,751.5 $ 14,493.1 $ (12,862.7 ) $ 32,053.2 Cash Flows Used for Investments in Plant $ 812.6 $ 255.3 $ 801.0 $ 108.0 $ — $ 1,976.9 For the Year Ended December 31, 2015 Eversource (Millions of Dollars) Electric Natural Gas Electric Other Eliminations Total Operating Revenues $ 5,903.6 $ 995.5 $ 1,069.1 $ 863.6 $ (877.0 ) $ 7,954.8 Depreciation and Amortization (425.2 ) (70.5 ) (165.6 ) (29.0 ) 2.1 (688.2 ) Other Operating Expenses (4,470.2 ) (776.7 ) (314.9 ) (817.9 ) 877.3 (5,502.4 ) Operating Income 1,008.2 148.3 588.6 16.7 2.4 1,764.2 Interest Expense (186.3 ) (36.9 ) (105.8 ) (48.0 ) 4.6 (372.4 ) Interest Income 5.7 0.1 1.6 4.4 (5.1 ) 6.7 Other Income, Net 7.2 0.8 14.5 977.8 (972.8 ) 27.5 Income Tax (Expense)/Benefit (322.8 ) (40.1 ) (191.6 ) 14.5 — (540.0 ) Net Income 512.0 72.2 307.3 965.4 (970.9 ) 886.0 Net Income Attributable to Noncontrolling Interests (4.7 ) — (2.8 ) — — (7.5 ) Net Income Attributable to Common Shareholders $ 507.3 $ 72.2 $ 304.5 $ 965.4 $ (970.9 ) $ 878.5 Cash Flows Used for Investments in Plant $ 718.9 $ 182.2 $ 749.1 $ 73.9 $ — $ 1,724.1 |
ACQUISITION OF AQUARION AND G56
ACQUISITION OF AQUARION AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisition by Acquisition | The following table presents goodwill by reportable segment: (Billions of Dollars) Electric Distribution Electric Transmission Natural Gas Distribution Parent and Other Total Balance as of January 1, 2017 $ 2.5 $ 0.6 $ 0.4 $ — $ 3.5 Acquisition of Aquarion — — — 0.9 0.9 Balance as of December 31, 2017 $ 2.5 $ 0.6 $ 0.4 $ 0.9 $ 4.4 . The preliminary allocation of the cash purchase price is as follows: (Millions of Dollars) Current Assets $ 41.2 PP&E 1,034.9 Goodwill 907.9 Other Noncurrent Assets, excluding Goodwill 207.6 Current Liabilities (121.1 ) Noncurrent Liabilities (421.6 ) Long-Term Debt (771.2 ) Total Cash Purchase Price $ 877.7 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the pro forma combined results of operations of Eversource and Aquarion and reflects the amortization of purchase price adjustments assuming the acquisition had taken place on January 1, 2016. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Eversource. For the Years Ended December 31, (Pro forma amounts in millions, except share amounts) 2017 2016 Operating Revenues $ 7,947.7 $ 7,849.0 Net Income Attributable to Common Shareholders 1,019.1 969.3 Basic EPS 3.21 3.05 Diluted EPS 3.20 3.04 |
QUARTERLY FINANCIAL DATA (UNA57
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended Eversource (Millions of Dollars, except per share information) 2017 2016 March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, Operating Revenues $ 2,105.1 $ 1,762.8 $ 1,988.5 $ 1,895.6 $ 2,055.6 $ 1,767.2 $ 2,039.7 $ 1,776.6 Operating Income 509.0 455.7 502.6 450.9 488.5 423.4 509.9 438.1 Net Income 261.3 232.6 262.2 239.4 246.0 205.5 267.2 231.1 Net Income Attributable to Common Shareholders 259.5 230.7 260.4 237.4 244.2 203.6 265.3 229.2 Basic EPS (1) $ 0.82 $ 0.73 $ 0.82 $ 0.75 $ 0.77 $ 0.64 $ 0.83 $ 0.72 Diluted EPS (1) $ 0.82 $ 0.73 $ 0.82 $ 0.75 $ 0.77 $ 0.64 $ 0.83 $ 0.72 (1) The summation of quarterly EPS data may not equal annual data due to rounding. Quarter Ended 2017 2016 (Millions of Dollars) March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, CL&P Operating Revenues $ 732.3 $ 666.6 $ 774.8 $ 713.7 $ 735.3 $ 679.8 $ 760.0 $ 630.9 Operating Income 176.0 176.0 177.5 155.6 171.5 162.1 176.1 163.5 Net Income 90.2 91.3 96.1 99.1 87.0 82.9 86.6 77.8 NSTAR Electric Operating Revenues $ 733.8 $ 704.7 $ 851.9 $ 690.2 $ 742.2 $ 707.6 $ 904.4 $ 687.4 Operating Income 161.6 182.7 234.4 128.9 142.9 159.7 240.8 130.8 Net Income 83.4 95.0 125.8 70.5 71.3 81.4 133.2 64.9 PSNH Operating Revenues $ 253.2 $ 230.4 $ 250.0 $ 248.0 $ 242.3 $ 218.5 $ 266.9 $ 231.8 Operating Income 68.3 64.9 67.4 71.2 70.7 63.1 74.7 54.6 Net Income 34.3 31.6 33.7 36.4 36.1 31.3 38.5 26.1 |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands, customer in Millions | Dec. 04, 2017USD ($) | Oct. 11, 2017agreement | Jun. 02, 2017USD ($) | Mar. 25, 2016USD ($) | Dec. 31, 2017USD ($)customerutilitycompanyMW | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Summary of Accounting Policies [Line Items] | |||||||
Number of electric and natural gas customers | customer | 4 | ||||||
Payments to acquire businesses | $ 877,652 | $ 0 | $ 0 | ||||
Goodwill | $ 4,427,266 | 3,519,401 | |||||
Capacity required for transmission line | MW | 1,090 | ||||||
Amount capitalized in transmission line installation | $ 277,000 | ||||||
Equity method investment | $ 277,600 | 236,900 | |||||
Number of companies that transmit electricity imported from hydro-quebec system | company | 2 | ||||||
Number of nuclear generation companies | company | 3 | ||||||
Retained Earnings | $ 3,561,084 | 3,175,171 | |||||
Net of damages awarded | $ 26,100 | ||||||
Eversource | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Goodwill | 3,231,811 | 3,231,811 | |||||
Equity method investment | 10,945,986 | 9,703,287 | |||||
Retained Earnings | 3,561,084 | 3,175,171 | |||||
The Connecticut Light And Power Company | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Cash collateral deposited | 3,100 | 1,400 | |||||
Retained Earnings | 1,415,741 | 1,299,374 | |||||
Net of damages awarded | 13,600 | ||||||
Damages paid | 244,600 | ||||||
Accumulated interest from damages awarded | 178,000 | ||||||
Long term receivable | 25,000 | ||||||
NSTAR Electric Company | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Cash collateral deposited | 12,800 | 11,800 | |||||
Retained Earnings | 1,944,961 | 1,844,195 | |||||
Net of damages awarded | 8,600 | ||||||
Damages paid | 57,400 | ||||||
Accumulated interest from damages awarded | 41,800 | ||||||
Long term receivable | 3,800 | ||||||
Public Service Company Of New Hampshire | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Cash collateral deposited | 500 | 500 | |||||
Retained Earnings | 511,382 | 549,286 | |||||
Net of damages awarded | $ 3,900 | ||||||
Long term receivable | 5,500 | ||||||
Eversource | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Cash collateral deposited | 24,500 | 21,700 | |||||
Retained Earnings | 27,400 | 200 | $ 900 | ||||
Dividends | $ 20,000 | 100 | |||||
Connecticut, Massachusetts and New Hampshire | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Number of regulated utilities | utility | 8 | ||||||
FERC Regulated Transmission Business | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Equity method investment | $ 159,600 | $ 154,600 | |||||
Equity method investment, ownership percentage | 15.00% | 15.00% | |||||
Algonquin Gas Tansmsission LLC - Access Northeast | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Equity method investment | $ 31,300 | $ 30,900 | |||||
Equity method investment, ownership percentage | 40.00% | 40.00% | |||||
Hydro-Quebec System | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Equity method investment | $ 17,700 | $ 7,700 | |||||
Equity method investment, ownership percentage | 37.20% | 37.20% | |||||
Hydro-Quebec System | NSTAR Electric Company | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Equity method investment | $ 6,900 | $ 3,000 | |||||
Equity method investment, ownership percentage | 14.50% | 14.50% | |||||
Yankee Companies | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Net of damages awarded | $ 52,200 | ||||||
CYAPC and YAEC | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Total amount of damages awarded | 6,800 | ||||||
MYAPC | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Net of damages awarded | 14,400 | ||||||
Other Equity Method Investments | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Equity method investment | 69,000 | $ 43,700 | |||||
Aquarion Water Company | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Consideration transferred | $ 1,675,000 | ||||||
Payments to acquire businesses | $ 880,000 | 880,000 | |||||
Consideration transferred, liabilities incurred | $ 795,000 | ||||||
Goodwill | $ 900,000 | 907,900 | |||||
Subsequent Event | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Number of purchase sale agreements | agreement | 2 | ||||||
Available-for-sale Securities | Accounting Standards Update 2016-01 | Retained Earnings | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Assets subject to accounting | 51,000 | ||||||
Unrealized Holding Loss on Investments | Accounting Standards Update 2016-01 | Retained Earnings | |||||||
Summary of Accounting Policies [Line Items] | |||||||
Cumulative effect of new accounting principle in period of adoption | $ 100 |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Provision for Uncollectible Accounts (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | $ 195.7 | $ 200.6 |
Uncollectible Hardship | 122.5 | 119.9 |
The Connecticut Light And Power Company | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 78.9 | 86.4 |
Uncollectible Hardship | 65.5 | 67.7 |
NSTAR Electric Company | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 69.7 | 70.3 |
Uncollectible Hardship | 40.3 | 36.1 |
Public Service Company Of New Hampshire | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Provision for Uncollectible Accounts | 10.5 | 9.9 |
Uncollectible Hardship | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN60
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fuel, Materials, Supplies and Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | $ 29.7 | $ 135.7 |
Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 117.1 | 142.7 |
RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 76.3 | 47.9 |
Emission Allowances | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 2.4 |
Other inventory, noncurrent | 0 | 17.5 |
The Connecticut Light And Power Company | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
The Connecticut Light And Power Company | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 44.4 | 48.2 |
The Connecticut Light And Power Company | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 4 | 3.9 |
The Connecticut Light And Power Company | Emission Allowances | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
Other inventory, noncurrent | 0 | 0 |
NSTAR Electric Company | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
NSTAR Electric Company | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 45.1 | 39.7 |
NSTAR Electric Company | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 50.4 | 31.2 |
NSTAR Electric Company | Emission Allowances | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 0 |
Other inventory, noncurrent | 0 | 0 |
Public Service Company Of New Hampshire | Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 99.9 |
Public Service Company Of New Hampshire | Materials and Supplies | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 18.5 | 47.3 |
Public Service Company Of New Hampshire | RECs | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 21.8 | 12.8 |
Public Service Company Of New Hampshire | Emission Allowances | ||
Public Utilities, Inventory [Line Items] | ||
Other inventory, capitalized costs, gross | 0 | 2.4 |
Other inventory, noncurrent | $ 0 | $ 17.5 |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Operating Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Accounting Policies [Line Items] | |||
Fuel power costs | $ 432.5 | $ 372.2 | $ 516.7 |
Public Service Company Of New Hampshire | |||
Summary of Accounting Policies [Line Items] | |||
Fuel power costs | $ 43.4 | $ 45 | $ 85.4 |
SUMMARY OF SIGNIFICANT ACCOUN62
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of AFUDC and Weighted Average AFUDC (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 12.5 | $ 10.8 | $ 7.2 |
Equity Funds | 34.4 | 26.2 | 18.8 |
Total AFUDC | $ 46.9 | $ 37 | $ 26 |
Average AFUDC Rate | 5.10% | 4.40% | 3.90% |
The Connecticut Light And Power Company | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 5.1 | $ 3.3 | $ 2.6 |
Equity Funds | 12.1 | 6.3 | 5.2 |
Total AFUDC | $ 17.2 | $ 9.6 | $ 7.8 |
Average AFUDC Rate | 6.20% | 4.70% | 5.50% |
NSTAR Electric Company | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 4.8 | $ 5.3 | $ 3 |
Equity Funds | 10.2 | 10.2 | 6 |
Total AFUDC | $ 15 | $ 15.5 | $ 9 |
Average AFUDC Rate | 5.00% | 3.20% | 3.50% |
Public Service Company Of New Hampshire | |||
Components of Other Operating Costs and Expense [Line Items] | |||
Borrowed Funds | $ 0.7 | $ 0.8 | $ 1 |
Equity Funds | 0 | 0.3 | 1.2 |
Total AFUDC | $ 0.7 | $ 1.1 | $ 2.2 |
Average AFUDC Rate | 0.70% | 1.00% | 1.80% |
SUMMARY OF SIGNIFICANT ACCOUN63
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Accounting Policies [Line Items] | |||
Excise and sales taxes | $ 157.4 | $ 162.7 | $ 147.2 |
Taxes Other than Income taxes | 25.4 | ||
The Connecticut Light And Power Company | |||
Summary of Accounting Policies [Line Items] | |||
Excise and sales taxes | $ 137.5 | $ 145.2 | $ 128.5 |
SUMMARY OF SIGNIFICANT ACCOUN64
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Paid/(Received) During the Year for: | |||
Interest, Net of Amounts Capitalized | $ 419.1 | $ 398.1 | $ 365.9 |
Income Taxes | 30.8 | (135.5) | 10.3 |
Non-Cash Investing Activities: | |||
Plant Additions Included in Accounts Payable (As of) | 379.5 | 301.5 | 216.6 |
The Connecticut Light And Power Company | |||
Cash Paid/(Received) During the Year for: | |||
Interest, Net of Amounts Capitalized | 144.6 | 143.3 | 144.4 |
Income Taxes | 68.8 | (73.9) | 55.2 |
Non-Cash Investing Activities: | |||
Plant Additions Included in Accounts Payable (As of) | 132.5 | 116.2 | 76 |
NSTAR Electric Company | |||
Cash Paid/(Received) During the Year for: | |||
Interest, Net of Amounts Capitalized | 124.6 | 112.9 | 102.4 |
Income Taxes | 95.5 | 66 | (5.1) |
Non-Cash Investing Activities: | |||
Plant Additions Included in Accounts Payable (As of) | 116.5 | 87 | 50.5 |
Public Service Company Of New Hampshire | |||
Cash Paid/(Received) During the Year for: | |||
Interest, Net of Amounts Capitalized | 45.9 | 46.5 | 42.3 |
Income Taxes | 26.1 | (36) | 14.4 |
Non-Cash Investing Activities: | |||
Plant Additions Included in Accounts Payable (As of) | $ 44.4 | $ 37.9 | $ 46.5 |
REGULATORY ACCOUNTING - Compone
REGULATORY ACCOUNTING - Components of Regulatory Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 5,239,300 | $ 4,526,300 |
Less: Current Portion | 741,868 | 887,625 |
Total Long-Term Regulatory Assets | 4,497,447 | 3,638,688 |
Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,068,800 | 1,817,800 |
Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 516,100 | 0 |
Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 367,200 | 423,300 |
Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 768,900 | 644,500 |
Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 404,800 | 385,300 |
Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 365,200 | 464,400 |
Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 509,900 | 576,600 |
Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 101,000 | 99,300 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 137,400 | 115,100 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,645,200 | 1,727,100 |
Less: Current Portion | 200,281 | 335,526 |
Total Long-Term Regulatory Assets | 1,444,935 | 1,391,564 |
The Connecticut Light And Power Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 469,200 | 429,300 |
The Connecticut Light And Power Company | Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
The Connecticut Light And Power Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 362,300 | 420,500 |
The Connecticut Light And Power Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 453,800 | 437,000 |
The Connecticut Light And Power Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 216,700 | 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 | 85,300 | 123,900 |
The Connecticut Light And Power Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 30,300 | 33,200 |
The Connecticut Light And Power Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 27,600 | 43,400 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 1,524,500 | 1,538,500 |
Less: Current Portion | 333,882 | 353,522 |
Total Long-Term Regulatory Assets | 1,190,575 | 1,185,037 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 560,700 | 525,300 |
NSTAR Electric Company | Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
NSTAR Electric Company | Derivative Liabilities | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 2,800 |
NSTAR Electric Company | Income Taxes, Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 113,200 | 120,500 |
NSTAR Electric Company | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 146,600 | 128,400 |
NSTAR Electric Company | Goodwill-related | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 313,600 | 398,700 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 273,000 | 304,000 |
NSTAR Electric Company | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 39,000 | 36,100 |
NSTAR Electric Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 78,400 | 22,700 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 940,800 | 362,700 |
Less: Current Portion | 130,134 | 117,240 |
Total Long-Term Regulatory Assets | 810,677 | 245,525 |
Public Service Company Of New Hampshire | Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 212,300 | 184,200 |
Public Service Company Of New Hampshire | Deferred Costs from Generation Asset Sale | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 516,100 | 0 |
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 | 21,700 | 24,200 |
Public Service Company Of New Hampshire | Storm Restoration Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 41,500 | 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 | 116,400 | 104,500 |
Public Service Company Of New Hampshire | Asset Retirement Obligations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 17,000 | 16,200 |
Public Service Company Of New Hampshire | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 15,800 | $ 16,500 |
REGULATORY ACCOUNTING - Storm R
REGULATORY ACCOUNTING - Storm Restoration Costs (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,239.3 | $ 4,526.3 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,645.2 | 1,727.1 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,524.5 | 1,538.5 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 940.8 | $ 362.7 |
REGULATORY ACCOUNTING - Goodwil
REGULATORY ACCOUNTING - Goodwill-related (Details) - NSTAR Electric and NSTAR Gas - Goodwill-related | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets [Line Items] | |
Amortization period | 40 years |
Amortization period remaining | 22 years |
REGULATORY ACCOUNTING - Regulat
REGULATORY ACCOUNTING - Regulatory Tracker Mechanisms (Details) - Regulatory Tracker Deferrals Regulatory Assets - USD ($) $ in Millions | Feb. 01, 2018 | Dec. 31, 2017 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Decoupling mechanisms permitted in recovery of an annual base amount | $ 1,059 | |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Decoupling mechanisms permitted in recovery of an annual base amount | $ 132.4 | |
Subsequent Event | The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Decoupling mechanisms permitted in recovery of an annual base amount | $ 975 |
REGULATORY ACCOUNTING - Regul69
REGULATORY ACCOUNTING - Regulatory Costs in Other Long-Term Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 5,239.3 | $ 4,526.3 |
Amount of regulatory costs not yet approved | 105.8 | 86.3 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,645.2 | 1,727.1 |
Amount of regulatory costs not yet approved | 18.2 | 5.9 |
NSTAR Electric Company | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,524.5 | 1,538.5 |
Amount of regulatory costs not yet approved | 42.7 | 55.1 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 940.8 | 362.7 |
Amount of regulatory costs not yet approved | 27.2 | $ 8.2 |
Electricity Generation Plant, Non-Nuclear | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Deferred Costs from Generation Asset Sale | $ (516.1) |
REGULATORY ACCOUNTING - Equity
REGULATORY ACCOUNTING - Equity Return on Regulatory Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
The Connecticut Light And Power Company | ||
Regulatory Assets [Line Items] | ||
Equity return not recorded on the balance sheet | $ 1 | $ 1.2 |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Equity return not recorded on the balance sheet | 42 | $ 44.9 |
Clean Air Project | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Equity return not recorded on the balance sheet | $ 25 |
REGULATORY ACCOUNTING - Compo71
REGULATORY ACCOUNTING - Components of Regulatory Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 883,400 | $ 849,100 |
Less: Current Portion | 128,071 | 146,787 |
Total Long-Term Regulatory Liabilities | 3,637,273 | 702,255 |
Deferred Income tax benefit related to tax cuts and jobs act | $ 2,900,000 | |
Percentage of provisional regulated excess tax | 85.00% | |
Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 502,100 | 459,700 |
Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 132,300 | 136,200 |
Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 136,700 | 145,300 |
AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 67,100 | 65,800 |
Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 45,200 | 42,100 |
Current Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Long-Term Regulatory Liabilities | 755,300 | 702,300 |
The Connecticut Light And Power Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 119,500 | 147,200 |
Less: Current Portion | 38,967 | 47,055 |
Total Long-Term Regulatory Liabilities | 1,112,136 | 100,138 |
Deferred Income tax benefit related to tax cuts and jobs act | 1,000,000 | |
The Connecticut Light And Power Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 23,200 | 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 | 34,600 | 37,200 |
The Connecticut Light And Power Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 48,800 | 50,200 |
The Connecticut Light And Power Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 12,900 | 21,000 |
The Connecticut Light And Power Company | Non Current Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Long-Term Regulatory Liabilities | 80,500 | 100,100 |
NSTAR Electric Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 506,200 | 487,600 |
Less: Current Portion | 79,562 | 78,541 |
Total Long-Term Regulatory Liabilities | 1,514,451 | 409,050 |
Deferred Income tax benefit related to tax cuts and jobs act | 1,100,000 | |
NSTAR Electric Company | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 293,800 | 280,200 |
NSTAR Electric Company | Benefit Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 112,600 | 113,100 |
NSTAR Electric Company | Regulatory Tracker Mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 77,800 | 78,400 |
NSTAR Electric Company | AFUDC - Transmission | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 18,300 | 15,600 |
NSTAR Electric Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 3,700 | 300 |
NSTAR Electric Company | Non Current Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Long-Term Regulatory Liabilities | 426,600 | 409,100 |
Public Service Company Of New Hampshire | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 45,600 | 57,500 |
Less: Current Portion | 6,251 | 12,659 |
Total Long-Term Regulatory Liabilities | 444,397 | 44,779 |
Deferred Income tax benefit related to tax cuts and jobs act | 400,000 | |
Public Service Company Of New Hampshire | Cost of Removal | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 37,900 | 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 | 5,000 | 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 | 2,700 | 2,700 |
Public Service Company Of New Hampshire | Non Current Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Long-Term Regulatory Liabilities | $ 39,300 | $ 44,800 |
Minimum | ||
Regulatory Liabilities [Line Items] | ||
Estimated useful lives | 20 |
REGULATORY ACCOUNTING - FERC RO
REGULATORY ACCOUNTING - FERC ROE Complaints (Details) - USD ($) | May 01, 2020 | May 01, 2019 | May 01, 2018 | Nov. 30, 2017 | Dec. 31, 2017 |
Regulatory Assets [Line Items] | |||||
Annual distribution rate increase | $ 37,000,000 | ||||
Revenue requirement reduction | 56,000,000 | ||||
Decrease resulting from revenue requirement reduction | $ 19,000,000 | ||||
Percentage of authorized regulatory ROE | 10.00% | 9.25% | |||
Period of stay-out requirement | 5 years | ||||
Period of recovery approved in previously expensed merger-related costs | 10 years | ||||
Pre-tax benefit for approved regulatory deferral costs and expensed costs that have been disallowed | $ 44,100,000 | ||||
The Connecticut Light And Power Company | |||||
Regulatory Assets [Line Items] | |||||
Annual distribution rate increase | $ 0.53 | ||||
NSTAR Electric Company | |||||
Regulatory Assets [Line Items] | |||||
Pre-tax benefit for approved regulatory deferral costs and expensed costs that have been disallowed | 14,100,000 | ||||
FERC ROE First and Second Complaints | |||||
Regulatory Assets [Line Items] | |||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 39,100,000 | ||||
FERC ROE First and Second Complaints | The Connecticut Light And Power Company | |||||
Regulatory Assets [Line Items] | |||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 21,400,000 | ||||
FERC ROE First and Second Complaints | NSTAR Electric Company | |||||
Regulatory Assets [Line Items] | |||||
Cumulative pre-tax reserves which include impact of refunds given to customers | 14,600,000 | ||||
FERC ROE First and Second Complaints | Public Service Company Of New Hampshire | |||||
Regulatory Assets [Line Items] | |||||
Cumulative pre-tax reserves which include impact of refunds given to customers | $ 3,100,000 | ||||
Scenario, Forecast | |||||
Regulatory Assets [Line Items] | |||||
Annual distribution rate increase | $ 24,700,000 | $ 32,700,000 | $ 97,100,000 |
PROPERTY, PLANT AND EQUIPMENT73
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Investment in Utility Property, Plant and Equipment By Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Distribution | $ 14,410,500 | $ 13,716,900 |
Distribution - Natural Gas | 3,244,200 | 3,010,400 |
Transmission - Electric | 9,270,900 | 8,517,400 |
Water | 1,558,400 | 0 |
Generation and Solar(2) | 36,200 | 1,224,200 |
Utility | 28,520,200 | 26,468,900 |
Other Assets | 693,700 | 591,600 |
Property, Plant and Equipment, Gross | 29,213,900 | 27,060,500 |
Less: Accumulated Depreciation | ||
Utility | (6,846,900) | (6,480,400) |
Other | (286,900) | (242,000) |
Total Accumulated Depreciation | (7,133,800) | (6,722,400) |
Property, Plant and Equipment, Net | 22,080,100 | 20,338,100 |
Construction Work in Progress | 1,537,400 | 1,012,400 |
Total Property, Plant and Equipment, Net | 23,617,463 | 21,350,510 |
The Connecticut Light And Power Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution | 5,888,300 | 5,562,900 |
Distribution - Natural Gas | 4,239,900 | 3,912,900 |
Generation and Solar(2) | 0 | 0 |
Property, Plant and Equipment, Gross | 10,128,200 | 9,475,800 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,239,000) | (2,082,400) |
Property, Plant and Equipment, Net | 7,889,200 | 7,393,400 |
Construction Work in Progress | 381,800 | 239,000 |
Total Property, Plant and Equipment, Net | 8,271,030 | 7,632,392 |
NSTAR Electric Company | ||
Property, Plant and Equipment [Line Items] | ||
Distribution | 6,479,000 | 6,244,200 |
Distribution - Natural Gas | 3,821,200 | 3,496,900 |
Generation and Solar(2) | 36,200 | 36,000 |
Property, Plant and Equipment, Gross | 10,336,400 | 9,777,100 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (2,550,200) | (2,364,200) |
Property, Plant and Equipment, Net | 7,786,200 | 7,412,900 |
Construction Work in Progress | 460,300 | 317,200 |
Total Property, Plant and Equipment, Net | 8,246,494 | 7,730,096 |
Public Service Company Of New Hampshire | ||
Property, Plant and Equipment [Line Items] | ||
Distribution | 2,083,400 | 1,949,800 |
Distribution - Natural Gas | 1,161,300 | 1,059,300 |
Generation and Solar(2) | 0 | 1,188,200 |
Property, Plant and Equipment, Gross | 3,244,700 | 4,197,300 |
Less: Accumulated Depreciation | ||
Total Accumulated Depreciation | (751,800) | (1,254,700) |
Property, Plant and Equipment, Net | 2,492,900 | 2,942,600 |
Construction Work in Progress | 149,400 | 96,700 |
Total Property, Plant and Equipment, Net | $ 2,642,274 | $ 3,039,313 |
PROPERTY, PLANT AND EQUIPMENT74
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Schedule of Aggregate Composite Depreciation Rates (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 3.00% | 3.00% | 2.90% |
The Connecticut Light And Power Company | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.80% | 2.70% | 2.70% |
NSTAR Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 2.90% | 2.90% | 2.90% |
Public Service Company Of New Hampshire | |||
Property, Plant and Equipment [Line Items] | |||
Composite depreciation rate for plant in service | 3.10% | 3.10% | 3.20% |
PROPERTY, PLANT AND EQUIPMENT75
PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION - Schedule of Average Remaining Useful Lives of Depreciable Assets (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |
Distribution | 34 years 7 months 6 days |
Transmission | 40 years 10 months 25 days |
Water | 32 years |
Solar | 25 years |
Other | 12 years 8 months 12 days |
The Connecticut Light And Power Company | |
Property, Plant and Equipment [Line Items] | |
Distribution | 35 years 9 months 18 days |
Transmission | 37 years 2 months 12 days |
NSTAR Electric Company | |
Property, Plant and Equipment [Line Items] | |
Distribution | 31 years 8 months 12 days |
Transmission | 44 years 8 months 12 days |
Solar | 25 years |
Public Service Company Of New Hampshire | |
Property, Plant and Equipment [Line Items] | |
Distribution | 31 years 3 months 19 days |
Transmission | 43 years 6 months |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Gross Fair Value of Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 2 | Current Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | $ 0 | $ 6 |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | 0 | 6 |
Fair Value, Inputs, Level 2 | Long-Term Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 0 | 0.3 |
Netting | 0 | (0.1) |
Net Amount Recorded as a Derivative | 0 | 0.2 |
Fair Value, Inputs, Level 2 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (4.5) | 0 |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (4.5) | 0 |
Fair Value, Inputs, Level 2 | Long-Term Derivative Liabilities: | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (0.4) | 0 |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (0.4) | 0 |
Fair Value, Inputs, Level 3 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (54.4) | (79.7) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (54.4) | (79.7) |
Fair Value, Inputs, Level 3 | Long-Term Derivative Liabilities: | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (376.9) | (413.7) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (376.9) | (413.7) |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Current Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 9.5 | 13.9 |
Netting | (7.1) | (9.4) |
Net Amount Recorded as a Derivative | 2.4 | 4.5 |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Long-Term Derivative Assets | ||
Current and Long-Term Derivative Assets | ||
Commodity Supply and Price Risk Management | 71.9 | 77.3 |
Netting | (5.3) | (11.7) |
Net Amount Recorded as a Derivative | 66.6 | 65.6 |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Current Derivative Liabilities | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (54.4) | (77.8) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | (54.4) | (77.8) |
The Connecticut Light And Power Company | Fair Value, Inputs, Level 3 | Long-Term Derivative Liabilities: | ||
Current and Long-Term Derivative Liabilities | ||
Commodity Supply and Price Risk Management | (376.9) | (412.8) |
Netting | 0 | 0 |
Net Amount Recorded as a Derivative | $ (376.9) | $ (412.8) |
DERIVATIVE INSTRUMENTS - Gross
DERIVATIVE INSTRUMENTS - Gross Fair Value of Contracts Narrative (Details) $ in Millions | Dec. 31, 2017USD ($) |
The Connecticut Light And Power Company | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative assets subject to credit risk with investment grade counterparty | $ 69 |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Contracts at Fair Value (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)MMBTUMWhMW | Dec. 31, 2016USD ($)MMBTU | Dec. 31, 2015USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts by United Illuminated Company (as a percentage) | 20.00% | ||
Amount of power to be purchased under capacity-related contract (up to for 35 mw) (in mw) | MW | 787 | ||
Amount of natural gas to be purchased under futures contracts (in MMBtu) | MMBTU | 9.5 | 9.2 | |
Gain (loss) deferred as regulatory costs | $ | $ (29) | $ (125.5) | $ 60.2 |
The Connecticut Light And Power Company | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Percentage of costs or benefits borne under capacity-related contracts (as a percentage) | 80.00% | ||
Amount of energy to be purchased under renewable energy contract (in mwh) | MWh | 0.1 |
DERIVATIVE INSTRUMENTS - Credit
DERIVATIVE INSTRUMENTS - Credit Risk (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative contracts in net liability position | $ 3.4 | |
Additional collateral if unsecured credit ratings is downgraded | $ 3.7 |
DERIVATIVE INSTRUMENTS - Unobse
DERIVATIVE INSTRUMENTS - Unobservable Inputs Utilized (Details) - The Connecticut Light And Power Company - Fair Value, Inputs, Level 3 - $ / KWmo | Dec. 31, 2017 | Dec. 31, 2016 |
Minimum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 5 | 5.50 |
Forward Reserve (in USDPerKiloWattMonth) | 1 | 1.40 |
Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Capacity Prices (in USDPerKiloWattMonth) | 8.70 | 8.70 |
Forward Reserve (in USDPerKiloWattMonth) | 2 | 2 |
DERIVATIVE INSTRUMENTS - Unob81
DERIVATIVE INSTRUMENTS - Unobservable Inputs Narrative (Details) - Fair Value, Inputs, Level 3 | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 6.00% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Percentage of exit price premiums related to derivative contracts | 18.00% |
DERIVATIVE INSTRUMENTS - Variat
DERIVATIVE INSTRUMENTS - Variations Using Significant unobservable Inputs (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (423.3) | $ (380.9) |
Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities | (11.4) | (130.7) |
Settlements | 71.2 | 88.3 |
Transfer out of Level 3 | 1.2 | |
Ending balance | (362.3) | (423.3) |
The Connecticut Light And Power Company | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (420.5) | (380.8) |
Net Realized/Unrealized Losses Included in Regulatory Assets and Liabilities | (9.5) | (122.7) |
Settlements | 67.7 | 83 |
Transfer out of Level 3 | 0 | |
Ending balance | $ (362.3) | $ (420.5) |
MARKETABLE SECURITIES - Trading
MARKETABLE SECURITIES - Trading Securities (Details) - Fair Value, Inputs, Level 1 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of securities under fair value option | $ 9.6 | |
Net gains on fair value option | $ 0.6 | $ 2 |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Marketable securities held in nuclear decommissioning plant | $ 503.6 | $ 466.7 | |
Debt Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 284.9 | 296.2 | |
Pre-Tax Unrealized Gains | 3.2 | 1.1 | |
Pre-Tax Unrealized Losses | (1.1) | (2.1) | |
Fair Value | 287 | 295.2 | |
Equity Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 216.1 | 203.3 | |
Pre-Tax Unrealized Gains | 97.8 | 62.3 | |
Pre-Tax Unrealized Losses | (0.1) | (1.2) | |
Fair Value | 313.8 | 264.4 | |
Fair Value, Inputs, Level 1 | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net gains on fair value option | $ 0.6 | $ 2 | |
Other Income | Fair Value, Inputs, Level 1 | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net gains on fair value option | $ 9.8 |
MARKETABLE SECURITIES - Contrac
MARKETABLE SECURITIES - Contractual Maturity (Details) $ in Millions | Dec. 31, 2017USD ($) |
Amortized Cost | |
Less than one year | $ 40.2 |
One to five years | 46.7 |
Six to ten years | 64.7 |
Greater than ten years | 133.3 |
Total Debt Securities | 284.9 |
Fair Value | |
Less than one year | 40.1 |
One to five years | 47.5 |
Six to ten years | 65.6 |
Greater than ten years | 133.8 |
Total Debt Securities | $ 287 |
MARKETABLE SECURITIES - Fair Va
MARKETABLE SECURITIES - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | $ 600.8 | $ 569.2 |
Fair Value, Inputs, Level 1 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 337.1 | 328.8 |
Fair Value, Inputs, Level 1 | Mutual Funds and Equities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 313.8 | 274 |
Fair Value, Inputs, Level 1 | Money Market Funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 23.3 | 54.8 |
Fair Value, Inputs, Level 2 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 263.7 | 240.4 |
Fair Value, Inputs, Level 2 | U.S. Government Issued Debt Securities (Agency and Treasury) | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 70.2 | 63 |
Fair Value, Inputs, Level 2 | Corporate Debt Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 50.9 | 41.1 |
Fair Value, Inputs, Level 2 | Asset-Backed Debt Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 21.2 | 18.5 |
Fair Value, Inputs, Level 2 | Municipal Bonds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | 110.7 | 107.5 |
Fair Value, Inputs, Level 2 | Other Fixed Income Securities | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total Marketable Securities | $ 10.7 | $ 10.3 |
ASSET RETIREMENT OBLIGATIONS -
ASSET RETIREMENT OBLIGATIONS - Schedule of Reconciliation of Beginning and Ending Balance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | $ 426.4 | $ 430.1 |
Liabilities Incurred During the Year | 0.2 | 1.3 |
Liabilities Settled During the Year | (19.3) | (19) |
Accretion | 26.3 | 22.9 |
Revisions in Estimated Cash Flows | (14.5) | (8.9) |
Balance as of End of Year | 419.1 | 426.4 |
The Connecticut Light And Power Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 36 | 33.8 |
Liabilities Incurred During the Year | 0.1 | 0 |
Liabilities Settled During the Year | (1) | 0 |
Accretion | 2.3 | 2.2 |
Revisions in Estimated Cash Flows | (5.9) | 0 |
Balance as of End of Year | 31.5 | 36 |
NSTAR Electric Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 42.6 | 41 |
Liabilities Incurred During the Year | 0.1 | 0 |
Liabilities Settled During the Year | (0.2) | (0.4) |
Accretion | 2.1 | 2 |
Revisions in Estimated Cash Flows | 0 | 0 |
Balance as of End of Year | 44.6 | 42.6 |
Public Service Company Of New Hampshire | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of Beginning of Year | 23.5 | 21.6 |
Liabilities Incurred During the Year | 0 | 0.5 |
Liabilities Settled During the Year | 0 | 0 |
Accretion | 1.5 | 1.4 |
Revisions in Estimated Cash Flows | 0 | 0 |
Balance as of End of Year | $ 25 | $ 23.5 |
ASSET RETIREMENT OBLIGATIONS 88
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation | $ 419.1 | $ 426.4 | $ 430.1 |
CYAPC and YAEC | |||
Schedule of Asset Retirement Obligation [Line Items] | |||
Asset retirement obligation | $ 301.5 | $ 308.6 |
SHORT-TERM DEBT - Narrative (De
SHORT-TERM DEBT - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Jan. 08, 2018 | Dec. 08, 2017 | Nov. 30, 2017 | Nov. 03, 2016 | |
Commercial Paper | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | $ 201,200,000 | $ 0 | ||||
Eversource | Commercial Paper | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | 1,450,000,000 | $ 1,450,000,000 | ||||
Eversource | Line of Credit | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | $ 1,450,000,000 | |||||
Debt instrument term | 5 years | |||||
Amount outstanding during period | $ 0 | 0 | ||||
The Connecticut Light And Power Company | ||||||
Short-term Debt [Line Items] | ||||||
Short-term borrowing limit approved by regulatory agency | $ 600,000,000 | |||||
Notes payable to related parties | 69,500,000 | 80,100,000 | ||||
NSTAR Electric Company | ||||||
Short-term Debt [Line Items] | ||||||
Short-term borrowing limit approved by regulatory agency | $ 655,000,000 | |||||
Notes payable to related parties | 0 | 51,000,000 | ||||
NSTAR Electric Company | Commercial Paper | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | 650,000,000 | 450,000,000 | ||||
NSTAR Electric Company | Line of Credit | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | $ 650,000,000 | $ 450,000,000 | ||||
Debt instrument term | 5 years | |||||
NPT | ||||||
Short-term Debt [Line Items] | ||||||
Amount of debt authorized | $ 800,000,000 | |||||
Public Service Company Of New Hampshire | ||||||
Short-term Debt [Line Items] | ||||||
Short-term borrowing limit approved by regulatory agency | $ 364,000,000 | |||||
Notes payable to related parties | $ 262,900,000 | $ 160,900,000 | ||||
Public Service Company Of New Hampshire | Short Term Debt Authorization Calculation | ||||||
Short-term Debt [Line Items] | ||||||
Interest rate stated percentage (up to) (as a percentage) | 10.00% | |||||
Short-term debt borrowing calculation approved by regulatory agency | $ 60,000,000 | |||||
Acquarion | Line of Credit | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | $ 100,000,000 | |||||
Unsecured Debt | The Connecticut Light And Power Company | ||||||
Short-term Debt [Line Items] | ||||||
Period of maturity restricting provisions of debt | 10 years | |||||
Total capitalization (as a percentage) | 10.00% | |||||
Capacity available under preferred stock provisions | $ 607,400,000 | |||||
Subsequent Event | Eversource | Commercial Paper | ||||||
Short-term Debt [Line Items] | ||||||
Amount of commercial paper program | $ 201,200,000 |
SHORT-TERM DEBT - Schedule of D
SHORT-TERM DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 1,088,087 | $ 1,148,500 |
Revolving Credit Facility (1) | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | 76,000 | |
Available Borrowing Capacity | $ 24,000 | |
Weighted-Average discount (as a percentage) | 2.66% | |
Parent Company | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 778,087 | 1,022,000 |
Commercial Paper | Parent Company | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | 979,300 | 1,022,000 |
Available Borrowing Capacity | $ 470,700 | $ 428,000 |
Weighted-Average discount (as a percentage) | 1.86% | 0.88% |
NSTAR Electric Company | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | $ 234,000 | $ 126,500 |
NSTAR Electric Company | Commercial Paper | ||
Line of Credit Facility [Line Items] | ||
Notes Payable | 234,000 | 126,500 |
Available Borrowing Capacity | $ 416,000 | $ 323,500 |
Weighted-Average discount (as a percentage) | 1.55% | 0.71% |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) | Dec. 31, 2017 | Dec. 08, 2017 | Oct. 31, 2017 | Aug. 31, 2017 | May 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 11,775,889,000 | $ 8,829,354,000 | |||||
Less Amounts due Within One Year | (549,631,000) | (773,883,000) | |||||
First Mortgage Notes | NSTAR Gas - First Mortgage Bonds: 4.350% - 9.950% due 2020 - 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 285,000,000 | 310,000,000 | |||||
First Mortgage Notes | Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2018 - 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 520,000,000 | 445,000,000 | |||||
Unsecured Debt | 4.500% Debentures due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 350,000,000 | 350,000,000 | |||||
Unsecured Debt | 1.450% - 4.000% Senior Notes due 2018 - 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 3,260,000,000 | 1,700,000,000 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized Premiums and Discounts, Net | 1,500,000 | (1,800,000) | |||||
Unamortized Debt Issuance Costs | (12,800,000) | (7,100,000) | |||||
Long-term debt | 11,775,900,000 | 8,829,400,000 | |||||
Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Less Amounts due Within One Year | (104,200,000) | (25,000,000) | |||||
Loans Payable | Notes Payable Unsecured 3.57% - 6.430% due 2021 - 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 290,900,000 | 0 | |||||
Loans Payable | Notes Payable Secured 4.10% - 9.64% due 2021 - 2035 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 70,400,000 | 0 | |||||
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 181,400,000 | 180,000,000 | |||||
Fair Value Adjustment | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 172,600,000 | 144,600,000 | |||||
Fair Value Adjustment - Current Portion | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | (35,400,000) | (28,900,000) | |||||
Total Other Long-Term Debt | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 5,180,600,000 | 3,066,800,000 | |||||
The Connecticut Light And Power Company | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 2,759,135,000 | 2,516,010,000 | |||||
Less Amounts due Within One Year | (300,000,000) | (250,000,000) | |||||
The Connecticut Light And Power Company | 4.375% Fixed Rate Tax Exempt due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 120,500,000 | 120,500,000 | |||||
The Connecticut Light And Power Company | First Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 2,944,800,000 | 2,669,800,000 | |||||
Unamortized Premiums and Discounts, Net | 11,500,000 | (10,000,000) | |||||
Unamortized Debt Issuance Costs | (17,700,000) | (14,300,000) | |||||
Long-term debt | 2,759,100,000 | 2,516,000,000 | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 7.875% 1994 Series D due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 139,800,000 | $ 139,800,000 | |||||
Interest rate stated percentage (as a percentage) | 7.875% | 7.875% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.750% 2004 Series B due 2034 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 130,000,000 | $ 130,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.75% | 5.75% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.625% 2005 Series B due 2035 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 100,000,000 | $ 100,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.625% | 5.625% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 6.350% 2006 Series A due 2036 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 250,000,000 | $ 250,000,000 | |||||
Interest rate stated percentage (as a percentage) | 6.35% | 6.35% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.375% 2007 Series A due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 0 | $ 150,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.375% | 5.375% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.750% 2007 Series B due 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 150,000,000 | $ 150,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.75% | 5.75% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.750% 2007 Series C due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 0 | $ 100,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.75% | 5.75% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 6.375% 2007 Series D due 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 100,000,000 | $ 100,000,000 | |||||
Interest rate stated percentage (as a percentage) | 6.375% | 6.375% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.650% 2008 Series A due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 300,000,000 | $ 300,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.65% | 5.65% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 5.500% 2009 Series A due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 250,000,000 | $ 250,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.50% | 5.50% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 2.500% 2013 Series A due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 400,000,000 | $ 400,000,000 | |||||
Interest rate stated percentage (as a percentage) | 2.50% | 2.50% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.300% 2014 Series A due 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 475,000,000 | $ 250,000,000 | |||||
Interest rate stated percentage (as a percentage) | 4.30% | 4.30% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.150% 2015 Series A due 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 350,000,000 | $ 350,000,000 | |||||
Interest rate stated percentage (as a percentage) | 4.15% | 4.15% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 3.200% 2017 Series A due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 300,000,000 | $ 0 | |||||
Interest rate stated percentage (as a percentage) | 3.20% | 3.20% | |||||
The Connecticut Light And Power Company | First Mortgage Notes | 4.375% Fixed Rate Tax Exempt due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 4.375% | 4.375% | |||||
The Connecticut Light And Power Company | Senior Notes | 5.750% 2007 Series C due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 5.75% | ||||||
The Connecticut Light And Power Company | Senior Notes | 4.300% 2014 Series A due 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 475,000,000 | ||||||
Debt instrument, face amount | $ 225,000,000 | ||||||
Interest rate stated percentage (as a percentage) | 4.30% | ||||||
NSTAR Electric Company | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 2,943,759,000 | $ 2,244,653,000 | |||||
Less Amounts due Within One Year | 0 | (400,000,000) | |||||
NSTAR Electric Company | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 2,400,000,000 | 2,100,000,000 | |||||
Less Amounts due Within One Year | 0 | (400,000,000) | |||||
Unamortized Premiums and Discounts, Net | (1,800,000) | (4,900,000) | |||||
Unamortized Debt Issuance Costs | (19,400,000) | (15,500,000) | |||||
Long-term debt | 2,943,800,000 | 2,244,600,000 | |||||
NSTAR Electric Company | Unsecured Debt | 5.750% due 2036 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 200,000,000 | $ 200,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.75% | 5.75% | |||||
NSTAR Electric Company | Unsecured Debt | 5.625% due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 0 | $ 400,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.625% | 5.625% | |||||
NSTAR Electric Company | Unsecured Debt | 5.500% due 2040 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 300,000,000 | $ 300,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.50% | 5.50% | |||||
NSTAR Electric Company | Unsecured Debt | 2.375% due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 400,000,000 | $ 400,000,000 | |||||
Interest rate stated percentage (as a percentage) | 2.375% | 2.375% | |||||
NSTAR Electric Company | Unsecured Debt | 4.400% due 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 300,000,000 | $ 300,000,000 | |||||
Interest rate stated percentage (as a percentage) | 4.40% | 4.40% | |||||
NSTAR Electric Company | Unsecured Debt | 3.250% due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 250,000,000 | $ 250,000,000 | |||||
Interest rate stated percentage (as a percentage) | 3.25% | 3.25% | |||||
NSTAR Electric Company | Unsecured Debt | 2.700% due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 250,000,000 | $ 250,000,000 | |||||
Interest rate stated percentage (as a percentage) | 2.70% | 2.70% | |||||
NSTAR Electric Company | Unsecured Debt | 3.200% due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 700,000,000 | $ 0 | |||||
Long-term debt | $ 700,000,000 | ||||||
Debt instrument, face amount | $ 350,000,000 | $ 350,000,000 | |||||
Interest rate stated percentage (as a percentage) | 3.20% | 3.20% | |||||
NSTAR Electric Company | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 565,000,000 | $ 565,000,000 | |||||
NSTAR Electric Company | Senior Notes | 5.900% Senior Notes Series B due 2034 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 50,000,000 | $ 50,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.90% | 5.90% | |||||
NSTAR Electric Company | Senior Notes | 6.700% Senior Notes Series D due 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 40,000,000 | $ 40,000,000 | |||||
Interest rate stated percentage (as a percentage) | 6.70% | 6.70% | |||||
NSTAR Electric Company | Senior Notes | 5.100% Senior Notes Series E due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 95,000,000 | $ 95,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.10% | 5.10% | |||||
NSTAR Electric Company | Senior Notes | 3.500% Senior Notes Series F due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 250,000,000 | $ 250,000,000 | |||||
Interest rate stated percentage (as a percentage) | 3.50% | 3.50% | |||||
NSTAR Electric Company | Senior Notes | 3.880% Senior Notes Series G due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 80,000,000 | $ 80,000,000 | |||||
Interest rate stated percentage (as a percentage) | 3.88% | 3.88% | |||||
NSTAR Electric Company | Senior Notes | 2.750% Senior Notes Series H due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 50,000,000 | $ 50,000,000 | |||||
Interest rate stated percentage (as a percentage) | 2.75% | 2.75% | |||||
Public Service Company Of New Hampshire | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 892,438,000 | $ 1,002,048,000 | |||||
Less Amounts due Within One Year | (110,000,000) | (70,000,000) | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | 917,000,000 | 987,000,000 | |||||
Less Amounts due Within One Year | (110,000,000) | (70,000,000) | |||||
Unamortized Premiums and Discounts, Net | 200,000 | 100,000 | |||||
Unamortized Debt Issuance Costs | (4,100,000) | (4,400,000) | |||||
Long-term debt | 892,400,000 | 1,002,000,000 | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 5.600% Series M due 2035 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 50,000,000 | $ 50,000,000 | |||||
Interest rate stated percentage (as a percentage) | 5.60% | 5.60% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 6.150% Series N due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 0 | $ 70,000,000 | |||||
Interest rate stated percentage (as a percentage) | 6.15% | 6.15% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 6.000% Series O due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 110,000,000 | $ 110,000,000 | |||||
Interest rate stated percentage (as a percentage) | 6.00% | 6.00% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 4.500% Series P due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 150,000,000 | $ 150,000,000 | |||||
Interest rate stated percentage (as a percentage) | 4.50% | 4.50% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 4.050% Series Q due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 122,000,000 | $ 122,000,000 | |||||
Interest rate stated percentage (as a percentage) | 4.05% | 4.05% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 3.200% Series R due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 160,000,000 | $ 160,000,000 | |||||
Interest rate stated percentage (as a percentage) | 3.20% | 3.20% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | 3.500% Series S due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 325,000,000 | $ 325,000,000 | |||||
Interest rate stated percentage (as a percentage) | 3.50% | 3.50% | |||||
Public Service Company Of New Hampshire | First Mortgage Notes | Adjustable Rate Tax Exempt Series A due 2021 (2.048% and 1.138% as of December 31, 2017 and 2016, respectively) | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 89,300,000 | $ 89,300,000 | |||||
Interest rate stated percentage (as a percentage) | 1.138% | 0.193% | |||||
Public Service Company Of New Hampshire | Senior Notes | 6.150% Series N due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 6.15% | ||||||
Commercial Paper | |||||||
Debt Instrument [Line Items] | |||||||
Commercial Paper Classified as Long-Term Debt | $ 201,200,000 | $ 0 | |||||
Commercial Paper | NSTAR Electric Company | |||||||
Debt Instrument [Line Items] | |||||||
Commercial Paper Classified as Long-Term Debt | $ 650,000,000 | $ 450,000,000 | |||||
Minimum | First Mortgage Notes | NSTAR Gas - First Mortgage Bonds: 4.350% - 9.950% due 2020 - 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 4.35% | ||||||
Minimum | First Mortgage Notes | Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2018 - 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 3.02% | ||||||
Minimum | Unsecured Debt | 4.500% Debentures due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 4.50% | ||||||
Minimum | Unsecured Debt | 1.450% - 4.000% Senior Notes due 2018 - 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 1.45% | ||||||
Minimum | Loans Payable | Notes Payable Unsecured 3.57% - 6.430% due 2021 - 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 3.57% | ||||||
Minimum | Loans Payable | Notes Payable Secured 4.10% - 9.64% due 2021 - 2035 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 4.10% | ||||||
Maximum | NSTAR Gas - First Mortgage Bonds: 4.350% - 9.950% due 2020 - 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 9.95% | ||||||
Maximum | 1.450% - 4.000% Senior Notes due 2018 - 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 4.00% | ||||||
Maximum | Notes Payable Unsecured 3.57% - 6.430% due 2021 - 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 6.43% | ||||||
Maximum | Notes Payable Secured 4.10% - 9.64% due 2021 - 2035 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 9.64% | ||||||
Maximum | First Mortgage Notes | Yankee Gas - First Mortgage Bonds: 3.020% - 8.480% due 2018 - 2044 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 8.48% | ||||||
Maximum | Unsecured Debt | 4.500% Debentures due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate stated percentage (as a percentage) | 4.50% | ||||||
Parent Company | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 3,523,472,000 | $ 2,158,519,000 | |||||
Less Amounts due Within One Year | (32,114,000) | $ (28,883,000) | |||||
Parent Company | Senior Notes | Eversource Parent 2.75% Series K Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 750,000,000 | ||||||
Debt instrument, face amount | $ 450,000,000 | $ 300,000,000 | |||||
Interest rate stated percentage (as a percentage) | 2.75% | ||||||
Parent Company | Commercial Paper | |||||||
Debt Instrument [Line Items] | |||||||
Commercial Paper Classified as Long-Term Debt | $ 1,450,000,000 | $ 1,450,000,000 |
LONG-TERM DEBT - Schedule of 92
LONG-TERM DEBT - Schedule of Long-term Debt Issuances and Repayments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Nov. 30, 2007 | Sep. 30, 2007 | Mar. 31, 2007 | Sep. 30, 1997 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2018 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (745,000,000) | $ (200,000,000) | $ (216,700,000) | ||||||||||
Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 11,775,900,000 | 8,829,400,000 | |||||||||||
The Connecticut Light And Power Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (250,000,000) | 0 | (162,000,000) | ||||||||||
The Connecticut Light And Power Company | Senior Notes | 3.20% 2017 Series A First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate stated percentage (as a percentage) | 3.20% | ||||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||||
The Connecticut Light And Power Company | Senior Notes | 4.30% Series A First and Refunding Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 475,000,000 | ||||||||||||
Interest rate stated percentage (as a percentage) | 4.30% | ||||||||||||
Debt instrument, face amount | $ 225,000,000 | ||||||||||||
The Connecticut Light And Power Company | Senior Notes | 5.375% 2007 Series A First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (150,000,000) | ||||||||||||
Interest rate stated percentage (as a percentage) | 5.375% | ||||||||||||
The Connecticut Light And Power Company | Senior Notes | 5.75% 2007 Series C First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (100,000,000) | ||||||||||||
Interest rate stated percentage (as a percentage) | 5.75% | ||||||||||||
NSTAR Electric Company | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (400,000,000) | (200,000,000) | (54,700,000) | ||||||||||
NSTAR Electric Company | Unsecured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | 2,943,800,000 | $ 2,244,600,000 | |||||||||||
NSTAR Electric Company | Unsecured Debt | Unsecured Notes Due 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 700,000,000 | ||||||||||||
Interest rate stated percentage (as a percentage) | 3.20% | 3.20% | |||||||||||
Debt instrument, face amount | $ 350,000,000 | $ 350,000,000 | |||||||||||
NSTAR Electric Company | Unsecured Debt | 5.625% Debentures | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (400,000,000) | ||||||||||||
Interest rate stated percentage (as a percentage) | 5.625% | 5.625% | |||||||||||
Public Service Company Of New Hampshire | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (70,000,000) | $ 0 | $ 0 | ||||||||||
Public Service Company Of New Hampshire | Senior Notes | 6.15% Series N First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (70,000,000) | ||||||||||||
Interest rate stated percentage (as a percentage) | 6.15% | ||||||||||||
Yankee Gas Services Company | Senior Notes | Yankee Gas 3.02% Series N First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate stated percentage (as a percentage) | 3.02% | ||||||||||||
Debt instrument, face amount | $ 75,000,000 | ||||||||||||
NSTAR Gas Company | Senior Notes | NSTAR Gas 7.04% Series M First Mortgage Bonds | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ (25,000,000) | ||||||||||||
Interest rate stated percentage (as a percentage) | 7.04% | ||||||||||||
Parent Company | Senior Notes | Eversource Parent 2.75% Series K Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 750,000,000 | ||||||||||||
Interest rate stated percentage (as a percentage) | 2.75% | ||||||||||||
Debt instrument, face amount | 450,000,000 | $ 300,000,000 | |||||||||||
Parent Company | Senior Notes | Eversource Parent 2.90% Series L Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate stated percentage (as a percentage) | 2.90% | ||||||||||||
Debt instrument, face amount | $ 450,000,000 | ||||||||||||
Parent Company | Senior Notes | Eversource Parent 2.50% Series I Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 450,000,000 | ||||||||||||
Interest rate stated percentage (as a percentage) | 2.50% | ||||||||||||
Parent Company | Senior Notes | Eversource Parent 3.30% Series M Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate stated percentage (as a percentage) | 3.30% | ||||||||||||
Parent Company | Subsequent Event | Senior Notes | Eversource Parent 2.50% Series I Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||||||
Parent Company | Subsequent Event | Senior Notes | Eversource Parent 3.30% Series M Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 450,000,000 | ||||||||||||
Parent Company | Subsequent Event | Senior Notes | Eversource Parent 1.60% Series G Senior Notes (5) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate stated percentage (as a percentage) | 3.30% | ||||||||||||
Debt instrument, face amount | $ (150,000,000) |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2018 | Jan. 08, 2018 | Dec. 20, 2017 | Dec. 08, 2017 | Mar. 30, 2017 | Jan. 04, 2017 | |
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | $ 745,000,000 | $ 200,000,000 | $ 216,700,000 | ||||||
Current portion of long-term debt | 549,631,000 | 773,883,000 | |||||||
Long-term debt outstanding | 11,775,889,000 | 8,829,354,000 | |||||||
Interest included in payment to settle spent nuclear fuel obligation | 132,600,000 | 131,200,000 | |||||||
The Connecticut Light And Power Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | 250,000,000 | 0 | 162,000,000 | ||||||
Current portion of long-term debt | 300,000,000 | 250,000,000 | |||||||
Long-term debt outstanding | 2,759,135,000 | 2,516,010,000 | |||||||
NSTAR Electric Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | 400,000,000 | 200,000,000 | 54,700,000 | ||||||
Current portion of long-term debt | 0 | 400,000,000 | |||||||
Long-term debt outstanding | 2,943,759,000 | 2,244,653,000 | |||||||
Public Service Company Of New Hampshire | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | 70,000,000 | 0 | $ 0 | ||||||
Current portion of long-term debt | 110,000,000 | 70,000,000 | |||||||
Long-term debt outstanding | 892,438,000 | 1,002,048,000 | |||||||
Parent Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Current portion of long-term debt | 32,114,000 | 28,883,000 | |||||||
Long-term debt outstanding | 3,523,472,000 | 2,158,519,000 | |||||||
Commercial Paper | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of commercial paper program | 201,200,000 | 0 | |||||||
Commercial Paper | NSTAR Electric Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of commercial paper program | 650,000,000 | $ 450,000,000 | |||||||
Commercial Paper | Parent Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of commercial paper program | 1,450,000,000 | $ 1,450,000,000 | |||||||
Commercial Paper | Parent Company | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Current portion of long-term debt | $ 446,800,000 | ||||||||
Amount of commercial paper program | $ 201,200,000 | ||||||||
Senior Notes | The Connecticut Light And Power Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of debt authorized | $ 1,325,000,000 | ||||||||
Senior Notes | NSTAR Electric Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of debt authorized | $ 700,000,000 | ||||||||
Long-term debt outstanding | 565,000,000 | 565,000,000 | |||||||
Senior Notes | Yankee Gas Services Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of debt authorized | $ 50,000,000 | ||||||||
Pre-1983 Spent Nuclear Fuel Obligation (CYAPC) | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | $ 181,400,000 | $ 180,000,000 | |||||||
Adjustable Rate Tax Exempt Series A Notes Due 2021 | Senior Notes | Public Service Company Of New Hampshire | |||||||||
Debt Instrument [Line Items] | |||||||||
Par value of stock (as a percentage) | 100.00% |
LONG-TERM DEBT - Schedule of 94
LONG-TERM DEBT - Schedule of Long-term Debt Maturities (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 961 |
2,019 | 801 |
2,020 | 296.1 |
2,021 | 922.8 |
2,022 | 1,188.9 |
Thereafter | 7,643.1 |
Total | 11,812.9 |
The Connecticut Light And Power Company | |
Debt Instrument [Line Items] | |
2,018 | 300 |
2,019 | 250 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 2,515.3 |
Total | 3,065.3 |
NSTAR Electric Company | |
Debt Instrument [Line Items] | |
2,018 | 0 |
2,019 | 0 |
2,020 | 95 |
2,021 | 250 |
2,022 | 400 |
Thereafter | 2,220 |
Total | 2,965 |
Public Service Company Of New Hampshire | |
Debt Instrument [Line Items] | |
2,018 | 110 |
2,019 | 150 |
2,020 | 0 |
2,021 | 371.3 |
2,022 | 0 |
Thereafter | 375 |
Total | $ 1,006.3 |
EMPLOYEE BENEFITS - Schedule of
EMPLOYEE BENEFITS - Schedule of Pension Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | $ (5,242.3) | $ (5,080.1) | |
Plan Amendment | 0 | (9) | |
Employee Transfers | 0 | 0 | |
Service Cost | (71.3) | (75) | $ (91.4) |
Interest Cost | (188) | (185.5) | (227) |
Actuarial Gain/(Loss) | (548.7) | (151.8) | |
Benefits Paid - Pension | 243.7 | 254 | |
Benefits Paid - Lump Sum | (18.4) | 0 | |
Benefits Paid - SERP | 20.4 | 5.1 | |
Increase due to acquisition of Aquarion | (168.7) | 0 | |
Benefit Obligation as of End of Year | (5,936.5) | (5,242.3) | (5,080.1) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 4,076 | 3,905.4 | |
Increase due to Aquarion Acquisition | 100.7 | 0 | |
Employee Transfers | 0 | 0 | |
Employer Contributions | 235.2 | 146.2 | |
Actual Return on Pension Plan Assets | 589.7 | 278.4 | |
Benefits Paid | (243.7) | (254) | |
Benefits Paid - Lump Sum | (18.4) | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 4,739.5 | 4,076 | 3,905.4 |
Funded Status as of December 31st | (1,197) | (1,166.3) | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (810) | (1,051.4) | |
Plan Amendment | 0 | 244 | |
Employee Transfers | 0 | 0 | |
Service Cost | (9.5) | (12.2) | (16.3) |
Interest Cost | (27.1) | (32.9) | (47.2) |
Actuarial Gain/(Loss) | (81.8) | (17.7) | |
Benefits Paid - Pension | 41.5 | 60.2 | |
Increase due to acquisition of Aquarion | (61.7) | 0 | |
Benefit Obligation as of End of Year | (948.6) | (810) | (1,051.4) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 815.8 | 812.2 | |
Increase due to Aquarion Acquisition | 22.3 | 0 | |
Employee Transfers | 0 | 0 | |
Employer Contributions | 7.6 | 12.5 | |
Actual Return on Pension Plan Assets | 118 | 51.3 | |
Benefits Paid | (41.5) | (60.2) | |
Fair Value of Pension Plan Assets as of End of Year | 922.2 | 815.8 | 812.2 |
Funded Status as of December 31st | (26.4) | 5.8 | |
The Connecticut Light And Power Company | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (1,170.2) | (1,157.6) | |
Plan Amendment | 0 | 0 | |
Employee Transfers | 8.2 | 8.8 | |
Service Cost | (18.5) | (18.8) | (24.7) |
Interest Cost | (41.6) | (41.6) | (51.1) |
Actuarial Gain/(Loss) | (116.9) | (23.9) | |
Benefits Paid - Pension | 63.5 | 62.6 | |
Benefits Paid - Lump Sum | 0 | 0 | |
Benefits Paid - SERP | 0.3 | 0.3 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (1,275.2) | (1,170.2) | (1,157.6) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 905.5 | 913.5 | |
Increase due to Aquarion Acquisition | 0 | 0 | |
Employee Transfers | (8.2) | (8.8) | |
Employer Contributions | 2.5 | 0.4 | |
Actual Return on Pension Plan Assets | 126.7 | 63 | |
Benefits Paid | (63.5) | (62.6) | |
Benefits Paid - Lump Sum | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 963 | 905.5 | 913.5 |
Funded Status as of December 31st | (312.2) | (264.7) | |
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (165) | (164) | |
Plan Amendment | 0 | (12.5) | |
Employee Transfers | 2.4 | 1.3 | |
Service Cost | (1.9) | (2) | (2.1) |
Interest Cost | (5.3) | (5.3) | (7.2) |
Actuarial Gain/(Loss) | (18.5) | 3.6 | |
Benefits Paid - Pension | 9.9 | 13.9 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (178.4) | (165) | (164) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 129.2 | 136.7 | |
Increase due to Aquarion Acquisition | 0 | 0 | |
Employee Transfers | (1.5) | (0.8) | |
Employer Contributions | 0 | 0 | |
Actual Return on Pension Plan Assets | 18.1 | 7.2 | |
Benefits Paid | (9.9) | (13.9) | |
Fair Value of Pension Plan Assets as of End of Year | 135.9 | 129.2 | 136.7 |
Funded Status as of December 31st | (42.5) | (35.8) | |
NSTAR Electric Company | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (1,217.3) | (1,187.3) | |
Plan Amendment | 0 | (2.8) | |
Employee Transfers | 5.5 | 1.3 | |
Service Cost | (15.5) | (16.3) | (19.2) |
Interest Cost | (42.7) | (42.2) | (50.6) |
Actuarial Gain/(Loss) | (143.5) | (37.2) | |
Benefits Paid - Pension | 55.4 | 67 | |
Benefits Paid - Lump Sum | (6.8) | 0 | |
Benefits Paid - SERP | 0.3 | 0.2 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (1,351) | (1,217.3) | (1,187.3) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 1,088.3 | 1,053.7 | |
Increase due to Aquarion Acquisition | 0 | 0 | |
Employee Transfers | (5.5) | (1.3) | |
Employer Contributions | 85.4 | 28.4 | |
Actual Return on Pension Plan Assets | 154.8 | 74.5 | |
Benefits Paid | (55.4) | (67) | |
Benefits Paid - Lump Sum | (6.8) | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 1,260.8 | 1,088.3 | 1,053.7 |
Funded Status as of December 31st | (90.2) | (129) | |
NSTAR Electric Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (270) | (447.2) | |
Plan Amendment | 0 | 193.6 | |
Employee Transfers | 1.5 | 0.5 | |
Service Cost | (1.7) | (3.4) | (5.8) |
Interest Cost | (8.7) | (13.3) | (20.5) |
Actuarial Gain/(Loss) | (13.2) | (23.5) | |
Benefits Paid - Pension | 13.5 | 23.3 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (278.6) | (270) | (447.2) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 361.6 | 352 | |
Increase due to Aquarion Acquisition | 0 | 0 | |
Employee Transfers | (0.8) | (0.6) | |
Employer Contributions | 5.3 | 8.9 | |
Actual Return on Pension Plan Assets | 52.9 | 24.6 | |
Benefits Paid | (13.5) | (23.3) | |
Fair Value of Pension Plan Assets as of End of Year | 405.5 | 361.6 | 352 |
Funded Status as of December 31st | 126.9 | 91.6 | |
Public Service Company Of New Hampshire | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (572.2) | (547.6) | |
Plan Amendment | 0 | 0 | |
Employee Transfers | (0.7) | 2.4 | |
Service Cost | (9.7) | (9.9) | (12.1) |
Interest Cost | (21.2) | (20.7) | (24.3) |
Actuarial Gain/(Loss) | (65.1) | (21.5) | |
Benefits Paid - Pension | 26.4 | 24.9 | |
Benefits Paid - Lump Sum | 0 | 0 | |
Benefits Paid - SERP | 0.3 | 0.2 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (642.2) | (572.2) | (547.6) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 494 | 470.5 | |
Increase due to Aquarion Acquisition | 0 | 0 | |
Employee Transfers | 0.7 | (2.4) | |
Employer Contributions | 0.8 | 17.1 | |
Actual Return on Pension Plan Assets | 70.4 | 33.7 | |
Benefits Paid | (26.4) | (24.9) | |
Benefits Paid - Lump Sum | 0 | 0 | |
Fair Value of Pension Plan Assets as of End of Year | 539.5 | 494 | 470.5 |
Funded Status as of December 31st | (102.7) | (78.2) | |
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation as of Beginning of Year | (89.7) | (88.5) | |
Plan Amendment | 0 | (6.7) | |
Employee Transfers | 0.2 | 0.3 | |
Service Cost | (1.3) | (1.3) | (1.4) |
Interest Cost | (3) | (2.9) | (3.9) |
Actuarial Gain/(Loss) | (11.9) | 3.6 | |
Benefits Paid - Pension | 4.6 | 5.8 | |
Increase due to acquisition of Aquarion | 0 | 0 | |
Benefit Obligation as of End of Year | (101.1) | (89.7) | (88.5) |
Change in Pension Plan Assets: | |||
Fair Value of Pension Plan Assets as of Beginning of Year | 73.2 | 75.8 | |
Increase due to Aquarion Acquisition | 0 | 0 | |
Employee Transfers | 0 | (0.2) | |
Employer Contributions | 0 | 0 | |
Actual Return on Pension Plan Assets | 10.4 | 3.4 | |
Benefits Paid | (4.6) | (5.8) | |
Fair Value of Pension Plan Assets as of End of Year | 79 | 73.2 | $ 75.8 |
Funded Status as of December 31st | $ (22.1) | $ (16.5) |
EMPLOYEE BENEFITS - Pension Pla
EMPLOYEE BENEFITS - Pension Plan Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||||
Increase in liability due to amendment in pension plan | $ 390,000 | ||||
Liability | 1,228,091 | $ 1,141,514 | |||
Decrease in discount rate resulting in increase in liability | 64,000 | ||||
Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Increase in liability due to amendment in pension plan | 177,000 | ||||
Change in liability due to change in mortality rate | 32,000 | ||||
Funded status of plan | $ (1,197,000) | (1,166,300) | |||
Change in pension expense due to change in discount rate methodology for calculating interest and service costs | 46,000 | ||||
Increase in liability due to decrease in discount rate | 9,000 | ||||
Assumed rate of return | 8.25% | ||||
Other Postretirement Benefits Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | $ (26,400) | 5,800 | |||
Change in pension expense due to change in discount rate methodology for calculating interest and service costs | 10,000 | ||||
Accumulated benefit obligation | $ 244,000 | ||||
Increase in liability due to decrease in discount rate | $ 75,000 | ||||
Change in mortality assumptions and other demographic assumptions | $ 52,000 | ||||
Impact of plan amendment on annual expense | $ 10,000 | ||||
Assumptions used in calculating net periodic benefit cost, health care cost rate (in percentage) | 6.25% | 6.50% | |||
Taxable assets in equity securities (in percentage) | 70.00% | ||||
Taxable assets in fixed income securities | 30.00% | ||||
The Connecticut Light And Power Company | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Liability | $ 354,469 | $ 300,208 | |||
The Connecticut Light And Power Company | Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | (312,200) | (264,700) | |||
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | (42,500) | (35,800) | |||
Public Service Company Of New Hampshire | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Liability | 124,639 | 94,652 | |||
Public Service Company Of New Hampshire | Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | (102,700) | (78,200) | |||
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | (22,100) | (16,500) | |||
NSTAR Electric Company | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Liability | 89,995 | 128,751 | |||
NSTAR Electric Company | Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | (90,200) | (129,000) | |||
NSTAR Electric Company | Other Postretirement Benefits Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | 126,900 | 91,600 | |||
Other Current Liabilities | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Funded status of plan | $ 8,400 | $ 24,800 | |||
Other Noncurrent Assets | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Prepaid asset | 13,000 | ||||
Accrued Pension, SERP and PBOP | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Liability | $ 39,500 | ||||
Scenario, Forecast | Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Estimated future employer contributions in next fiscal year | $ 180,000 | ||||
Estimated future contributions in the next twelve months by other subsidiaries | 92,000 | ||||
Scenario, Forecast | Other Postretirement Benefits Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Estimated future employer contributions in next fiscal year | 10,000 | ||||
Scenario, Forecast | The Connecticut Light And Power Company | Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Estimated future employer contributions in next fiscal year | 82,000 | ||||
Scenario, Forecast | Public Service Company Of New Hampshire | Pension Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Estimated future employer contributions in next fiscal year | 6,000 | ||||
Scenario, Forecast | NSTAR Electric Company | Other Postretirement Benefits Plan | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Estimated future employer contributions in next fiscal year | $ 5,000 |
EMPLOYEE BENEFITS - Schedule 97
EMPLOYEE BENEFITS - Schedule of Funded Status (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 5,583.6 | $ 4,829.6 |
The Connecticut Light And Power Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,179.2 | 1,065.2 |
NSTAR Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,260.1 | 1,124.8 |
Public Service Company Of New Hampshire | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 597.2 | $ 518.9 |
EMPLOYEE BENEFITS - Schedule 98
EMPLOYEE BENEFITS - Schedule of Actuarial Assumptions (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Compensation/Progression Rate | 3.50% | |
Pension Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.43% | 4.01% |
Compensation/Progression Rate | 3.50% | |
Pension Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.75% | 4.33% |
Compensation/Progression Rate | 4.00% | |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.21% | |
Other Postretirement Benefits Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.55% | |
Other Postretirement Benefits Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.70% |
EMPLOYEE BENEFITS - Schedule 99
EMPLOYEE BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 71.3 | $ 75 | $ 91.4 |
Interest Cost | 188 | 185.5 | 227 |
Expected Return on Pension Plan Assets | (334.1) | (317.9) | (335.9) |
Actuarial Loss | 135.2 | 125.7 | 148.5 |
Prior Service Cost | 4.5 | 3.6 | 3.7 |
Total Net Periodic Benefit Income | 64.9 | 71.9 | 134.7 |
Capitalized Pension Expense | 22 | 22.1 | 41 |
Amount included in other deferred debits | 3.2 | ||
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 9.5 | 12.2 | 16.3 |
Interest Cost | 27.1 | 32.9 | 47.2 |
Expected Return on Pension Plan Assets | (63.7) | (62.9) | (67.4) |
Actuarial Loss | 9.1 | 9 | 6.8 |
Prior Service Cost | (21.6) | (9.1) | (0.5) |
Total Net Periodic Benefit Income | (39.6) | (17.9) | 2.4 |
Capitalized Pension Expense | 19.1 | 8 | (0.1) |
The Connecticut Light And Power Company | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 18.5 | 18.8 | 24.7 |
Interest Cost | 41.6 | 41.6 | 51.1 |
Expected Return on Pension Plan Assets | (71.7) | (72.1) | (78.9) |
Actuarial Loss | 27.7 | 25.4 | 32.2 |
Prior Service Cost | 1.5 | 1.5 | 1.5 |
Total Net Periodic Benefit Income | 17.6 | 15.2 | 30.6 |
Intercompany Allocations | 9.8 | 13.8 | 22.5 |
Capitalized Pension Expense | 9.7 | 9.3 | 18.8 |
The Connecticut Light And Power Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1.9 | 2 | 2.1 |
Interest Cost | 5.3 | 5.3 | 7.2 |
Expected Return on Pension Plan Assets | (9.7) | (10.1) | (11.1) |
Actuarial Loss | 1 | 1.5 | 0.7 |
Prior Service Cost | 1.1 | 0.5 | 0 |
Total Net Periodic Benefit Income | (0.4) | (0.8) | (1.1) |
Intercompany Allocations | (0.7) | 0.3 | 1.9 |
Capitalized Pension Expense | 0.5 | 0.5 | 0.2 |
NSTAR Electric Company | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 15.5 | 16.3 | 19.2 |
Interest Cost | 42.7 | 42.2 | 50.6 |
Expected Return on Pension Plan Assets | (87.6) | (85.1) | (88.9) |
Actuarial Loss | 41.1 | 39.9 | 42.2 |
Prior Service Cost | 0.6 | 0.3 | 0.2 |
Total Net Periodic Benefit Income | 12.3 | 13.6 | 23.3 |
Intercompany Allocations | 9.1 | 11.4 | 18 |
Capitalized Pension Expense | 7.6 | 8 | 13.3 |
NSTAR Electric Company | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1.7 | 3.4 | 5.8 |
Interest Cost | 8.7 | 13.3 | 20.5 |
Expected Return on Pension Plan Assets | (28.6) | (28.1) | (29.8) |
Actuarial Loss | 3.4 | 3.3 | 2.3 |
Prior Service Cost | (17) | (7.1) | (0.2) |
Total Net Periodic Benefit Income | (31.8) | (15.2) | (1.4) |
Intercompany Allocations | (1.1) | (0.1) | 1.1 |
Capitalized Pension Expense | 16.2 | 6.7 | 0.4 |
Public Service Company Of New Hampshire | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 9.7 | 9.9 | 12.1 |
Interest Cost | 21.2 | 20.7 | 24.3 |
Expected Return on Pension Plan Assets | (40) | (38.6) | (40.4) |
Actuarial Loss | 11.6 | 9.9 | 11.6 |
Prior Service Cost | 0.5 | 0.5 | 0.5 |
Total Net Periodic Benefit Income | 3 | 2.4 | 8.1 |
Intercompany Allocations | 3.3 | 4 | 6.7 |
Capitalized Pension Expense | 1.5 | 1.4 | 3.5 |
Public Service Company Of New Hampshire | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 1.3 | 1.3 | 1.4 |
Interest Cost | 3 | 2.9 | 3.9 |
Expected Return on Pension Plan Assets | (5.5) | (5.5) | (6) |
Actuarial Loss | 0.6 | 0.7 | 0.5 |
Prior Service Cost | 0.6 | 0.2 | 0 |
Total Net Periodic Benefit Income | 0 | (0.4) | (0.2) |
Intercompany Allocations | (0.5) | (0.1) | 0.4 |
Capitalized Pension Expense | $ (0.2) | $ (0.1) | $ (0.2) |
EMPLOYEE BENEFITS - Schedule100
EMPLOYEE BENEFITS - Schedule of Assumptions used To Calculate Pension and SERP and PBOP (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Long-Term Rate of Return (in percentage) | 8.25% | 8.25% | 8.25% |
Compensation/Progression Rate (in percentage) | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 4.22% | ||
Expected Long-Term Rate of Return (in percentage) | 8.25% | 8.25% | 8.25% |
Minimum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 3.20% | 3.27% | 4.20% |
Minimum | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 3.48% | 2.88% | |
Maximum | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 3.90% | 4.89% | |
Maximum | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate (in percentage) | 4.64% | 4.09% |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan | ||
Net Regulatory Assets [Abstract] | ||
Actuarial Losses Arising During the Year | $ 333 | $ 184.6 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (129.5) | (119.9) |
Prior Service Cost/(Credit) Arising During the Year | 1 | 7.1 |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | (4.1) | (3.4) |
Actuarial Loss | 1,935.8 | 1,732.3 |
Prior Service Cost | 10.3 | 13.4 |
Expected Actuarial Loss Expense | 141.8 | |
Expected Prior Service Cost Expense | 4.2 | |
OCI | ||
Actuarial Losses Arising During the Year | 9.3 | 6.8 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (5.7) | (5.8) |
Prior Service (Credit)/Cost Arising During the Year | (0.4) | 1.9 |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | (0.4) | (0.2) |
Actuarial Loss | 85.7 | 82.1 |
Prior Service Cost | 1.5 | 2.3 |
Actuarial Loss | 5.8 | |
Prior Service Cost | 0.3 | |
Other Postretirement Benefits Plan | ||
Net Regulatory Assets [Abstract] | ||
Actuarial Losses Arising During the Year | 44.8 | 32.4 |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (8.6) | (9.2) |
Prior Service Cost/(Credit) Arising During the Year | (4) | (247.9) |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | 22.3 | 9.7 |
Actuarial Loss | 211.6 | 175.4 |
Prior Service Cost | (221.2) | (239.5) |
Expected Actuarial Loss Expense | 8.8 | |
Expected Prior Service Cost Expense | (21.7) | |
OCI | ||
Actuarial Losses Arising During the Year | 2.6 | (2) |
Actuarial Losses Reclassified as Net Periodic Benefit Expense | (0.5) | 0.2 |
Prior Service (Credit)/Cost Arising During the Year | (0.1) | 4 |
Prior Service Cost Reclassified as Net Periodic Benefit Expense | (0.7) | (0.6) |
Actuarial Loss | 6.6 | 4.5 |
Prior Service Cost | 2.6 | $ 3.4 |
Actuarial Loss | 0.3 | |
Prior Service Cost | $ 0.2 |
EMPLOYEE BENEFITS - Schedule102
EMPLOYEE BENEFITS - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Plan | |
Defined Contribution Plan Disclosure [Line Items] | |
2,018 | $ 296.5 |
2,019 | 304.7 |
2,020 | 311.1 |
2,021 | 320.8 |
2,022 | 329.4 |
2023-2026 | 1,739.7 |
Other Postretirement Benefits Plan | |
Defined Contribution Plan Disclosure [Line Items] | |
2,018 | 56.8 |
2,019 | 57.1 |
2,020 | 57.3 |
2,021 | 57.5 |
2,022 | 57.4 |
2023-2026 | $ 279.3 |
EMPLOYEE BENEFITS - Schedule103
EMPLOYEE BENEFITS - Schedule of Long-term Rates of Return on Pension and PBOP (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
United States | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 21.50% | 22.00% |
Assumed Rate of Return | 8.50% | 8.50% |
International | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 11.00% | 13.00% |
Assumed Rate of Return | 8.50% | 8.50% |
Emerging Markets | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.50% | 5.00% |
Assumed Rate of Return | 10.00% | 10.00% |
Private Equity | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 12.00% |
Assumed Rate of Return | 12.00% | 12.00% |
Fixed Income | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 11.00% | 12.00% |
Assumed Rate of Return | 4.00% | 4.50% |
Public High Yield Fixed Income | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.00% | 3.00% |
Assumed Rate of Return | 6.50% | 7.00% |
Private Debt | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 15.00% | 10.00% |
Assumed Rate of Return | 9.00% | 9.00% |
Emerging Markets Debt | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 2.00% | 5.00% |
Assumed Rate of Return | 6.50% | 7.50% |
Real Estate and Other Assets | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 12.00% | 10.00% |
Assumed Rate of Return | 7.50% | 7.50% |
Hedge Funds | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Target Asset Allocation | 4.00% | 8.00% |
Assumed Rate of Return | 6.00% | 7.00% |
EMPLOYEE BENEFITS - Schedule104
EMPLOYEE BENEFITS - Schedule of Asset category (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 4,739.5 | $ 4,076 | $ 3,905.4 |
Uncategorized | 4,053.3 | 3,558.4 | |
Pension Plan | Equity Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2,188.7 | 1,735.2 | |
Uncategorized | 1,653.3 | 1,279.7 | |
Pension Plan | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 653 | 524.4 | |
Uncategorized | 641.8 | 518.4 | |
Pension Plan | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,490.8 | 1,282.4 | |
Uncategorized | 1,218.3 | 1,099.4 | |
Pension Plan | Real Estate and Other Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 476 | 403.1 | |
Uncategorized | 374.4 | 325.9 | |
Pension Plan | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 165.5 | 335 | |
Uncategorized | 165.5 | 335 | |
Pension Plan | Total Assets Before 401 (h) | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 4,974 | 4,280.1 | |
Pension Plan | 401(h) PBOP Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 234.5 | 204.1 | |
Pension Plan | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 704.8 | 538.7 | |
Pension Plan | Fair Value, Inputs, Level 1 | Equity Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 535.4 | 455.5 | |
Pension Plan | Fair Value, Inputs, Level 1 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 11.2 | 6 | |
Pension Plan | Fair Value, Inputs, Level 1 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 56.6 | 0 | |
Pension Plan | Fair Value, Inputs, Level 1 | Real Estate and Other Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 101.6 | 77.2 | |
Pension Plan | Fair Value, Inputs, Level 1 | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 215.9 | 183 | |
Pension Plan | Fair Value, Inputs, Level 2 | Equity Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 2 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 2 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 215.9 | 183 | |
Pension Plan | Fair Value, Inputs, Level 2 | Real Estate and Other Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Pension Plan | Fair Value, Inputs, Level 2 | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 922.2 | 815.8 | $ 812.2 |
Uncategorized | 482.6 | 453.3 | |
Other Postretirement Benefits Plan | Equity Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 357.2 | 302.7 | |
Uncategorized | 241.9 | 214.1 | |
Other Postretirement Benefits Plan | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 31.3 | 32.2 | |
Uncategorized | 31.3 | 32.2 | |
Other Postretirement Benefits Plan | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 201.3 | 186.6 | |
Uncategorized | 133.9 | 132.3 | |
Other Postretirement Benefits Plan | Real Estate and Other Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 51.4 | 43 | |
Uncategorized | 29 | 27.5 | |
Other Postretirement Benefits Plan | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 46.5 | 47.2 | |
Uncategorized | 46.5 | 47.2 | |
Other Postretirement Benefits Plan | Total Assets Before 401 (h) | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 687.7 | 611.7 | |
Other Postretirement Benefits Plan | 401(h) PBOP Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 234.5 | 204.1 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 161.1 | 113.6 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Equity Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 115.3 | 88.6 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 23.4 | 9.5 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Real Estate and Other Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 22.4 | 15.5 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 44 | 44.8 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Equity Securities | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Private Equity | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Fixed Income | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 44 | 44.8 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Real Estate and Other Assets | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 0 | 0 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | Hedge Funds | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 0 | $ 0 |
EMPLOYEE BENEFITS - Defined Con
EMPLOYEE BENEFITS - Defined Contribution Plan Narrative (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2014 | |
Defined Contribution Plan, 401K | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer matching contribution (as a percentage) | 100.00% | 100.00% |
Percentage of employees' pay (up to) | 3.00% | 3.00% |
Defined Contribution Plan, Alternate Contribution 401K | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer matching contribution (as a percentage) | 50.00% | |
Percentage of employees' pay (up to) | 8.00% |
EMPLOYEE BENEFITS - Schedule106
EMPLOYEE BENEFITS - Schedule of Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | $ 34.5 | $ 31.8 | $ 30.4 |
The Connecticut Light And Power Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | 4.6 | 4.5 | 4.8 |
NSTAR Electric Company | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | 8.5 | 8.1 | 7.3 |
Public Service Company Of New Hampshire | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost recognized | $ 3.7 | $ 3.4 | $ 3.4 |
EMPLOYEE BENEFITS - Schedule107
EMPLOYEE BENEFITS - Schedule of Other Retirement Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | $ 53.4 | $ 54.2 | $ 55.2 |
Other Retirement Benefits Expense | 2.8 | 2.9 | 3.9 |
The Connecticut Light And Power Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 0.3 | 0.3 | 0.4 |
Other Retirement Benefits Expense | 1 | 1.1 | 1.5 |
NSTAR Electric Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 0.1 | 0.1 | 0.2 |
Other Retirement Benefits Expense | 1 | 0.9 | 1.3 |
Public Service Company Of New Hampshire | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actuarially-Determined Liability | 1.9 | 2 | 2.4 |
Other Retirement Benefits Expense | $ 0.5 | $ 0.6 | $ 0.7 |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted in incentive plan (up to) (in shares) | 8,000,000 | |||
Shares available for issuance under incentive plan (in shares) | 2,445,110 | 2,692,350 | ||
Shares outstanding (in shares) | 388,269 | |||
Weighted average grant date fair value of restricted stock units (in dollars per share) | $ 52.75 | |||
Total unrecognized compensation expense | $ 20.1 | |||
Tax effect on total share-based payments (in percentage) | 40.00% | |||
Excess tax benefit | $ 2.9 | $ 19.1 | ||
Proceeds from excess tax benefit | $ 9.5 | |||
Cash received from stock options exercised | 3.2 | |||
Tax benefit realized from stock options | $ 1.8 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ 54.57 | $ 55.97 | $ 54.67 | |
Shares outstanding (in shares) | 322,158 | |||
Weighted average shares outstanding (in dollars per share) | $ 56.15 | $ 53.47 | ||
Restricted stock units available (in shares) | 306,087 | |||
Restricted stock unit fully vested (in shares) | 328,770 | |||
Additional restricted stock unit expected to vest (in shares) | 368,856 | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ 55.70 | $ 53.64 | $ 55.04 | |
Shares outstanding (in shares) | 331,207 | 301,363 | ||
Weighted average shares outstanding (in dollars per share) | $ 55.79 | $ 51.52 | ||
Restricted stock units available (in shares) | 131,308 | |||
Weighted average grant date fair value of restricted stock units (in dollars per share) | $ 47.12 | |||
Restricted stock unit fully vested (in shares) | 179,358 | |||
The Connecticut Light And Power Company | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | $ 7.3 | |||
Period for recognition (in years) | 1 year 10 months 3 days | |||
NSTAR Electric Company | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | $ 7.1 | |||
Period for recognition (in years) | 1 year 9 months 29 days | |||
Public Service Company Of New Hampshire | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | $ 3.1 | |||
Period for recognition (in years) | 1 year 9 months 25 days | |||
Eversource | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period for recognition (in years) | 1 year 10 months | |||
Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of graded vesting schedule under long-term incentive program | 3 years | |||
Board Members | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of graded vesting schedule under long-term incentive program | 1 year |
SHARE-BASED PAYMENTS - Eversour
SHARE-BASED PAYMENTS - Eversource Incentve Plan (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning balance (in shares) | 724,270 | |||
Granted (in shares) | 299,285 | |||
Shares issued (in shares) | (289,635) | |||
Forfeited (in shares) | (16,881) | |||
Ending balance (in shares) | 717,039 | 724,270 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Beginning balance (in dollars per share) | $ 47.86 | |||
Granted (in dollars per share) | $ 54.57 | 55.97 | $ 54.67 | |
Shares issued (in dollars per share) | 52.26 | |||
Forfeited (in dollars per share) | 55.60 | |||
Ending balance (in dollars per share) | $ 49.29 | $ 47.86 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning balance (in shares) | 522,934 | |||
Granted (in shares) | 180,032 | |||
Shares issued (in shares) | (173,914) | |||
Forfeited (in shares) | (18,487) | |||
Ending balance (in shares) | 510,565 | 522,934 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Beginning balance (in dollars per share) | $ 51.09 | |||
Granted (in dollars per share) | 55.70 | $ 53.64 | $ 55.04 | |
Shares issued (in dollars per share) | 43.48 | |||
Forfeited (in dollars per share) | 47.06 | |||
Ending balance (in dollars per share) | $ 55.45 | $ 51.09 |
SHARE-BASED PAYMENTS - Schedule
SHARE-BASED PAYMENTS - Schedule of Compensation Expense and Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 19.7 | $ 23.6 | $ 23.1 |
Future Income Tax Benefit | 8 | 9.6 | 9.4 |
The Connecticut Light And Power Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 7 | 9.1 | 9.3 |
Future Income Tax Benefit | 2.9 | 3.7 | 3.8 |
NSTAR Electric Company | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 7 | 8.2 | 7.5 |
Future Income Tax Benefit | 2.8 | 3.3 | 3.1 |
Public Service Company Of New Hampshire | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 3.2 | 3.5 | 3.2 |
Future Income Tax Benefit | $ 1.3 | $ 1.4 | $ 1.3 |
SHARE-BASED PAYMENTS - Sched111
SHARE-BASED PAYMENTS - Schedule of Stock Options Outstanding (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 124,640 |
Exercised (in shares) | shares | (124,640) |
Ending balance (in shares) | shares | 0 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 25.84 |
Exercised (in dollars per share) | $ / shares | 25.84 |
Ending balance (in dollars per share) | $ / shares | $ 0 |
Intrinsic Value (Millions) | |
Beginning balance | $ | $ 3.7 |
Exercised | $ | 4.4 |
Ending balance | $ | $ 0 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Income Taxes: | |||
Federal | $ 58,900 | $ 38,900 | $ 6,200 |
State | 31,600 | 53,000 | 45,700 |
Total Current | 90,500 | 91,900 | 51,900 |
Deferred Income Taxes, Net: | |||
Federal | 433,000 | 427,900 | 436,100 |
State | 58,600 | 38,600 | 55,600 |
Total Deferred | 491,630 | 466,463 | 491,736 |
Investment Tax Credits, Net | (3,200) | (3,400) | (3,600) |
Income Tax Expense | 578,892 | 554,997 | 539,967 |
The Connecticut Light And Power Company | |||
Current Income Taxes: | |||
Federal | 50,900 | 27,300 | 26,900 |
State | 17,400 | 13,300 | 15,800 |
Total Current | 68,300 | 40,600 | 42,700 |
Deferred Income Taxes, Net: | |||
Federal | 123,900 | 157,600 | 135,800 |
State | (4,600) | 11,300 | 200 |
Total Deferred | 119,295 | 168,919 | 135,994 |
Investment Tax Credits, Net | (1,000) | (1,200) | (1,300) |
Income Tax Expense | 186,646 | 208,308 | 177,396 |
NSTAR Electric Company | |||
Current Income Taxes: | |||
Federal | 107,800 | 86,400 | 32,800 |
State | 25,600 | 39,500 | 21,400 |
Total Current | 133,400 | 125,900 | 54,200 |
Deferred Income Taxes, Net: | |||
Federal | 88,100 | 96,600 | 180,900 |
State | 22,400 | 5,100 | 31,700 |
Total Deferred | 110,499 | 101,698 | 212,583 |
Investment Tax Credits, Net | (1,800) | (1,800) | (1,800) |
Income Tax Expense | 242,085 | 225,789 | 265,014 |
Public Service Company Of New Hampshire | |||
Current Income Taxes: | |||
Federal | 18,600 | (13,700) | (16,700) |
State | 6,200 | 8,800 | 6,000 |
Total Current | 24,800 | (4,900) | (10,700) |
Deferred Income Taxes, Net: | |||
Federal | 52,700 | 79,500 | 74,500 |
State | 11,200 | 7,800 | 9,300 |
Total Deferred | 63,883 | 87,345 | 83,776 |
Investment Tax Credits, Net | 0 | 0 | 0 |
Income Tax Expense | $ 88,675 | $ 82,364 | $ 73,060 |
INCOME TAXES - Reconciliation B
INCOME TAXES - Reconciliation Between Income Tax Expense and Expected Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 1,574,407 | $ 1,504,818 | $ 1,425,971 |
Federal tax expense (in percentage) | 35.00% | 35.00% | 35.00% |
Statutory Federal Income Tax Expense at 35% | $ 551,000 | $ 526,700 | $ 499,100 |
Tax Effect of Differences: | |||
Depreciation | (10,800) | (3,400) | (4,600) |
Investment Tax Credit Amortization | (3,200) | (3,400) | (3,600) |
Other Federal Tax Credits | 0 | (3,500) | (3,800) |
State Income Taxes, Net of Federal Impact | 47,700 | 56,200 | 61,100 |
Dividends on ESOP | (8,400) | (8,400) | (8,100) |
Tax Asset Valuation Allowance/Reserve Adjustments | 7,000 | 3,300 | 4,700 |
Excess Stock Benefit | (2,900) | (19,100) | 0 |
Other, Net | (1,500) | 6,600 | (4,800) |
Income Tax Expense | $ 578,892 | $ 554,997 | $ 539,967 |
Effective Tax Rate | 36.80% | 36.90% | 37.90% |
The Connecticut Light And Power Company | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 563,372 | $ 542,562 | $ 476,756 |
Statutory Federal Income Tax Expense at 35% | 197,200 | 189,900 | 166,900 |
Tax Effect of Differences: | |||
Depreciation | (5,200) | 1,600 | (1,700) |
Investment Tax Credit Amortization | (1,000) | (1,200) | (1,300) |
Other Federal Tax Credits | 0 | 0 | 0 |
State Income Taxes, Net of Federal Impact | 4,500 | 14,500 | 9,200 |
Tax Asset Valuation Allowance/Reserve Adjustments | (9,500) | 1,500 | 1,200 |
Excess Stock Benefit | (700) | (900) | 0 |
Other, Net | 1,300 | 2,900 | 3,100 |
Income Tax Expense | $ 186,646 | $ 208,308 | $ 177,396 |
Effective Tax Rate | 33.10% | 38.40% | 37.20% |
NSTAR Electric Company | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 616,811 | $ 576,566 | $ 666,062 |
Statutory Federal Income Tax Expense at 35% | 215,900 | 201,800 | 233,100 |
Tax Effect of Differences: | |||
Depreciation | (3,000) | (3,100) | (1,700) |
Investment Tax Credit Amortization | (1,800) | (1,800) | (1,800) |
Other Federal Tax Credits | 0 | 0 | 0 |
State Income Taxes, Net of Federal Impact | 31,200 | 29,000 | 34,500 |
Tax Asset Valuation Allowance/Reserve Adjustments | 0 | 0 | 0 |
Excess Stock Benefit | (700) | (1,200) | 0 |
Other, Net | 500 | 1,100 | 900 |
Income Tax Expense | $ 242,085 | $ 225,789 | $ 265,014 |
Effective Tax Rate | 39.20% | 39.20% | 39.80% |
Public Service Company Of New Hampshire | |||
Income Tax Contingency [Line Items] | |||
Income Before Income Tax Expense | $ 224,671 | $ 214,349 | $ 187,502 |
Statutory Federal Income Tax Expense at 35% | 78,600 | 75,000 | 65,600 |
Tax Effect of Differences: | |||
Depreciation | 1,100 | 1,000 | 500 |
Investment Tax Credit Amortization | 0 | 0 | 0 |
Other Federal Tax Credits | 0 | (3,500) | (3,800) |
State Income Taxes, Net of Federal Impact | 11,300 | 10,800 | 9,900 |
Tax Asset Valuation Allowance/Reserve Adjustments | 0 | 0 | 0 |
Excess Stock Benefit | (300) | (400) | 0 |
Other, Net | (2,000) | (500) | 900 |
Income Tax Expense | $ 88,675 | $ 82,364 | $ 73,060 |
Effective Tax Rate | 39.50% | 38.40% | 39.00% |
INCOME TAXES - Temporary Differ
INCOME TAXES - Temporary Differences That Give Rise To Accumulated Deferred Income Tax Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets: | ||
Employee Benefits | $ 442.1 | $ 640.6 |
Derivative Liabilities | 111.8 | 192.6 |
Regulatory Deferrals - Liabilities | 205.6 | 290.9 |
Allowance for Uncollectible Accounts | 50.1 | 76.6 |
Tax Effect - Tax Regulatory Liabilities | 832.6 | 11.8 |
Federal Net Operating Loss Carryforwards | 47.8 | 0 |
Purchase Accounting Adjustment | 69.9 | 112.2 |
Other | 149.5 | 170.5 |
Total Deferred Tax Assets | 1,909.4 | 1,495.2 |
Less: Valuation Allowance | 14.6 | 5.1 |
Net Deferred Tax Assets | 1,894.8 | 1,490.1 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 3,562 | 5,001.2 |
Property Tax Accruals | 56.7 | 81.9 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 924.9 | 1,321.8 |
Tax Effect - Tax Regulatory Assets | 243.1 | 252.6 |
Goodwill Regulatory Asset - 1999 Merger | 99.8 | 186.7 |
Derivative Assets | 17.4 | 29.5 |
Other | 288.4 | 223.6 |
Total Deferred Tax Liabilities | 5,192.3 | 7,097.3 |
The Connecticut Light And Power Company | ||
Deferred Tax Assets: | ||
Employee Benefits | 112.3 | 138.8 |
Derivative Liabilities | 110.5 | 191.5 |
Regulatory Deferrals - Liabilities | 12 | 6.3 |
Allowance for Uncollectible Accounts | 20.6 | 33 |
Tax Effect - Tax Regulatory Liabilities | 337.2 | 4.9 |
Other | 70.7 | 59.4 |
Total Deferred Tax Assets | 663.3 | 433.9 |
Less: Valuation Allowance | 6.3 | 4.5 |
Net Deferred Tax Assets | 657 | 429.4 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 1,224.9 | 1,700.3 |
Property Tax Accruals | 20.7 | 29.7 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 310.6 | 473.4 |
Tax Effect - Tax Regulatory Assets | 173.1 | 170.4 |
Goodwill Regulatory Asset - 1999 Merger | 0 | 0 |
Derivative Assets | 17.4 | 27 |
Other | 13.7 | 16.3 |
Total Deferred Tax Liabilities | 1,760.4 | 2,417.1 |
NSTAR Electric Company | ||
Deferred Tax Assets: | ||
Employee Benefits | 34 | 69.5 |
Derivative Liabilities | 0.3 | 1.1 |
Regulatory Deferrals - Liabilities | 139.8 | 194.9 |
Allowance for Uncollectible Accounts | 17.3 | 25.7 |
Tax Effect - Tax Regulatory Liabilities | 281.2 | 3.3 |
Other | 4.9 | 6.6 |
Total Deferred Tax Assets | 477.5 | 301.1 |
Less: Valuation Allowance | 0 | 0 |
Net Deferred Tax Assets | 477.5 | 301.1 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 1,229.2 | 1,901.9 |
Property Tax Accruals | 24.2 | 36.8 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 267.1 | 381.7 |
Tax Effect - Tax Regulatory Assets | 9.8 | 44.8 |
Goodwill Regulatory Asset - 1999 Merger | 85.7 | 160.3 |
Derivative Assets | 0 | 0 |
Other | 137.3 | 102.7 |
Total Deferred Tax Liabilities | 1,753.3 | 2,628.2 |
Public Service Company Of New Hampshire | ||
Deferred Tax Assets: | ||
Employee Benefits | 38 | 46.5 |
Derivative Liabilities | 0 | 0 |
Regulatory Deferrals - Liabilities | 17.9 | 36.7 |
Allowance for Uncollectible Accounts | 2.9 | 4.1 |
Tax Effect - Tax Regulatory Liabilities | 116.8 | 2.6 |
Other | 49.6 | 56.4 |
Total Deferred Tax Assets | 225.2 | 146.3 |
Less: Valuation Allowance | 0 | 0 |
Net Deferred Tax Assets | 225.2 | 146.3 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation and Other Plant-Related Differences | 502.5 | 726.3 |
Property Tax Accruals | 5.5 | 8 |
Regulatory Amounts: | ||
Regulatory Deferrals - Assets | 103.6 | 142.1 |
Tax Effect - Tax Regulatory Assets | 11.4 | 12.2 |
Goodwill Regulatory Asset - 1999 Merger | 0 | 0 |
Derivative Assets | 0 | 0 |
Other | 45.7 | 43.1 |
Total Deferred Tax Liabilities | $ 668.7 | $ 931.7 |
INCOME TAXES - Tax Credits and
INCOME TAXES - Tax Credits and Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | $ 197.3 | $ 8.6 |
Federal and State Charitable Contribution | 18.7 | 27.8 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 139 | 111.1 |
Federal and State Charitable Contribution | 31.4 | 36.5 |
Operating Loss Carryforwards | 82.8 | |
The Connecticut Light And Power Company | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
The Connecticut Light And Power Company | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 94.5 | 80.5 |
Federal and State Charitable Contribution | 0 | 0 |
Operating Loss Carryforwards | 0 | |
NSTAR Electric Company | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
NSTAR Electric Company | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
Operating Loss Carryforwards | 0 | |
Public Service Company Of New Hampshire | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | 0 |
Public Service Company Of New Hampshire | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal and State Tax Credit | 0 | 0 |
Federal and State Charitable Contribution | 0 | $ 0 |
Operating Loss Carryforwards | $ 0 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Income tax benefit related to tax cuts and jobs act | $ 2,900,000,000 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance for tax credit and operating loss carryforward | 14,400,000 | $ 4,500,000 |
Minimum | ||
Operating Loss Carryforwards [Line Items] | ||
Decrease in unrecognized tax benefits | 0 | |
Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Decrease in unrecognized tax benefits | 2,200,000 | |
Eversource | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | 9,900,000 | 1,300,000 |
The Connecticut Light And Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income tax benefit related to tax cuts and jobs act | 1,000,000,000 | |
The Connecticut Light And Power Company | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | 1,800,000 | $ 1,300,000 |
NSTAR Electric Company | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income tax benefit related to tax cuts and jobs act | 1,100,000,000 | |
Public Service Company Of New Hampshire | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income tax benefit related to tax cuts and jobs act | $ 400,000,000 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 48.4 | $ 48 | $ 46.2 |
Gross Increases - Current Year | 11.4 | 9.9 | 9.9 |
Gross Increases - Prior Year | 0.2 | 0.1 | |
Gross Decreases - Prior Year | (0.9) | ||
Lapse of Statute of Limitations | (7.2) | (9.7) | (8.2) |
Ending Balance | 51.7 | 48.4 | 48 |
The Connecticut Light And Power Company | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 15.3 | 13.5 | 14.3 |
Gross Increases - Current Year | 4.7 | 3.9 | 2.6 |
Gross Increases - Prior Year | 0.2 | 0 | |
Gross Decreases - Prior Year | (0.5) | ||
Lapse of Statute of Limitations | (1.4) | (2.3) | (3.4) |
Ending Balance | $ 18.1 | $ 15.3 | $ 13.5 |
INCOME TAXES - Interest Expense
INCOME TAXES - Interest Expense and Accrued Interest Payable on Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Other Interest Expense/(Income) | $ 0 | $ (0.2) | $ 0.1 |
Accrued Interest Expense | $ 1.8 | $ 1.8 |
INCOME TAXES - Open Tax Year (D
INCOME TAXES - Open Tax Year (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Contingency [Line Items] | |
Deferred Income tax benefit related to tax cuts and jobs act | $ 2.9 |
Federal | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,017 |
Maximum | Connecticut | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,014 |
Maximum | Massachusetts | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,014 |
Maximum | New Hampshire | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,015 |
Minimum | Connecticut | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,017 |
Minimum | Massachusetts | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,017 |
Minimum | New Hampshire | |
Income Tax Contingency [Line Items] | |
Open tax years that remain subject to examination | 2,017 |
The Connecticut Light And Power Company | |
Income Tax Contingency [Line Items] | |
Deferred Income tax benefit related to tax cuts and jobs act | $ 1 |
NSTAR Electric Company | |
Income Tax Contingency [Line Items] | |
Deferred Income tax benefit related to tax cuts and jobs act | 1.1 |
Public Service Company Of New Hampshire | |
Income Tax Contingency [Line Items] | |
Deferred Income tax benefit related to tax cuts and jobs act | $ 0.4 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Reconciliation of Activity in Environmental Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | $ 65.8 | $ 51.1 |
Additions | 6.2 | 20.6 |
Payments/Reductions | (17.1) | (5.9) |
Accrual for Environmental Loss Contingencies, Ending Balance | 54.9 | 65.8 |
The Connecticut Light And Power Company | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 4.9 | 4.6 |
Additions | 0.5 | 0.6 |
Payments/Reductions | (0.7) | (0.3) |
Accrual for Environmental Loss Contingencies, Ending Balance | 4.7 | 4.9 |
NSTAR Electric Company | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 3.8 | 3 |
Additions | 1.8 | 1.8 |
Payments/Reductions | (2.9) | (1) |
Accrual for Environmental Loss Contingencies, Ending Balance | 2.7 | 3.8 |
Public Service Company Of New Hampshire | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Accrual for Environmental Loss Contingencies, Beginning Balance | 5.3 | 4.5 |
Additions | 1 | 1.2 |
Payments/Reductions | (0.6) | (0.4) |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 5.7 | $ 5.3 |
COMMITMENTS AND CONTINGENCIE121
COMMITMENTS AND CONTINGENCIES - Schedule of Number of Sites and Reserves (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($)site | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Number of Sites | site | 59 | 61 | |
Reserve | $ | $ 54.9 | $ 65.8 | $ 51.1 |
The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 14 | 14 | |
Reserve | $ | $ 4.7 | $ 4.9 | 4.6 |
NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 15 | 17 | |
Reserve | $ | $ 2.7 | $ 3.8 | 3 |
Public Service Company Of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Number of Sites | site | 10 | 11 | |
Reserve | $ | $ 5.7 | $ 5.3 | $ 4.5 |
COMMITMENTS AND CONTINGENCIE122
COMMITMENTS AND CONTINGENCIES - Environmental Matters Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($)site | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 59 | 61 | |
Reserve | $ | $ 54.9 | $ 65.8 | $ 51.1 |
Number of environmental sites designated as superfund sites | site | 9 | ||
The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 14 | 14 | |
Reserve | $ | $ 4.7 | $ 4.9 | 4.6 |
NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 15 | 17 | |
Reserve | $ | $ 2.7 | $ 3.8 | 3 |
Number of environmental sites designated as superfund sites | site | 4 | ||
Public Service Company Of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 10 | 11 | |
Reserve | $ | $ 5.7 | $ 5.3 | $ 4.5 |
Number of environmental sites designated as superfund sites | site | 3 | ||
MGP Site accrual | |||
Loss Contingencies [Line Items] | |||
Reserve balances related to former MGP sites | $ | $ 49 | $ 59 | |
Environmental Sites for Which a Range of Loss Exists | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 8 | ||
Reserve | $ | $ 25.4 | ||
Best estimate of potential remediation costs (up to) | $ | $ 20 | ||
Environmental Sites for Which a Range of Loss Exists | The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 3 | ||
Reserve | $ | $ 1.8 | ||
Environmental Sites for Which a Range of Loss Exists | NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 1 | ||
Reserve | $ | $ 0.3 | ||
Environmental Site for Which a Range is Too Early to Determine | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 10 | ||
Reserve | $ | $ 12.3 | ||
Environmental Site for Which a Range is Too Early to Determine | The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Environmental site quantity | site | 3 | ||
Reserve | $ | $ 1.8 | ||
Evironmental Sites with Best Estimate | |||
Loss Contingencies [Line Items] | |||
Reserve | $ | $ 17.2 | ||
Environmental site quantity remaining | site | 41 | ||
Evironmental Sites with Best Estimate | The Connecticut Light And Power Company | |||
Loss Contingencies [Line Items] | |||
Reserve | $ | $ 1.1 | ||
Environmental site quantity remaining | site | 8 | ||
Evironmental Sites with Best Estimate | NSTAR Electric Company | |||
Loss Contingencies [Line Items] | |||
Reserve | $ | $ 2.4 | ||
Environmental site quantity remaining | site | 14 | ||
Evironmental Sites with Best Estimate | Public Service Company Of New Hampshire | |||
Loss Contingencies [Line Items] | |||
Reserve | $ | $ 5.7 | ||
Environmental site quantity remaining | site | 10 | ||
Superfund sites [Member] | |||
Loss Contingencies [Line Items] | |||
Best estimate of potential remediation costs (up to) | $ | $ 0.9 |
COMMITMENTS AND CONTINGENCIE123
COMMITMENTS AND CONTINGENCIES - Schedule of Estimated Future Annual Costs of Long term Contractual Agreement (Details) $ in Millions | Dec. 31, 2017USD ($) |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | $ 599 |
2,019 | 578.2 |
2,020 | 542.8 |
2,021 | 497.2 |
2,022 | 459.5 |
Thereafter | 2,869.4 |
Total | 5,546.1 |
Supply and Stranded Cost | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 81.7 |
2,019 | 69.3 |
2,020 | 74.6 |
2,021 | 68.8 |
2,022 | 63.7 |
Thereafter | 144.3 |
Total | 502.4 |
Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 242.9 |
2,019 | 242.5 |
2,020 | 241.7 |
2,021 | 232.2 |
2,022 | 224.5 |
Thereafter | 1,665.7 |
Total | 2,849.5 |
Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 26.1 |
2,019 | 24.2 |
2,020 | 34 |
2,021 | 32.3 |
2,022 | 23.4 |
Thereafter | 53.3 |
Total | 193.3 |
Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 225.5 |
2,019 | 219.2 |
2,020 | 169.3 |
2,021 | 148.7 |
2,022 | 131.4 |
Thereafter | 989.6 |
Total | 1,883.7 |
Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,018 | 22.8 |
2,019 | 23 |
2,020 | 23.2 |
2,021 | 15.2 |
2,022 | 16.5 |
Thereafter | 16.5 |
Total | 117.2 |
The Connecticut Light And Power Company | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 177.9 |
2,019 | 175.4 |
2,020 | 198.2 |
2,021 | 187.8 |
2,022 | 175.6 |
Thereafter | 836.9 |
Total | 1,751.8 |
The Connecticut Light And Power Company | Supply and Stranded Cost | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 58.7 |
2,019 | 56.7 |
2,020 | 69.5 |
2,021 | 63.7 |
2,022 | 59.1 |
Thereafter | 121.6 |
Total | 429.3 |
The Connecticut Light And Power Company | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 84.1 |
2,019 | 85.4 |
2,020 | 85.5 |
2,021 | 85.8 |
2,022 | 86.6 |
Thereafter | 655.5 |
Total | 1,082.9 |
The Connecticut Light And Power Company | Peaker CfDs | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 26.1 |
2,019 | 24.2 |
2,020 | 34 |
2,021 | 32.3 |
2,022 | 23.4 |
Thereafter | 53.3 |
Total | 193.3 |
The Connecticut Light And Power Company | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,018 | 9 |
2,019 | 9.1 |
2,020 | 9.2 |
2,021 | 6 |
2,022 | 6.5 |
Thereafter | 6.5 |
Total | 46.3 |
NSTAR Electric Company | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 110.6 |
2,019 | 108.8 |
2,020 | 104.8 |
2,021 | 97.3 |
2,022 | 98 |
Thereafter | 517.9 |
Total | 1,037.4 |
NSTAR Electric Company | Supply and Stranded Cost | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 5.5 |
2,019 | 5.5 |
2,020 | 3.1 |
2,021 | 3.1 |
2,022 | 3.1 |
Thereafter | 22 |
Total | 42.3 |
NSTAR Electric Company | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 96.1 |
2,019 | 94.3 |
2,020 | 92.6 |
2,021 | 88.2 |
2,022 | 88.4 |
Thereafter | 489.4 |
Total | 949 |
NSTAR Electric Company | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,018 | 9 |
2,019 | 9 |
2,020 | 9.1 |
2,021 | 6 |
2,022 | 6.5 |
Thereafter | 6.5 |
Total | 46.1 |
Public Service Company Of New Hampshire | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 85 |
2,019 | 74.8 |
2,020 | 70.5 |
2,021 | 63.4 |
2,022 | 54.5 |
Thereafter | 525 |
Total | 873.2 |
Public Service Company Of New Hampshire | Supply and Stranded Cost | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 17.5 |
2,019 | 7.1 |
2,020 | 2 |
2,021 | 2 |
2,022 | 1.5 |
Thereafter | 0.7 |
Total | 30.8 |
Public Service Company Of New Hampshire | Renewable Energy | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2,018 | 62.7 |
2,019 | 62.8 |
2,020 | 63.6 |
2,021 | 58.2 |
2,022 | 49.5 |
Thereafter | 520.8 |
Total | 817.6 |
Public Service Company Of New Hampshire | Transmission Support Commitments | |
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | |
2,018 | 4.8 |
2,019 | 4.9 |
2,020 | 4.9 |
2,021 | 3.2 |
2,022 | 3.5 |
Thereafter | 3.5 |
Total | $ 24.8 |
COMMITMENTS AND CONTINGENCIE124
COMMITMENTS AND CONTINGENCIES - Long-Term Contractual Arrangement Narrative (Details) | 12 Months Ended | |
Dec. 31, 2017contractprojectMW | Dec. 31, 2008contractMW | |
Long-term Purchase Commitment [Line Items] | ||
Number of capacity contracts for differences between CL&P and United Illuminated Company | contract | 4 | |
Amount of capacity contracts for differences between CL&P and United Illuminated Company (in MW) | MW | 787 | |
Number of generation projects between CL&P and United Illuminated Company | project | 3 | |
Number of demand response projects between CL&P and United Illuminated Company | project | 1 | |
Percentage of costs and benefits borne by United Illuminated Company | 20.00% | |
Peaker Contracts For Differences | ||
Long-term Purchase Commitment [Line Items] | ||
Percentage of costs and benefits borne by United Illuminated Company | 20.00% | |
Period of payment to generation facility owner | 30 years | |
The Connecticut Light And Power Company | Peaker Contracts For Differences | ||
Long-term Purchase Commitment [Line Items] | ||
Number of capacity contracts | contract | 3 | |
Amount of capacity contracts | MW | 500 | |
Percentage of costs and benefits borne | 80.00% | |
CL&P, NSTAR Electric and PSNH | Transmission Support Commitments | ||
Long-term Purchase Commitment [Line Items] | ||
Period of payment of annual operation and maintenance expense | 30 years |
COMMITMENTS AND CONTINGENCIE125
COMMITMENTS AND CONTINGENCIES - Schedule of Total Costs Incurred (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Long-term Purchase Commitment [Line Items] | |||
Supply and Stranded Cost | $ 103.9 | $ 152.5 | $ 147.6 |
Renewable Energy | 235.5 | 210.9 | 144.3 |
Peaker CfDs | 38.7 | 47.7 | 42.7 |
Natural Gas Procurement | 377 | 323.9 | 428.6 |
Coal, Wood and Other | 47.7 | 55.7 | 95.9 |
Transmission Support Commitments | 19.8 | 15.9 | 25.3 |
The Connecticut Light And Power Company | |||
Long-term Purchase Commitment [Line Items] | |||
Supply and Stranded Cost | 81 | 132.7 | 120.3 |
Renewable Energy | 51 | 42.1 | 20 |
Peaker CfDs | 38.7 | 47.7 | 42.7 |
Coal, Wood and Other | 0 | 0 | 0 |
Transmission Support Commitments | 7.8 | 6.3 | 10 |
NSTAR Electric Company | |||
Long-term Purchase Commitment [Line Items] | |||
Supply and Stranded Cost | 4 | 0.7 | 6.5 |
Renewable Energy | 123.7 | 101.1 | 87.1 |
Peaker CfDs | 0 | 0 | 0 |
Coal, Wood and Other | 0 | 0 | 0 |
Transmission Support Commitments | 7.8 | 6.2 | 9.9 |
Public Service Company Of New Hampshire | |||
Long-term Purchase Commitment [Line Items] | |||
Supply and Stranded Cost | 18.9 | 19.1 | 20.8 |
Renewable Energy | 60.8 | 67.7 | 37.2 |
Peaker CfDs | 0 | 0 | 0 |
Coal, Wood and Other | 47.7 | 55.7 | 95.9 |
Transmission Support Commitments | $ 4.2 | $ 3.4 | $ 5.4 |
COMMITMENTS AND CONTINGENCIE126
COMMITMENTS AND CONTINGENCIES - Spent Nuclear Fuel Obligations Narrative (Details) - USD ($) $ in Millions | Mar. 22, 2017 | Mar. 25, 2016 |
Guarantor Obligations [Line Items] | ||
Damages awarded | $ 26.1 | |
Yankee Companies | ||
Guarantor Obligations [Line Items] | ||
Damages sought | $ 100 | 78 |
CYAPC | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | 32.6 | |
YAEC | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | 19.6 | |
Amount refunded | 56.5 | |
MYAPC | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | 24.6 | |
The Connecticut Light And Power Company | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | 13.6 | |
NSTAR Electric Company | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | 8.6 | |
Public Service Company Of New Hampshire | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | 3.9 | |
Yankee Companies | ||
Guarantor Obligations [Line Items] | ||
Damages awarded | $ 76.8 |
COMMITMENTS AND CONTINGENCIE127
COMMITMENTS AND CONTINGENCIES - Guarantees and Obligations Narrative (Details) | Dec. 31, 2017USD ($) |
Guarantee Of Financial Obligations Of Npt | |
Loss Contingencies [Line Items] | |
Maximum exposure | $ 25,000,000 |
Guarantee Of Npt Letters Of Credit | |
Loss Contingencies [Line Items] | |
Maximum exposure | 14,000,000 |
Acquarion | |
Loss Contingencies [Line Items] | |
Maximum exposure | 1,200,000 |
Acquarion | Letter of Credit | |
Loss Contingencies [Line Items] | |
Amount of commercial paper program | $ 900,000 |
COMMITMENTS AND CONTINGENCIE128
COMMITMENTS AND CONTINGENCIES - Schedule of Guarantees and Indemnifications (Details) $ in Millions | Dec. 31, 2017USD ($) |
Access Northeast Project Capital Contributions Guaranty | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | $ 185.1 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | 40.4 |
Lease Payments for Vehicles and Real Estate | |
Guarantor Obligations [Line Items] | |
Maximum Exposure | $ 7.8 |
COMMITMENTS AND CONTINGENCIE129
COMMITMENTS AND CONTINGENCIES - FERC ROE Complaints (Details) $ in Millions | Oct. 06, 2017 | Jun. 08, 2017 | Apr. 14, 2017 | Jul. 15, 2016MW | Apr. 29, 2016 | Dec. 31, 2017USD ($) | Jul. 28, 2017 | Mar. 26, 2014 | Dec. 31, 2012 | Oct. 30, 2015 | Apr. 14, 2017 | Oct. 15, 2014 |
Loss Contingencies [Line Items] | ||||||||||||
Capacity required for installation of distribution cable | MW | 0.115 | |||||||||||
FERC ROE First, Second and Third Complaints | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Base ROE percentage challenged by complainants | 11.14% | 11.14% | ||||||||||
Percentage of ROE for any incentive project | 13.50% | |||||||||||
FERC ROE Complaints | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Period of complaint | 15 months | |||||||||||
Basis point change | 0.10% | |||||||||||
Estimate of possible loss for each 10 basis point change to base ROE | $ 3 | |||||||||||
FERC ROE First Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Base ROE percentage challenged by complainants | 11.14% | |||||||||||
Original base ROE authorized by FERC at time of complaint | 11.14% | |||||||||||
Loss contingency, estimate of possible earnings impact | 0 | |||||||||||
Percentage of ROE for any incentive project | 11.74% | |||||||||||
Refund payments | 38.9 | |||||||||||
FERC ROE Second Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of base ROE of complaint period | 10.57% | 10.57% | ||||||||||
Original base ROE authorized by FERC at time of complaint | 11.14% | |||||||||||
Loss contingency, estimate of possible earnings impact | 39.1 | |||||||||||
FERC ALJ recommended base ROE percentage | 9.59% | |||||||||||
Percentage of 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 | 11.14% | |||||||||||
Loss Contingency, Base ROE Subsequently Authorized by FERC for First Complaint Period and Prospectively From October 2014 | 10.57% | |||||||||||
Loss contingency, estimate of possible earnings impact | 0 | |||||||||||
FERC ALJ recommended base ROE percentage | 10.90% | |||||||||||
FERC ROE Fourth Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of base ROE of complaint period | 10.57% | |||||||||||
Maximum percentage cap of ROE for incentive projects | 11.74% | |||||||||||
Original base ROE authorized by FERC at time of complaint | 11.74% | 10.57% | ||||||||||
Loss Contingency, Base ROE Subsequently Authorized by FERC for First Complaint Period and Prospectively From October 2014 | 10.57% | |||||||||||
Loss contingency, estimate of possible earnings impact | 0 | |||||||||||
Percentage of ROE for any incentive project | 10.57% | |||||||||||
The Connecticut Light And Power Company | FERC ROE First Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Refund payments | 22.4 | |||||||||||
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 | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss in period | 4.9 | |||||||||||
Base rate credit | 17.5 | |||||||||||
Amount expensed | 11.1 | |||||||||||
NSTAR Electric Company | FERC ROE First Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Refund payments | 13.7 | |||||||||||
NSTAR Electric Company | FERC ROE Second Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, estimate of possible earnings impact | 14.6 | |||||||||||
Public Service Company Of New Hampshire | FERC ROE First Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Refund payments | 2.8 | |||||||||||
Public Service Company Of New Hampshire | FERC ROE Second Complaint | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, estimate of possible earnings impact | $ 3.1 | |||||||||||
Minimum | FERC ROE First, Second and Third Complaints | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of ROE for any incentive project | 11.14% | |||||||||||
Maximum | FERC ROE First, Second and Third Complaints | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of ROE for any incentive project | 13.10% |
ASSETS HELD FOR SALE - Narrativ
ASSETS HELD FOR SALE - Narrative (Details) $ in Thousands | Jan. 30, 2018USD ($) | Jan. 10, 2018USD ($) | Oct. 11, 2017USD ($)agreement | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Regulatory Assets [Line Items] | ||||||
Regulatory assets | $ 5,239,300 | $ 4,526,300 | ||||
Income before income tax expense | 1,574,407 | 1,504,818 | $ 1,425,971 | |||
Public Service Company Of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Purchase price in purchase sale agreement for thermal generation assets | $ 175,000 | |||||
Regulatory assets | 940,800 | 362,700 | ||||
Difference between book value of hydroelectric generation assets and expected proceeds from sale | $ 25,000 | |||||
Income before income tax expense | 224,671 | 214,349 | 187,502 | |||
Liabilities held for sale | 1,200 | |||||
The Connecticut Light And Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 1,645,200 | 1,727,100 | ||||
Income before income tax expense | 563,372 | 542,562 | 476,756 | |||
Subsequent Event | ||||||
Regulatory Assets [Line Items] | ||||||
Number of purchase sale agreements | agreement | 2 | |||||
Purchase price in purchase sale agreement for thermal generation assets | $ 175,000 | |||||
Purchase price in purchase sale agreement for hydroelectric assets | $ 83,000 | |||||
Subsequent Event | Public Service Company Of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Purchase price is sale agreement adjusted for other expenses | 40,900 | |||||
Proceeds from assets held for sale | $ 134,100 | |||||
Rate reduction bonds issued | $ 690,000 | |||||
Period of appeal for rate reduction bonds | 30 days | |||||
Deferred Costs from Generation Asset Sale [Member] | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 516,100 | 0 | ||||
Deferred Costs from Generation Asset Sale [Member] | Public Service Company Of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 516,100 | 0 | ||||
Deferred Costs from Generation Asset Sale [Member] | The Connecticut Light And Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets | 0 | 0 | ||||
Domestic Tax Authority | Public Service Company Of New Hampshire | ||||||
Regulatory Assets [Line Items] | ||||||
Income before income tax expense | $ 60,000 | $ 65,300 | $ 56,900 |
ASSETS HELD FOR SALE - Schedule
ASSETS HELD FOR SALE - Schedule of Assets-Held-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Assets [Line Items] | ||
Thermal Gross Plant | $ 29,213,900 | $ 27,060,500 |
Accumulated Depreciation | (7,133,800) | (6,722,400) |
Total Property, Plant and Equipment, Net | 23,617,463 | 21,350,510 |
Other Assets | 693,700 | 591,600 |
Regulatory assets | (5,239,300) | (4,526,300) |
Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Thermal Gross Plant | 3,244,700 | 4,197,300 |
Accumulated Depreciation | (751,800) | (1,254,700) |
Total Property, Plant and Equipment, Net | 2,642,274 | 3,039,313 |
Regulatory assets | (940,800) | $ (362,700) |
Electricity Generation Plant, Non-Nuclear | Public Service Company Of New Hampshire | ||
Regulatory Assets [Line Items] | ||
Thermal Gross Plant | 1,091,400 | |
Hydroelectric Gross Plant | 83,000 | |
Accumulated Depreciation | (575,400) | |
Total Property, Plant and Equipment, Net | 599,000 | |
Fuel and Inventory | 87,700 | |
Materials and Supplies | 27,300 | |
Emission Allowances | 19,100 | |
Other Assets | 2,600 | |
Deferred Costs from Generation Asset Sale | (516,100) | |
Total Generation Assets Held for Sale | $ 219,600 |
ASSETS HELD FOR SALE - Sched132
ASSETS HELD FOR SALE - Schedule of Assets to be Sold (Details) - Electricity Generation Plant, Non-Nuclear - Public Service Company Of New Hampshire $ in Millions | Dec. 31, 2017USD ($) |
Regulatory Assets [Line Items] | |
Generation Assets to be Sold (Carrying Value) | $ 735.7 |
Less: Generation Assets Held for Sale: | |
Thermal Generation Assets (Fair Value less Cost to Sell) | (161.7) |
Hydroelectric Generation (Carrying Value) | (57.9) |
Total Generation Assets Held for Sale | (219.6) |
Deferred Loss on Thermal Generation Asset Sale | $ 516.1 |
LEASES - Operating Leases Renta
LEASES - Operating Leases Rental Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | $ 10.5 | $ 12.1 | $ 12.1 |
The Connecticut Light And Power Company | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | 11.7 | 12.5 | 12.5 |
NSTAR Electric Company | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | 11.3 | 11.4 | 11.8 |
Public Service Company Of New Hampshire | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense | $ 3.3 | $ 2.9 | $ 2.8 |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Payments, Operating and Capital Leases (Details) $ in Millions | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 13.2 |
2,019 | 11.4 |
2,020 | 10 |
2,021 | 8.9 |
2,022 | 7.4 |
Thereafter | 19.7 |
Future minimum lease payments | 70.6 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 2.9 |
2,019 | 3.3 |
2,020 | 3.3 |
2,021 | 2.8 |
2,022 | 1.3 |
Thereafter | 2.5 |
Future minimum lease payments | 16.1 |
Less amount representing interest | 3.1 |
Present value of future minimum lease payments | 13 |
The Connecticut Light And Power Company | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 1.8 |
2,019 | 1.5 |
2,020 | 1.3 |
2,021 | 1.1 |
2,022 | 1 |
Thereafter | 1 |
Future minimum lease payments | 7.7 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 2 |
2,019 | 2 |
2,020 | 2 |
2,021 | 1.4 |
2,022 | 0 |
Thereafter | 0 |
Future minimum lease payments | 7.4 |
Less amount representing interest | 1.7 |
Present value of future minimum lease payments | 5.7 |
NSTAR Electric Company | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 7.9 |
2,019 | 6.9 |
2,020 | 6.1 |
2,021 | 5.5 |
2,022 | 4.5 |
Thereafter | 15.4 |
Future minimum lease payments | 46.3 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 0.5 |
2,019 | 0.6 |
2,020 | 0.5 |
2,021 | 0.6 |
2,022 | 0.6 |
Thereafter | 2.5 |
Future minimum lease payments | 5.3 |
Less amount representing interest | 1.2 |
Present value of future minimum lease payments | 4.1 |
Public Service Company Of New Hampshire | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 1 |
2,019 | 1 |
2,020 | 0.9 |
2,021 | 0.8 |
2,022 | 0.6 |
Thereafter | 2 |
Future minimum lease payments | 6.3 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 0.1 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Future minimum lease payments | 0.1 |
Less amount representing interest | 0 |
Present value of future minimum lease payments | $ 0.1 |
FAIR VALUE OF FINANCIAL INST135
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | $ 155,570 | $ 155,568 |
Carrying Amount | ||
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 | 12,325,500 | 9,603,200 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 160,800 | 158,300 |
Long-Term Debt | 12,877,100 | 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 | ||
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 | 3,059,100 | 2,766,000 |
The Connecticut Light And Power Company | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 116,500 | 114,700 |
Long-Term Debt | 3,430,500 | 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 | ||
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 | 2,943,800 | 2,644,600 |
NSTAR Electric Company | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Preferred Stock Not Subject to Mandatory Redemption | 44,300 | 43,600 |
Long-Term Debt | 3,156,500 | 2,790,600 |
Public Service Company Of New Hampshire | Carrying Amount | ||
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 | 1,002,400 | 1,072,000 |
Public Service Company Of New Hampshire | Fair Value | ||
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 | $ 1,038,200 | $ 1,109,700 |
ACCUMULATED OTHER COMPREHENS136
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Changes in AOCI By Component (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 10,711,734 | $ 10,352,215 |
OCI Before Reclassifications | (4,500) | |
Amounts Reclassified from AOCL | 6,000 | |
Net OCI | 1,500 | |
Ending balance | 11,086,242 | 10,711,734 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (65,282) | (66,844) |
OCI Before Reclassifications | (7,600) | |
Amounts Reclassified from AOCL | 6,500 | |
Net OCI | (1,100) | |
Ending balance | (66,403) | (65,282) |
Qualified Cash Flow Hedging Instruments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (8,200) | (10,300) |
OCI Before Reclassifications | 0 | 0 |
Amounts Reclassified from AOCL | 2,000 | 2,100 |
Net OCI | 2,000 | 2,100 |
Ending balance | (6,200) | (8,200) |
Unrealized Gains/(Losses) on Marketable Securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 400 | (1,900) |
OCI Before Reclassifications | (400) | 2,300 |
Amounts Reclassified from AOCL | 0 | 0 |
Net OCI | (400) | 2,300 |
Ending balance | 0 | 400 |
Defined Benefit Plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (57,500) | (54,600) |
OCI Before Reclassifications | (7,200) | (6,800) |
Amounts Reclassified from AOCL | 4,500 | 3,900 |
Net OCI | (2,700) | (2,900) |
Ending balance | $ (60,200) | $ (57,500) |
ACCUMULATED OTHER COMPREHENS137
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Related tax effect recognized in AOCI | $ 4.1 | $ 4 | $ (2) |
Pre-tax amount reclassified from AOCI as a decrease to net income | 2.8 | ||
Pre-tax amount reclassified from AOCI as a decrease to net income as a result of amortization of Pension, SERP and PBOP costs | 6.6 | ||
The Connecticut Light And Power Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Pre-tax amount reclassified from AOCI as a decrease to net income | 0.1 | ||
Public Service Company Of New Hampshire | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Pre-tax amount reclassified from AOCI as a decrease to net income | $ 1.9 |
ACCUMULATED OTHER COMPREHENS138
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) - Schedule of Amounts Reclassified From AOCI By Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax Effect | $ (578,892) | $ (554,997) | $ (539,967) | ||||||||
Net Income Attributable to Common Shareholders | $ 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | $ 229,200 | $ 265,300 | $ 203,600 | $ 244,200 | 987,996 | 942,302 | 878,485 |
Defined Benefit Plan Costs: | |||||||||||
Total Amounts Reclassified from AOCL, Net of Tax | (6,500) | (6,000) | (6,300) | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax Effect | 1,300 | 1,400 | 1,400 | ||||||||
Qualified Cash Flow Hedging Instruments, Net of Tax | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income Attributable to Common Shareholders | (2,000) | (2,100) | (2,100) | ||||||||
Amortization of Actuarial Losses | |||||||||||
Defined Benefit Plan Costs: | |||||||||||
Amortization of Actuarial Losses | 6,200 | 5,600 | 6,600 | ||||||||
Amortization of Prior Service Cost | |||||||||||
Defined Benefit Plan Costs: | |||||||||||
Amortization of Actuarial Losses | (1,100) | (800) | (200) | ||||||||
Defined Benefit Plans | |||||||||||
Defined Benefit Plan Costs: | |||||||||||
Amortization of Actuarial Losses | (7,300) | (6,400) | (6,800) | ||||||||
Tax Effect | 2,800 | 2,500 | 2,600 | ||||||||
Total Amounts Reclassified from AOCL, Net of Tax | (4,500) | (3,900) | (4,200) | ||||||||
Interest Expense | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Qualified Cash Flow Hedging Instruments | $ (3,300) | $ (3,500) | $ (3,500) |
DIVIDEND RESTRICTIONS - Narrati
DIVIDEND RESTRICTIONS - Narrative (Details) $ in Millions | Dec. 31, 2017USD ($) |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Consolidated total debt to total capital ratio (as a percentage) | 0.65 |
Retained earnings subject to restrictions | $ 3,600 |
The Connecticut Light And Power Company | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 1,400 |
NSTAR Electric Company | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 1,900 |
Public Service Company Of New Hampshire | |
Schedule of Restrictions on Retained Earnings [Line Items] | |
Retained earnings subject to restrictions | 511.4 |
Retained earnings subject to FERC hydroelectric license conditions | $ 14.3 |
COMMON SHARES - Schedule of Com
COMMON SHARES - Schedule of Common Shares Authorized and Issued (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | |||
Per Share Par Value (in dollars per share) | $ 5 | $ 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 Share Par 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 Share Par Value (in dollars per share) | $ 1 | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 | |
Issued (in shares) | 200 | 200 | |
Public Service Company Of New Hampshire | |||
Class of Stock [Line Items] | |||
Per Share Par Value (in dollars per share) | $ 1 | $ 1 | |
Authorized (in shares) | 100,000,000 | 100,000,000 | |
Issued (in shares) | 301 | 301 |
PREFERRED STOCK NOT SUBJECT 141
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION - Narrative (Details) | Dec. 31, 2017$ / sharesshares |
The Connecticut Light And Power Company | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | shares | 9,000,000 |
Preferred stock par value per share (in dollars per share) | $ / shares | $ 50 |
NSTAR Electric Company | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | shares | 2,890,000 |
Preferred stock par value per share (in dollars per share) | $ / shares | $ 100 |
COMMON SHARES - Narrative (Deta
COMMON SHARES - Narrative (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Issued (in shares) | 333,878,402 | 333,878,402 | ||
Common shares held as treasury shares (in shares) | 16,992,594 | |||
Common shares repurchased (in shares) | 321,228 | |||
Weighted average treasury stock (in dollars per share) | $ 24.26 | |||
Common Shares | ||||
Class of Stock [Line Items] | ||||
Common shares outstanding (in shares) | 316,885,808 | 316,885,808 | 317,191,249 | 316,983,337 |
Treasury Stock | Eversource | ||||
Class of Stock [Line Items] | ||||
Share price of common shares repurchased (in dollars per share) | $ 52.56 | |||
Western Massachusetts Electric Company | ||||
Class of Stock [Line Items] | ||||
Issued (in shares) | 100 | |||
NSTAR Electric Company | ||||
Class of Stock [Line Items] | ||||
Issued (in shares) | 200 | 200 | ||
NSTAR Electric Company | Common Shares | ||||
Class of Stock [Line Items] | ||||
Common shares outstanding (in shares) | 200 | 200 | 200 | 200 |
PREFERRED STOCK NOT SUBJECT 143
PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION - Schedule of Preferred Stock by Class (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||
Preferred stock value outstanding | $ 155.6 | $ 155.6 |
The Connecticut Light And Power Company | ||
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 2,324,000 | 2,324,000 |
Preferred stock value outstanding | $ 116.2 | $ 116.2 |
The Connecticut Light And Power Company | Series of 1947 Preferred Stock at $1.90 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 1.90 | $ 1.90 |
Redemption Price Per Share (in dollars per share) | $ 52.50 | |
Shares outstanding (in shares) | 163,912 | 163,912 |
Preferred stock value outstanding | $ 8.2 | $ 8.2 |
The Connecticut Light And Power Company | Series of 1947 Preferred Stock at $2.00 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2 | $ 2 |
Redemption Price Per Share (in dollars per share) | $ 54 | |
Shares outstanding (in shares) | 336,088 | 336,088 |
Preferred stock value outstanding | $ 16.8 | $ 16.8 |
The Connecticut Light And Power Company | Series of 1949 Preferred Stock at $2.04 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.04 | $ 2.04 |
Redemption Price Per Share (in dollars per share) | $ 52 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light And Power Company | Series of 1949 Preferred Stock at $2.20 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.20 | $ 2.20 |
Redemption Price Per Share (in dollars per share) | $ 52.50 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light And Power Company | Series of 1949 Preferred Stock at 3.90% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 3.90% | 3.90% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 160,000 | 160,000 |
Preferred stock value outstanding | $ 8 | $ 8 |
The Connecticut Light And Power Company | Series E of 1954 Preferred Stock at $2.06 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.06 | $ 2.06 |
Redemption Price Per Share (in dollars per share) | $ 51 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light And Power Company | Series F of 1955 Preferred Stock at $2.09 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 2.09 | $ 2.09 |
Redemption Price Per Share (in dollars per share) | $ 51 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light And Power Company | Series of 1956 Preferred Stock at 4.5% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.50% | 4.50% |
Redemption Price Per Share (in dollars per share) | $ 50.75 | |
Shares outstanding (in shares) | 104,000 | 104,000 |
Preferred stock value outstanding | $ 5.2 | $ 5.2 |
The Connecticut Light And Power Company | Series of 1958 Preferred Stock at 4.96% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.96% | 4.96% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 100,000 | 100,000 |
Preferred stock value outstanding | $ 5 | $ 5 |
The Connecticut Light And Power Company | Series of 1963 Preferred Stock at 4.5% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.50% | 4.50% |
Redemption Price Per Share (in dollars per share) | $ 50.50 | |
Shares outstanding (in shares) | 160,000 | 160,000 |
Preferred stock value outstanding | $ 8 | $ 8 |
The Connecticut Light And Power Company | Series of 1967 Preferred Stock at 5.28% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 5.28% | 5.28% |
Redemption Price Per Share (in dollars per share) | $ 51.43 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
The Connecticut Light And Power Company | Series G of 1968 Preferred Stock at $3.24 | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, per-dollar-amount (in dollars per share) | $ 3.24 | $ 3.24 |
Redemption Price Per Share (in dollars per share) | $ 51.84 | |
Shares outstanding (in shares) | 300,000 | 300,000 |
Preferred stock value outstanding | $ 15 | $ 15 |
The Connecticut Light And Power Company | Series of 1968 Preferred Stock at 6.56% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 6.56% | 6.56% |
Redemption Price Per Share (in dollars per share) | $ 51.44 | |
Shares outstanding (in shares) | 200,000 | 200,000 |
Preferred stock value outstanding | $ 10 | $ 10 |
NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 430,000 | 430,000 |
Preferred stock value outstanding | $ 43 | $ 43 |
NSTAR Electric Company | Preferred Stock 4.25% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.25% | 4.25% |
Redemption Price Per Share (in dollars per share) | $ 103.625 | |
Shares outstanding (in shares) | 180,000 | 180,000 |
Preferred stock value outstanding | $ 18 | $ 18 |
NSTAR Electric Company | Preferred Stock 4.78% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 4.78% | 4.78% |
Redemption Price Per Share (in dollars per share) | $ 102.80 | |
Shares outstanding (in shares) | 250,000 | 250,000 |
Preferred stock value outstanding | $ 25 | $ 25 |
NSTAR Electric Company | Series of Preferred Stock at 6% | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate (as a percentage) | 6.00% | 6.00% |
Redemption Price Per Share (in dollars per share) | $ 100 | |
Shares outstanding (in shares) | 23 | 0 |
Preferred stock value outstanding | $ 0 | $ 0 |
Fair Value Adjustment | NSTAR Electric Company | ||
Class of Stock [Line Items] | ||
Preferred stock value outstanding | $ 3.6 | $ 3.6 |
COMMON SHARESHOLDERS' EQUITY144
COMMON SHARESHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Dividends on preferred stock | $ 7,519 | $ 7,519 | $ 7,519 |
Preferred stock value outstanding | $ 155,600 | $ 155,600 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of dilted EPS (in shares) | 0 | 0 | 1,474 |
EARNINGS PER SHARE - Components
EARNINGS PER SHARE - Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income Attributable to Common Shareholders | $ 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | $ 229,200 | $ 265,300 | $ 203,600 | $ 244,200 | $ 987,996 | $ 942,302 | $ 878,485 |
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 317,411,097 | 317,650,180 | 317,336,881 | ||||||||
Dilutive Effect (in shares) | 620,483 | 804,059 | 1,095,806 | ||||||||
Diluted (in shares) | 318,031,580 | 318,454,239 | 318,432,687 | ||||||||
Basic EPS (in dollars per share) | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | $ 0.72 | $ 0.83 | $ 0.64 | $ 0.77 | $ 3.11 | $ 2.97 | $ 2.77 |
Diluted EPS (in dollars per share) | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | $ 0.72 | $ 0.83 | $ 0.64 | $ 0.77 | $ 3.11 | $ 2.96 | $ 2.76 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)companysegment | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of companies that transmit hydro electricity | company | 2 | |
Amount of natural gas transmission purchased | $ | $ 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 | |
Transmission Merger Cost Recovery | ||
Segment Reporting Information [Line Items] | ||
Amount of recovery through transmission rates | $ | $ 27.5 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | $ 1,776,600 | $ 2,039,700 | $ 1,767,200 | $ 2,055,600 | $ 7,751,952 | $ 7,639,129 | $ 7,954,827 |
Depreciation and Amortization | (863,800) | (787,100) | (688,200) | ||||||||
Other Operating Expenses | (4,970,000) | (4,992,100) | (5,502,400) | ||||||||
Operating Income | 450,900 | 502,600 | 455,700 | 509,000 | 438,100 | 509,900 | 423,400 | 488,500 | 1,918,154 | 1,859,859 | 1,764,164 |
Interest Expense | (421,755) | (400,961) | (372,420) | ||||||||
Interest Income | 8,300 | 11,000 | 6,700 | ||||||||
Other Income, Net | 69,700 | 34,900 | 27,500 | ||||||||
Income Tax Expense | (578,892) | (554,997) | (539,967) | ||||||||
Net Income | 239,400 | 262,200 | 232,600 | 261,300 | 231,100 | 267,200 | 205,500 | 246,000 | 995,515 | 949,821 | 886,004 |
Net Income Attributable to Noncontrolling Interests | (7,519) | (7,519) | (7,519) | ||||||||
Net Income Attributable to Common Shareholders | 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | 229,200 | $ 265,300 | $ 203,600 | $ 244,200 | 987,996 | 942,302 | 878,485 |
Total Assets (as of) | 36,220,386 | 32,053,173 | 36,220,386 | 32,053,173 | |||||||
Cash Flows Used for Investments in Plant | 2,348,105 | 1,976,867 | 1,724,139 | ||||||||
Operating Segments | Electric Distribution | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 5,542,900 | 5,594,300 | 5,903,600 | ||||||||
Depreciation and Amortization | (542,600) | (504,700) | (425,200) | ||||||||
Other Operating Expenses | (4,046,000) | (4,155,100) | (4,470,200) | ||||||||
Operating Income | 954,300 | 934,500 | 1,008,200 | ||||||||
Interest Expense | (186,300) | (193,100) | (186,300) | ||||||||
Interest Income | 7,300 | 10,000 | 5,700 | ||||||||
Other Income, Net | 15,000 | 4,800 | 7,200 | ||||||||
Income Tax Expense | (288,300) | (288,800) | (322,800) | ||||||||
Net Income | 502,000 | 467,400 | 512,000 | ||||||||
Net Income Attributable to Noncontrolling Interests | (4,600) | (4,600) | (4,700) | ||||||||
Net Income Attributable to Common Shareholders | 497,400 | 462,800 | 507,300 | ||||||||
Total Assets (as of) | 19,250,400 | 18,367,500 | 19,250,400 | 18,367,500 | |||||||
Cash Flows Used for Investments in Plant | 1,020,700 | 812,600 | 718,900 | ||||||||
Operating Segments | Natural Gas Distribution | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 947,300 | 857,700 | 995,500 | ||||||||
Depreciation and Amortization | (72,900) | (65,300) | (70,500) | ||||||||
Other Operating Expenses | (713,500) | (628,900) | (776,700) | ||||||||
Operating Income | 160,900 | 163,500 | 148,300 | ||||||||
Interest Expense | (43,100) | (41,300) | (36,900) | ||||||||
Interest Income | 100 | 100 | 100 | ||||||||
Other Income, Net | 900 | 600 | 800 | ||||||||
Income Tax Expense | (44,200) | (45,200) | (40,100) | ||||||||
Net Income | 74,600 | 77,700 | 72,200 | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income Attributable to Common Shareholders | 74,600 | 77,700 | 72,200 | ||||||||
Total Assets (as of) | 3,595,200 | 3,303,800 | 3,595,200 | 3,303,800 | |||||||
Cash Flows Used for Investments in Plant | 298,200 | 255,300 | 182,200 | ||||||||
Operating Segments | Electric Transmission | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,301,700 | 1,210,000 | 1,069,100 | ||||||||
Depreciation and Amortization | (209,400) | (185,800) | (165,600) | ||||||||
Other Operating Expenses | (382,600) | (321,800) | (314,900) | ||||||||
Operating Income | 709,700 | 702,400 | 588,600 | ||||||||
Interest Expense | (115,100) | (110,000) | (105,800) | ||||||||
Interest Income | 1,800 | 1,200 | 1,600 | ||||||||
Other Income, Net | 27,100 | 18,300 | 14,500 | ||||||||
Income Tax Expense | (228,700) | (238,200) | (191,600) | ||||||||
Net Income | 394,800 | 373,700 | 307,300 | ||||||||
Net Income Attributable to Noncontrolling Interests | (2,900) | (2,900) | (2,800) | ||||||||
Net Income Attributable to Common Shareholders | 391,900 | 370,800 | 304,500 | ||||||||
Total Assets (as of) | 9,401,200 | 8,751,500 | 9,401,200 | 8,751,500 | |||||||
Cash Flows Used for Investments in Plant | 867,600 | 801,000 | 749,100 | ||||||||
Operating Segments | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 946,900 | 870,400 | 863,600 | ||||||||
Depreciation and Amortization | (41,100) | (33,500) | (29,000) | ||||||||
Other Operating Expenses | (814,600) | (778,100) | (817,900) | ||||||||
Operating Income | 91,200 | 58,800 | 16,700 | ||||||||
Interest Expense | (93,100) | (63,500) | (48,000) | ||||||||
Interest Income | 15,800 | 7,000 | 4,400 | ||||||||
Other Income, Net | 1,112,700 | 1,020,100 | 977,800 | ||||||||
Income Tax Expense | (17,600) | 16,500 | 14,500 | ||||||||
Net Income | 1,109,000 | 1,038,900 | 965,400 | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income Attributable to Common Shareholders | 1,109,000 | 1,038,900 | 965,400 | ||||||||
Total Assets (as of) | 18,403,800 | 14,493,100 | 18,403,800 | 14,493,100 | |||||||
Cash Flows Used for Investments in Plant | 161,600 | 108,000 | 73,900 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (986,800) | (893,300) | (877,000) | ||||||||
Depreciation and Amortization | 2,200 | 2,200 | 2,100 | ||||||||
Other Operating Expenses | 986,700 | 891,800 | 877,300 | ||||||||
Operating Income | 2,100 | 700 | 2,400 | ||||||||
Interest Expense | 15,800 | 6,900 | 4,600 | ||||||||
Interest Income | (16,700) | (7,300) | (5,100) | ||||||||
Other Income, Net | (1,086,000) | (1,008,900) | (972,800) | ||||||||
Income Tax Expense | (100) | 700 | 0 | ||||||||
Net Income | (1,084,900) | (1,007,900) | (970,900) | ||||||||
Net Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Net Income Attributable to Common Shareholders | (1,084,900) | (1,007,900) | (970,900) | ||||||||
Total Assets (as of) | $ (14,430,200) | $ (12,862,700) | (14,430,200) | (12,862,700) | |||||||
Cash Flows Used for Investments in Plant | $ 0 | $ 0 | $ 0 |
ACQUISITION OF AQUARION AND 149
ACQUISITION OF AQUARION AND GOODWILL - Narrative (Details) - USD ($) | Dec. 04, 2017 | Oct. 01, 2017 | Jun. 02, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||||||
Payments to acquire businesses | $ 877,652,000 | $ 0 | $ 0 | |||||||||||
Operating Revenues | $ 1,895,600,000 | $ 1,988,500,000 | $ 1,762,800,000 | $ 2,105,100,000 | $ 1,776,600,000 | $ 2,039,700,000 | $ 1,767,200,000 | $ 2,055,600,000 | 7,751,952,000 | 7,639,129,000 | $ 7,954,827,000 | |||
Goodwill | 4,427,266,000 | $ 3,519,401,000 | 4,427,266,000 | $ 3,519,401,000 | ||||||||||
Impairment loss | $ 0 | |||||||||||||
Aquarion Water Company | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Consideration transferred | $ 1,675,000,000 | |||||||||||||
Payments to acquire businesses | $ 880,000,000 | 880,000,000 | ||||||||||||
Consideration transferred, liabilities incurred | $ 795,000,000 | |||||||||||||
Equity interest | 745,000,000 | |||||||||||||
Aquarion shareholder loan paid at closing | 135,000,000 | |||||||||||||
Operating Revenues | 15,900,000 | |||||||||||||
Income before tax | 1,100,000 | |||||||||||||
Goodwill | $ 900,000,000 | $ 907,900,000 | $ 907,900,000 |
ACQUISITION OF AQUARION AND 150
ACQUISITION OF AQUARION AND GOODWILL - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 04, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,427,266 | $ 3,519,401 | |
Aquarion Water Company | |||
Business Acquisition [Line Items] | |||
Current Assets | 41,200 | ||
PP&E | 1,034,900 | ||
Goodwill | 907,900 | $ 900,000 | |
Other Noncurrent Assets, excluding Goodwill | 207,600 | ||
Current Liabilities | (121,100) | ||
Noncurrent Liabilities | (421,600) | ||
Long-Term Debt | (771,200) | ||
Total Cash Purchase Price | $ 877,700 |
ACQUISITION OF AQUARION AND 151
ACQUISITION OF AQUARION AND GOODWILL - Schedule of Goodwill by Reportable Segments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 3,519,401 |
Balance as of January 1, 2017 | 3,500,000 |
Acquisition of Aquarion | 900,000 |
Ending balance | 4,427,266 |
Electric Distribution | |
Goodwill [Roll Forward] | |
Balance as of January 1, 2017 | 2,500,000 |
Acquisition of Aquarion | 0 |
Ending balance | 2,500,000 |
Electric Transmission | |
Goodwill [Roll Forward] | |
Balance as of January 1, 2017 | 600,000 |
Acquisition of Aquarion | 0 |
Ending balance | 600,000 |
Natural Gas Distribution | |
Goodwill [Roll Forward] | |
Balance as of January 1, 2017 | 400,000 |
Acquisition of Aquarion | 0 |
Ending balance | 400,000 |
Parent and Other | |
Goodwill [Roll Forward] | |
Balance as of January 1, 2017 | 0 |
Acquisition of Aquarion | 900,000 |
Ending balance | $ 900,000 |
ACQUISITION OF AQUARION AND 152
ACQUISITION OF AQUARION AND GOODWILL - Schedule of Pro Forma Information (Details) - Aquarion Water Company - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Operating Revenues | $ 7,947.7 | $ 7,849 |
Net Income Attributable to Common Shareholders | $ 1,019.1 | $ 969.3 |
Basic EPS (in dollars per share) | $ 3.21 | $ 3.05 |
Diluted EPS (in dollars per share) | $ 3.20 | $ 3.04 |
QUARTERLY FINANCIAL DATA (UN153
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | $ 1,776,600 | $ 2,039,700 | $ 1,767,200 | $ 2,055,600 | $ 7,751,952 | $ 7,639,129 | $ 7,954,827 |
Operating Income | 450,900 | 502,600 | 455,700 | 509,000 | 438,100 | 509,900 | 423,400 | 488,500 | 1,918,154 | 1,859,859 | 1,764,164 |
Net Income | 239,400 | 262,200 | 232,600 | 261,300 | 231,100 | 267,200 | 205,500 | 246,000 | 995,515 | 949,821 | 886,004 |
Net Income Attributable to Common Shareholders | $ 237,400 | $ 260,400 | $ 230,700 | $ 259,500 | $ 229,200 | $ 265,300 | $ 203,600 | $ 244,200 | $ 987,996 | $ 942,302 | $ 878,485 |
Basic EPS (in dollars per share) | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | $ 0.72 | $ 0.83 | $ 0.64 | $ 0.77 | $ 3.11 | $ 2.97 | $ 2.77 |
Diluted EPS (in dollars per share) | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | $ 0.72 | $ 0.83 | $ 0.64 | $ 0.77 | $ 3.11 | $ 2.96 | $ 2.76 |
The Connecticut Light And Power Company | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | $ 713,700 | $ 774,800 | $ 666,600 | $ 732,300 | $ 630,900 | $ 760,000 | $ 679,800 | $ 735,300 | $ 2,887,359 | $ 2,805,955 | $ 2,802,675 |
Operating Income | 155,600 | 177,500 | 176,000 | 176,000 | 163,500 | 176,100 | 162,100 | 171,500 | 685,103 | 673,175 | 611,061 |
Net Income | 99,100 | 96,100 | 91,300 | 90,200 | 77,800 | 86,600 | 82,900 | 87,000 | 376,726 | 334,254 | 299,360 |
NSTAR Electric Company | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | 690,200 | 851,900 | 704,700 | 733,800 | 687,400 | 904,400 | 707,600 | 742,200 | 2,980,629 | 3,041,588 | 3,198,887 |
Operating Income | 128,900 | 234,400 | 182,700 | 161,600 | 130,800 | 240,800 | 159,700 | 142,900 | 707,627 | 674,164 | 758,347 |
Net Income | 70,500 | 125,800 | 95,000 | 83,400 | 64,900 | 133,200 | 81,400 | 71,300 | 374,726 | 350,777 | 401,048 |
Public Service Company Of New Hampshire | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating Revenues | 248,000 | 250,000 | 230,400 | 253,200 | 231,800 | 266,900 | 218,500 | 242,300 | 981,624 | 959,482 | 972,203 |
Operating Income | 71,200 | 67,400 | 64,900 | 68,300 | 54,600 | 74,700 | 63,100 | 70,700 | 271,798 | 263,060 | 230,177 |
Net Income | $ 36,400 | $ 33,700 | $ 31,600 | $ 34,300 | $ 26,100 | $ 38,500 | $ 31,300 | $ 36,100 | $ 135,996 | $ 131,985 | $ 114,442 |
SCHEDULE I - FINANCIAL INFOR154
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - BALANCE SHEET (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||||
Cash | $ 38,165 | $ 30,251 | $ 23,947 | $ 38,703 |
Prepayments and Other Current Assets | 138,009 | 215,284 | ||
Total Current Assets | 2,487,099 | 2,477,672 | ||
Deferred Debits and Other Assets: | ||||
Investments in Subsidiary Companies, at Equity | 277,600 | 236,900 | ||
Goodwill | 4,427,266 | 3,519,401 | ||
Other Long-Term Assets | 605,692 | 522,260 | ||
Total Deferred Debits and Other Assets | 10,115,824 | 8,224,991 | ||
Total Assets | 36,220,386 | 32,053,173 | ||
Current Liabilities: | ||||
Notes Payable | 1,088,087 | 1,148,500 | ||
Long-Term Debt – Current Portion | 549,631 | 773,883 | ||
Accounts Payable | 1,085,034 | 884,521 | ||
Other Current Liabilities | 738,222 | 684,914 | ||
Total Current Liabilities | 3,589,045 | 3,638,605 | ||
Total Deferred Credits and Other Liabilities | 9,613,640 | 8,717,912 | ||
Capitalization: | ||||
Long-Term Debt | 11,775,889 | 8,829,354 | ||
Common Shareholders' Equity: | ||||
Common Shares | 1,669,392 | 1,669,392 | ||
Capital Surplus, Paid in | 6,239,940 | 6,250,224 | ||
Retained Earnings | 3,561,084 | 3,175,171 | ||
Accumulated Other Comprehensive Loss | (66,403) | (65,282) | ||
Treasury Stock | (317,771) | (317,771) | ||
Common Shareholders' Equity | 11,086,242 | 10,711,734 | 10,352,215 | 9,976,815 |
Total Capitalization | 23,017,701 | 19,696,656 | ||
Total Liabilities and Capitalization | 36,220,386 | 32,053,173 | ||
Eversource | ||||
Current Assets: | ||||
Cash | 521 | 93 | $ 67 | $ 138 |
Accounts Receivable from Subsidiaries | 3,397 | 32,864 | ||
Dividends Receivable from Subsidiary | 150,000 | 0 | ||
Notes Receivable from Subsidiaries | 844,500 | 740,300 | ||
Prepayments and Other Current Assets | 18,568 | 23,122 | ||
Total Current Assets | 1,016,986 | 796,379 | ||
Deferred Debits and Other Assets: | ||||
Investments in Subsidiary Companies, at Equity | 10,945,986 | 9,703,287 | ||
Notes Receivable from Subsidiaries | 312,190 | 224,290 | ||
Accumulated Deferred Income Taxes | 47,940 | 126,091 | ||
Goodwill | 3,231,811 | 3,231,811 | ||
Other Long-Term Assets | 58,313 | 44,020 | ||
Total Deferred Debits and Other Assets | 14,596,240 | 13,329,499 | ||
Total Assets | 15,613,226 | 14,125,878 | ||
Current Liabilities: | ||||
Notes Payable | 778,087 | 1,022,000 | ||
Long-Term Debt – Current Portion | 32,114 | 28,883 | ||
Accounts Payable | 292 | 0 | ||
Accounts Payable to Subsidiaries | 18,242 | 8,771 | ||
Other Current Liabilities | 56,601 | 47,215 | ||
Total Current Liabilities | 885,336 | 1,106,869 | ||
Total Deferred Credits and Other Liabilities | 118,176 | 148,756 | ||
Capitalization: | ||||
Long-Term Debt | 3,523,472 | 2,158,519 | ||
Common Shareholders' Equity: | ||||
Common Shares | 1,669,392 | 1,669,392 | ||
Capital Surplus, Paid in | 6,239,940 | 6,250,224 | ||
Retained Earnings | 3,561,084 | 3,175,171 | ||
Accumulated Other Comprehensive Loss | (66,403) | (65,282) | ||
Treasury Stock | (317,771) | (317,771) | ||
Common Shareholders' Equity | 11,086,242 | 10,711,734 | ||
Total Capitalization | 14,609,714 | 12,870,253 | ||
Total Liabilities and Capitalization | $ 15,613,226 | $ 14,125,878 |
SCHEDULE I - FINANCIAL INFOR155
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF INCOME (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating Revenues | $ 1,895,600 | $ 1,988,500 | $ 1,762,800 | $ 2,105,100 | $ 1,776,600 | $ 2,039,700 | $ 1,767,200 | $ 2,055,600 | $ 7,751,952 | $ 7,639,129 | $ 7,954,827 |
Operating Expenses: | |||||||||||
Other | 1,277,147 | 1,323,549 | 1,329,289 | ||||||||
Operating Income | 450,900 | 502,600 | 455,700 | 509,000 | 438,100 | 509,900 | 423,400 | 488,500 | 1,918,154 | 1,859,859 | 1,764,164 |
Interest Expense | 421,755 | 400,961 | 372,420 | ||||||||
Other Income, Net: | |||||||||||
Other Income, Net | 78,008 | 45,920 | 34,227 | ||||||||
Income Before Income Tax Expense | 1,574,407 | 1,504,818 | 1,425,971 | ||||||||
Income Tax Benefit | 578,892 | 554,997 | 539,967 | ||||||||
Net Income | $ 239,400 | $ 262,200 | $ 232,600 | $ 261,300 | $ 231,100 | $ 267,200 | $ 205,500 | $ 246,000 | $ 995,515 | $ 949,821 | $ 886,004 |
Basic Earnings Per Common Share (in dollars per share) | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | $ 0.72 | $ 0.83 | $ 0.64 | $ 0.77 | $ 3.11 | $ 2.97 | $ 2.77 |
Diluted Earnings Per Common Share (in dollars per share) | $ 0.75 | $ 0.82 | $ 0.73 | $ 0.82 | $ 0.72 | $ 0.83 | $ 0.64 | $ 0.77 | $ 3.11 | $ 2.96 | $ 2.76 |
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 317,411,097 | 317,650,180 | 317,336,881 | ||||||||
Diluted (in shares) | 318,031,580 | 318,454,239 | 318,432,687 | ||||||||
Eversource | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Operating Revenues | $ 0 | $ 0 | $ 0 | ||||||||
Operating Expenses: | |||||||||||
Other | (32,189) | (39,453) | 9,315 | ||||||||
Operating Income | 32,189 | 39,453 | (9,315) | ||||||||
Interest Expense | 80,700 | 59,420 | 45,130 | ||||||||
Other Income, Net: | |||||||||||
Equity in Earnings of Subsidiaries | 993,063 | 922,321 | 900,824 | ||||||||
Other, Net | 23,339 | 4,267 | 6,602 | ||||||||
Other Income, Net | 1,016,402 | 926,588 | 907,426 | ||||||||
Income Before Income Tax Expense | 967,891 | 906,621 | 852,981 | ||||||||
Income Tax Benefit | (20,105) | (35,681) | (25,504) | ||||||||
Net Income | $ 987,996 | $ 942,302 | $ 878,485 | ||||||||
Basic Earnings Per Common Share (in dollars per share) | $ 3.11 | $ 2.97 | $ 2.77 | ||||||||
Diluted Earnings Per Common Share (in dollars per share) | $ 3.11 | $ 2.96 | $ 2.76 | ||||||||
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 317,411,097 | 317,650,180 | 317,336,881 | ||||||||
Diluted (in shares) | 318,031,580 | 318,454,239 | 318,432,687 |
SCHEDULE I - FINANCIAL INFOR156
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | $ 239,400 | $ 262,200 | $ 232,600 | $ 261,300 | $ 231,100 | $ 267,200 | $ 205,500 | $ 246,000 | $ 995,515 | $ 949,821 | $ 886,004 |
Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||
Qualified Cash Flow Hedging Instruments | 1,974 | 2,137 | 2,079 | ||||||||
Changes in Unrealized Gains/(Losses) on Marketable Securities | (350) | 2,294 | (2,588) | ||||||||
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | (2,745) | (2,869) | 7,674 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | (1,121) | 1,562 | 7,165 | ||||||||
Comprehensive Income | 986,875 | 943,864 | 885,650 | ||||||||
Eversource | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 987,996 | 942,302 | 878,485 | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax: | |||||||||||
Qualified Cash Flow Hedging Instruments | 1,974 | 2,137 | 2,079 | ||||||||
Changes in Unrealized Gains/(Losses) on Marketable Securities | (350) | 2,294 | (2,588) | ||||||||
Change in Funded Status of Pension, SERP and PBOP Benefit Plans | 2,745 | 2,869 | (7,674) | ||||||||
Other Comprehensive (Loss)/Income, Net of Tax | (1,121) | 1,562 | 7,165 | ||||||||
Comprehensive Income | $ 986,875 | $ 943,864 | $ 885,650 |
SCHEDULE I - FINANCIAL INFOR157
SCHEDULE I - FINANCIAL INFORMATION OF REGISTRANT - STATEMENT OF CASH FLOW (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||||||||||
Net Income | $ 239,400 | $ 262,200 | $ 232,600 | $ 261,300 | $ 231,100 | $ 267,200 | $ 205,500 | $ 246,000 | $ 995,515 | $ 949,821 | $ 886,004 |
Flows Provided by Operating Activities: | |||||||||||
Deferred Income Taxes | 491,630 | 466,463 | 491,736 | ||||||||
Other | (148,429) | (77,294) | (82,219) | ||||||||
Accounts Receivables from Subsidiaries | (117,155) | (142,699) | (39,797) | ||||||||
Taxes Receivable/Accrued, Net | 52,284 | 234,543 | 30,282 | ||||||||
Other Current Assets and Liabilities, Net | 88,738 | 9,112 | 44,031 | ||||||||
Net Cash Flows Provided by Operating Activities | 2,004,934 | 2,175,052 | 1,433,751 | ||||||||
Investing Activities: | |||||||||||
Other Investing Activities | 25,521 | 36,951 | 6,291 | ||||||||
Net Cash Flows Used in Investing Activities | (3,210,474) | (2,150,808) | (1,659,150) | ||||||||
Financing Activities: | |||||||||||
Cash Dividends on Common Shares | (602,083) | (564,486) | (529,791) | ||||||||
Issuance of Long-Term Debt | 2,500,000 | 800,000 | 1,225,000 | ||||||||
Decrease in Short-Term Debt | 72,810 | (12,453) | (242,122) | ||||||||
Other Financing Activities | (4,754) | (33,482) | (18,225) | ||||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 1,213,454 | (17,940) | 210,643 | ||||||||
Net Increase/(Decrease) in Cash and Cash Equivalents | 7,914 | 6,304 | (14,756) | ||||||||
Cash and Cash Equivalents - Beginning of Year | 30,251 | 23,947 | 30,251 | 23,947 | 38,703 | ||||||
Cash and Cash Equivalents - End of Year | 38,165 | 30,251 | 38,165 | 30,251 | 23,947 | ||||||
Cash Paid/(Received) During the Year for: | |||||||||||
Income Taxes | 30,800 | (135,500) | 10,300 | ||||||||
Eversource | |||||||||||
Operating Activities: | |||||||||||
Net Income | 987,996 | 942,302 | 878,485 | ||||||||
Flows Provided by Operating Activities: | |||||||||||
Equity in Earnings of Subsidiaries | (993,063) | (922,321) | (900,824) | ||||||||
Cash Dividends Received from Subsidiaries | 753,300 | 724,877 | 602,300 | ||||||||
Deferred Income Taxes | 37,867 | 19,008 | 16,880 | ||||||||
Other | (36,052) | (27,963) | (22,864) | ||||||||
Accounts Receivables from Subsidiaries | 29,405 | (9,173) | (16,980) | ||||||||
Taxes Receivable/Accrued, Net | 1,555 | 8,050 | (14,426) | ||||||||
Accounts Payable, Including Affiliate Payables | 9,763 | (6,908) | (134,730) | ||||||||
Other Current Assets and Liabilities, Net | 7,536 | (7,433) | 6,832 | ||||||||
Net Cash Flows Provided by Operating Activities | 798,307 | 720,439 | 414,673 | ||||||||
Investing Activities: | |||||||||||
Capital Contributions to Subsidiaries | (1,156,731) | (589,500) | (218,500) | ||||||||
(Increase)/Decrease in Notes Receivable from Subsidiaries | (192,100) | 14,510 | (131,650) | ||||||||
Other Investing Activities | 1,484 | 0 | 12,000 | ||||||||
Net Cash Flows Used in Investing Activities | (1,347,347) | (574,990) | (338,150) | ||||||||
Financing Activities: | |||||||||||
Cash Dividends on Common Shares | (602,083) | (564,486) | (529,791) | ||||||||
Issuance of Long-Term Debt | 1,200,000 | 500,000 | 450,000 | ||||||||
Decrease in Short-Term Debt | (42,690) | (76,453) | (2,622) | ||||||||
Other Financing Activities | (5,759) | (4,484) | 5,819 | ||||||||
Net Cash Flows Provided by/(Used in) Financing Activities | 549,468 | (145,423) | (76,594) | ||||||||
Net Increase/(Decrease) in Cash and Cash Equivalents | 428 | 26 | (71) | ||||||||
Cash and Cash Equivalents - Beginning of Year | $ 93 | $ 67 | 93 | 67 | 138 | ||||||
Cash and Cash Equivalents - End of Year | $ 521 | $ 93 | 521 | 93 | 67 | ||||||
Cash Paid/(Received) During the Year for: | |||||||||||
Interest | 73,868 | 58,018 | 43,024 | ||||||||
Income Taxes | $ (59,526) | $ (65,531) | $ (34,680) |
SCHEDULE II - VALUATION AND 158
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 200,630 | $ 190,680 | $ 175,317 |
Additions, Charged to Costs and Expense | 44,665 | 69,466 | 51,077 |
Additions, Charged to Other Accounts | 47,630 | 45,452 | 79,622 |
Deductions | 97,217 | 104,968 | 115,336 |
Balance at end of period | 195,708 | 200,630 | 190,680 |
Allowance for Doubtful Accounts | The Connecticut Light And Power Company | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 86,391 | 79,479 | 84,287 |
Additions, Charged to Costs and Expense | 5,312 | 17,572 | 10,105 |
Additions, Charged to Other Accounts | 25,533 | 28,801 | 30,592 |
Deductions | 38,364 | 39,461 | 45,505 |
Balance at end of period | 78,872 | 86,391 | 79,479 |
Allowance for Doubtful Accounts | NSTAR Electric Company | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 70,284 | 66,676 | 50,550 |
Additions, Charged to Costs and Expense | 21,252 | 31,728 | 19,168 |
Additions, Charged to Other Accounts | 14,273 | 11,253 | 36,977 |
Deductions | 36,143 | 39,373 | 40,019 |
Balance at end of period | 69,666 | 70,284 | 66,676 |
Allowance for Doubtful Accounts | Public Service Company Of New Hampshire | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 9,941 | 8,733 | 7,663 |
Additions, Charged to Costs and Expense | 6,917 | 7,288 | 8,889 |
Additions, Charged to Other Accounts | 464 | 498 | 841 |
Deductions | 6,841 | 6,578 | 8,660 |
Balance at end of period | $ 10,481 | $ 9,941 | $ 8,733 |
Maximum | CL&P and Yankee Gas | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Period of accounts receivable recoverable under financial or medical duress | 180 days | ||
Minimum | CL&P and Yankee Gas | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Period of accounts receivable recoverable under financial or medical duress | 90 days |